![]() Furthermore, the statements mentioned under normative economics cannot be verified or tested. It may be true for some, but false for others. And these statements mentioned under normative economics Normative Economics Normative economics refers to economists' opinions about what they believe. It can be true for some and false for some. They aren’t facts rather, they are economists’ opinions who tell us what they think. It prohibits value judgement & only revolves around the “what is” scenario. You can test it and find out whether these statements mentioned under positive economics Positive Economics Positive Economics is a branch of modern economics that describes, explains, & clarifies several current economic facts with an objective approach. Positive economics talks about things that exist.Source: Positive vs Normative Economics () You are free to use this image on your website, templates, etc, Please provide us with an attribution link How to Provide Attribution? Article Link to be Hyperlinked And it is not only limited to fact or fiction. Moreover, it is inherently subjective, which means it does not just explain issues and topics concerned with economics but also judges them.Įconomics is both science and art. At the same time, normative economics is merely based on values. Positive economics is entirely based on facts which means it explains topics and issues related to the economy without judging them. Difference Between Positive and Normative Economics ![]()
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