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Old Tuesday, July 23, 2013
jaris ojeran jaris ojeran is offline
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what is difference between Positive economics and normative economics?

Positive economics
tries to explain the way the economy actually operates
only explains/describes what it is and it does not tell what is right or wrong

Nrmative economics
explains the way economy actually should operate
evaluates and tells what ought to be

I was asked this question in my interview.
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