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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.
The social market economy (SOME; German: soziale Marktwirtschaft), also called Rhine capitalism, Rhine-Alpine capitalism, the Rhenish model, and social capitalism, [1] is a socioeconomic model combining a free-market capitalist economic system alongside social policies and enough regulation to establish both fair competition within the market and generally a welfare state.
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."
Various social democratic mixed economies are state capitalist, consisting of large commercial state enterprises that operate according to the laws of capitalism and pursue profits, that have evolved in countries which have been influenced by various elected socialist political parties and their economic reforms. While these policies and ...
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.
Although often linked to social democratic governance, the Nordic model's parentage also stems from a mixture of mainly social democratic, centrist, and right-wing political parties, especially in Finland and Iceland, along with the social trust that emerged from the "great compromise" between capital and labour. The influence of each of these ...