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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: CalculatedRisk who wrote (52084)	6/6/2006 11:57:44 PM
From: Wildstar	Read Replies (1) of 116555

Of course economics starts with normative issues. I recommend reading Adam Smith's: "The Theory of Moral Sentiments". Economics and normative issues can't be separated. Thats why you have it backwards ... ask first where you want to go, then ask how to get there. Economics is a positive science; it makes statements. It's about facts, cause and effect, the consequences of rules. Ethics is normative; it makes judgements. The two are wholly separate. Economics may inform our ethics, but by itself is not normative. One can easily make the conclusion, "Minimum wage laws hurt the poor," as a purely factual statement. Whether or not we then ought to enact minimum wage laws will depend our subjective view of how much we care about the poor.

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