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Historically and in their traditional view economists have more often than not considered the natural environment as an externality, though the very inputs and outputs of all economical systems are most definitely imbedded and have a great effect in natural ecosystems. However as sustainability talks among all fields of development have taken rise the need for a new term has also arisen in the discipline of economy. In this context Green Economy in its most basic level, is one that generates increasing prosperity while maintaining the natural systems that sustain us.
Recently the European Environment Agency, alongside green economy, has also been refering to the term ‘circular economy’, in which waste is seen as an important resource to be fed back into the human economy.
Because growth is inevitable, it must be shaped into the most intelligent possible form through regional plans that are based on the model of mixed-use neighborhood and organized around the
rural-to-urban transect. New places should be designed in the manner of existing places that work.
Most human activities that involve the consumption of a good or product have an impact on earth’s resources and as such leave a specific ecological footprint. Sustainable resource management and resource efficiency are two key concepts that can help reduce such a footprint. Thus instead of dealing with staggering amounts of waste it was thought to address the problem at its source by extracting the maximum amount of utility from a resource starting from the production phase and following throughout its lifecycle.