“Economic Sciences: theory and practice” is scientific, refereed, biannual journal. The Journal of “Economic Sciences: theory and practice” has been founded by Azerbaijan State University of Economics in 1994.
The Journal has been received to registration in the centre of international ISSN (International Standard Series Number, ISSN-2220-8739). Also, it has been included by the Supreme attestation Commission under the President of Azerbaijan Republic to the list of scientific publications on economic sciences.
Philipp Kunz, Richard Pospíšil, Ondřej Kročil
Public procurement law impacts the economy in numerous ways, both positively and negatively. This paper examines these effects by analysing scholarly article, journals, and books from various authors. However, it has not been conducted on the ground. Also, the research is both qualitative and quantitative. The main aim of the authors is to determine the significance of public procurement law to the economy. Furthermore, secondary data is used for the paper. The methodology comprises many comparisons and contracts of the views of various authors regarding the topic of study. As per the study, procurement laws many benefits including ensuring Value for Money (VfM), improving moral behavior among procurement officers, protecting the environment, and boosting living standards of individuals, special groups, and people living with disability (PLWD). Nonetheless, public procurement sector still faces a significant number of unlawful acts from officers, especially bribery. Taking everything into account, public procurement law is vital for economic growth and development. As such, this paper is essential for communicating the significance of public procurement law on the economy.
Keywords: Public Procurement, Law, Economics, Economic Benefits, Economic Growth.
JEL Codes: H57, K23