Other important determinants of well-being, such as the proportion of a country that is tropical and the proportion that is urban, as well as economic freedom and the rule of law, are included in the multiple regression estimates. Thus, the sensitivity of poverty and environmental factors to population growth is examined with other factors held constant. Measures of the sensitivity of human well-being–the elasticities of these measures–in response to population growth can be calculated. Norton shows that characteristics such as a nation’s economic freedom and its legal framework are more important in determining the quality of human life and the environment than is population growth
The rule of law is defined in the Oxford English Dictionary as: "The authority and influence of law in society, especially when viewed as a constraint on individual and institutional behavior; (hence) the principle whereby all members of a society (including those in government) are considered equally subject to publicly disclosed legal codes and processes."[2] The term "rule of law" is closely related to "constitutionalism" as well as "Rechtsstaat", and refers to a political situation, not to any specific legal rule
The rule of law implies that every person is subject to the law, including people who are lawmakers, law enforcement officials, and judges.[8] In this sense, it stands in contrast to tyranny or oligarchy where the rulers are held above the law.[citation needed] Lack of the rule of law can be found in both democracies and monarchies, for example when there is neglect or ignorance of the law. The rule of law is more apt to decay if a government has insufficient corrective mechanisms for restoring it.
Explanation:
Most legal theorists believe that the rule of law has purely formal characteristics. For instance, such theorists claim that law requires generality (general rules that apply to classes of persons and behaviors as opposed to individuals), publicity (no secret laws), prospective application (little or no retroactive laws), consistency (no contradictory laws)[38], equality (applied equally throughout all society), and certainty (certainty of application for a given situation), but formalists contend that there are no requirements with regard to the content of the law. Others, including a few legal theorists, believe that the rule of law necessarily entails protection of individual rights. Within legal theory, these two approaches to the rule of law are seen as the two basic alternatives, respectively labelled the formal and substantive approaches. Still, there are other views as well. Some believe that democracy is part of the rule of law.
Fundamentally it means that there is an appropriate system through which things must be done, and all, including those who lead, must follow it. It is important, because if we do not follow the rule of law, we have chaos. Here in the US, it is the rule of law which allows us to have our Republic.
