What does normative economics mean?
Definitions for normative economics
nor·ma·tive eco·nom·ics
This dictionary definitions page includes all the possible meanings, example usage and translations of the word normative economics.
Wiktionary
normative economicsnoun
economic thought in which one applies moral beliefs, or judgment, claiming that an outcome is "good" or "bad". For example "this tax on cigarettes will be good because it will reduce smoking." Contrast with positive economics.
Wikidata
Normative economics
Normative economics is that part of economics that expresses value judgments about economic fairness or what the economy ought to be like or what goals of public policy ought to be. It is common to distinguish normative economics from positive economics. Many normative judgments, however, are held conditionally, to be given up if facts or knowledge of facts changes, so that a change of values may be purely scientific. On the other hand, welfare economist Amartya Sen distinguishes basic judgments, which do not depend on such knowledge, from nonbasic judgments, which do. He finds it interesting to note that "no judgments are demonstrably basic" while some value judgments may be shown to be nonbasic. This leaves open the possibility of fruitful scientific discussion of value judgments. Positive and normative economics are often synthesized in the style of practical idealism. In this discipline, sometimes called the "art of economics," positive economics is utilized as a practical tool for achieving normative objectives. An example of a normative economic statement is as follows:
Numerology
Chaldean Numerology
The numerical value of normative economics in Chaldean Numerology is: 1
Pythagorean Numerology
The numerical value of normative economics in Pythagorean Numerology is: 6
Translation
Find a translation for the normative economics definition in other languages:
Select another language:
- - Select -
- 简体中文 (Chinese - Simplified)
- 繁體中文 (Chinese - Traditional)
- Español (Spanish)
- Esperanto (Esperanto)
- 日本語 (Japanese)
- Português (Portuguese)
- Deutsch (German)
- العربية (Arabic)
- Français (French)
- Русский (Russian)
- ಕನ್ನಡ (Kannada)
- 한국어 (Korean)
- עברית (Hebrew)
- Gaeilge (Irish)
- Українська (Ukrainian)
- اردو (Urdu)
- Magyar (Hungarian)
- मानक हिन्दी (Hindi)
- Indonesia (Indonesian)
- Italiano (Italian)
- தமிழ் (Tamil)
- Türkçe (Turkish)
- తెలుగు (Telugu)
- ภาษาไทย (Thai)
- Tiếng Việt (Vietnamese)
- Čeština (Czech)
- Polski (Polish)
- Bahasa Indonesia (Indonesian)
- Românește (Romanian)
- Nederlands (Dutch)
- Ελληνικά (Greek)
- Latinum (Latin)
- Svenska (Swedish)
- Dansk (Danish)
- Suomi (Finnish)
- فارسی (Persian)
- ייִדיש (Yiddish)
- հայերեն (Armenian)
- Norsk (Norwegian)
- English (English)
Word of the Day
Would you like us to send you a FREE new word definition delivered to your inbox daily?
Citation
Use the citation below to add this definition to your bibliography:
Style:MLAChicagoAPA
"normative economics." Definitions.net. STANDS4 LLC, 2024. Web. 7 May 2024. <https://www.definitions.net/definition/normative+economics>.
Discuss these normative economics definitions with the community:
Report Comment
We're doing our best to make sure our content is useful, accurate and safe.
If by any chance you spot an inappropriate comment while navigating through our website please use this form to let us know, and we'll take care of it shortly.
Attachment
You need to be logged in to favorite.
Log In