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...

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...

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...