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Positive economics focuses on the description, quantification and explanation of economic phenomena, [1] while normative economics discusses prescriptions for what actions individuals or societies should or should not take. [2] The positive-normative distinction is related to the subjective-objective and fact-value distinctions in philosophy. [3]
The essay argues that economics as science should be free of normative judgments for it to be respected as objective and to inform normative economics (for example whether to raise the minimum wage). Normative judgments frequently involve implicit predictions about the consequences of different policies.
Statements of value (normative or prescriptive statements), which encompass ethics and aesthetics, and are studied via axiology. This barrier between fact and value, as construed in epistemology, implies it is impossible to derive ethical claims from factual arguments, or to defend the former using the latter.
An economic ideology is a set of views forming the basis of an ideology on how the economy should run. It differentiates itself from economic theory in being normative rather than just explanatory in its approach, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions.
"Positive economics" became the term created to describe certain trends and "laws" of economics that could be objectively observed and described in a value-free way, separate from "normative economic" evaluations and judgments. Paul Samuelson (1915–2009) wrote the best selling economics texts.
Ethics is a closely related field focusing primarily on normative concepts about which behavior is right, whereas value theory explores evaluative concepts about what is good. In economics, theories of value are frameworks to assess and explain the economic value of commodities. Sociology and anthropology examine values as aspects of societies ...
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Constitutional economics is a research program in economics and constitutionalism that has been described as extending beyond the definition of "the economic analysis of constitutional law" to explain the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political ...