Question

The following headline appered in " Hindustan time" dated 25 july 2018 ,"getting Insurance for rain damage cars an uphill task ," this statement is

Answer 1

Answer:

Normative Economics

Explanation:

Answer 2

Answer:

The following headline appeared in " Hindustan time" dated 25 July 2018," getting Insurance for rain damage cars an uphill task," this statement is part of normative economics.

Explanation:

• The branch of economics that deals with normative assertions are known as normative economics.
• It focuses on the concept of fairness and what the economic outcome or public policy goals should be.
• Economists frequently distinguish between normative and positive economics.
• Many normative judgments, on the other hand, are maintained conditionally, to be abandoned if facts or knowledge of facts change so that a shift in values might be simply scientific.
• Amartya Sen, a welfare economist, distinguishes between basic judgments that do not rely on such information and nonbasic judgments that do.
• He finds it noteworthy that "no judgments are indisputably fundamental," despite the fact that some value judgments may be proven to be nonbasic.
• This opens up the prospect of meaningful scientific discussion of value judgments

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