![Regulation Winter 2024-2025 Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2024-12/regulation-v47n4-cover.jpg?itok=ScEmMmAP) # Winter 2024–2025 Vol. 47 No. 4 [Subscribe](https://store.cato.org/collections/all-products/products/regulation-magazine) ##### From the Cover ### [Commandeering Theory ](/regulation/winter-2024-2025/commandeering-theory) By Carl R. Danner Government uses its regulatory powers to manipulate consumer spending and behavior. ##### Behind the Issue ### *Unintended Consequences* ##### The Podcast of *Regulation* In This Episode Obituaries for the late President Jimmy Carter have been filled with profuse praise for his post-presidential philanthropic work. But Carter wasn’t just good once he left office; he was one of the most underrated presidents in US history. As Paul and Peter discuss, his administration enacted policies that deregulated a swath of industries from trucking to broadcasting, ultimately laying the foundation for the next several decades of American prosperity. [ Download Episode ](https://feeds.acast.com/public/streams/643947a1309d10001195d3e7/episodes/678692914c4d17f5eb393d7e.mp3)Subscribe: [ Apple Podcasts ](https://podcasts.apple.com/us/podcast/unintended-consequences/id1684573879) [ Spotify ](https://open.spotify.com/show/693Xy6u85pJX42IPsUK7cE) ##### Features #### [Two Thalidomide Disasters ](/regulation/winter-2024-2025/two-thalidomide-disasters) By Charles L. Hooper and David R. Henderson Myths about the FDA’s role in the thalidomide tragedy have resulted in decades of it obstructing many beneficial drugs. #### [A Vehicle Mileage Tax for Heavy Trucks? ](/regulation/winter-2024-2025/vehicle-mileage-tax-heavy-trucks) By Michael F. Gorman Economists have long argued for replacing the gas tax with a mileage tax. #### [Reforming US Building Codes ](/regulation/winter-2024-2025/reforming-us-building-codes) By Emily Hamilton The International Code Council needs to compare the costs and benefits of its recommended requirements. ##### The War on Middlemen #### [The War on Middlemen — Introduction ](/regulation/winter-2024-2025/war-middlemen-introduction) By [Ike Brannon](https://www.cato.org/people/ike-brannon) Ascribing various economic ills to middlemen is not new. #### [Targeting Digital Platforms ](/regulation/winter-2024-2025/targeting-digital-platforms) By Alex R. Reinauer The success or failure of a platform hinges on the value it delivers to its users, and it would be fair to say that both Apple and Amazon have had plenty of success. #### [Payment Cards: Beyond Marginal Cost ](/regulation/winter-2024-2025/payment-cards-beyond-marginal-cost) By Ronald Bird The proposed Credit Card Competition Act would extend to the most commonly held bank-issued credit cards a fraud-promoting requirement that has been found to be disastrous in the debit card market #### [The Case of PBMs ](/regulation/winter-2024-2025/case-pbms) By Anthony Lo Sasso PBMs are intermediaries in the healthcare pharmaceutical supply chain that manage prescription drug benefits on behalf of health insurers, Medicare Part D drug plans, large employers, and other payers. ##### Briefly Noted ##### [Mencken’s Theory of Democracy ](/regulation/winter-2024-2025/menckens-theory-democracy) By Pierre Lemieux Do we really want the majority of voters to get their collective choice “good and hard,” let alone those who voted against it? ##### [How Data Localization Restrictions Hurt Health Care ](/regulation/winter-2024-2025/how-data-localization-restrictions-hurt-health-care) By [Ike Brannon](https://www.cato.org/people/ike-brannon) and Chad Cotti In the two years following GDPR passage, US clinical trials increased 20.7 percent but NIH collaboration with EU4 countries declined 47.5 percent. ##### [The States Are Taking the Lead on AI ](/regulation/winter-2024-2025/states-are-taking-lead-ai) By Thomas A. Hemphill Though public and media attention focus on policymaking in Washington DC, the real action on AI has, so far, largely happened at the state level. ##### [Erratum ](/regulation/winter-2024-2025/erratum) ##### In Review ##### [Book Review: *Following Their Leaders: Political Preferences and Public Policy*](/regulation/winter-2024-2025/book-review-following-their-leaders-political-preferences-public-policy) By Art Carden ##### [Book Review: *The Vikings* and *Children of Ash and Elm: A History of the Vikings*](/regulation/winter-2024-2025/book-review-vikings-children-ash-elm-history-vikings) By Thomas Grennes ##### [Book Review: *The Road to Freedom: Economics and the Good Society*](/regulation/winter-2024-2025/book-review-road-freedom-economics-good-society) By Phil R. Murray ##### [Book Review: *Taxocracy: What You Don’t Know about Taxes and How They Rule Your Daily Life*](/regulation/winter-2024-2025/book-review-taxocracy-what-you-dont-know-about-taxes-how-they-rule-daily-life) By David R. Henderson ##### [Book Review: *The Race to Zero: How ESG Investing Will Crater the Global Financial System*](/regulation/winter-2024-2025/book-review-race-zero-how-esg-investing-will-crater-global-financial-system) By Thomas A. Hemphill ##### [Book Review: *Reviving Classical Liberalism against Populism*](/regulation/winter-2024-2025/book-review-reviving-classical-liberalism-against-populism) By Art Carden ##### Final Word ##### [Public Health Is Everywhere ](/regulation/winter-2024-2025/public-health-everywhere) By A. Barton Hinkle Treating various social issues as if they are public health problems is all the rage. ##### 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)