Statutory law or statute law is written law (as opposed to oral or customary law) set down by a legislature (as opposed to regulatory law promulgated by the executive or common law of the judiciary) or by a legislator (in the case of an absolute monarchy). Statutes may originate with national, state legislatures or local municipalities. Statutes of lower jurisdictions are subordinate to the law of higher.
Read more about Statutory Law: Codified Law, Private Law (particular Law)
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“To expect to increase prices and then to maintain them at a higher level by means of a plan which must of necessity increase production while decreasing consumption is to fly in the face of an economic law as well established as any law of nature.”
—Calvin Coolidge (1872–1933)