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In the philosophy of economics, economics is often divided into positive (or descriptive) and normative (or prescriptive) economics.Positive economics focuses on the description, quantification and explanation of economic phenomena, [1] while normative economics discusses prescriptions for what actions individuals or societies should or should not take.
First edition (publ. University of Chicago Press) Milton Friedman's book Essays in Positive Economics (1953) is a collection of earlier articles by the author with as its lead an original essay "The Methodology of Positive Economics."
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. [1]The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare.
Economy and Society: An Outline of Interpretive Sociology (1921; German: Wirtschaft und Gesellschaft. Grundriß der verstehenden Soziologie; or simply Economy and Society) is a book by political economist and sociologist Max Weber, published posthumously in Germany by his wife Marianne.
The historical antecedents of law and economics can be traced back to the classical economists, who are credited with the foundations of modern economic thought.As early as the 18th century, Adam Smith discussed the economic effects of mercantilist legislation; later, David Ricardo opposed the British Corn Laws on the grounds that they hindered agricultural productivity; and Frédéric Bastiat ...
The examples and perspective in this article may not represent a worldwide view of the subject.The specific issue is: an over-emphasis on United States experience. You may improve this article, discuss the issue on the talk page, or create a new article, as appropriate.
Environmental economics is a sub-field of economics concerned with environmental issues. [1] It has become a widely studied subject due to growing environmental concerns in the twenty-first century.
A green economy is an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment.