CIRCULAR ECONOMY AS A NEW ECONOMIC-DEVELOPMENT PARADIGM

Markovska, Monika and Milenkovski, Bozidar (2022) CIRCULAR ECONOMY AS A NEW ECONOMIC-DEVELOPMENT PARADIGM. International Journal Knowledge, 50.1 (1). pp. 71-76. ISSN 2545-4439

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Abstract

The concept of circular economy is based on the assumption of using resources in production in a way that will maximize their utilization, reduce waste to a minimum, and at the end of the usage life, return the product to the production cycle in order to create a new value. In this way, limited economic resources are saved and waste generation is reduced, i.e. the environment is protected. This concept is a serious alternative to the classical (linear) economy which is guided by the principle: “take-produce-use-waste”, and offers a new model according to the principle: “take-produce-use-fix-reuse-recycle”. The circular economy products are designed in a way that they will be easy to use and reuse, repair, renew and recycle. The circular economy is characterized by low energy consumption, low emissions of pollutants and high efficiency in the use of resources during economic activity. Also, the circular economy changes the business models, habits and way of thinking of both producers and consumers. Because of all this, and in the context of modern way of living and working, it is very important to get familiar with this relatively new economic concept. Hence, this paper aims to promote the importance of the circular economy as a new economic-development paradigm.
Keywords: circular economy, linear economy, waste, recycling, environment, Industry 4.0, Covid-19.
Field: Social sciences

Item Type:	Article
Subjects:	Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions:	Faculty of Information and Communication Technologies
Depositing User:	Prof. d-r. Monika Markovska
Date Deposited:	19 Apr 2022 11:33
Last Modified:	19 Apr 2022 11:33
URI:	https://eprints.uklo.edu.mk/id/eprint/6965

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