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Difference between positive economics and normative economics

Asked by sreenathsnair123 11th February 2019, 8:23 AM
Answered by Expert
Answer:
Positive and Normative Economics
 

Basis

Positive Economics

Normative economics

Meaning

Studies with what is or how the economic problem are originally solved.

Studies with what ought or how the economic problem should be solved.

Validity

It can be verified with original data.

It cannot be verified with original data.

Aim

It aims to provide original description of an economic activity.

It aims to determine the principles.

Suggestive

It is based on set of collected facts.

It is based on opinion of the individual.

Example

Prices and inequalities of income level in an economy.

Government should generate more employment opportunities.

Answered by Expert 11th February 2019, 9:07 AM
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