Normative economics

Normative economics

Economics that tries to change the world, by suggesting policies for increasing economic welfare. The opposite of positive economics, which is content to try to describe the world as it is, rather than prescribe ways to make it better.

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Part of Speech: noun
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Industry/Domain: Economy
Category: Economics
Company: The Economist
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normative economics

Economy; Economics

Economics that tries to change the world, by suggesting policies for increasing economic welfare. The opposite of positive economics, which is content to try to describe the world ...

normative economics

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Economics in which the conclusions rest on value judgments as well as facts and theories.

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In philosophy, the adjective normative is used to describe statements that are based on values. A normative statement is a claim about how things ought to be. Normative statements ...

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The “dismal science”, according to Thomas Carlyle, a 19th-century Scottish writer. It has been described in many ways, few of them flattering. The most concise, non-abusive, ...

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The social science that analyzes the production, distribution, and consumption of goods and services.

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The techniques for extracting essential information from a large volume of data and presenting it in an easy-to-understand form, hiding all complexity, making it suitable for ...

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