Normative Economics

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Definition

1) "...A body of systematized knowledge discussing criteria of what ought to be...; a system of rules for the attainment of a given end." [1]

2) "Economics that tries to change the world by suggesting policies for increasing economic welfare..."[2]

Famous Normative Economists

Figure 1: A graph of efficiency vs. fairness[3]

Home | Introduction | Normative Economics | Positive Economics | What the classicals said | Transition | Economics today (Positive) & its future | What we learn from this | Conclusion | Works Cited