Question

Distinguish between positive and normative economics? In what sense is economics a science?

11 Sep 2024
Answer :
Word Count : 602
Aspect Positive Economics Normative Economics
Definition Concerned with describing, explaining, and predicting economic phenomena. Concerned with evaluating economic outcomes and formulating policies based on value judgments.
Focus Objective and fact-based analysis. Subjective and value-based analysis.
Nature of Statements Statements are testable and can be verified or refuted by evidence. Statements are based on opinions, values, or beliefs and cannot be objectively tested.
Purpose To understand how the economy functions and predict outcomes based on empirical data. To recommend policies or actions based on what ought to be, _________ ______ _____ _______ ______ ________ ____ _________.
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