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  Importance of Economic Laws

Importance of Economic Laws:

Economic laws are of huge significance in practical life. Various economic laws are applicable to all kinds of economic systems. They consist universal application. For illustration, we contain the law of Diminishing Returns. There are other significant laws like the law of diminishing marginal usefulness and the law of demand.

Certain economists believe that the amount theory of money is valid beneath all economic systems – socialism or capitalism or mixed economy.

Let us take some significant laws similar to the law of demand, the law of diminishing marginal utility, the law of diminishing returns and the Malthusian Theory of population and talk about their importance.

The law of demolishing utility is depends on actual experience. It states that the more and more of a thing you have, the less and less you desire it. It states the relationship among the price of a good and the satisfaction you acquire from it. During summer, usually, there will be fall in the price of mangoes since they are obtainable in plenty. Therefore there is diminishing usefulness. And as price is associated to marginal utility, the price falls. Progressive taxation depends on the law of diminishing utility. Since the income rises, the Government asks the rich to pay more taxes by raising the rates of taxation for them. For it believes that as a man acquires more and more money, he will get diminishing usefulness from it. Therefore even if he parts with more money, the sacrifice will not be much in his situation.

The law of demand depends on real experience. In practice we find that whenever price falls, demand rises. Price falls whenever supply is more. Whenever there is increase in the supply of a good, its marginal utility demolishes. A seller will try to sell more of his good by decreasing its price slightly.

The law of demolishing marginal returns has worldwide application. In agriculture, it means that we can’t double the output by doubling labor and capital. The law exerts to manufacturing industry too.

The Malthusian theory of population states that population raises at a faster rate than food supply. It may not be a precise statement. However it was true in the situation of most of the poor countries of the world till the Green Revolution. The Green Revolution helped in rising agricultural productivity. There is problem of over– population in several poor countries of the world. That is why they spend enormous amounts on family planning to decrease population growth. Therefore, most of the laws of economics are of huge practical significance.

 

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