Abstract
It is essential that law and economics complement each other to secure welfare and its expansion to the whole
society. Robust functioning of the economic system relies on meeting the requirements as well as existence of
an effective legal system. In that context, the role of law in economics is to identify the legal framework, which
ensures orderly functioning and evolving of the market. On the other hand, it is obvious that legal arrangements
governing the economic life need to be made in accordance with the economic facts. It is noteworthy
to determine the objectives of the arrangements as well as their consequences and costs. The developments in
the last two decades, in particular, have given rise to the extensive use of law-originated concepts in economics
and vice versa. This essay elaborates the relationship between law and economics, starting from nomadic
society to agrarian society and from industrial society to information society, along with the law of economics,
which aims to deal with various legal problems stemming from economic developments
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References
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