Policy: What is the purpose of regulations?

From Rulemaking, the blog of the Administrative Codes and Registers Section of the National Association of Secretaries of State, "Utah Governor Charges Cabinet to Review Regulations":

On January 26, 2011, in his State of the State address, Utah Governor Gary R. Herbert said that “most important ways government can nurture a business-friendly environment” is to  “make regulation fair”.  Then, taking a measured approach, Governor Herbert  said:

    I understand that the purpose of government regulation is to maintain a level playing field. As a small business owner, I have also experienced the cost and frustration of over-reaching and irrational regulation. In order to separate regulations that serve an important purpose, from those regulations that serve no purpose at all, I have asked each member of my Cabinet to review existing business regulations and determine which could be kept, which should be modified, and which will be eliminated.

Is Governor Herbert correct as to the purpose of regulations? Often yes, when the real world cramps the invisible hand. I suggest, however, that there are other purposes. Sometimes the purpose is to protect customers, vendors, or bystanders. The legislature tells the executive to fight some evil or promote some good, the motivation for which may have nothing to do with business at all. For example, sales taxes are (mostly) intended to raise revenue for the jurisdiction. Sales tax regulations (forms, deposit requirements, deadlines, ...) are not intended to "maintain a level playing field". EMM