In this article we will discuss about economic law. After reading this article you will also learn about nature and limitations of economic laws. Meaning of Economic Law: Every science has its certain laws. Thus, like other sciences, economics has its own laws, too. Such laws describe how a consumer or a producer behaves. The consumer is assumed to maximise [...]
In this article we will discuss about Economic Laws. After reading this article you will learn about: 1. Meaning of Economic Laws 2. Nature of Economic Laws. Meaning of Economic Laws: A law (or generalisation) is the establishment of a general truth on the basis of particular observations or experiments which traces out a causal relationship between two or more [...]
The following six points highlight the features of economic laws. Feature # 1. Economic Laws are not Commands: Economic laws are not orders of the state (government) and are not commands. They are formulated on the basis of people's behaviour in the real world. Feature # 2. Economic Laws are not Exact: Since economic laws deal with actions of human [...]