This verse is very familiar to people in the KJV. The NASB is slightly different.
(Proverbs 29:18 NASB) Where there is no vision, the people are unrestrained, But happy is he who keeps the law.Much of the two translations are the same. The difference is in the second phrase. What is the difference between “perish” (6544a) and “unrestrained”? In English there seems to be no connection. The root meaning is to “let go, let alone.” As I look into the way the word is used I sense a whole series of sermons. I will “restrain” myself. Instead let me give you a paraphrase that gets the idea across.
(Proverbs 29:18 CEV) Without guidance from God law and order disappear, but God blesses everyone who obeys his Law.God has standards He expects us to see and acknowledge. When we don’t obey, chaos and consequences flood our lives. Yes, Jesus loves me, but the Bible also tells me there are results that follow from ignoring the order God has established.
So? Read and obey. It seems simple enough. Why do we ignore it so often?