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Edit: you can find this code on Hackage at free-vl.
Algebraic effects seem to be a sort of holy grail in functional programming. What I mean when I say “algebraic effect” here is: treating any effect like a value or type in your program, while also having some simple operations (an algebra) to combine effects.
What does this look like practically? The two languages that come to mind are Idris and PureScript. When you program using their Effects support, you write monadic code, but essentially have a list of effects you can pull from the environment: logging, state, IO, etc. Further, you can program against a stack of effects, only assuming the ones you need are present, allowing us to arbitrarily grow that effect stack as needed. It’s very nice.