Question

Difference between Normative economics and Positive economics?​

Answer 1

Answer:

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Explanation:

Normative economics focuses on the value of economic fairness, or what the economy "should be" or "ought to be." While positive economics is based on fact and cannot be approved or disapproved, normative economics is based on value judgments.

Answer 2

Answer:

Positive Economics:-

Positive Economics is a part of economics that contemplates the explanation and elucidation of economic occurrence. It concentrates on certainty and cause-and-effect behavioural association and incorporates the development and trial of economics thesis.

It is the study of Economics grounded on the intentional analysis. Most economists today concentrate on the positive economic analysis, which follows what is and what has been materialising in an economy as the rationality for any statement about the upcoming days. Positive economics stands in contradiction to normative economics, which uses value discernment.

Normative Economics:-

Normative Economics is an outlook on economics that contemplates normative or ideologically dictatorial, discernment toward economic enhancement, statements, investment projects and framework. Disparate to positive economics, which depends on intentional data analysis, normative economics decisively solicitude itself with value discernment and statements of “what has to be” rather than certitude based on cause-and-effect declarations. Normative economics manifests ideological judgement about what may be the outcome in an economic pursuit if public policy changes are made.

Explanation:

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