Question

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Different between Normative economic and positive economic?

Answer 1

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Pᴏsɪᴛɪᴠᴇ Eᴄᴏɴᴏᴍɪᴄs:

Pᴏsɪᴛɪᴠᴇ Eᴄᴏɴᴏᴍɪᴄs ᴅᴇᴀʟs ᴡɪᴛʜ ɪssᴜᴇs ᴏғ ᴛʜᴇ ᴘᴀsᴛ, ᴘʀᴇsᴇɴᴛ ᴏʀ ғᴜᴛᴜʀᴇ. Iᴛ ɪs ᴍᴏsᴛʟʏ ʙᴀsᴇᴅ ᴏɴ ғᴀᴄᴛᴜᴀʟ ᴋɴᴏᴡʟᴇᴅɢᴇ. Tʜᴇʏ ᴍᴏsᴛʟʏ ᴀɴᴀʟʏᴢᴇ ᴛʜᴇ ᴇᴄᴏɴᴏᴍɪᴄ sɪᴛᴜᴀᴛɪᴏɴ ᴏғ ᴛʜᴇ ᴘᴀsᴛ, ᴘʀᴇsᴇɴᴛ ᴏʀ ғᴜᴛᴜʀᴇ.

Nᴏʀᴍᴀᴛɪᴠᴇ Eᴄᴏɴᴏᴍɪᴄs:

Nᴏʀᴍᴀᴛɪᴠᴇ Eᴄᴏɴᴏᴍɪᴄs ᴅᴇᴀʟs ᴡɪᴛʜ 'ᴡʜᴀᴛ ᴏᴜɢʜᴛ ᴛᴏ ʙᴇ' ᴏʀ ʀᴀᴛʜᴇʀ, ᴏᴘɪɴɪᴏɴs ᴏғ ᴇᴄᴏɴᴏᴍɪsᴛs.

Cᴏᴍᴘᴀʀɪsᴏɴ:

Pᴏsɪᴛɪᴠᴇ Eᴄᴏɴᴏᴍɪᴄs:

• Sᴛᴀᴛᴇᴍᴇɴᴛs ᴜɴᴅᴇʀ ᴛʜɪs ᴍᴀʏ ɴᴏᴛ ɴᴇᴄᴇssᴀʀɪʟʏ ʙᴇ ᴛʀᴜᴇ. Tʜᴇʏ ᴄᴀɴ ʙᴇ ᴠᴇʀɪғɪᴇᴅ.
• Dᴏᴇs ɴᴏᴛ ɪɴᴠᴏʟᴠᴇ ᴠᴀʟᴜᴇ ᴊᴜᴅɢᴇᴍᴇɴᴛ.

Nᴏʀᴍᴀᴛɪᴠᴇ Eᴄᴏɴᴏᴍɪᴄs:

• Tʜᴇsᴇ sᴛᴀᴛᴇᴍᴇɴᴛs ᴄᴀɴɴᴏᴛ ʙᴇ ᴛᴇʀᴍᴇᴅ ᴛʀᴜᴇ ᴏʀ ғᴀʟsᴇ ᴀs ᴛʜᴇʏ'ʀᴇ ᴏɴʟʏ ᴏᴘɪɴɪᴏɴs. Tʜᴇʏ ᴄᴀɴɴᴏᴛ ʙᴇ ᴠᴇʀɪғɪᴇᴅ.
• Iɴᴠᴏʟᴠᴇs ᴠᴀʟᴜᴇ ᴊᴜᴅɢᴇᴍᴇɴᴛ.

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.