Positive or normative Economics

Positive or normative Economics:

There is no requirement to ask the question whether economics is a positive or negative science. Rather than that, we might look at it as a subject who has two parts, namely positive and normative economics. Since Asimakopulos positions it, “positive economics can be stated as a body of systematized knowledge regarding what is, while normative economics tries to build up criteria for what ought to be”

Positive economics is mostly concerned with the explanation of economic events and it tries to formulate hypothesis to elucidate them. However in normative economics, we provide more significance to ethical judgments. Normative economics is anxious with the ideal instead of the real situations.

Statements on economics might be classified into positive and normative statements. When there is disagreement over a statement, we can discover out whether it is true or false by confirming facts. However when there is disagreement over a normative statement, we can’t settle the issue simply by appealing to facts. The questions, “what are the policies that Government must follow to decrease unemployment?  What must it do to decrease inflation? Are all questions exists in positive economics. On other hand, when we ask the question, “should the government be more worried concerning unemployment than inflation?”, then it is a normative solitary. Economists such as Lionel Robbins believe that we should leave normative questions, like what ought to be completed to political and moral philosophy and that we should study and analyze only positive questions. Robbins states that an economist as an economist contains no business to pronounce judgments on the ethical aspects of economic question. He feels that when normative considerations are taken into account, economics can’t be an exact science. However many economists vary from this view. They suppose that as economics as a social science has to encourage human well-being, we have to consider ethical issues in economics. At this time we have a new and significant branch of economics termed as “welfare economics”.

 

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