In natural systems, waste or emissions are included in the natural cycles of matter and energy through their use at different trophic levels. Nevertheless, the generated waste or emissions in economic processes often exceed the capacity of natural ecosystems in terms of their processing, but they are also technologically advanced and difficult to utilisation over a long period of time without human intervention. This paper presents the emerging economic discourse about the concepts of a circular economy. It is an approach aimed at the rebuilding of the technological and socio-economic view of wastes and emissions. The paper offers a wide perspective of the circular economy concept as well as a change in the function of production in accordance with these principles pointing to a new form of anthropogenic capital - recyclable capital. This type of capital is secondary in production, but it is also not recognised in terms of costs (i.e. wastes or emissions) becoming a raw material resource. It should be constantly used in the economy, as recyclable capital until it cannot be safely included in the natural cycles of matter and energy; however, when it so, the capital can be transformed into natural capital.
