In economics there are a few ‘laws’ that govern the basic philosophies and under-girding of economics.
The Law of Demand, the Law of Supply and the Law of Diminishing Returns–to name a few. Each of these are fundamental to understanding how and why economics is a viable field of study and research. Understanding these laws helps firms and individuals maximize their potential.
Without it them it’d be very hard to put any semblance of meaning to business practice. Determining prices and forecasting sales would be akin to the proverbial shot in the dark. How many people to hire, what will happen to my sales if I raise my price, and many other important questions would be questions left unanswered.
These laws have been derived through experience and experiment. They weren’t created by man but observed. Men and women before us like, perhaps most notably inasmuch as capitalism is concerned, Adam Smith, figured out a pattern that has proved to explain this or that phenomenon in the market. Tried and true these patterns became known as laws because of their universal application to understanding the market.
Spiritual Law: Not So Different
Likewise, “there is a law, irrevocably decreed in heaven before the foundations of this world, upon which all blessings are predicated,” (D&C 130:19). There are laws out there, beyond the control of you or I that govern the universe and how it functions. How do we know this? Our Father in Heaven taught them to us so we could gain eternal life and happiness. The prophet Joseph Smith taught:
“God found himself in the midst of spirits and glory, and because he was greater, he saw proper to institute laws whereby the rest could have the privilege of advancing like himself–that they might have one glory upon another and all the knowledge, power, and glory necessary to save the world of spirits.”
It is through coming to understand those laws that men and women on this earth find meaning on this earth. Just like understanding the laws of supply and demand help firms and individuals maximize their profits, we can be profited greatly by understanding applying gospel law to our lives:
“And again, verily I say unto you, that which is governed by law is also preserved by law and perfect and sanctified by them same,” (D&C 88:34).