Economic laws are sustainable, significant causal, repetitive relationships between economic phenomena and processes. In other words, economic laws are a manifestation of stable relations between people that take shape in the process of production, distribution, exchange and consumption, which at the same time manifest themselves as interests.
Specific Economic Laws
- The law of supply and demand
- The law of general macroeconomic equilibrium
- The law of private economic equilibrium
- The law of productive labor
- Competition law
- Law of value
- Money Laws
- Laws of economic growth
- The law of increasing opportunity costs
- Law of diminishing returns
- The law of production efficiency
- Law of proportionality
- Law of accumulation
- The law of exaltation of economic needs
- The law of the trend of falling rates of return
- Competitiveness Law
- The law of the relationship of competencies with the emergence of new markets
Functions of Economic Laws
Economic laws perform certain functions that are decisively related to social development . At the same time, the functions of each of the laws are specific, as specific are the stable, substantial and strong links between the phenomena of the economy that they express.
At the same time, the entire set of economic laws introduces the economic life of society, developing within the framework of each given economic system , into a certain objectively determined channel, in which its main function consists.