Normative Economics concerns how the economy ought to be run, emphasizing efficiency and equity. This article explores historical context, types, key events, models, importance, and applicability.
Normative statements express value judgments about what ought to be, often reflecting subjective perspectives and opinions.
Prescriptive Economics is a subfield of economics focused on determining and prescribing the objectives and outcomes that economic policy should aim to achieve.
A comprehensive article on Value Judgement, an opinion about the relative merits of economic states based on moral or aesthetic principles rather than purely logical arguments.
An in-depth exploration of Normative Economics, a branch of economics that evaluates economic fairness and guides policy based on subjective criteria and value judgments, a term notably elaborated upon by economist Milton Friedman.
An in-depth exploration of Normative Economics, focusing on its definition, key characteristics, practical examples, and the distinctions from positive economics.
