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    Positive and normative economic decisions

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    To what extent do you think normative economic analysis, as opposed to positive economic analysis, determines our nation's economic public policy decisions made by government? Why? Is that "good" or "bad"? Why?

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    Positive statements are those supported by facts. Economically speaking we could say, increasing people's incomes makes the economy grow. Normative statements are value judgments. We might ask, how much should the economy grow? Policy is therefore inherently more normative than ...

    Solution Summary

    This solution discusses positive and normative economic decisions.