PRAGUE -- I am surprised at how so many people nowadays in Europe, the United States and elsewhere have come to support policies underpinned by hysteria over global warming, particularly cap-and-trade legislation to reduce greenhouse gas emissions and subsidies for "green" energy sources.

I am convinced that this is a misguided strategy -- not only because of the uncertainty about the dangers that global warming might pose, but also because of the certainty of the damage that these proposed policies aimed at mitigation will impose.

I was invited to address this issue at a recent conference in Santa Barbara, Calif. My audience included business leaders who hoped to profit from cap-and-trade policies, subsidies for renewable energy and "green" jobs. My advice to them was to...