Question

Explain how we depend upon the law to give us a stable nation and economy, a fair society, and a safe place to live and work.

Answer 1

Law is an important tool to design and construct the society we want. It plays a very important role in maintaining the health of an economy. Law protects property rights, which encourages production and consumption. In absence of property rights protection, consumers will not buy products as their products may be stolen, firms will not produce products, and finally the market outcomes will not be efficient. The society will not be fair as a person willing to pay for a good will not be able to confidently retain that good. The confidence in the economic system will decrease and the economic system would break down. In absence of law. citizens will not be protected in their life as well as their workplace. For example, in the absence of sexual harassment laws, workplaces will become more unsafe and more people would be reluctant to go to work. Therefore, we depend on law to give us a stable nation and economy with fairness and safety.