Wow I’ve been thinking of something exactly like this! Sort of a super charged, statically typed version of Go’s context.Context. It would allow you to describe the capabilities (or effects) of every function, including IO, memory allocation, cancellation, deadlines, concurrency, and whatever application-specific stuff you need on there (like logging).
Then you could implement something like Google capslock [0] just by looking at type signatures.
See also aspect-oriented programming (AoP): https://en.wikipedia.org/wiki/Aspect-oriented_programming Algebraic effects might be a little too strict and narrowly defined for something as generic as, e.g., injecting ad hoc logging. With algebraic effects you need to reify in the type system the specific control flow behaviors you care about, and then get code to use those types and operators accordingly. AoP seems like a higher-level (if looser) concept that isn't necessarily specifically bound to the particular details of the type system. That modeling freedom seems necessary unless you're creating a language from scratch or confining yourself to a very limited set of control effects that can be shoe-horned into the existing type system and control flow operators.
Then you could implement something like Google capslock [0] just by looking at type signatures.
0. https://github.com/google/capslock