The new economics of life cycle thinking

It is pointed out that life cycle thinking requires the integration of conceptual, managerial, and analytical components to reduce the physical and economic impacts of industrial technology upon human health, property, and the natural environment. Traditional economics, as well as conventional financial management and accounting, does not conform in many ways to the decision-making requirements of the life cycle systems approach to pollution prevention and sustainable development. Current corporate programs of redesign, reengineering, and restructuring appear also to require a rethinking of the way companies keep score so that the full costs and benefits of environmental protection can be identified and responsibility assessed