1.1.2 Positive and normative economic statements
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what is the distinction between positive and normative economic statements?
positive statements are objective, factual statements that can be tested and verified.
normative statements are subjective statements that involve value judgements.
what is the role of value judgements in economic decision making?
economic decisions often involve choices influenced by individual or societal values.
policies such as taxation, subsidies, and regulations are shaped by value judgements.
what is the role of value judgements in conflicts in values?
different people and groups may hold conflicting values, leading to debates over economic policies.
what is the role of value judgements in public opinion and economic policy?
public opinion, shaped by values and beliefs, can influence government policies.
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