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Economics is the study of how individuals make decisions under conditions of scarcity and its concepts are heavily based on experimental and empirical data, not the subjective conclusions made through value judgements. Value judgements are based on personal opinions that judge the rightness and the wrongness of matters and this is an approach that cannot be applied to economics. Economics does not take on this approach and relies on the experimental and empirical data that is available objectively.
Similarly, a science is anything that proposes a theory (or hypothesis) and tests the theory to make a conclusion about the matter, based on experimental evidence that supports the hypothesis. Economics is basically this. Economists propose theories about both individual behaviour (microeconomy) and the behaviour of the aggregate economy (macroeconomy) and tests them by applying them to real-life situations. Therefore, economics is a science and its discipline is not based on value judgements.
What else can I help you with?
Can science make value-judgments?
No because science can't make final answer either
What is normative economics?
Normative economics is the idealized part of economics that encompasses value judgments about economic fairness. It typically concerns what the outcome of an economy or what public policy ought to be.
What is the positive and normative analysis in economics?
A positive analysis is a statement of what is. The truth. Purely descriptive statements or scientific predictions.A normative analysis is a statement of what ought to be. Analysis involving value judgments.
Other science related to economics?
Economics is a collection of thoughts and principles that are derived from other sciences. Economics, sociology and politics are interrelated as these sciences make an impact on the lives of people and their society.
What is positive economics and negative economics?
Positive economics deals with objective analysis and factual statements about economic phenomena, focusing on what is or what will be based on evidence and data. It seeks to describe and explain economic behavior without making value judgments. In contrast, normative economics involves subjective opinions and value-based statements about what ought to be, addressing questions of fairness, equity, and policy recommendations. Together, these two branches help to understand both the functioning of economies and the ethical implications of economic choices.
Are Positive statements are expressions of value judgments?
Positive statements are objective assertions that can be tested and validated through evidence, while value judgments express subjective opinions about what is desirable or undesirable. Therefore, positive statements do not involve value judgments; they focus on facts and what "is," rather than what "ought to be."
What is the basis for judgments and choices?
If everyone has a value system, everyone must have an ethical system upon which to base judgments and choices.
Can science make a value judgment?
Technically, no. Science is all about making and testing hypotheses - that is, testing ideas about the world to see whether or not they are correct factually. If it cannot be measured, science is not the tool you should be using with it. Having said that, when making value judgements it is important to take any relevant pieces of information into account, and, more often than not, this includes scientific insights. For example, to say that smoking is wrong is a value judgement, but we use the evidence science has provided linking smoking with cancer in saying it. To put it another way, science cannot make value judgements any more than a thesaurus can write poetry, but it is helpful in the same way.
What types of questions can't be answered by science?
Science investigates the world of nature, but it is not about human culture. Value judgments, aesthetic judgments, subjective opinions on any subject, are not scientific questions. The question of what is your favorite sport is one that you can answer but science can't. There is also the question of whether science can actually answer all questions about the natural world. So far science has made amazing progress in solving the mysteries of nature, but that does not guarantee that there will never be a mystery that is beyond the power of science to solve. There is no basis for knowing whether the universe is completely understandable by the human mind. But so far, science is doing very well.
What are the actions that other people value in the game of economics?
In the game of Economics services are actions that other people value. These are the services that are mainly provided by the government.
What are different kinds of economics?
Economics is one social science among several but has fields bordering on other areas, including economic geography, economic history, public choice, cultural economics, and institutional economics. One division of the subject distinguishes two types of economics. Positive economics ("what is") seeks to explain economic phenomena or behavior. Normative economics ("what ought to be," usually as to public policy) prioritizes choices and actions by some set of criteria; such priorities reflect value judgments, including selection of the criteria. Another distinction is between mainstream economics and heterodox economics. One broad characterization describes mainstream economics as dealing with the "rationality-individualism-equilibrium nexus" and heterodox economics as defined by a "institutions-history-social structure nexus." Areas of economics may be classified in various ways, but an economy is usually analyzed by use of microeconomics or macroeconom. Economics as an academic subject often uses geometric methods, in addition to literary methods. Other general mathematical and quantitative methods are also often used for rigorous analysis of the economy or areas within economics. Such methods include the following.mathematical economics. econometrics. national accounting. Some selected field of economics ::agricultural economics. economic growth and development economics. economic system. environmental economics. financial economics. game theory.industrial organisation. information economics.international trade and finance. labour economics.law and economics. public finance. manegarial economics. welfare economics.
When was The Value of Science created?
The Value of Science was created in 1905.
