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Jandre002 said:
WTF?
How the hell do you use not going in to the kitchen past 5pm as an example of regulation?

If little Timmy wants to access the medicine cabinet inside the kitchen but you have it locked THAT'S regulation. Little Timmy can eat, open the fridge, and do whatever he wants but if he wants medicine he needs to call you and ask permission. This might limit Timmy from taking medicine while your not there, but it protects Timmy from poisoning himself. Timmy can still eat and grow just fine if he eats his apple a day and plays by the rules, and in the absolute need to take medicine you can help him decide the safest way to take the potentially deadly medicine.

I mean the government WANTS the economy to prosper, they aren't going to limit potentially profitable avenues unless it is detrimental to either the consumers or the business, amirite? Priming the pump with poison will kill everyone who drinks from it.

A better example of the difference between regulation and oversight is:

The ESRB represents a body which has oversight into the videogame industry. They in no way prevent developers from creating any videogame that they want to produce, but they observe the type of content being produced and ensure that everyone is properly informed about what they're buying.

Producing strict legislation which determines which games can be produced and prevents certain individuals from buying particular games is an example of regulation.