Positive Economics and Normative Economics 1. List the five factors of production.
- Define and differentiate between Positive Economics plus Normative Economics. In the classroom, I am as careful as I can be to do positive economics and avoid normatively. It’s not entirely possible to avoid normative analysis though, and one could “positively” ask questions such as “What are the negative impacts of the Bush tax increase,” “What are the negative effects of budget deficits,” “How much additional inequality is there in the income distribution in recent years,” “Is there any evidence that tax cuts actually pay for themselves,” and so on.
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