![Regulation - Winter 2021/2022 Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2022-01/regulation-v44n4-cover.jpg?itok=YHMH6ujy) # Winter 2021/2022 Vol. 44 No. 4 [Subscribe](https://store.cato.org/collections/all-products/products/regulation-magazine) ##### From the Cover ### [How Effective Are Cloth Face Masks? ](/regulation/winter-2021/2022/how-effective-are-cloth-face-masks) By Ian T. Liu, Vinay Prasad, MD, MPH, and Jonathan J. Darrow A summary of the scientific literature on the effectiveness of masking, both against respiratory infection generally and against COVID-19. ##### Features #### [Why Are (Some) U.S. Drug Prices So High? ](/regulation/winter-2021/2022/why-are-some-us-drug-prices-so-high) By William S. Comanor The Hatch–Waxman Act promotes both pharmaceutical innovation and price competition, confounding simple comparisons of U.S. and foreign drug prices. #### [Internet Streaming Overcomes *Paramount*](/regulation/winter-2021/2022/internet-streaming-overcomes-paramount) By Thomas W. Hazlett and F. Andrew Hanssen The 1948 Paramount antitrust ruling stifled American video entertainment. That ended in 2020, and consumers won. #### [Solving Congress’s Samaritan’s Dilemma ](/regulation/winter-2021/2022/solving-congresss-samaritans-dilemma) By [Peter Van Doren](https://www.cato.org/people/peter-van-doren) The National Flood Insurance Program may be the best realistic policy option. ##### Briefly Noted ##### [No, DACA Doesn’t Harm Americans ](/regulation/winter-2021/2022/no-daca-doesnt-harm-americans) By [Ike Brannon](https://www.cato.org/people/ike-brannon) and M. Kevin McGee We not only find no evidence that DACA hurts low‐​wage American‐​citizen workers, but it appears to boost the wages and employment of this cohort. ##### [Why Punish the Drug Industry That’s Combating COVID? ](/regulation/winter-2021/2022/why-punish-drug-industry-thats-combating-covid) By Thomas Grennes This technological response to COVID has been bottom-up, rather than top-down. ##### [Is a Green New Deal Even Necessary? ](/regulation/winter-2021/2022/green-new-deal-even-necessary) By Jody Lipford and Bruce Yandle While high-profile market and political actions have been at play, less visible market forces have affected carbon emissions reductions in substantial ways ##### [Facebook: Like Corporation, Like Whistleblower ](/regulation/winter-2021/2022/facebook-corporation-whistleblower) By Pierre Lemieux There are good reasons to defend Facebook’s freedom to“censor” speech on its own property, even if we disagree with how it exercises that freedom. ##### [The APA Gets No Respect ](/regulation/winter-2021/2022/apa-gets-no-respect) By Arthur G. Sapper Courts have been all over the map ##### [Congress’s Anti-Innovation, Anti-Consumer Big Tech Antitrust Proposals ](/regulation/winter-2021/2022/congresss-anti-innovation-anti-consumer-big-tech-antitrust-proposals) By Thomas M. Lenard Rather than reforming antitrust, the congressional proposals can more accurately be described as creating a new regulatory regime. ##### In Review ##### [The Rise and Results of ‘Megaproviders’ ](/regulation/winter-2021/2022/rise-results-megaproviders) By Phil R. Murray ##### [A Wide-Ranging Libertarian Philosopher, Reasonable and Radical ](/regulation/winter-2021/2022/wide-ranging-libertarian-philosopher-reasonable-radical) By Pierre Lemieux ##### [Trading, from Open-Outcry to Microwave Wireless ](/regulation/winter-2021/2022/trading-open-outcry-microwave-wireless) By Vern McKinley ##### [Let the Rich Play ](/regulation/winter-2021/2022/let-rich-play) By Daniel Kowalski ##### [An Objectivist Rewrite of the Founding Documents ](/regulation/winter-2021/2022/objectivist-rewrite-founding-documents) By George C. Leef ##### [Meritocracy under Siege ](/regulation/winter-2021/2022/meritocracy-under-siege) By George C. Leef ##### [A College Education: Who Pays and How? ](/regulation/winter-2021/2022/college-education-who-pays-how) By Vern McKinley ##### [Great Stories and Weak Economics ](/regulation/winter-2021/2022/great-stories-weak-economics) By David R. Henderson ##### [The Administrative Presidency Encounters Opportunistic Federalism ](/regulation/winter-2021/2022/administrative-presidency-encounters-opportunistic-federalism) By Jonathan H. Adler ##### [Markets and Dematerialization ](/regulation/winter-2021/2022/markets-dematerialization) By Jonathan H. Adler We do more with less not because of government regulation or administrative direction, but because of capitalism and technology. ##### [The Future of Economics in the 1930s ](/regulation/winter-2021/2022/future-economics-1930s) By Pierre Lemieux ##### [Working Papers ](/regulation/winter-2021/2022/working-papers) By [Peter Van Doren](https://www.cato.org/people/peter-van-doren) and [Ike Brannon](https://www.cato.org/people/ike-brannon) A summary of recent papers that may be of interest to *Regulation*’s readers. ##### Final Word ##### [Selling Trillion-Dollar Crazy ](/regulation/winter-2021/2022/selling-trillion-dollar-crazy) By Tim Rowland More interesting than the financial debate over the coin, depressingly, is the snapshot—through the lens of economics and U.S. monetary policy—that it presents of the American condition. ##### 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)