Influence of legal regulation of labor on economic development

The article attempts to establish a pattern between the method of legal regulation of labor relations chosen by the legislator and the results of economic development. A retrospective analysis of labor law allowed the author to conclude that the predominance of public interests - state and public, over private interests - of workers and employers, in the process of legal regulation of labor, negatively affects the economy. The movement towards achieving a balance of public and private interests, through a reasonable combination of imperative and dispositive regulation, creates a favorable basis for the effective development of the economy.