The Necessity Of Positive And Normative Economics

The Necessity of Positive and Normative Economics Keynes once wrote: “The effort of a positive science is the establishment of uniformities, of a prescriptive science the determination of ideals.” (Blaug, 122) This is the dichotomy that economists recognize when approaching their guinea pig of study. The social scientist must recognize both positive and prescriptive distinctions, means and ends, as important factors of fruitful research. Secondly, they must intelligibly express the conditions and as wedlockption which theories holds in order for economics to be useful for society.

Positive science is that which is a fact of repute or a fact by explanation. In maths this is the difference between the experience that the angles of a triangle plus to 180 degrees, and the definition of a triangle as a two dimensional polygon with 3 sides. In economics, much(prenominal) facts of knowledge include that money is a store of value, or facts of definition that the UN’s Human Developme...If you want to get a full essay, order it on our website: BestEssayCheap.com

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