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In the philosophy of economics, economics is often divided into positive (or descriptive) and normative (or prescriptive) economics.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.
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority.
The General Theory of Employment, Interest and Money is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, [1] giving macroeconomics a central place in economic theory and contributing much of its terminology [2] – the "Keynesian Revolution". It had equally powerful ...
First edition (publ. University of Chicago Press) Milton Friedman's book Essays in Positive Economics (1953) is a collection of earlier articles by the author with as its lead an original essay "The Methodology of Positive Economics."
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.
The book also focuses on positive-economic analysis of the development of constitutional democracy in an ethical context of consent. The consent takes the form of a compensation principle like Pareto efficiency for making a policy change and unanimity or at least no opposition as a point of departure for social choice.
"Interest Rates and the Demand for Money," Journal of Law and Economics Vol. 9 (Oct. 1966), pp. 71–85 JSTOR; The Balance of Payments: Free Versus Fixed Exchange Rates with Robert V. Roosa (1967) "The Monetary Theory and Policy of Henry Simons," Journal of Law and Economics Vol. 10 (Oct. 1967), pp. 1–13 JSTOR
Others, such as Ruth Anna Putnam, argue that even the most "scientific" of disciplines are affected by the "values" of those who research and practice the vocation. [8] [9] Nevertheless, the difference between the naturalistic fallacy and the fact–value distinction is derived from the manner in which modern social science has used the fact ...