Positive and normative economics

In the philosophy of economics, economics is often divided into positive (or descriptive) and normative (or prescriptive) economics. Positive economics focuses on the description, quantification and explanation of economic phenomena, while normative economics discusses prescriptions for what actions individuals or societies should or should not take.

Source: Wikipedia — Positive and normative economics (CC BY-SA 4.0)

Positive and normative economics

In the philosophy of economics, economics is often divided into positive (or descriptive) and normative (or prescriptive) economics. Positive economics focuses on the description, quantification and explanation of economic phenomena, while normative economics discusses prescriptions for what actions individuals or societies should or should not take.

Source: Wikipedia "Positive and normative economics" · CC BY-SA 4.0

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