Normative economics. Normative economics is a perspective on economics that reflects normative. Paired with positive economics, normative economics can. THE RELATION BETWEEN POSITIVE AND NORMATIVE ECONOMICS Confusion between positive and normative economics is to some extent inevitable. The difference between positive and normative economics is that Positive Economics refers to a science which is based on data and facts. Normative economics is. The difference between positive and normative economics is that Positive Economics refers to a science which is based on data and facts. Normative economics is.
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What is 'Normative Economics' Normative economics is a perspective on that reflects normative judgments or opinionated reactions toward economic projects, statements, and scenarios. Unlike, normative economics heavily concerns itself with value judgments and theoretical scenarios and economic statements that present 'what ought to be' rather than facts and cause-and-effect statements. Normative economics expresses judgments about what may result of economic activities if public policy changes are done. BREAKING DOWN 'Normative Economics' Normative economics aims to determine people's desirability or the lack thereof to economic programs, situations and conditions by asking what should happen or what ought to be. Normative statements typically present an opinion on economic statements rather than an objective analysis that presents facts. Turbo tape how the pros do it.
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As positive economics describe economic programs, situations and conditions as they are, normative economics aim to prescribe solutions. Normative economic statements are used to determine and recommend ways to change economic policies or to influence economic decisions. Pairing Normative Economics With Positive Economics Normative economics may be useful in establishing and generating new ideas from different perspectives, but it cannot be the only basis for making decisions on important economic issues as it does not take an objective angle that focuses on facts and cause-and-effects. Economic statements coming from the positive economics angle can be broken down into determinable and observable facts that can be examined and tested. Because of this characteristic, economists and analysts often practice their professions under the positive economic angle.