WITH THE MAY-JUNE issue, Regulation , the new bimonthly ($2.50 a copy; $14.00 a year) launched by the American Enterprise Institute, will round out its first year of publication - with a print order of 7000, and circulation "climbing." In its first year, Regulation has tackled the whole spectrum of government regulation - from airlines to saccharin; from nuclear power plants to white-water rafting; from broadcasting to drugs; from administrative law to political theory. Among its contributors have been former President Gerald R. Ford and Irving Kristol, an Institute scholar and co-editor of The Public Interest . "We're not looking for the kookiest cases, or the worst regulations of the month," editor Anne Brunsdale says. "What we're trying to do is to take this relatively heavy stuff, analyze it, and write about it so that it can reach a more general audiences - and if more people take an interest, it could lead to better regulations. From the reaction so far, I think we're reaching the people we intended to reach: people on the Hill, political scientists, lawyers, business people in general - plus libraries, newspapers and regulatory agencies. We're really very pleased with it."

Regulation has recently been joined by Public Opinion, another A.E.I., bimonthly (2.50 a copy; $10 a year until June 30 - then up), edited by Seymour Martin Lipset and Ben J. Wattenberg. During the coming year Public Opinion vows to report public sentiments on at least 112 subjects - "We stopped counting there" - from "abandonment of Taiwan" to "work ethic."