They are a way of parameterizing what would otherwise ambient authority.
Rather than needing to pass your file system accessor object, logging object, network interface, database connection provider, etc all the way through your call graph A -> B -> C, you can access those using apparently ambient authority, but still live the code testable, and all without IoC gymnastics.
I don't think the coupling argument is very strong when the effects are encoded in the type system. The kinds of effects that make sense are ambient authority operations which otherwise need explicit parameters. If they're encoded in the type system it's important that higher order functions are parameterized on possible effects to avoid unnecessarily limiting composition.
Of course all this is easier in a language with global type inference, since that will generate appropriately generic signatures that don't needlessly prevent flow of type information.
Rather than needing to pass your file system accessor object, logging object, network interface, database connection provider, etc all the way through your call graph A -> B -> C, you can access those using apparently ambient authority, but still live the code testable, and all without IoC gymnastics.
I don't think the coupling argument is very strong when the effects are encoded in the type system. The kinds of effects that make sense are ambient authority operations which otherwise need explicit parameters. If they're encoded in the type system it's important that higher order functions are parameterized on possible effects to avoid unnecessarily limiting composition.
Of course all this is easier in a language with global type inference, since that will generate appropriately generic signatures that don't needlessly prevent flow of type information.