They create the “rules of the game” for citizens, business, government and civil society. Regulations are indispensable to the proper function of economies and societies. In other words, regulations in practice do not always make things better: Their overarching perspective is that regulations are often necessary for a well-functioning, market-based, capitalist society, but they do not always live up to public expectations or achieve their social goals. Recently, the international Organisation for Economic Co-operation and Development (OECD) has done considerable research on regulatory policy. Yet most people know very little about the impact of regulations or the process by which they are produced. From the moment you wake up until the time you go to sleep, regulations influence what you do. Regulations issued by the executive branch affect every aspect of our lives. Without a legal framework establishing and enforcing property rights and the “rules of the game,” our free enterprise system could not exist. Market economies need clear rules to function efficiently. They are specific standards or instructions concerning what individuals, businesses, and other organizations can or cannot do. Regulations, also called administrative laws or rules, are the primary vehicles by which the federal government implements laws and agency objectives. Regulatory policy scholars Susan Dudley 2 and Jerry Brito elaborate on that definition this way: The Merriam-Webster dictionary provides this very general and simple definition of regulation: an official rule or law that says how something should be done 1 The scope of government regulations is vast and reaches all sectors of the economy and all aspects of our daily lives. Regulation is a major way in which government influences the U.S.
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