Economics Laws Nature and its Characteristic

January 19, 2021

 

Economics Laws Nature and its Characteristic

Economics Law

In economic laws that human behavior is studied this is assume by the social men during economic activities. The overview about human behavior is called the economic law.

Nature and Characteristic of Economic Laws

No Universal Truth

Economic laws are stand on human behavior and it is ever changing so economic laws do not prove universally true.

Conditional

Economic laws narrate with the changing human behavior so they prove true with certain conditions. If all those condition are not fulfilled, the law does not hold goods, e.g. law of demand hold goods when income of the consumer, taste, fashion, prices or substitute etc. don’t change.

Lack of predicted

Economic law is based on human attitude and sentiments. The attitude and emotion could not forecast. So we can say that economic law is not been predicted.

Based on Facts

The economic law is based on facts of life. It is a universal truth because if prices of commodity increase cost of production being unchanged so the supply for that commodity extends

Do not Laboratory Tested

Like other physical laws, economic laws can not be experiment and tested in the laboratory because the economics laws are only the statements of propensity.

No Punishment

Economic laws are not obligatory and implemented by the state. If economic laws are violated no punishment is given by the state while state laws if violated, the violators are punished.

Economic laws are Elective

Economic laws are elective in nature. There is no urge to abide by economic laws.

Evaluate pole is Money

The laws of economics are more accurate because they can be measured with the help of money price.

 

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