Is political economy primarily a normative or positive mode of intellectual enquiry?

Answer 1

Political economy encompasses both normative and positive aspects of intellectual inquiry. The positive dimension seeks to explain and understand how economic and political systems function, focusing on empirical data and causal relationships. In contrast, the normative aspect evaluates policies and practices, addressing questions of justice, equity, and ethical implications. Together, these dimensions provide a comprehensive framework for analyzing the interactions between economic and political forces.