Discuss whether economic is a positive science or a normative science.(10 Mark)
Answers
Positive economics and normative economics are two standard branches of modern economics. Positive economics describes and explains various economic phenomena, while normative economics focuses on the value of economic fairness or what the economy should be.
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Answer:
It focuses on facts and cause-and-effect behavioral relationships and notes that economic theories must be consistent with existing observations. Positive economics as science, concerns analysis of economic behavior, to determine what is. Positive economics was once known as value-free (German: wertfrei) economics. Here's an example of a positive economic statement: "Government-provided healthcare increases public expenditures." This statement is fact-based and has no value judgment attached to it. Its validity can be proven (or disproven) by studying healthcare spending where governments provide healthcare.
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