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    This posting addresses positive and normative economics.

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    What is the difference between positive and normative economics? Which is more prevalent in today's economies? Why? What role, if any, do ethics play in positive economics? What role do ethics play in normative economics?

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    Positive economics is an economic system that is based on testable theories. It is similar to a scientific statement that can be backed by proven research from various sources. Positive economics uses objective information and is not based on subjective interpretation. Normative economics is based on subjective theory and does not use the same hard type of evidence that positive economics does, within their respective theories. Although there may be some variations of research used, a theory based on normative ...

    Solution Summary

    The solution provides discussion on positive and normative economics, and provides references.