What should be considered when dealing with the economic impacts of a chemical's use?

When assessing the economic impacts of a chemical's use, considering the entire lifecycle of the chemical is crucial. This approach encompasses all phases, including raw material extraction, production, usage, and disposal or recycling. By evaluating each stage, one can better understand not only the initial financial investment but also ongoing costs associated with environmental management, health implications, and potential regulatory compliance expenses.

Considering the entire lifecycle allows for a comprehensive view of the economic effects, revealing hidden costs that may not be apparent if only initial costs or short-term factors are examined. For instance, costs associated with cleanup from spills, long-term health impacts on workers or the community, and future regulatory compliance related to environmental impacts can significantly affect the overall economic viability of using a particular chemical. This holistic perspective emphasizes the importance of sustainable practices and responsible resource management in decision-making.