Steering the circular economy: A new role for Adam Smith’s invisible hand

Keith R. Skene (Lead / Corresponding author)

    Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review

    5 Citations (Scopus)

    Abstract

    This chapter explores aspects of policy and management in the circular economy, reexamining the concept of the invisible hand within the economic theory of Adam Smith. The significance of this concept, its failure to deliver societal change and to reduce inequality, and its potential relevance to the circular economy are discussed. We then examine the honey economy of the Ogiek people, an indigenous tribe from Kenya, and introduce the concept of the invisible tripartite embrace, a more expansive version of the invisible hand, which interconnects the three arenas of sustainability: economics, society, and the environment. It is suggested that only such connectivity can steer the circular economy in such a way as to integrate our economic activities within the Earth system, thus delivering true sustainability. The role of technology is explored within a strong sustainability setting. We conclude by realigning the circular economy within a truly sustainable context.
    Original languageEnglish
    Title of host publicationCircular Economy and Sustainability
    Subtitle of host publicationVolume 1: Management and Policy
    EditorsAlexandros Stefanakis, Ioannis Nikolau
    PublisherElsevier
    Chapter2
    Pages21-33
    Number of pages13
    Volume1
    ISBN (Print)9780128198179
    DOIs
    Publication statusPublished - 2022

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