Transition to a circular bioeconomy requires getting prices right

A circular bioeconomy that reduces and recycles waste, transitions away from fossil fuels to renewable bio-based alternatives, and regenerates natural systems is critical for feeding and fueling the world's growing population in environmentally sustainable ways. But it's a complicated concept, and significant questions remain about how it should be implemented and how to get buy-in from farmers, industry, and consumers in a market economy. A new paper by noted agricultural economists and scientists argues that the concept of a circular bioeconomy needs to expand beyond its technical focus on reducing waste and incorporate a values-based economic lens. The authors emphasize the need for the right policies, incentives, and market signals to persuade consumers and producers to make environmentally sound decisions -- and to help ensure that the system is equitable.