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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Wildstar who wrote (52152)	6/7/2006 12:19:32 AM
From: CalculatedRisk	Read Replies (4) \| Respond to of 116555

Economists separate economics into: Positive Economics and Normative Economics. Positive economics deals in facts. Normative economics deals with values. If you are dealing with policy issues, you cannot separate the two. We might have different values (the 10 year old medical emergency example I gave earlier) ... and then we have to realize we will never agree on the proper positive economics. So first we have to build consensus on where we want to go, and then ask what positive economics will take us there. We can exclude positive economics that doesn't meet our normative consensus.