Role Of Economic Principles In Labour Laws: An Analytical Study Of The Labour Codes, 2020
Saharshrarchi Uma Pandey & Ritansha Singhal, Maharashtra National Law University.
“India redrafted its economic policy in the year 1991 to usher in a new era of deregulation, liberalization and global integration. Since then, significant policy initiatives have been introduced to provide stimulus for accelerated growth, Industrial efficiency and international competitiveness. One of the most critical pillar to achieve the said objective is the Labour Class of an Economic Unit that bolsters the revenue and profit margins. For the same, India houses the most holistic labour laws that ensures that the principle of redistribution of wealth is operational and functioning and not swayed by the capitalist and utilitarian factors of production. However, the economic and mercantile construction of such labour and labour related laws is the far cry of the contemporary age so to ensure that the market maintains its equilibrium and allots the maximum of the scarce wealth and resources to the relevant stakeholders. However, such is counter-balanced by the social legislations that operates beyond the market forces. Hence, the competing and conflicting forces of the Labour Social Legislations with its Law and Economic Analysis of the Economic and Financial Business comparability is highlighted through the research herein.”
Keywords: Law and Economics, Labour Law, Social Legislation, Market Equilibrium.