I guess it's inevitable that "the invisible hand" should appear in a discussion of regulation.
The beauty of it is, it is without content, Adam Smith appeals to it once in the entire Wealth of Nations: it is a black box which pundits may fill with whatever content they most desire.
Why don't Smith's well defined ideas get the same shout out?
Dissolution of monopolies, oligopolies, professional associations, marketing boards etc.
What exactly are the consequences of Smith's insistence that our "fellow feeling" is what legitimates each seeking their own best result?
Oooops! these ideas have content and might require action (bad)