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What is Normative economics ?

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Danielle
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Normative economics (as opposed to positive economics) is a part of economics that expresses value or normative judgments about economic fairness, or what the outcome of the economy or goals of public policy ought to be.

An example of a normative economic statement is as follows: The price of milk should be $1 a litre to give dairy farmers a higher living standard and to save the family farm.

Reference: http://en.wikipedia.org/wiki/Normative_economics

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