Meaning of economic law
What is economic law:
Economic law is a branch of law whose established legal norms are intended to organize, discipline and control the administrative powers of the public administration and promote entrepreneurship in the private administration.
Economic law can also be understood as the set of administrative rules on which economic policies are established, as a measure to regulate the actions of the State on the economic system.
The origin of economic law arose as societies grew and developed the exchange of goods or services, for which various methods of transactions originated. For this reason, the function of economic law is to ensure the functioning of the economy of a country.
Economic law seeks, in general terms, to assign the State an efficient regulatory power, to promote market mechanisms, to sanction acts that are outside the established regulation and to agree on the interests that promote national and international economic activity and the private sector.
Meanwhile, the law is a set of norms of great importance for the State since they reflect part of the history and frame the behavior and evolution of the economic activity of a country or a region.