How do you define law ? How law assists for the social and economic changes in the country. Explain with special reference of the role of law in society.
Definition: Law is 'the set of principles and regulations established in a community by some authority and applicable to it's people, whether in the form of legislation or of custom and policies recognized and enforced by judicial decision.
The law is important for a society for it serves as a norm of conduct for citizens. It was also made for proper guidelines and order upon the behavior for all citizens and to sustain the equity on the three branches of the government. It keeps the society running.
Laws protect our general safety, and ensure our rights as citizens against abuse by other people, by organizations, and by the government itself. We have laws to help provide for our general safety. These exist at the local state and national levels, and include things like laws about food safety.
It is considered that the rule of law determines economic development in a way that ensures: safety of subjects in law , protection of property rights, the realization of obligations, government control and protection of corruption. It creates stability and incentivizes investment.
Well the laws and regulations play a vital role in economy. The law dictate the principles of business activity and the earnings potential. Regulations determine the boundaries of operations. Interest rates and tax rates regulate both the consumer market as well as corporate sectors. The government is always more efficient at making market decisions than individuals.