![Regulation - Spring 2026 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2026-03/regulation-spring-2026-cover.png?itok=_E4_q18u) # Spring 2026 Vol. 49 No. 1 [Subscribe](https://store.cato.org/collections/all-products/products/regulation-magazine) ##### From the Cover ### [What Is Industrial Policy? What Is It for? ](/regulation/spring-2026/what-industrial-policy-what-it) By Pierre Lemieux Three recent papers help us think through these questions. ##### Behind the Issue ### *Unintended Consequences* ##### The Podcast of *Regulation* In This Episode There’s an ongoing debate among economists about the most effective policy for incentivizing a reduction in carbon emissions. It’s essentially Team Carbon Tax vs Team Green New Deal, which is a debate over whether prices or subsidies are the more effective tool. In this episode, Paul and Peter discuss the paper “Green Waste” by Ingvil Gaarder et al and its surprising findings about Norway’s experiment with green subsidies. [ Download Episode ](https://feeds.acast.com/public/streams/643947a1309d10001195d3e7/episodes/6a2ae17a72ff36e11a164764.mp3)Subscribe: [ Apple Podcasts ](https://podcasts.apple.com/us/podcast/unintended-consequences/id1684573879) [ Spotify ](https://open.spotify.com/show/693Xy6u85pJX42IPsUK7cE) ##### Features #### [Could Trump Make America Less Retributive? ](/regulation/spring-2026/could-trump-make-america-less-retributive) By Marc Levin and Khalil Cumberbatch The second Trump administration has eased some harsh criminal penalties. #### [Reconsidering Ivermectin ](/regulation/spring-2026/reconsidering-ivermectin) By Charles L. Hooper and David R. Henderson Despite a skeptical Cochrane review, the antiparasitic is still a valuable tool for combating COVID. #### [A Tragic Unintended Consequence ](/regulation/spring-2026/tragic-unintended-consequence) By Arif Khan, Anshu Arora, and Aishwarya Prasad Did adding a “black box” warning to antidepressants lower their usage and increase youth suicides? #### [Prescriptive Authority for Psychologists Is a Public Health Imperative ](/regulation/spring-2026/prescriptive-authority-psychologists-public-health-imperative) By Dr. Jacqueline Marie Gallios Policymakers must dismantle regulatory barriers that restrict access to needed care. ##### Briefly Noted ##### [Oh BOI: Reforming Financial Reporting ](/regulation/spring-2026/oh-boi-reforming-financial-reporting) By Thomas A. Hemphill Lengthy federal litigation has attempted to stop the implementation of various BOI requirements, with critics claiming they are overly burdensome, unconstitutional, and raise privacy and data security concerns. ##### [Another Trump Turn from Reaganism ](/regulation/spring-2026/another-trump-turn-reaganism) By Art Fraas, Randall Lutter, and W. Kip Viscusi President Reagan’s Executive Order 12291 in 1981 directed agencies to regulate only if the economic benefits outweigh the costs of such regulation. ##### [Improving Energy Assistance Programs ](/regulation/spring-2026/improving-energy-assistance-programs) By Kenneth W. Costello The recent, rapid rise in electricity prices is a prominent component of the discussion over “affordability.” ##### [There Is No Labor Shortage ](/regulation/spring-2026/there-no-labor-shortage) By Pierre Lemieux Despite employer complaints of a labor shortage of trade workers, their high wages simply show they are in demand. ##### [Freedom of Speech and Academic Freedom ](/regulation/spring-2026/freedom-speech-academic-freedom) By Dennis L. Weisman Are professors’ rights to free speech limited by students’ academic freedom? ##### [Buried in Bureaucracy ](/regulation/spring-2026/buried-bureaucracy) By Alex J. Adams and Adam N. Jones The administrative costs of federal grants are vast and growing. ##### [Trump’s Carbon ‘Endangerment Finding’ Is a Cautionary Tale ](/regulation/spring-2026/trumps-carbon-endangerment-finding-cautionary-tale) By [David Kemp](https://www.cato.org/people/david-kemp) On the regulatory front, however, climate policy has been much more active. ##### In Review ##### [Book Review: *Beyond Banks: Technology, Regulation, and the Future of Money*](/regulation/spring-2026/book-review-beyond-banks-technology-regulation-future-money) By Phil R. Murray ##### [Book Review: *Some Future Day: How AI Is Going to Change Everything*](/regulation/spring-2026/book-review-some-future-day-how-ai-going-change-everything) By Thomas A. Hemphill ##### [Book Review: *Mere Economics: Lessons For and From the Ordinary Business of Life*](/regulation/spring-2026/book-review-mere-economics-lessons-ordinary-business-life) By George C. Leef ##### [Book Review: *Private Finance, Public Power: A History of Bank Supervision in America*](/regulation/spring-2026/book-review-private-finance-public-power-history-bank-supervision-america) By Vern McKinley ##### [Book Review: *The Constitution of Liberty*](/regulation/spring-2026/book-review-constitution-liberty) By Pierre Lemieux ##### [Working Papers ](/regulation/spring-2026/working-papers) By [Peter Van Doren](https://www.cato.org/people/peter-van-doren) A summary of recent papers that may be of interest to *Regulation*’s readers. ##### Final Word ##### [Trump’s ’70s Show Reboot ](/regulation/spring-2026/trumps-70s-show-reboot) By Tim Rowland Instead of the Nixon Shock, we have Donald J. 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