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.
