The article is devoted to the analysis of the general legal problems of the regulation of economic relations in the Russian Federation. Problems that lead to insufficiently effective legal regulation are identified, while identifying directions for resolving them. The objective of this research was to review theoretical and practical problems of the effectiveness of the legal regulation of economic relations in the example of the Russian Federation, which makes it possible to draw some conclusions. To obtain the results, a set of scientific techniques and methods of study of phenomena and processes were applied, such as synthesis methods, comparative jurisprudence, as well as a formal legal method and an economic modelling method. The method of economic modelling made it possible to assess the extent to which and at what costs, the rule of law has produced the expected economic effect. It is concluded that the effectiveness of legal regulation is one of the essential legal categories and that the legislator is obliged to monitor existing legal standards for its effectiveness.