Yes, a cap and trade versus carbon tax is more economical, because cap and trade makes sure that there are not too many people in a market. With these limits, extra producers that want to flood the market will have to find something else to do. This is economical because it conserves resources and splits the market up.
Cap and trade is an avenue for continued polluting, encouraging underdevelopment, and cronyism. A carbon tax would save us I from a government mandated market is intangibles, actually collect revenue for a vice instead of transfer responsibility, and inspire a more local treatment of pollution, Cap and trade reminds me of aristocrats paying for the less fortunate to fulfill their duty in war. Maybe if that "out" wasn't available, then there would have been fewer wars