Regulation has a bad reputation in many circles. It is often done badly, and when it is done well, it tends to render the problems it addresses minor or invisible. As such, many see it as a needless obstacle, unaware of the benefits it has brought. A good regulatory scheme is efficient and light-handed—all but invisible. While inherently constraining, its net effect should be liberating, allowing access to the benefits of innovation without having to obsess about hidden consequences.
