![Regulation - v43n4 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2020-12/regulation-v43n4-cover.jpg?itok=iIZ8NiM0) # Winter 2020–2021 Vol. 43 No. 4 [Subscribe](https://store.cato.org/collections/all-products/products/regulation-magazine) ##### From the Cover ### [Spreading Like Wildfire ](/regulation/winter-2020-2021/spreading-wildfire) By Dean Lueck and Jonathan Yoder Economics and wildfire policy offer useful lessons for COVID-19 response. ### [Trump’s Regulatory Legacy: A First Draft ](/regulation/winter-2020-2021/trumps-regulatory-legacy-first-draft) By Sam Batkins and [Ike Brannon](https://www.cato.org/people/ike-brannon) Despite the headlines, the Trump administration will likely have little lasting effect on federal regulation. ### [Are We ‘Paying Twice’ for Pharmaceuticals? ](/regulation/winter-2020-2021/are-we-paying-twice-pharmaceuticals) By [David A. Hyman](https://www.cato.org/people/david-hyman) and [Charles Silver](https://www.cato.org/people/charles-silver) The use of prizes could resolve concerns that drugmakers receive improper rents for their discoveries. ### [How Democrats Learned to Stop Worrying and Love the CRA ](/regulation/winter-2020-2021/how-democrats-learned-stop-worrying-love-cra) By Sam Batkins and [Ike Brannon](https://www.cato.org/people/ike-brannon) Both parties now embrace the Congressional Review Act to overturn each other’s regulations. ##### Features #### [Assessing the Revolution in Antitrust ](/regulation/winter-2020-2021/assessing-revolution-antitrust) By Dennis W. Carlton and Ken Heyer New learning and evidence on market concentration do not justify a return to the dark ages of antitrust and regulation. #### [The Costs of Closing DACA Initial Enrollments ](/regulation/winter-2020-2021/costs-closing-daca-initial-enrollments) By [Ike Brannon](https://www.cato.org/people/ike-brannon) and M. Kevin McGee Blocking additional Dreamers will cost the economy and government coffers ##### Briefly Noted ##### [What Should We Fear Most and What Should We Do about It? ](/regulation/winter-2020-2021/what-should-we-fear-most-what-should-we-do-about-it) By David R. Henderson and Charles L. Hooper The image of an aggressive shark in the deep ocean is graphic and terrifying, but the risk of mundane threats far outweighs the risk from shark attack. ##### [COVID-19 and Opioid Addiction Treatment ](/regulation/winter-2020-2021/covid-19-opioid-addiction-treatment) By Feler Bose The COVID-19 pandemic has changed the treatment of addictive disorders. ##### [Adapt or Suffer: Demographic Change and Consequences for the United States ](/regulation/winter-2020-2021/adapt-or-suffer-demographic-change-consequences-united-states) By Thomas Grennes Although world population has doubled in the last 50 years and grown almost continuously since at least 10,000 B.C.E., prominent demographers are now projecting a forthcoming peak in world population and a subsequent decline. ##### [Bad Energy Legislation in New Mexico ](/regulation/winter-2020-2021/bad-energy-legislation-new-mexico) By Kenneth W. Costello Traditionally, the primary goal of electric utility regulation has been to control the pricing behavior of monopoly providers in order to achieve reliable electric supply at a low cost to consumers. ##### In Review ##### [Apocalypse Never ](/regulation/winter-2020-2021/apocalypse-never) By Jonathan H. Adler Climate change is a serious concern, perhaps *the most* serious environmental concern of the 21st century. But the 2018 UN report did not suggest a greenhouse apocalypse would soon be upon us, nor that humanity faces an imminent ecological deadline to act. ##### [The Lost History of Western Civilization ](/regulation/winter-2020-2021/lost-history-western-civilization) By Art Carden *The Lost History of Western Civilization* underscores the importance of Western civilization and restores it to its rightful place in the history of the American — and more broadly, Western — experiment in liberty and individual dignity. ##### [Baseless ](/regulation/winter-2020-2021/baseless) By Vern McKinley The world changed enormously in 2020, presenting the average American with a great deal of uncertainty and fodder for sleepless nights. ##### [Liberty in Peril ](/regulation/winter-2020-2021/liberty-peril) By George C. Leef In any case, we accept that, for all its flaws, democracy is the way the United States is supposed to work. ##### [Markets, State, and People ](/regulation/winter-2020-2021/markets-state-people) By Phil R. Murray Diane Coyle describes herself as “a British economist and policymaker.” In her current book on microeconomic policy, her essential question is, “Which activities should be done by the government, which by the market, or in some other way?” ##### [One Billion Americans ](/regulation/winter-2020-2021/one-billion-americans) By David R. Henderson As a long-time advocate of expanded immigration, I am delighted to have left/​liberal Matthew Yglesias as an ally. ##### [Bubble in the Sun ](/regulation/winter-2020-2021/bubble-sun) By Vern McKinley The debate over precisely what brought about the Great Depression has raged for nearly a century. ##### [Populisms: A Quick Immersion ](/regulation/winter-2020-2021/populisms-quick-immersion) By Pierre Lemieux Carlos de la Torre’s *Populisms: A Quick Immersion* reviews the theories and practices of populism over the last century, with a particular focus on Latin American’s versions and the lessons for the current American and European varieties. ##### [Working Papers ](/regulation/winter-2020-2021/working-papers) By [Peter Van Doren](https://www.cato.org/people/peter-van-doren) The author who has most informed my thinking about climate change is Robert Pindyck, professor of economics at MIT’s Sloan School of Management. ##### Final Word ##### [Berkeley, Saving Us from Ourselves ](/regulation/winter-2020-2021/berkeley-saving-us-ourselves) By A. Barton Hinkle Among the handful of consolations to emerge from the hellscape of 2020 is the immutability of certain verities: Fish gotta swim. ##### Latest Issues [![Regulation - Fall 2026 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2026-09/regulation-fall-2026-cover.jpg?itok=4PdTh8RK)](https://www.cato.org/regulation/fall-2026) [Fall 2026](/regulation/fall-2026) [![Regulation - Summer 2026 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2026-06/regulation-summer-2026-cover.jpg?itok=mgR9E73X)](https://www.cato.org/regulation/summer-2026) [Summer 2026](/regulation/summer-2026) [![Regulation - Spring 2026 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2026-03/regulation-spring-2026-cover.png?itok=_E4_q18u)](https://www.cato.org/regulation/spring-2026) [Spring 2026](/regulation/spring-2026) [![Regulation Winter 2025-2026 Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2025-12/regulation-v48n4-cover.jpg?itok=QSGuJRQT)](https://www.cato.org/regulation/winter-2025-2026) [Winter 2025–2026](/regulation/winter-2025-2026)