To what extent do you think normative economics analysis, as opposed to positive economic analysis....?
Answer:
economics is meant to be all about normative analysis. indeed in old school economics there was very little room left for positive analysis because of the controversies created. the introduction of positive economics is just a mistake and usually happens because of peoples poor understanding of the science. if economic policy was determined by normative economics i think it would be a good thing because no policy in economics comes without an opportunity cost. in positive economics however this opportunity cost is usually hidden behind fancy math and thus people become completely unaware of the opportunity cost of the pursued policy which is why this is a problem. the more aware you are of teh implications a proposed policy has the more you can do to fix them this is why i think teh introduction of mathematics in order to make more of economics a positive rather than a normative science is a mistake.
Oh' just as a layman, and not the guy who's gonna' answer this for your paper that's due tomorrow , you'd probably fail, the bozo's in congress have to use normative economics to make it look good. Using positive analysis would uncover too many lies!
From this "normative analysis" they can then decide where they will justify the next spending trend. Then /that/ will become the normative economy and so on and so forth...
Grade? F++
There's nothing wrong with normative economics as long as it is backed up.
For example, saying "I feel minimum wage should be higher, on an emotional level" is moronic.
However, if you say "I feel the social costs of higher unemployment and higher prices that are caused by raising the minimum wage are offset by ________________" that is still normative, but not necessarily incorrect.
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