ABSTRACT
This chapter focuses on several key lessons. These are Regulation Is Both a Complex Policy Reform and a Contested Political Project, Regulation Is Both a Science and an Art; Regulatory Decision-Making a Craft, Context Is King; Maps and Frameworks Are Useful. It includes Regulation Is Inherently Difficult—Tolerate Mistakes; Facilitate Learning, Maintain a Credible Deterrent, Regulators Must Own Their Narrative. Regulation is primarily thought of as a policy reform designed to modify people's behaviour according to defined standards to achieve specified objectives. The duality of regulation being both a policy reform and political project means it employs both technically rational and politically rational processes. The science is evident in the systematic approach of the regulatory policy cycle. It also is clear that for regulation to be effective, there needs to be a credible deterrent—or what Kagan, Gunningham and Thornton describe as a 'regulation-induced fear of legal punishment'.
