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Economics is _
a postive
b normative
c both
d none of the above?
a postive
b normative
c both
d none of the above?
Most Upvoted Answer
Economics is _ a postive b normative c both d none of the above?
Economics is a mixture of positive and normative economics
Therefore, economics is a combination of positive and normative economics, as it involves analyzing objective facts about the economy while also making subjective value judgments on what policies should be implemented.
- Positive Economics: Positive economics deals with objective analysis based on facts and data. It focuses on what is, was, or will be in the economy. Positive economics aims to provide an explanation of how the economy functions without making value judgments. For example, analyzing the impact of an increase in interest rates on consumer spending is a positive economic statement.
- Normative Economics: Normative economics, on the other hand, involves subjective judgments about what should be. It deals with opinions, value judgments, and prescriptions for the economy. Normative economics is more about making policy recommendations based on personal beliefs or societal values. For instance, arguing that the government should increase minimum wage to reduce income inequality is a normative economic statement.
- Combination of Both: Economics as a discipline combines both positive and normative aspects. While positive economics provides the foundation of economic analysis by explaining how the economy works, normative economics guides policymakers in making decisions on what actions to take based on their values and goals. It's essential to have a balance of both approaches to form comprehensive economic policies that are both effective and ethically sound.
Therefore, economics is a combination of positive and normative economics, as it involves analyzing objective facts about the economy while also making subjective value judgments on what policies should be implemented.
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Economics is _ a postive b normative c both d none of the above?
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Economics is _ a postive b normative c both d none of the above? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Economics is _ a postive b normative c both d none of the above? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Economics is _ a postive b normative c both d none of the above?.
Economics is _ a postive b normative c both d none of the above? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Economics is _ a postive b normative c both d none of the above? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Economics is _ a postive b normative c both d none of the above?.
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