Icebreaker FORUM 2

Jack

Jack

by Yihong (Jack) Niu -
Number of replies: 0

Facts and opinions: Empirical economics is about facts and causal relationships, while normative economics is about opinions and what policies should be implemented.

Descriptive and Prescriptive: Empirical economics describes economic phenomena and relationships as they are, while normative economics dictates how the economy should operate.

Testability: Empirical economic statements can be tested for validity by referencing empirical data, while normative statements cannot be tested in this way because they are based on value judgments

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