A video micro lecture by David Archer, The University of Chicago, titled ‘The Economics of Climate Change’ which is a part of an e-learning course on science and modelling of climate change. This video discusses the ‘tragedy of commons’ to understand how climate change impacts society. The lecture also introduces concepts like ‘external cost’, ‘internal cost’, ‘carbon tax’ and ‘cap and trade’ when discussing carbon emissions and pollution. Archer discusses the advantages of using economic mechanisms to ensure carbon emissions are controlled.

students will be introduced to the basic economics of climate change. They will also learn about the advantages of various economic schemes that can help ensure reduced carbon emissions and control environmental damage. Students will further learn about the ethical concerns that arise in the debate between the cost of climate change and the cost of mitigating climate change.