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Circular Economics will Reduce Demand for Resources
Economics is the study of human behaviour within the constraints of scarcity. For much of human history, scarcity was mostly the result of inefficiencies of labour within human civilizations. However, because of the Industrial Revolution, people are now able to complete laborious tasks with far less effort from human and animal labour. The Industrial Revolution was a boon for the productivity of humanity. However, the Industrial Revolution was not without side effects. This paper will address some of the effects of economic growth, specifically the natural resources required to support growing economies. It will also demonstrate that humans can improve existing systems to help protect the environment. China is already implementing measures to continue to industrialize while also taking drastic measures to protect the environment. The Green Revolution could be the next Industrial Revolution, and humans will need to continue to increase their practices of sustainability, especially as more people move out of poverty, because the demand for natural resources will increase even if populations decline. In order to ensure we protect our environment, countries must adopt environmentally sustainable methods, such as circular economic practices, in order to help reduce the demand for a limited supply of natural resources.
ircular Economics, Negative Externalities, Environmental Kuznets Curve (EKC), Jevons Paradox
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