Positive Economics

The history of positive economics can be traced back to the 19th century from the ideas of John Neville Keynes and John Stuart Mill, who were early economists. 

Keynes believed that logic and methodology were imperative in the study of economics while Mill was an economist who blended economics with philosophy. Mill also approached economics from data, such as the relationship between supply and demand, rather than the value perspective approach.

Later on, these ideas were adapted by contemporary economists and developed observations to back early economic theories.

Pros:

• based on objective data and fact are at our disposal to back up any claims
• there are no value judgments in positive economics which allows policymakers to formulate the appropriate measures necessary to tackle any economic conditions

Cons:

• not everyone is concerned with the facts and there are certain economic conditions that we can base on emotions; economics isn't an exact science, therfore there are no fool-proof solutions
• positive economics is not a one-size-fits-all approach. policies and solutions that arise from positive economics don't affect everyone the same way