Economic Definition of law. Defined.
Offline Version: PDF
Term law Definition: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.
« land | law of comparative advantage »
Permalink: https://glossary.econguru.com/economic-term/law