1.1.2 Positive and normative economic statements

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    a) Distinction between positive and normative economic statements
    Statement 1: Michael Gove’s decision to abandon January exams will lead to a fall in the average grade at A-level. (Positive)
    Statement 2: Michael Gove’s decision to abandon January exams should be reversed. (Normative)

    b) The role of value judgements in influencing economic decision making and policy
    Value judgments can influence economic decision making and policy. Different economists make different judgments from same statistic – E.g. rate of inflation can give rise to different conclusions
    Stuvia

     

     

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