Economics of Waste Minimization, Recycling, and Disposal

Abstract

With rapid population growth and urbanization around the world, waste generation (solid, liquid, and gaseous) is increasing. Waste management is a critical factor in ensuring human health and environmental protection, which is a major concern of both developing and developed countries. Waste management systems and practices, including collection, transport, treatment, and disposal, vary between developed and developing countries or even in urban and rural areas. In response, economic models have been developed to help decision-makers choose the most efficient mix of policy levers to regulate solid waste and recycling activities. The economic models employ different kinds of data to estimate the factors that contribute to solid waste generation and recycling, and to estimate the effectiveness of the policy options employed for waste management and disposal. Thus, economic analysis plays a crucial role in the proper and efficient management of solid waste, and leads to significant developments in the field of environmental economics to reflect the costs of pollution related to waste, measure the environmental benefits of waste management, find cost-efficient solutions, and shape policies for environmental protection and sustainable development. Economic assessment and cost-benefit analysis help to determine optimal policies for efficient use of resources and management of waste problems to achieve sustainable waste management, especially in developing and least developed countries. Crucial challenges include issues such as the limits of waste hierarchy, integration of sustainable waste management, public-private cooperation, and linear versus circular economy.