make in india campaign needs to be rigorously implemented.Is it a positive or normative economics? Give reason 2marks
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Importance of Positive and Normative Economics ... of economic fairness or what the economy should be. ... economic statements are required in order to create the ...
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Positive economics describes and explains various economic phenomena or the "what is" scenario.
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.
Most public policy is based on a combination of both positive and normative economics
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