Wilkinson attacks cap and trade:
A cap and trade system would introduce a new market fabricated by government to regulate the entire economy of mundane markets. Cap and trade is based on the political invention of scarcity. But the problem of determining the ideal supply of emission permits is much like the Federal Reserve's problem of determining the ideal quantity of government money. In both cases, bureaucrats must appeal to dubious mathematical models and pronounce on questions that remain the subject of raging scientific controversy. When the Fed produced the wrong answers, it helped inflate the housing bubble, which led to the ruin of our economy. Do we trust the government climate bureaucrats to do better?