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    richard gomes
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    Positive economics deals with facts about how economies work, while normative economics involves value judgments about how economies should work. Many policies involve a mix of positive and normative economics, drawing on facts as well as opinions. Both types of economic analysis are needed to develop sound policies for countries, industries, and businesses.

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    Positive economics deals with facts about how economies work, while normative economics involves value judgments about how economies should work. Many policies involve a mix of positive and normative economics, drawing on facts as well as opinions. Both types of economic analysis are needed to develop sound policies for countries, industries, and businesses.

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    18 views1 page

    Economics

    Uploaded by

    richard gomes
    Positive economics deals with facts about how economies work, while normative economics involves value judgments about how economies should work. Many policies involve a mix of positive and normative economics, drawing on facts as well as opinions. Both types of economic analysis are needed to develop sound policies for countries, industries, and businesses.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    A clear understanding of the difference between positive and normative

    economics may lead to better policy-making if policies are made based on a


    balanced mix of facts (positive economics) and opinions (normative economics).
    Nonetheless, numerous policies on issues ranging from international
    trade to welfare are at least partially based on normative economics.

     
    Both positive and normative economic statements are required in order to create
    the policies of a country, region, industrial sector, institution, or business.

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