Scientific Profiles
Department of Economics
School of Economics and Business Administration
University of Thessaly
PhD Thesis
Circular Economy and Sustainability:
New Perspectives on Effective Waste Management
by
Panagiotis – Stavros C. Aslanidis
submitted to the Examination Committee designated
by the Assembly of the Department of Economics
Supervisor
Prof. Dr. George E. Halkos
January 2026
Volos, Greece
The growing urgency of climate change, environmental degradation, and resource scarcity has placed the principles of sustainable development and the circular economy (CE) at the forefront of global and regional policy agendas.
The European Union (EU) has committed to ambitious sustainability targets through the European Green Deal (EGD), Agenda 2030, and Agenda 2050, with the goal of safeguarding economic prosperity while achieving climate neutrality at the same time. Despite these advances, persistent challenges remain in the domains of waste management, energy transition, and productivity performance, particularly under the complex pressures of a multi-crisis era characterized by overlapping environmental, social, and geopolitical risks.
This Thesis contributes to this evolving debate by investigating the interlinkages between sustainable waste management (SWM), eco-efficiency, and productivity performance, with a focus on both cross-country and sectoral perspectives. The present Thesis employs advanced empirical methodologies, including Data Envelopment Analysis (DEA), Malmquist (MPI) and Malmquist-Luenberger productivity indices (MLPI), hybrid Window DEA (WDEA), bootstrap techniques, and convergence models; overall, the Thesis develops an integrated framework to assess how waste flows, GHG emissions, and energy use influence eco-performance and the transition towards CE.
Findings
The findings carry significant policy implications. They demonstrate that eco-productivity and eco-efficiency are not solely dependent on technological innovation, but are also shaped by institutional quality, policy design, and sector-specific characteristics. The Thesis recommends strengthening data collection systems, especially at regional and sectoral levels, to better monitor waste flows and eco-efficiency performance. It also emphasizes the need for differentiated policy approaches that align with sectoral realities and regional disparities, avoiding uniform strategies that may overlook local challenges. Finally, it argues that sustainable development in a multi-crisis era requires a holistic integration of CE principles, waste management, and institutional frameworks, supported by robust empirical tools for policy evaluation.
Conclusions
In conclusion, the present Thesis contributes to the scientific literature and policy debate by providing a comprehensive, multi-level analysis of the interconnections between waste, eco-efficiency, and eco-productivity. The application of innovative methodologies across diverse geographical and sectoral contexts, offers new perspectives on how the CE can serve as both a theoretical framework and a tool of practical strategies for achieving sustainable prosperity. The insights generated by the present Thesis are intended to support the EU and the global community in navigating the complex challenges of the sustainability transition, reinforcing the path towards decarbonization, resilience, and long-term economic and environmental well-being.
Keywords: efficiency; productivity; circular economy; sustainable development.
DOI: 10.12681/eadd/60760
Prof. Dr. George E. Halkos
Professor in Environmental and Resource Economics
Department of Economics, School of Economics and Business Administration, University of Thessaly.
Assoc. Prof. Dr. Athina Economou
Associate Professor in Economics of Social Protection
Department of Economics, School of Economics and Business Administration, University of Thessaly.
Assoc. Prof. Dr. Kyriaki Tsilika
Associate Professor in Computational Economics
Department of Economics, School of Economics and Business Administration, University of Thessaly.
Prof. Dr. Ilias S. Kevork
Professor in Managerial Economics
Head of the Department of Economics, School of Economics and Business Administration, University of Thessaly.
Prof. Dr. Konstantinos Evangelinos
Professor in Corporate Environmental Management
Department of Environment, School of the Environment, University of the Aegean.
Assoc. Prof. Dr. Christina Bampatsou
Associate Professor in Sustainable Development and Efficiency of Decision-Making Units
Department of Production & Management Engineering, School of Engineering, Democritus University of Thrace.
Assoc. Prof. Dr. Konstantinos Papaspyropoylos
Associate Professor in Forest Economics
School of Forestry and Natural Environment, Faculty of Agriculture, Forestry and Natural Environment, Aristotle University of Thessaloniki.
Acknowledgements to my Supervisor
I would like to express my sincere gratitude to my supervisor, Professor George E. Halkos
for his invaluable guidance, support, and encouragement throughout this thesis.
Ηe mentored me not only on technical matters, but also helped me nurture my ethical development.
One of my favourite quotes from him is:
“When you feel that you don’t know anything, then you have learnt a lot.”
This quote reflects the vastness of scientific knowledge and emphasizes the importance of continually striving to “learn more,”
guided by a commitment to excellence but under the virtue of humility.
He played a significant role as my advisor and supervisor, serving as a true spiritual parent.
Acknowledgements
I am grateful and honoured to have collaborated, under the coordination of my supervisor, with:
Assoc. Prof. Christina Bampatsou (DUTH) for her support and advice across several research works and her immense expertise in performance analysis.
Dr. Jaime Moll de Alba (UNIDO) for explaining to me industrial organization, processes, and policymaking, drawing on his immense expertise.
Prof. Phoebe Koundouri (AUEB & DTU) and her marvellous AE4RIA research team.
Prof. Chrysi Laspidou (UTH) and her wonderful research team.
I would like to also thank Assoc. Prof. Kyriaki Tsilika and Assoc. Prof. Athina Economou for kindly being members
of my advisory committee and providing insightful comments on my Thesis.
Additionally, I would like to thank also the rest four members of the examining committee, Prof. Ilias S. Kevork for his comments,
and Prof. Konstantinos Evangelinos, Assoc. Prof. Christina Bampatsou, and Assoc. Prof. Konstantinos Papaspyropoylos
for their comments on my Thesis and our fruitful collaboration during the ENVECON Conferences.
My heartfelt gratitude goes to my parents, Evmorfia-Apostolia, and Christos, my brother George, and my beloved aunt Catherine (Kaka)
for their unwavering support and encouragement over the years.
Moreover, this Thesis is also dedicated to my late grandparents, Vasilia and Panagiotis, whose virtues have guided me to this milestone.