I believe it would be most effective in actually reducing emissions and achiving the goals I'd set out to achieve:
Carbon Trading is sometimes seen as a better approach than a direct carbon tax or direct regulation. By solely aiming at the cap it avoids the consequences and compromises that often accompany those other methods. It can be cheaper, and politically preferable for existing industries because the initial allocation of allowances is often allocated with a grandfathering provision where rights are issued in proportion to historical emissions. In addition, most of the money in the system is spent on environmental activities, and the investment directed at sustainable projects that earn credits in the developing world can contribute to the Millennium Development Goals.
(from wiki)
"Cap-and-trade = Carbon tax + Corporate welfare" - Greg Mankiw, Harvard Economist
Say NO to corporate welfare!
Carbon Tax vs Cap-and-Trade
http://gregmankiw.blogspot.com/2008/02/carbon-tax-vs-cap-and-trade.htmlCase against Cap-and-trade
http://gregmankiw.blogspot.com/2007/04/case-against-cap-and-trade.htmlhttp://gregmankiw.blogspot.com/2006/10/pigou-club-manifesto.htmlPeople for a carbon tax:
http://gregmankiw.blogspot.com/2006/09/rogoff-joins-pigou-club.htmlGreg Mankiw (Fortune 5/24/99, WSJ 1/3/06, 5/31/06)
Bill Nordhaus (Foreign Policy in Focus 3/27/06)
Martin Feldstein (WSJ 6/4/92)
Gary Becker (Businessweek 5/27/02)
Robert Frank (NY Times 2/16/06, 6/8/06)
Andrew Samwick (his blog)
Ted Gayer (Regulation)
Mike Moffatt (about.com)
Ken Rogoff (Project Syndicate)
Paul Krugman (Slate 4/18/97)
Greg Easterbrook (NY Times 5/25/04)
John Tierney (NY Times 10/4/05, 5/23/06)
Jonathan Rauch (National Journal 2/9/02)
Thomas Friedman (NY Times 9/21/05, 2/8/06, 6/16/06)
Joe Klein (Time 5/7/06)
Andrew Sullivan (Time 4/11/04)
Jane Galt (her blog)
Christopher Farrell (Businessweek 8/19/05)
William Baldwin (Forbes 6/19/06)
Clive Crook (National Journal 6/2/06)
Al Gore (Charlie Rose Show 6/19/06 at 42:45)
We are always looking for more members. An elected official or two would be nice.
Alan Greenspan, George Schultz, Tony Lake, Nicholas Stern, Hal Varian, Larry Summers, Richard Posner, David Frum, Nouriel Roubini, Joe Stiglitz, Brink Lindsey, Tim Harford, Rob Stavins, Ray Magliozzi, Robert Samuelson, Dan McFadden, Charles Krauthammer, Paul Mulshine, Kevin Hassett, Jason Furman, Anne Applebaum, Paul Volcker, Bill Frenzel, Isabel V. Sawhill, Charles Stenholm, William Hoagland, Robert Shapiro, David Leonhardt, Morton Kondracke, Gilbert Metcalf, Fred Foldvary, Arthur Laffer, and a majority of economists.