Unit 1.2 · Economic Methodology and the Evolution of Economic Thought
Normative Economics and Value Judgements
AO2
Syllabus Requirement
Explores how equity, equality and other ethical criteria shape policy debates and distinguish normative statements from positive analysis.
Assessment Objectives
AO2Application and Analysis
Summary
This topic explores the distinction between normative and positive economics, focusing on how value judgments can influence economic analysis and policymaking. Understanding this distinction is important for evaluating economic arguments and the implications of different policies.