Proverbs - Where there is no vision...

Where there is no vision, the people perish,

That is, "no prophecy", as the Vulgate Latin version renders it; and which is often the sense of the word, as the vision of Isaiah is the prophecy of Isaiah; and, in the New Testament, prophesying is often put for preaching; and here vision, or prophecy, signifies the public ministering of the word and ordinances, and want of persons to administer them; (...)

Now, where there is no preaching, men perish in their sins;
the word being the ordinary means of grace, of regeneration, conversion, faith, and salvation; without which, men know nothing of Christ, of peace, pardon, righteousness, and eternal life by him: and where there is preaching, yet it not being of the right kind, there is no spiritual knowledge spread by it, no food for souls under it; they perish with hunger, as the prodigal did, or are in starving and famishing circumstances; no comfort for the people of God, who perish in their comforts under such a ministry, 1Co 8:11; and poison is spread among others; false doctrine eats as a canker, and destroys souls. 
but he that keepeth the law, happy is he.

not the moral law, which no man can keep perfectly, but the law of faith. It may be rendered, "happy is he that observes doctrine" ; the doctrine of the Gospel, where it is preached; that attends to it, values and esteems it, receives it by faith, and with meekness; blessed is he, blessed are his eyes and ears; he sees wondrous things out of this law or doctrine, and he hears and knows the joyful sound, which brings salvation and eternal life unto him! 

extracts from John Gill's exposition of the entire Bible ( emphasis mine)