Chapter 2: How does the law deliver economic value to society?
The law, in general, adds value to society. However, there is no established framework for assessing the economic value of the law, rather than the legal services sector. It is therefore necessary to start by asking what the economic characteristics of the law that create economic value are.
Economic value is created through the ‘gains from trade’ made possible by transactions between businesses, organisations and individuals.
The law (as it applies to business transactions) provides economic value by underpinning growth in such transactions by promoting greater confidence between parties.
The law is a vital piece of infrastructure on which economic activity occurs.
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