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Policy is a deliberate system of guidelines to guide decisions and achieve rational outcomes. A policy is a statement of intent and is implemented as a procedure or protocol. Policies are generally adopted by a governance body within an organization. Policies can assist in both subjective and objective decision making.
Regulation in the social, political, psychological, and economic domains can take many forms: legal restrictions promulgated by a government authority, contractual obligations (for example, contracts between insurers and their insureds [1]), self-regulation in psychology, social regulation (e.g. norms), co-regulation, third-party regulation, certification, accreditation or market regulation.
Public policy is an institutionalized proposal or a decided set of elements like laws, regulations, guidelines, and actions [1] [2] to solve or address relevant and real-world problems, guided by a conception [3] and often implemented by programs.
The public interest theory of regulation claims that government regulation acts to protect and benefit the public. [1] The public interest is "the welfare or well-being of the general public" and society. [2] Regulation in this context means the employment of legal instruments (laws and rules) for the implementation of policy objectives.
In administrative law, rulemaking is the process that executive and independent agencies use to create, or promulgate, regulations.In general, legislatures first set broad policy mandates by passing statutes, then agencies create more detailed regulations through rulemaking.
The Regulatory Quality of a country, defined as "the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector development" [8] is one of the six dimensions of governance that the Worldwide Governance Indicators measure for more than 200 countries.
Regulatory law refers [1] to secondary legislation, including regulations, promulgated by an executive branch agency under a delegation from a legislature; as well as legal issues related to regulatory compliance. It contrasts with statutory law promulgated by the legislative branch, and common law or case law promulgated by the judicial branch.
Command and Control (CAC) regulation finds common usage in academic literature and beyond. The relationship between CAC and environmental policy is considered in this article, an area that demonstrates the application of this type of regulation. However, CAC is not limited to the environmental sector and encompasses a variety of different fields.