Skene, Keith R.. "Steering the Circular Economy: A New Role for Adam Smith’s Invisible Hand". Elsevier. 2022. https://biosri.org/...
Adam Smith’s seminal work in economics suggested that the morality of a society guides the “invisible hand” that steers free trade in a positive direction. Smith recognized the society-economy nexus and equilibrium in his economic theory as crucial to society’s socioeconomic progress. The circular economy relates to this economics-environment relationship such that the ecosystem function is an essential component of sustainability. Sustainability is generally understood to be a form of dynamic equilibrium, where losses and gains balance each other. In terms of resources, materials are used but then recycled in such a way that the stock is not diminished.
Posted on 29/07/22
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