Define normative and define positive
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Sia ? 6 years, 4 months ago
Normative economics deals with what ought to be based on value judgments. It is used to judge whether the economic events are desirable or not.
Positive economics is objective and fact based, while normative economics is subjective and value based.
Positive economic statements must be able to be tested and proved or disproved. Normative economic statements are opinion based, so they cannot be proved or disproved.
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