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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 have surprising—and often negative—consequences. Drawing from Regulation's in-depth policy analysis and cover stories, each episode unpacks the gap between policymakers’ intentions and the real-world outcomes that follow. Hosted on Acast. See acast.com/privacy for more information.
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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
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
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
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, ev
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 th
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 a
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 inter
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 do
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
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
“Make New York Like Houston?”: Housing and Induced Demand
You might’ve heard that building more roads to reduce traffic doesn’t really work because of induced demand, the way in which building new infrastructure simultaneously creates more demand. In this episode, Peter and Paul discuss a similar
A Nuclear Renaissance?
Four decades ago, America stopped building new nuclear power plants. Some economists have even linked that decision to the era of lost economic growth known as the “Great Stagnation.” But now demand for energy is exploding, given the need f
A Food Fight at the Bureau of Labor Statistics
President Trump recently fired the Commissioner of the Bureau of Labor Statistics (BLS), claiming that the downward revision of employment numbers was evidence of some kind of conspiracy to make the administration look bad. Paul and Peter u
There’s Nothing Standard about Standard Oil: Lessons for Modern Antitrusters
The standard, classroom story about the history of antitrust starts with crusading progressive activists breaking up the Standard Oil trust in 1911 to save consumers from corporate greed. But a closer look at the case shows something rather
Inequality: American Buy, Borrow, and Die vs. Scandinavian Wage Compression
Wealthy Americans are able to avoid taxes through an accounting strategy known as “buy, borrow, and die.” It’s why Donald Trump is able to pay as little as $0 in federal income taxes some years. But, as Peter and Paul discuss, it turns out
Is Public Funding Actually Bad for Public Media?
The Corporation for Public Broadcasting, which subsidizes National Public Radio and the Public Broadcasting Service, received half a billion dollars from the federal government each year. While budget battles over the amount of funding are
Is YouTube Good or Bad? The Perils and Promise of ‘Free’ Information
Every minute, over 500 hours of content are uploaded to YouTube. Some of those videos likely infringe on existing intellectual property rights. In his Regulation cover article (https://www.cato.org/regulation/spring-2025/perils-free-informa
PM2.5 and Decentralizing Pollution Standards
One of the hottest debated topics in environmental pollution policy is PM2.5, particulate matter that is so small it can bypass your respiratory system’s filters and enter your bloodstream. Everyone agrees that it’s a potential problem, but
Trade Policy as an Act of Self-Immolation
On April 2, 2025, President Trump announced the largest tariffs in more than a century, sparking a stockmarket crash and heightening fears of a potential recession. It shouldn’t be a surprise for our listeners; one of our episodes last year
Congestion Pricing and VMT Taxes
New York City’s congestion pricing policy is meant to reduce traffic in Manhattan and to raise money for public transit. But it’s attracted the ire of many, including President Donald Trump. Join Paul Matzko and Peter Van Doren as they disc
Who Builds the Building Code?
Should your home have a sprinkler system installed? Well, the organization likely responsible for your local building code thinks so. But mandating sprinklers in every single family home would be expensive, and this wouldn’t be the first ti
Jimmy Carter, the Great Deregulator
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. A
A Politics of Nostalgia: Economic Policy Under Biden and Trump
There is substantial overlap between the Biden and Trump administrations on economic policy. Both presidents have favored protectionist industrial policy and higher import tariffs. Yet these policies would not only fail to return America to
Regulatory Expectations Get a Reality Check: Boeing, Chevron, and Antitrust
Theory is elegant, but even the most well-designed and well-intentioned theory of regulation may not survive the acid test of reality. First, Paul and Peter discuss the dilemma faced by federal regulators trying to address Boeing’s safety r
Should You Have the Right To Repair Your John Deere Tractor?
It’s tractor week at Unintended Consequences with special guest Ike Brannon, who is a Senior Fellow at the Jack Kemp Foundation, about the right to repair movement and the struggle of farmers over whether John Deere can restrict their right
Starter Homes, Electric Vehicles, and Poverty
Incentives matter, but they don’t care about your intentions. In this episode Paul and Peter start by talking with special guest and Truist Distinguished Professor of Economics at Winston-Salem State University Craig Richardson. He discusse
Whiskey, Electricity, and Antitrust
Peter and Paul discuss three topics – adulterated whiskey, Texan electricity, and Brandeisian antitrust – with one core theme: government action under political pressure is a poor substitute for market discipline. With special guests Macy S
Enforcing Smart Water Management Policies and Encouraging Bureaucratic Neutrality is Harder Than You Might Imagine
Is there an “optimal hypocrisy” when it comes to enforcing laws and regulations? That’s the central theme in this episode of Unintended Consequences, which covers both water policy and the neutrality of government economists. Hosted on Acas
Railroad Profiteering and Mortgage Forbearance
In this episode of the Unintended Consequences podcast, we start by investigating whether railroads are making excessive profits by cutting back labor expenses. That’s the subject of Peter’s new paper, which is particularly timely given the