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Positive economics as such avoids economic value judgments. For example, a positive economic theory might describe how money supply growth affects inflation, but it does not provide any instruction on what policy ought to be followed. An example of a normative economic statement is as follows:
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.
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Statements of fact (positive or descriptive statements), which are based upon reason and observation, and examined via the empirical method. Statements of value (normative or prescriptive statements), which encompass ethics and aesthetics , and are studied via axiology .
Much of economics is positive, seeking to describe and predict economic phenomena. Normative economics seeks to identify what economies ought to be like. Welfare economics is a normative branch of economics that uses microeconomic techniques to simultaneously determine the allocative efficiency within an economy and the income distribution ...
SOURCE: Integrated Postsecondary Education Data System, Troy University (2014, 2013, 2012, 2011, 2010).Read our methodology here.. HuffPost and The Chronicle examined 201 public D-I schools from 2010-2014.
In economics, a normal good is a type of a good which experiences an increase in demand due to an increase in income, unlike inferior goods, for which the opposite is observed. When there is an increase in a person's income, for example due to a wage rise, a good for which the demand rises due to the wage increase, is referred as a normal good.
From July 2011 to December 2012, if you bought shares in companies when Donna A. James joined the board, and sold them when she left, you would have a 49.2 percent return on your investment, compared to a 6.6 percent return from the S&P 500.