Question

Is economics a positive science or normative science or both? Explain.​

Answer 1

Answer:Both.Normative economics is described as a science based on opinions, values, and judgment. Positive economics is descriptive, but normative economics is prescriptive. Positive economics explains cause and effect relationship between variables. On the other hand, normative economics pass value judgements. Please mark it brainliest

Answer 2

Generally,Economics as an academic discipline is considered as both positive and normative science.

Explanation:

• Positive Science examines the fundamental causation or relation between various factors,components,events or phenomenon in the society or economy through empirical facts and data.Example of causational or relational aspects under Positive Science includes causational relationship between price of any product and service and its consumer/buyer demand or consumer/buyer income and the consumption or purchase level of consumers or buyers and so on.
• On the other hand,normative science basically includes general statements,notions,perceptions,hypothetical thoughts which reflect the personal opinion or convictions of people on any topic or aspect related to overall society or economy.Normative statements are usually generalized value judgments that cannot be empirically or factually verified.Examples of normative statements include PM Modi should focus more on welfare spending rather than infrastructural spending or Saudi Arabia should increase its global oil supply etc.
• Therefore,Economics encompasses both the aspects and characteristics of Positive and Normative Science in a sense,that it simultaneously deals with various causational relationship between individual economic variables and components as well as general considerations which reflect the personal opinions and judgments or various economists and government policy makers.