Approaches to the Circular Economy

Abstract

The concept of the circular economy, which looks to reduce the demand for raw material inputs and natural resources and to recover, reuse, and recycle those inputs and resources as an integral part of the production process, is attracting increasing attention from business corporations. A transition to a more circular economy will bring major changes for consumers, in patterns of consumption and in the consumption process. At the same time, there is growing interest in the concept of the circular economy and in its implications for consumption amongst academic researchers. This chapter outlines the concept and characteristics of the circular economy, offers a review of the nature and variety of academic research literature on the circular economy, and explores some of the challenges facing researchers who look to examine its operation within the business environment. While the focus of the chapter is firmly on the circular economy, it also raises a number of issues that have wider and deeper significance for consumer consumption.