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Positive Economics
Positive Economics is a stream of economics that focuses on the description, quantification, and explanation of the developments in economics, the expectations, and the associated phenomena. It heavily relies on objective data analysis, relevant facts, and associated figures.
16
140 reads
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Pros and Cons of Positive Economics
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
C...
13
50 reads
History of 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 econo...
15
70 reads
Normative Economics
Normative economics is what economists call as "what should have been" or "what ought to be" study. This stream of economics aims to determine people's desirability or lack thereof to various economic programs, situations and conditions by asking the questions: what should happen or ...
15
123 reads
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"Many people are in the dark when it comes to money, and I'm going to turn on the lights. " ~ Suze Orman
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Pros and Cons of Positive Economics
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
C...
History of 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 econo...
Modern Economics Is Entrepreneur-less
Over 50 years ago, economist William Baumol noted that economics was a theory of the economy that left no place for entrepreneurship. Economic models, simply put, were “entrepreneur-less.” Economics is no better today; in fact, it’s arguably worse. It focuses on faceless economic...
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