Model of Relationship Between Circular Economy and Industry 5.0
Abstract
This research examines the interaction between Industry 5.0's role in developed European nations and their efforts to achieve a Circular Economy (CE). Both concepts are innovative socially, sustainable ecologically, and viable economically. Specifically, the study focuses on the European Union (EU), exploring how CE initiatives are integrated within its member states using various representational variables. The primary goal of this research is to develop an econometric model that elucidates the impact of CE activities on the advancement toward Industry 5.0, potentially indicating a significant shift in the approach to technology and the environment. Within the EU context, the study delves into the complexities of CE, utilizing selected indicators and data from Eurostat. Methodologically, the research employs both the taxonomic method and regression analysis. It also highlights the importance of Industry 5.0 in incorporating Sustainable Development (SD) principles across various sectors, thus underlining its key role in driving broader economic transformation through technological innovation. The study posits that the path of economic development is influenced by strategic management where the outcomes of Industry 5.0, in concert with CE principles, play a pivotal role in promoting green jobs, bolstered by eco-innovation and green patents.