Group 3: Normative and Positive Traditions in Economics

Introduction: What are Positive and Normative Economics?

Normative Economics

Famous Normative Economists

Positive Economics

Graphs

What the classicals said

Merits of considering both traditions

Transition period, Seperation, and their labeling

Friedman

Economics today (Positive) & its future

Caldwell

What we learn from this

Consider both traditions

Works Cited