[hansvm]

Kind of.

Suppose one of your effects is `read()`, and you want to be able to drop in an asynchronous implementation. Then you'll either require something equivalent to stack switching or you'll require one of the restrictions to asynchronicity allowing you to get away without stack shenanigans -- practical algorithms usually start requiring stack switching though.

You can get a lot of mileage out of algebraic effects without allowing such ideas though. Language constructs like allocation, logging, prng, database sessions, authorization, deteterministic multithreaded prng, etc, are all fairly naturally described as functions+data you would like to have in scope (runtime scope -- foo() called bar() -- as opposed to lexicographic scope), potentially refining or changing them for child scopes. That's a weaker effect system than you would get with the normal AE languages, but there are enough concepts you feasibly might want to build on such a system that it's still potentially worthwhile.