Cap and trade beats the taxing tradition of Washington's "make it so" command-and-control. It strips power from bureaucrats, because all of us tend to be smarter than any of us. It sets the right aggregate goals and incentives, makes a market in outcomes, regulates carefully, monitors diligently, and gets out of the way. And it's simpler than a carbon tax because it enlists private sector creativity in finding efficiencies rather than funding lawyers to make flamboyant end runs around the tax code.
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