Unintended Consequences

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Unintended Consequences episodes

October 29 The Surprising Story Behind America’s Falling Carbon Emissions
U.S. carbon emissions have fallen dramatically since their peak in the late 2000s. What explains the decline? In this episode of Unintended Consequences from the Cato Institute, Paul and Peter explore how America’s fracking boom, the shift from coal to natural gas, and expanding liquefied natural gas (LNG) markets helped reduce emissions.

Drawing on Lipford and Yandle’s recent article in Regulation magazine, “Can ‘Golden Straitjackets’ Deliver Good Environmental News,” they examine the environmental and geopolitical benefits of America’s energy transformation, the costs of Germany’s retreat from nuclear power, and how falling solar energy costs are making solar power more accessible.
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24 min
October 05 Abundance, Yes, But in What?
Abundance is a tempting goal as Americans face shortages of housing and rising energy prices. But there are government regulations and interest groups that fight efforts to build more housing and energy infrastructure. In this episode, Paul and Peter discuss Jonathan Adler's review for Regulation of Ezra Klein and Derek Thompson’s best-selling book Abundance, the need for further regulatory reform, and whether the movement would benefit from a fuller embrace of public choice economics.
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32 min
August 20 Rent Control: Mayor Mamdani Backs an Old, Bad Idea
Rent control is a tempting solution to a very real problem, the lack of quality, affordable housing in tightly regulated municipalities. But controlling prices leads to significant, negative outcomes that not only discourage the building of additional homes but also harm the very class of renters who the policy attempts to help. But in this episode, Paul and Peter discuss the jurisprudence on rent control as covered in a recent Regulation Magazine article, “Rent Control and the Constitution” by Paul Godek, who argues that rent control is an unjust taking similar to abuses of the eminent domain process.
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30 min
July 23 Delaware vs Elon Musk, a Corporate Law Showdown
There are structures and institutions that shape our lives in significant ways and yet are almost entirely hidden from our attention. Delaware’s overwhelming dominance in corporate law is one of them, so powerful that, thus far at least, even the wealthiest man in the world, Elon Musk, has found his Tesla compensation contract stymied. In this episode, Paul and Peter discuss the Regulation Magazine cover article “The Coming Privatization of Corporate Law” by Dorothy Lund and Eric Talley, and their surprising prediction about the future of corporate law.
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32 min
June 11 Carbon Tax vs. Green Subsidies
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.
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20 min
May 14 Just Follow the Science?
During the covid pandemic, it became popular for folks to say “just follow the science” when it came to making decisions about medical treatment and public health. But in this episode – which covers ivermectin, psychologists’ prescription authority, and warning labels for pediatric anti-depressants – Paul and Peter discuss just how complicated the science can be and why both "just following the science" and "doing your own research" are inadequate responses.

In conjunction with Regulation Spring 2026
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40 min
April 09 The FCC Chairman Should Not Be a Minister of Truth
The Chairman of the Federal Communications Commission threatened to not renew licenses for broadcasters that were too negative in their coverage of the US-Iran War. But this abuse of FCC authority in the name of protecting the “public interest” is merely the latest episode in a long and dismal history. This week, Peter and Paul discuss the downsides of government licensing of broadcast speech, how it violates the founding principles of this country, and the surprisingly simple solution that would bring it to a well-deserved end.
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29 min
March 12 Swiss Cheese Contracts Are Melting Down
Handling corporate debt has long been a standardized process, but something strange has been happening with contract law in recent years. These loan agreements are like the oil that lubricates our economic engine, yet the oil is breaking down as lawyers increasingly exploit contract loopholes to pocket higher returns at the expense of investors. Paul and Peter discuss the trend as described in the paper, “Swiss Cheese Contracts: The Costs of Creative Lawyering,” (Stephen Choi et al), and why it doesn’t quite fit traditional libertarian assumptions about market efficiency.
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21 min
February 19 The Perplexing Puzzle of the Social Cost of Carbon
Economists use something called the “social cost of carbon” to estimate the future physical and economic damages caused by climate change. Yet the final dollar cost assigned to carbon emissions fluctuates wildly: from roughly $7 under Trump to $190 under Biden! In this episode, Paul and Peter discuss the article “How Should We Value the Future?” (by Peter and David Kemp), how these numbers are generated, and how it’s not purely a product of scientific calculation but rather a profound ethical choice about intergenerational stewardship mediated by the political process.
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33 min
January 15 Was Milton Friedman Wrong about the Minimum Wage?
As Milton Friedman thought that the weight of careful research about the negative effects of the minimum wage would lead to an overwhelming consensus among economists and ultimately end public support for the policy. It didn’t work out that way, as anyone old enough to remember the “Fight for Fifteen” movement knows. Peter and Paul discuss Richard McKenzie’s article about Friedman’s prediction, why Friedman got it wrong, and the furor over an influential 1994 study that showed no negative employment effects.

In conjunction with Regulation Magazine Winter 2025 Edition.
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30 min

About Unintended Consequences

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Unintended Consequences is the podcast of Regulation magazine, produced by the Cato Institute. Hosted by Peter Van Doren and Paul Matzko, the show explores how government interventions can…