Difference between Economic Laws and Other Laws

January 21, 2021

Difference between Economic Laws and Other Laws

Economic Laws and Other Laws

Economics laws are totally different with others laws because the economics laws are related to the human behavior. The purpose of these laws control relation occurs during economic activities. These laws are not punishable. Now we are discuss difference between economic laws and others laws. 

Economics law and state Laws

State laws are passed by the parliament and in the absence of parliament, president issue ordinance and in case of Marshall Law government, by the chief Marshall Law administrator. State laws are enforced by the executive. State laws are made to facilitate administration to run government affairs peacefully. Peoples are bound to obey state law and if any one violates state laws are punished. But economic laws are not passed by parliament or any other form of government and there is no authority to enforce economic laws. If a person violates and economic law he is not punished. The followers of economic laws are prudent people. But those economic laws which are also state laws if violated there is a punishment.

Economic laws and physical laws

Physical laws deal with matter which is lifeless and cannot refuse to conform to a certain behavior. Matter acts and reacts according to the laws of nature that is homogeneity is found in the action and reaction of matter while economics laws deal with human behavior which is over chaining that is why physical laws are universally true. The can be tested and experimented in the laboratories. They can be predicated, they are not conditional. But physical laws are based on facts, and can be measured with the help of measuring rod. Because economic laws deal with man so i.e. laws of economics do prove universally true, i.e. there is not homogeneity among the action and reaction of human behavior. They cannot be tested and experimented in the laboratories. They cannot be predicted and are conditional. Like physical laws they are based on facts of life and can be measured with the measuring rod, i.e. money, price; physical laws are definite and certain but economic laws lack definiteness and certainty and are hypothetical based on some assumptions.

Economic Laws and Moral Laws

Moral laws are either enforced by the religion or by the society itself. Laws of morality are enforced or made keeping in view the special objectives. As against state laws, there is no punishment inflicted by the government. But those moral laws which are also state laws, if violated there is punishment. But in Islam a person who does not obey the laws of morality if he is not punished in this moral then there is a day of judgment when the violates will be punished. Economic laws ate neither enforced by the religion and nor by the society but they came into existence as  result  of human behavior adopted  during consumption production distribution  and exchange  like moral laws there is no punishment or violation of economic laws but all those economic laws which are state laws if violated there is punishment

Economic laws and other social laws

The laws of economics are more exact than those of any other social science because the economic phenomena are capable of being measured in money price while other social laws have no measuring rod like money

 


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