Because of the coverage of the Lieberman-Warner "America's Climate Security Act" (here, at CI) I was going through the Link-vault file on cap-and-trade (1400 links) and found this, from a guy in Massachusetts*:
The Fundamental Theorem of Carbon Taxation
Cap-and-trade = Carbon tax + Corporate welfare.
*Okay. You're probably way ahead of me.
The guy is Harvard economics professor Greg Mankiw
From his Harvard bio.:
In addition to his teaching, research, and writing, Professor Mankiw has been a research associate of the National Bureau of Economic Research, an adviser to the Federal Reserve Bank of Boston and the Congressional Budget Office, and a member of the ETS test development committee for the advanced placement exam in economics. From 2003 to 2005 he served as Chairman of the President's Council of Economic Advisers.Here's the source of the theorem.
Here's his blog's homepage, where you'll find product placement/pitches like