![Regulation v43n2 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2020-06/regulation-v43n2-cover.png?itok=BtWo8Zm4) # Summer 2020 Vol. 43 No. 2 [Subscribe](https://store.cato.org/collections/all-products/products/regulation-magazine) ##### From the Cover ### [The Trump Economy: Three Years of Volatile Continuity ](/regulation/summer-2020/trump-economy-three-years-volatile-continuity) By Pierre Lemieux Entering 2020, the country was badly prepared for a major economic shock. ### [Will Free Markets Rise to Meet the Environmental Regulatory Challenge? ](/regulation/summer-2020/will-free-markets-rise-meet-environmental-regulatory-challenge) By Bruce Yandle ### [The Limits of Antitrust in the 21st Century ](/regulation/summer-2020/limits-antitrust-21st-century) By Thomas A. Lambert Some details of Frank Easterbrook’s classic treatment may be outdated, but its core insights remain sound. ### [The Power of a Clean Slate ](/regulation/summer-2020/power-clean-slate) By J. J. Prescott and Sonja Starr Empirical evidence from Michigan shows expungement can help people with criminal records without threatening public safety. ##### Features #### [Fixing the Airlines Post-Pandemic ](/regulation/summer-2020/fixing-airlines-post-pandemic) By Matthew Barger and [Ike Brannon](https://www.cato.org/people/ike-brannon) Commercial air travel’s existential crisis may force the government to make long-overdue reforms. #### [Deregulation Under Trump ](/regulation/summer-2020/deregulation-under-trump) By Keith B. Belton and John D. Graham Despite claims of broad deregulation, the administration’s hallmark has been little regulatory activity. ##### For the Record ##### [Getting Around the Trump Guidance EOs ](/regulation/summer-2020/getting-around-trump-guidance-eos) By Arthur G. Sapper ##### Briefly Noted ##### [Sticky Funeral Prices and Rigid Regulations in the COVID-19 Crisis ](/regulation/summer-2020/sticky-funeral-prices-rigid-regulations-covid-19-crisis) By David E. Harrington ##### [The Politicization of Disaster Relief ](/regulation/summer-2020/politicization-disaster-relief) By Steven Horwitz and E. Frank Stephenson Existing research repeatedly shows that political factors influence resource allocation in disasters, so it should come as no surprise if it is ultimately determined that politics affected the response to the COVID-19 crisis. ##### [How a Badly Drafted Sunshine Act Hobbles a Federal Agency ](/regulation/summer-2020/how-badly-drafted-sunshine-act-hobbles-federal-agency) By Arthur G. Sapper Like any multimember adjudicative body, indeed like any appellate court, the OSHRC’s core functions have a meeting stage and an opinion-writing stage. ##### [How California’s Price-Gouging Order Can Cause More Deaths ](/regulation/summer-2020/how-californias-price-gouging-order-can-cause-more-deaths) By Richard B. McKenzie Under normal market conditions, lowest-cost producers can be expected to dominate sales, leaving many higher-cost producers on the market sidelines because they can’t compete on price and cover costs. ##### In Review ##### [The Republican Reversal ](/regulation/summer-2020/republican-reversal) By Jonathan H. Adler Most of the major environmental statutes have not been reauthorized in decades, and new environmental measures are rarely considered. ##### [The Brussels Effect ](/regulation/summer-2020/brussels-effect) By Jorge González-Gallarza Hernández The EU’s regulatory zeal has been egged on by the awareness that its tightened, harmonized standards can be exported worldwide through market mechanisms as opposed to global campaigns or multilateral deals. ##### [10% Less Democracy ](/regulation/summer-2020/10-less-democracy) By David R. Henderson “Rather than being governed by the masses of Boston or by the professors of Harvard, I’d far rather be governed by the engineering faculty of MIT.” ##### [When the President Calls ](/regulation/summer-2020/when-president-calls) By Sam Batkins Readers can see the parallels to today’s economic environment. ##### [Free Enterprise ](/regulation/summer-2020/free-enterprise) By Art Carden In “I, Pencil,” Read is also capturing in the context of a simple story something that blows my mind every time I teach comparative advantage to my introductory macroeconomics students: two people can enjoy consumption possibilities in excess of their individual production possibilities simply because of specialization and exchange. ##### [The Enchantments of Mammon ](/regulation/summer-2020/enchantments-mammon) By Art Carden Throughout the book, McCarraher seems to yearn (like Brown, apparently) for a truly radical reorganizing of society according to the Romantic transcendent frame ##### [The Great Reversal ](/regulation/summer-2020/great-reversal) By Pierre Lemieux One objection to antitrust is that large technology firms demonstrate that concentration can coexist with competition and efficiency. ##### [Free Trade & Prosperity ](/regulation/summer-2020/free-trade-prosperity) By Pierre Lemieux Economists who had been protectionist or even socialist changed their minds. ##### [Do Markets Corrupt Our Morals? ](/regulation/summer-2020/do-markets-corrupt-our-morals) By George C. Leef The debate over the morality of the market is usually carried out purely at the rhetorical level. ##### [White Shoe ](/regulation/summer-2020/white-shoe) By Vern McKinley Antitrust became a reliable cash cow for white shoe lawyers. ##### [The Cigarette ](/regulation/summer-2020/cigarette) By David R. Henderson It is common for analysts who oppose a particular program or industry to accept all criticisms of the industry even when the criticisms are weak or off-target. ##### [A Tale of Two Economies ](/regulation/summer-2020/tale-two-economies) By George C. Leef Governmental economic control had predictably poor consequences. ##### [Socialism ](/regulation/summer-2020/socialism) By Art Carden Once it became clear the USSR was failing—people turned sour on Stalinism after Nikita Kruschev’s 1956 speech—they turned to Mao’s China. ##### [Accounting for Slavery ](/regulation/summer-2020/accounting-slavery) By Art Carden Slavery, after all, is ancient, and what was new in the 17th, 18th, and 19th centuries was the more widespread embrace of business and especially quantification. ##### [Working Papers ](/regulation/summer-2020/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* readers. ##### Final Word ##### [COVID and Leviathan ](/regulation/summer-2020/covid-leviathan) By A. 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