Argument: Economic costs of cap-and-trade outweigh environmental gain
"Carbon Markets Create a Muddle". Financial Times. 26 Apr. 2007 - "Getting the amount of emissions a little bit wrong in any year [through a carbon tax] would hardly upset the global climate. But excessive volatility or unduly high prices of quotas on carbon emissions [as a result of a cap-and-trade system] might disrupt the economy severely."