The concept of the circular economy has attracted the attention of scholars, researchers, professionals, and policymakers in recent years. The notion is characterised as an economy that intends to keep products, stocks, work in progress and materials at their highest utility and value continually, distinguishing between their technical and biological cycles. It is devised as a continuous positive development cycle that reserves and improves natural resources, optimizes outputs, and minimizes supply chain related risks by overseeing limited stocks and renewable flows of the stocks. Several legislations and policies are being developed to motivate and integrate SDGs and net zero-related approaches in companies, among which the circular economy (CE) is gaining momentum due to its documented impact on the elements of the SDGs and net zero. The paradigm of the circular economy includes reducing inputs of raw materials and productions of waste, keep resources value within the system as long as possible and reintroducing products into the system when reaching the end of product life (Suárez-Eiroa et al., 2019).
Efficient management of resources and utility via artificial intelligence is vital towards a smart circular economy by minimising waste/losses, pollution, and extraction of virgin resources. It is important to note that there is a difference between smart and traditional circular economies. This book focuses on the former and makes distinctions in terms of how technology systems and solutions can be effectively and efficiently implemented. Although the traditional circular economy positively influences sustainability, carbon zero and net zero, the traditional approach continues to be lacking in several areas, including the absence of the much-needed real-life information (Govindan, 2023). Shifting from the traditional circular economy to a smart one requires the integration of digital technologies such as AI, IoT, big data analytics for real-time data, blockchain. There is a gap in previous literature and books regarding the emerging concept of the smart circular economy and its link with the aforementioned technologies.
The proposed book discusses the transition from linear to smart circular economy by dissecting the role of artificial intelligence and other technologies such as big data, IoT and blockchain in such transformations. The book further aims to discuss and examine the role of governments, policymakers, and businesses in supporting the transition to a smart economy via national initiatives, fiscal policies, and corporate governance. The book highlights the need for collaborative efforts between various actors including the private and public sectors through cross-disciplinary approaches to attain, maintain and sustain a smart circular economy.
This book: “’The Paradigm Shift from a Linear Economy to a Smart Circular Economy: The Role of Artificial Intelligence-Enabled Systems, Solutions and Legislations” provides a platform for researchers, professionals, and students to closely investigate and discuss the theories, philosophies and ontologies of transitioning from linear economies and traditional circular economies to more resilient smart circular economies. The primary target audience of the book includes scholars, policymakers and postgraduate students who will find in the book as a comprehensive reference for them regarding topics in the circular economy, digital economy, sustainability, artificial intelligence, and other advanced technologies. In additional to the primary market, the book targets a secondary audience are teachers, course instructors, managers, businesses, strategists, professionals, and governments.