The 19th-century economist John Stuart Mill predicted a future where, after economic growth reached a certain limit, it would stagnate, and society would transition to a steady state where it seeks not material wealth but rather spiritual fulfillment and cultural development. However, contrary to this prediction, economic growth continues to progress, exacerbating environmental destruction, social inequality, and international conflicts. Ensuring both material and cultural well-being for future generations has become challenging. Therefore, in modern times, it is necessary to comprehensively consider the economy, environment, and society as an integrated whole. While supporting economic growth to some extent, efforts should be made to minimize its environmental impact and ensure fair benefits for all, effectively passing the baton on to future generations.

In response to the demand for sustainability, this project proposes a concept of a circular economy system primarily from the perspective of market design. The aim of the circular economy system is to minimize resource use and waste by reusing waste as resources, thereby reducing environmental burden. This concept includes addressing various critical issues such as energy transition, environmental innovation, CO2 emission reduction, and biodiversity and ecosystem protection. Additionally, considerations must be made for social justice, inequality, international order, governance, and adaptation to climate change-induced disasters.

This project takes a broad perspective and collaborates with other projects within UTMD, such as the auction sector and disaster and healthcare sectors, as well as interdisciplinary research projects from fields beyond economics. It aims to propose policy recommendations that model market designs as crucial components for the concept of a circular economy system.