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
