Discuss the nature and limitation economics laws. 350 to 400 words
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Answer:
In this article we will discuss about Economic Laws. After reading this article you will learn about: 1. Meaning of Economic Laws 2. Nature of Economic Laws.
Meaning of Economic Laws:
A law (or generalisation) is the establishment of a general truth on the basis of particular observations or experiments which traces out a causal relationship between two or more phenomena. But economic laws are statements of general tendencies or uniformities in the relationships between two or more economic phenomena.
Marshall defined economic laws in these words, “Economic laws, or statements of economic tendencies, are those social laws, which relate to those branches of conduct in which the strength of the motives chiefly concerned can be measured by money price