Coal train in Missouri. Assigning a social cost to carbon emissions puts a price on activities that generate them, such as burning fossil fuels.
To weigh the economic impact of climate change policies, we need to estimate the social cost of carbon. An economist explains how it's done and why the Trump administration shouldn't end the practice.
What would an environmental economist do?
Environmental economists have long argued a carbon price is the best way to factor in the social cost of climate change. Did Obama effectively use a carbon price to nix the Keystone XL pipeline?
Hurricane Sandy pummeled cities along the east coast in 2012, causing billions of dollars of damage.
Climate change is as much an economic problem as an environmental one. The effects of climate change, such as damage from more severe weather or health problems from higher temperatures, will impose a…