For citation:
Valko, D. V. (2020). Circular Economy: Basic Business Models and Economic Opportunities. Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 17 (1), 156-163
Abstract:
In the conditions of global competition, the opportunities of increasing the efficiency of production through reduced costs of products and expanding sales are reduced. It encourages firms to move towards a complete revision of the value chains in favor of sustainable closed production and consumption cycles. The aim of the article is to improve the conceptual and applied aspects of the industrial infrastructure transition of the domestic economy to the principles of sustainable development. The transition is based on implementing and adaptation of specific circular business models at the industry and the firm levels. On the basis of scientific and conceptual modeling methods we have identified features of a typical business model in a circular economy, characterized the main areas of circular business models and analyzed the approaches in the field of their taxonomy. The ReSOLVE-classification of circular business models has been proposed to use. A number of barriers to the transition of the Russian economy to circular management have been noted and a methodological guideline has been proposed. The results of the study can be used by authorities and industrial enterprises in the formation of long-term and sustainable development strategies. In the future, the results will serve as the basis for the development of scientific approaches and practical tools in the field of institutional change and industrial policy based on circular principles and models.
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