User:N Jutha/sandbox

Adam Smith--theory of moral sentiments--the decision of whether or not to indulge in a passion is judged with reference to the opinion of an impartial spectator (REF)

The scientific or positive aspects of economics were emphasized by many 20th century economists in order to emphasize that economics had the ability to scientifically answer questions with the same positive methodology as the physical sciences (Friedman).

Milton Friedman article

Defined aim of positive economics as to develop theories/hypothesis that give “valid and meaningful” predictions which are precise and accord with empirical evidence in the domain. To do this, economists must create a model that simplifies reality because... Reiterated the inter-relationship between the concepts of positive and normative economics, especially when making judgments about economic policies Only by coming to clear conclusions about positive economic statements (which Friedman believed would become increasing possible as economics developed) can we make clear judgments about the best ways to achieve normative goals such as setting an efficient minimum wage which improves individuals' standard of living.

Positivism

Questions about whether or not economics can be considered a positive science because of ...