ECON 101 Chapter Notes - Chapter 2: Scientific Control, Equation
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ECON 101 Full Course Notes
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Normative advice: making judgements about the value of various things (valued judgement: what others ought to do, cannot be evaluated solely by a recourse of facts. Positive advice: does not rely on a judgement about a value, instead is a stated fact: do not need to be true, just have to be stated as a fact. Distinguishing what is actually true from what seems to be true is the difference between positive and normative statements. Often many economists argue over unclear points rather than actual issues. Issues may need judgement, and economists must state the level of judgement they use. Economists have different views values that affect their separation of positive and normative: must state in their arguments, what points they believe are positive and normative. Some issues are almost unanimously agreed upon by economists. Economists use models to explain things that happen and to predict events in the future.
