Law as an Effective Factor in Economic Development

Abstract

Aim of this research consists in identification of a role and opportunities of the Law in economic development ensuring. The carried-out analysis allows to claim that the effective mechanism of legal regulation serves as a powerful factor of economic growth. In the context of implementation of national projects it is necessary to overcome a gap between the legal purposes and results and to provide effective legal administration. Thereby it is possible to strengthen forecast and analytical activity and overcoming risks, to designate the clear bases for elaboration and implementation of legal acts in the field of economy. Implementation of legal prognostication practice and diagnostics of risks allows to implement opportunities for reliable planning of legal development in the economic sphere. Authors prove that successful economic activity is influenced by the coordinated use of private law and public law regulators in business activity, on the one hand, and dynamic administrative regulation due to new information technologies, on the other hand. Thereby that correlation between legal regulation and economic activity that contributes to the economic development and the high results is reached. At the same time, it is noted that the exaggeration of the market mechanisms role has led to a clear underestimation of public administration. Authors make specific recommendations for reorganization of the public administration system in the field of economy, suggesting to adopt federal laws on executive authorities and on the legal acts system. The structure of legislation does not allow to consider the increasing complexity of the relations that becomes visual on the example of digital economy. It leads to mixing of public law and private law regulators. Large understanding of digital economy includes also reform of public administration, for the purpose of increase in its efficiency and effectiveness. In spite of the fact that the law quite conservatively belongs to emergence of new subjects and objects, it begins to adapt to the digital transformations assuming a big part of technical and legal norms, self-regulation. As a result more and more opportunities for inclusion of social norms in the mechanism of legal regulation are created.