1. An economic perspective of the circular bioeconomy in the food and agricultural sector
- Author
-
Madhu Khanna, David Zilberman, Gal Hochman, and Bruno Basso
- Subjects
Geology ,QE1-996.5 ,Environmental sciences ,GE1-350 - Abstract
Abstract Transforming the agri-food system from a “take-make-waste”, or linear production system, to a circular bioeconomy that reduces, recycles, recovers, reuses, and regenerates wastes and transitions from fossil to biobased fuels and products is being hailed as critical for meeting a growing population’s food and fuel needs in environmentally sustainable ways. While a transformation towards a circular bioeconomy is an appealing strategy to achieve multiple environmental goals, we argue that this strategy needs to go beyond a techno-centric focus and adopt an economic value-based lens to balance the desire for circularity with its costs, benefits, and distributional effects on society. This perspective analyzes the mechanisms that sustain the existing linear economy and proposes a novel social cost-benefit framework to determine the optimal level and path to circularity. We present five critical pathways to achieve a sustainable circular bioeconomy in a market economy consisting of decentralized decision-makers.
- Published
- 2024
- Full Text
- View/download PDF