Modern environmental health science has revealed the complex, nonlinear, and heterogeneous nature of air pollution's health impacts. However, the economic frameworks used for policy evaluation often rely on static, spatially uniform assumptions that fail to capture these critical realities. This paper argues that to design effective and equitable air quality management strategies for a new phase of governance challenges, a more dynamic and nuanced economic framework is essential. We synthesize recent advances from both fields to develop an integrated analytical framework built on two core new approaches. First, we propose a dual-track Benefit-Cost Analysis (BCA) that distinguishes between long-term and short-term objectives. Second, we apply this framework to a three-phase prioritization strategy based on pollution levels, demonstrating how policy priorities shift across different stages. We further examine how this framework can incorporate broader goals like climate change mitigation and social equity. Ultimately, this paper presents a context-specific approach and a more realistic framework to guide efficient and equitable air-quality policies that safeguard human health while aligning with broader climate goals.