It is established to provide a framework that allows for the conduct of individual, industrial, commercial, financial, and other activities. Although all regulations restrict, regulation should not deter beneficial activities, but frame them and guide them. Thus, the minimal amount of regulation that achieves the primary objective is best for our society. Poor regulation, on the other hand, focuses on restricting, limiting, and controlling, losing sight of the common good. This is in direct contradiction to the fundamentals of a democratic society and the free marketplace.
Regulation is a tool.
It is not the alpha and the omega. The foundation, the beginning, is the democratic society itself and the free market system. The omega is the actual useful work done to benefit society. I believe that the role of regulation is to provide a meaningful and useful framework for the protection of rights, health, safety and the environment. Regulation is not to be made in isolation.