In the ideal free-market economy, where prices perfectly reflect the cost of goods and services, everyone would be stipulated to minimize waste and preserve energy; we would have what you call a circular economy. Ergo, there is no need for inventing a new term: the circular economy.

Perfection is in heaven, but to get there, one needs to die first.

There is no perfection on Earth and never will be; hence, we do not have a perfect free-market system and never will, even if we call it the circular economy.

Making decorations with wood previously used for transportation is the classic example of the free market; one's man waste is another man's business opportunity.