1-2 Discussion: Thinking Like an Economist Discussion Topic (Essay Sample)

Thinking like an Economist First Name Last Name Institutional Affiliation Course Number and Name Instructor’s Name and Title Assignment Due Date Thinking like an Economist There is a wide range of differences between positive analysis and normative analysis. Normative analysis in economics focuses on the various types of economic fairness and the various values of economic justice. Positive analytics, on the other hand, are based on various facts, including the concept of not accepting or disapproving anything based on various evaluations. Positive analytics helps explain a wide range of economic processes and events that take place in the economy (Badiei & Grivaux, 2022). They look into the issue as well as other solutions for a variety of potential outcomes. Positive economics relies solely on the available evidence. In addition, assertions of positive economics are able to be checked and validated or denied by practical application. As a result, the primary concentration of the positive theory is placed on aspects of the economy that are currently operational. Normative economics focuses less on analyzing what it is and more on how things should be. This method reflects the subjective judgments, values, and ethics adopted by society. Because normative economics is founded on theory and subjective judgments, its assertions cannot be verified or invalidated; nonetheless, it does provide suggestions. Different methods of evaluating events or occurrences are represented by positive and normative economics fields, respectively. For instance, the proposal that schools of higher learning should do more to make education available to the general public is considered to be normative. The guidance is founded on personal judgments and ideals, asserting that although education is prohibitively expensive, everyone has an equal right to rec...