Group 3: Normative and Positive Traditions in Economics

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Introduction

Normative Economics

Definition

Famous Normative Economists

Positive Economics

Definition

Famous Positive Economists

Graphs

What the classicals said

Merits of considering both traditions=

Transition period, Seperation, and their labeling

Friedman

Economics today (Positive) & its future

Ethics and engineering

Caldwell

What we learn from this

Consider both traditions

Works Cited

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