Analysis of the Role of Economic Law in Improving Community Welfare

Andika Rahmad; Rafifa Merynda  Khairunisa; Khofifah Indah Wardani; Fanissa Rizky   Anandita

Authors

Andika Rahmad Universitas Muhammadiyah Surakarta Author
Rafifa Merynda Khairunisa Faculty of Law and Political Science, Muhammadiyah University Surakarta Author
Khofifah Indah Wardani Faculty of Law and Political Science, Muhammadiyah University Surakarta Author
Fanissa Rizky Anandita Faculty of Law and Political Science, Muhammadiyah University Surakarta Author

Keywords:

Economics, Transparency, Conventional Economics, Public Welfare, Role of Law

Abstract

The economy emphasizes ethical values such as honesty, transparency, and fairness in transactions, differing from conventional economic systems that often pursue maximum profits without considering moral and social aspects. In this economy, transactions involving fraud, uncertainty (gharar), and speculation (maysir) are prohibited because they can harm one of the parties. With this principle, economics seeks to create a healthier and more sustainable trading system so that the welfare of society can be maintained in the long term. The design of this research is a literature review, which is a description of theories, findings, and other research materials obtained from reference sources to be used as the basis for research activities. A literature review contains reviews, summaries, and the author’s thoughts on several sources. With clear and effective legal regulations to address income distribution inequality, it is hoped that a more prosperous and equitable society can be created. Therefore, it is important for the government and related institutions to work together in implementing law-based economic policies to create equal opportunities and access for all levels of society, so that income distribution inequality can be minimized and the welfare of society can be achieved comprehensively.

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