Energy Policy Institute at the University of Chicago's Michael Greenstone, a Lab co-director, talks to the Big Brains podcast about the team's ongoing work to estimate what the costs of climate change will be. The social cost of carbon tells you how expensive releasing an extra ton of carbon dioxide will be in terms of the damages that it will do today and tomorrow, Greenstone explains. "It gives you a bright line on how much society should be willing to pay to get rid of that extra ton," he says.