When you study economics in A levels or take a principles of economics course at university, one of the things that is bound to be a part of the syllabus is the concept of the circular flow of income. This flow of income, which results in a ‘circular economy’ is a hypothetical model in which there is an economic system of closed loops in which raw materials, components and products lose their value as little as possible.
The ‘closed loop’ aims to keep leakages to a minimum, and promote sustainability. The basic model suggests that there are no leakages or injections. Everything earned is spent, and so on. As the model gets complex, you add more players and leakages and injections. Perhaps one of the examples that lends itself best to this model is the retail fashion industry. Both because the fashion industry is built upon being very wasteful and because concepts of sustainable fashion have permeated into mainstream fashion discourse, including in Pakistan.
Try to understand it like this. The current state of the world is run by consumption and consumerism in what is very much a linear economic approach where things are produced, used, and then thrown away or discarded. An example of that in the world of fashion is what is known as ‘fast fashion’ – where mass market retailers use cheap labour in the third world to produce inexpensive clothing rapidly in the third world in response to trends. The clothes produced here are cheap, do not stay in fashion for long, and have a...
Read Full Story: https://profit.pakistantoday.com.pk/2022/01/16/are-pakistanis-willing-to-rent-their-shaadi-clothes/
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