Economic Laws and Modern times

Times keep going at a faster pace and the aspect of relating the branches of Economics and the broad spectrum of its usability always is questioned by students and professionals and students in general. But once we deep dive into our surroundings it is well within our line of sight, it is a matter of perspective.

Consumers and Economic law

It is interesting to see that the goods and services that one may consume in our daily lives have a lot of underlying economic elements built into them. In terms of the purchase of lands or property in general the terms used in describing the values of the land is more or less aligned with the laws of depreciation of assets- which is predominantly studied in the subject of economics.

The concept of economics is more in line with the purchasing of goods -a simple example of groceries and vegetables-the laws of diminishing marginal utility and returns do come in strange ways. To put it in perspective if we see the fruits and vegetables, we purchase for the first week and for the next is said to be completely different. The purchasing basket is said to be driven by the choices and preferences of consumers. This also is attributed to the variety of goods prevalent in the market.

Law firms and Economics of law

If one looks at law firms' function across the world, it is interesting to see how the aspect of cases is distributed among the law firms in a region. It is more in line with the concept of price competition and comparative advantage that most of the top law firms deal with in terms of legal cases.

This is also dependent on the rates that each law firm charges on a particular case as well. It need not be necessary that the firms retain the legal fees. Prices will always increase with every passing year, a set percentage to keep up with the rising cost of living and inflationary trends in the region. To remain competitive all the firms do increase their base price of the service rates, which is very significant in terms of adhering to the laws and principles of economics. Most of the time mid-size firms tend to gain from the exercise of competitive pricing and tend to survive the pressure of price competition in their profession.

Policy making and Economics

In the running of any successful institution, the need for policies is essential to keep ideas and plans in order. Laws of economics in many ways play an important role in terms of making policies more viable in terms of execution of the policies. The integral part of all this comes in terms of a blend of positive and normative schools of thought. Understanding this might take us to a deep dive into the subject of the ‘Economics of law’, which explains the thoughts in detail. In short, policymakers take a blend of these two schools of thought to make sure that society stays and functions in harmony. A simple example can be the policies of development in city corporations in terms of improvement of facilities like hospitals, parks and likewise: needs a lot of deliberation and discussion to make sure the best is given to its citizens in a city. It always does come at a cost of making choices making the citizens better off and worse off at the same time. Development is always having its pros and cons, and all need to bear the brunt of the same.

Relevance of the subject

There is no denying the fact that the subject of economics has less relevance in the modern world. The simple aspect of inflation that we experience, and the central bank's decision across the globe to take measures to control it, has an impact on everyone, from all walks of life. The economic viability of policies to take effect on the economies might be different since the demographics and culture all play an important role. Businesses and institutions are all driven by various laws of economics – indirectly or directly. Modern economies have seen the importance of the subject with the repeated cycle of recession and inflationary pressures in the economies. Research and seminars do help in terms of analyzing the situation much better, simplifying the understanding of the subject of economics and its laws. One must try to embrace the subject wholeheartedly and delve into the realms of the subject, it will definitely change the way one perceives the world and bring in some change to make society a better place for the future.