Introduction: What are Positive and Normative Economics?
From Dickinson College Wiki
Goal
It is our goal with this website to provide an easy-to-understand explanation of the normative vs. positive debate in economics. Although the terms are often learned in introductory or intermediate economics courses, we do not feel that most students are aware of their historical context. It is our opinion that the classical perspective, one which considered the two in tandem, has been lost. As a result, we will:
- Provide a basic definition of what is meant by the words normative and positive, in terms of economics
- Lay out a relevant, although not exhaustive, explanation of the history of both normative and positive economics
- Examine the role that each play in contemporary thought
- Consider what can be learned by keeping in mind the classical manner of thinking when evaluating economic perspectives
- Give a prospective view on the future of economic methodology
Leading Figures and Contributors
- Adam Smith
- Amartya Sen
- David M. Levy and Sandra Peart
- Logical Positivists - The Vienna Circle and others
- Logical Empiricists
- Milton Friedman
