The Transition in Economic Theory from Linear to Circular for the Sustainability - A Case Study

Abstract

The ability of our society to endure and expand while preserving enough natural resources for future generations to live is known as sustainability. Sustainable development, which combines structures, procedures, and local, national, and international support, supports its long-term goal. It is the high time, when the world is looking for the environmental conservation, conservation of the planet's biodiversity, social progress and better life style for the environment means a transition for the sustainability. The economy needs to undergo a profound transition because it was built on the principles of "take, make, consume, and discard" and the so-called "linear model," which was based on the idea that resources were infinite and easily accessible from the start of capital accumulation and the industrial revolution. According to this study, a product's value can only be increased by staying within the circularity loop, which means moving from the current linear model paradigm to a circular model. Study also reveals that the businesses and production units that want to generate a competitive edge while using fewer resources need to redesign and restructure their current processes. And it is highly required that the very last resort should be resource disposal and incineration. It is therefore highlighted that the program for the usage of material resources in respect to the global 2030 plan will not be implemented effectively unless the concept of a "circular economy" is adopted in place of the "linear economy." The author of this article examines how the "linear" to "circular" economy changes using a few chosen cases, offering a comprehensive grasp of the topic and the mechanisms of global transformation.