Question

Different between Normative economic and positive economic?

Answer 1

positive Economics is objective and fast based but normative Economics is subjective and value based positive economic statements must be able to tested and provide or disprovide normative economics statements are opinion so they can't be proved or didproved

Answer 2

Positive Economics:

Positive Economics deals with issues of the past, present or future. It is mostly based on factual knowledge. They mostly analyze the economic situation of the past, present or future.

Normative Economics:

Normative Economics deals with 'what ought to be' or rather, opinions of economists.

Comparison:

Positive Economics:

• Statements under this may not necessarily be true. They can be verified.
• Does not involve value judgement.

Normative Economics:

• These statements cannot be termed true or false as they're only opinions. They cannot be verified.
• Involves value judgement.