The differences in the verdicts are not entirely because of the differences between logical schools but are also partly because of semantic differences, as the meaning of normative statement is far from unambig
A positive theoretical statement, in economics, is a statement that describes or explains an economic phenomenon without making any value judgments or normative claims. Positive theoretical statements are objective and fact-based and can be tested using empirical evidence. For example, a positive theore...
Positive vs Normative Economics: Meaning Positivevs Normative Economics are two branches of modern economics. The first one, Positive economics, is built upon facts and figures and the real state of the economy. It gives us the cause-and-effect relationship of events around us. It deals with t...
Positive economics is the objective analysis of the economic study. This involves investigating what has happened and what is happening, allowing economists to predict what will happen in the future. Positive economics is tangible, so anything that can be substantiated with a fact, such as the inf...
Economists may differ in their conclusions from positive analysis. Is the statement true or false? Explain your reasoning. Economics Economics as a discipline deals with how people make the most ideal usage of scarce resources to fulfill their boundless ...
bottom lineThe end result, the final outcome, the upshot; the net profit or loss of any transaction or undertaking, financial or otherwise. This accounting term for the final figure on a profit and loss statement has been incorporated into more general usage and extended in meaning as indicated...
The first statement is factual—something that can tested. The second is an opinion rooted instead in values about what’s fair or right. Thus, in economics, as in many other disciplines, it's crucial to distinguish between descriptions of what is the case ("robberies are high in this ...
This oath to perform one’s duty faithfully when taking up an office was common at the time. Yet it almost never appears in litigation meaning the oath may not have been legally enforceable. Although that part of the oath had clearly been breached in the Charitable Corporation, the seminal ...
Now if no statement that was both explanatory and true could be obtained from any given theory, obviously (i)–(iii) could not be upheld in any sensible form: Only purely descriptive or predictive scientific claims could be true, and this would exclude the bulk of scientific claims, thereby...
Recent evidence has suggested that valuing happiness to an extreme degree has a potential downside in Western but not in East Asian countries. We tested how valuing happiness relates to well-being in mainland China (N = 721) and Western countries (UK, US, and Canada) (N = 349) ...