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 language | English |
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Title of host publication | Circular Economy and Sustainability |
Subtitle of host publication | Volume 1: Management and Policy |
Editors | Alexandros Stefanakis, Ioannis Nikolau |
Publisher | Elsevier |
Chapter | 2 |
Pages | 21-33 |
Number of pages | 13 |
Volume | 1 |
ISBN (Print) | 9780128198179 |
DOIs | |
Publication status | Published - 2022 |