CIRCULAR ECONOMY AS A NEW ECONOMIC-DEVELOPMENT PARADIGM

Authors

  • Monika Markovska “St. Kliment Ohridski” University – Bitola, Republic of North Macedonia
  • Bozidar Milenkovski “St. Kliment Ohridski” University – Bitola, Republic of North Macedonia

Keywords:

circular economy, linear economy, waste, recycling, environment, Industry 4.0, Covid-19

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

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Published

2022-02-18

How to Cite

Markovska, M., & Milenkovski, B. (2022). CIRCULAR ECONOMY AS A NEW ECONOMIC-DEVELOPMENT PARADIGM. KNOWLEDGE - International Journal , 50(1), 71–76. Retrieved from https://ikm.mk/ojs/index.php/kij/article/view/5124

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