Fictionary: Constitutional Economics
Did you know that economics is also taken into consideration while framing the constitution of a country? Yes, the ways in which the laws of a country will benefit the country financially are studied in depth while framing it’s constitution and this study is called ‘Constitutional Economics’. Read more to get an insights on the same.
Constitutional economics is a branch of economic science that specializes in the economic analysis of the constitutional law of a state. People typically view this field of study as differing from a lot of traditional types of economics, because it focuses specifically on the ways in which the constitutional rules and economic policies of a state profit and prohibit the economic rights of its citizens.
Constitutional economics emerged within the 1980s as a field of economic study investigating the economic conditions as they're created and constrained inside the framework of a state’s constitution. Constitutional economics principles are used to accustomed estimate how a country or form of government can grow economically since a constitution limits what activities people and businesses will lawfully participate in.
Constitutional economics pays special attention to such topic as proper national wealth distribution. Several countries with changing or developing economic systems still regard their constitutions as abstract legal documents having nothing in common with actual policy of the state. Three quarters of all independent states are still living below nearly absolute state control of the economy. Neither civil society nor individual citizens within these states have any influence on the decisions taken in the method of national wealth distribution. Thus, constitutional economics is very vital for the countries whose political and economic systems are in transition and where the state seldom respects constitutional economic rights of its citizens.