The economic model, which is in use, is known as the linear economy: resource extraction, production, usage, and wastage.
This paradigm only concentrates on abstraction, construction, and consumption. The externalities of waste production are ignored and considered as someone else’s obligation. Wealth maximization is the key focus of the current economic system.
The convenience as well as increases in living standards of humans are the result of a combination of industrial and technological improvement and facilitating global trade.
But the unrestrained usage of resources is questioning the underlying conjunctions of the linear model. And several key facts of this model are endangering the sustainability and welfare of both humans and the environment.
Therefore, there is an urgency to develop an alternative economic model.
And that should be?
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