Economists are interested in finding the optimal solution: how to maximize social welfare.
In the case of climate change, what that boils down to is limiting activities that wastefully emit carbon. If burning coal will save someone's life, I'm for burning coal, even if it leads to worsened climate change. And to be honest if burning coal will help build a car that will save me a lot of time, I'm probably for that too.
One way to get to that optimal point is to put a price on carbon emissions: a price that would then be included in life-saving treatments or the price of that time-saving vehicle. So how do we find the right price? If we set it right we will block the "wasteful" uses, but allow the important uses. See Prof. Max Auffhammer's short video for more on prices and on the social price of carbon. Hint: what's the answer to life, the universe, and everything?
