Matthew Wright and Trevor Jack argue that  'a lower carbon price may bring short-term political gain, but credibility on global warming would go up in smoke'.   

Some quotes: An argument for transitioning to the ETS earlier than currently legislated is that it would be cheaper. True, in the short term, given that the carbon tax would be around $25 and the ETS cost would be about quarter of this. But this is cheaper in the same sense that buying a five-litre can of fuel is cheaper than buying a...