Algebraic effects can actually be implemented with delimited continuations [0].
Algebraic effects are more aimed towards statically typed languages like Haskell or Ocaml. They can replace most uses of monad transformers, which has both cognitive and performance benefits.
As you showed, there are better ways of solving the problem in lisps.
Tagless final algebras are another much more popular alternative that has been proven very effective in practical software. In tagless final, one writes composable DSLs (which are just records of functions) with the nature and interpretation of effects left abstract.
One then writes interpreters which interpret the DSL, giving meaning to the effects. This achieves the same fundamental goals as algebraic effects, but just using the ordinary language features of static FP languages.
Algebraic effects and delimited continuations are strictly more powerful than the Common Lisp condition system which is largely powered by the lexical goto (or return-from) feature. Invoking a restart can only unwind the stack (and the bit which is unwound can never be gotten to again), whereas algebraic effects allow more of a “forking” behaviour.
Algebraic effects are more aimed towards statically typed languages like Haskell or Ocaml. They can replace most uses of monad transformers, which has both cognitive and performance benefits.
As you showed, there are better ways of solving the problem in lisps.
Tagless final algebras are another much more popular alternative that has been proven very effective in practical software. In tagless final, one writes composable DSLs (which are just records of functions) with the nature and interpretation of effects left abstract.
One then writes interpreters which interpret the DSL, giving meaning to the effects. This achieves the same fundamental goals as algebraic effects, but just using the ordinary language features of static FP languages.
[0] https://docs.racket-lang.org/reference/eval-model.html#%28pa...
[1] http://okmij.org/ftp/tagless-final/index.html