A recent op-ed in Dawn argues that Pakistan’s ongoing debate surrounding economic regulation and deregulation is fundamentally flawed. The author contends that framing the issue as a binary choice overlooks the crucial need for effective *governance* – the quality of institutions and their implementation. Both excessive regulation and complete deregulation can lead to market failures and hinder economic growth. Pakistan’s historical experience demonstrates that simply removing regulations without building strong institutions has often resulted in corruption and concentrated wealth. Conversely, overly burdensome regulations stifle innovation and entrepreneurship. The piece advocates for a nuanced approach focused on strengthening institutions, ensuring transparency, and enforcing existing laws, rather than solely pursuing either deregulation or increased regulation. Ultimately, good governance, not the mere presence or absence of rules, is the key to sustainable economic development in Pakistan.