Link to Paper

This non-technical paper provides some straightforward arguments against the current legislative proposal to reduce carbon emissions via cap and trade. The two authors believe global-warming is a serious problem and carbon emissions need to be addressed—but cap and trade legislation is not the way to do it. Their proposal is for the federal government to implement a more efficient carbon tax on the production of oil, coal, and natural gas.

Avi-Yonah and Uhlmann argue that while cap and trade provides benefit certainty—i.e. the government can set …