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It provides a framework where individuals and enterprises can enter into contracts or agreements with a great level of confidence that the parties are going to comply or enforce the contract terms or otherwise can be compensated if the contract is not honored.
It provides clearly defined rules in society. Well defined rules allow the individual to conduct their business with minimal social uncertainty. Less worrying about social uncertainty frees up more energy that the individual can direct toward productive enterprise. A more productive individual generates greater benefits to themself and society in general. The rule of law provides a strong foundation from which society can build. Without this foundation the individual will always fear their gains are tenuous and society will find it difficult to compound the efforts of the whole.
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