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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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
Created at http://www.b2bwhiteboard.com
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