Difference between Economics Laws and Other Laws

 Economics Laws

Economics Laws

Economic Laws

Economic laws 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

Parliament  passed the  State laws and in the absence of parliament, president issue ordinance and in case of Marshall Law government, by the chief Marshall Law administrator.The executive enforced Govt. laws. State laws made to facilitate administration to run government affairs peacefully. Peoples  bound to obey state law and if any one violates state laws  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 can not refuse to conform to a certain behavior. Matter acts and reacts according to the laws of nature that is homogeneity. It  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  tested and experimented in the laboratories. They can predicated, they are not conditional. But physical laws based on facts, and can 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 can not tested and experimented in the laboratories. They can not predicted and are conditional. Like physical laws they  based on facts of life and can measured with the measuring rod, i.e. money, price; physical laws definite and certain but economic laws lack definiteness and certainty and  hypothetical based on some assumptions.

Leave a Reply

Your email address will not be published. Required fields are marked *