Concept information
Preferred term
normative economics
Definition
- Normative economics concerns itself with what ought to be in a society, and so is always grounded in value judgments. Individuals who do not share the value judgments, explicit or implicit, that govern a particular normative approach will not necessarily endorse the policy recommendations of that approach. [Source: Encyclopedia of Law & Society: American and Global Perspectives; Normative Economics]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/normative_economics
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