what is normative and positive economics
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Yogita Ingle 7 years ago
Positive Economics is the methodology of economic analysis which can be broadly classified into two categories. One attempts to describe the real condition and the other looks at the outcome of the activity and gives value judgement. The one which describes the condition or what is happening without giving value judgement is called positive economics. But, the study of the final output and determining they are good or bad is called normative science.
A normative science is that which studies the things 'as they should be'. Instead of asking 'what is' the question asked in normative economics is 'what should be ' or 'what ought to be'. The economics which uses value judgement is called normative economics.
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