Normative economics Totally Explained

Everything about Normative Economics totally explained

Normative economics is the branch of economics that incorporates value judgments (that is, normative judgements) about what the economy ought to be like or what particular policy actions ought to be recommended to achieve a desirable goal. Normative economics looks at the desirability of certain aspects of the economy. It underlies expressions of support for particular economic policies. It is common to distinguish normative economics ("what ought to be" [ineconomic matters]) from positive economics ("what is"). But many normative (value) judgments are held conditionally, to be given up if facts or knowledge of facts changes, so that a change of values may be purely scientific (Sen, 1970, p, 61). This undermines the common distinction (Wong, 1987, p. 923). But Sen distinguishes basic (normative) judgments, which don't depend on such knowledge, from nonbasic judgments, which do. He finds it interesting to note that "no judgments are demonstrably basic" while some value judgments may be shown to be nonbasic. This leaves open the possibility of fruitful scientific discussion of value judgments (Sen, 1970, pp. 63-64).

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