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What is economic law?

Updated: 10/27/2022
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9y ago

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In the legal system of the former Soviet Union, economic law was the system under which economic relations were a legal discipline independent of criminal or civil law. In the United States and other systems, economic law roughly corresponds to what is called commercial law or business law, the body of law that applies to the rights, conduct, and relations of persons or businesses engaged in sales, commerce, trade, and the like.

Approaching the question from a different view, economic "laws" may be a reference to as one example the of "law of supply & demand". Or, a more in-depth

type of economic law such as the "deadweight loss of taxation".

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