Positive economics focuses on describing and explaining economic phenomena, making predictions without value judgements. It contrasts with normative economics, which prescribes policies based on subjective criteria.
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.
Explore the objective analysis of economic phenomena through the lens of Positive Economics. Learn about its history, underlying theory, benefits and limitations, and real-world examples.
