white phosphorus is used in flares and explosives, so may be important in warfare, etc. Red phosphorus is used in matches (side of matches) and in fertilizers which are essential to growing plants. I don't know if that is economically important, but there are many ways that phosphorus benifit the economy. One downside on the economy is that phosphorus is one of the main ingredients in meth, which of course causes trouble for the economy ( law enforcement, medical, etc. )
