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  2. Positive and normative economics - Wikipedia

    en.wikipedia.org/wiki/Positive_and_normative...

    Positive economics focuses on the description, quantification and explanation of economic phenomena; [1] normative economics often takes the form of discussions about fairness and what the outcome of the economy or goals of public policy ought to be, [2] as well as prescriptions regarding rational choice (in decision theory).

  3. Normativity - Wikipedia

    en.wikipedia.org/wiki/Normativity

    Many researchers in science, law, and philosophy try to restrict the use of the term "normative" to the evaluative sense and refer to the description of behavior and outcomes as positive, descriptive, predictive, or empirical. [1] [2] Normative has specialized meanings in different academic disciplines such as philosophy, social sciences, and ...

  4. Economics - Wikipedia

    en.wikipedia.org/wiki/Economics

    Normative economics seeks to identify what economies ought to be like. Welfare economics is a normative branch of economics that uses microeconomic techniques to simultaneously determine the allocative efficiency within an economy and the income distribution associated with it.

  5. Law and economics - Wikipedia

    en.wikipedia.org/wiki/Law_and_economics

    Normative law and economics goes one step further and makes policy recommendations based on the economic consequences of various policies. The key concept for normative economic analysis is efficiency, in particular, allocative efficiency. A common concept of efficiency used by law and economics scholars is Pareto efficiency. A legal rule is ...

  6. Constitutional economics - Wikipedia

    en.wikipedia.org/wiki/Constitutional_economics

    Constitutional economics was pioneered by the work of James M. Buchanan. He argued that "The political economist who seeks to offer normative advice, must, of necessity, concentrate on the process or structure within which political decisions are observed to be made.

  7. Neoclassical economics - Wikipedia

    en.wikipedia.org/wiki/Neoclassical_economics

    Normative judgments in neoclassical economics are ... the role of the theoretical economist is first to define theoretical instruments of economic analysis and only ...

  8. Fact–value distinction - Wikipedia

    en.wikipedia.org/wiki/Fact–value_distinction

    Statements of value (normative or prescriptive statements), which encompass ethics and aesthetics, and are studied via axiology. This barrier between fact and value, as construed in epistemology, implies it is impossible to derive ethical claims from factual arguments, or to defend the former using the latter.

  9. Regulatory economics - Wikipedia

    en.wikipedia.org/wiki/Regulatory_economics

    Regulatory economics is the application of law by government or regulatory agencies for various ... positive theories of regulation and normative theories of ...