An introductory note on the environmental economics of the circular economy |
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Authors: | Mikael Skou Andersen |
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Institution: | (1) Department of Policy Analysis, National Environmental Research Institute, Grenaavej 14, 8410 Roende, Denmark |
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Abstract: | This paper provides an introduction to some of the fundamental principles and approaches in environmental economics which
are of significance to achieving an integrated sustainability science. The concept of a circular economy, introduced by the
late David Pearce in 1990, addresses the interlinkages of the four economic functions of the environment. The environment
not only provides amenity values, in addition to being a resource base and a sink for economic activities, it is also a fundamental
life-support system. Environmental economists have suggested that, taking these four functions as an analytical starting point,
unpriced or underpriced services should be internalised in the economy. In Europe significant advances have been achieved
in the pricing of externalities by means of truly interdisciplinary analysis which accounts in detail for the environmental
consequences. The monetary estimates reached as a result of such interdisciplinary research are gradually being applied to
the economic analysis of environmental policy priorities. Although such figures provide only a partial and incomplete picture
of the environmental costs at stake, they support and inform the analysis of the virtues of a circular economy for individual
resources as well as for sustainability as a future trajectory. |
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Keywords: | Circular economy Environmental economics Externalities Sustainability |
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