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2 days ago · Positive economics describes economic phenomena in objective and empirically measurable terms. Normative economics describes phenomena in subjective terms, often including value-based judgments.
2 days ago · The title of this chapter, Normative Ethics and Business Practice, links the notion of “ethical” to a norm for management, that is, a standard management aspires to meet. This is hardly a surprising linkage since of course we want business to meet, at minimum, the moral standards of society. This book argues that standard economics has ...
3 days ago · Normative economics is fundamentally concerned with what should be rather than what is. It is rooted in ethical theories and moral philosophies that guide economic policies and decisions. Unlike positive economics, which is descriptive and objective, normative economics is prescriptive, offering recommendations based on subjective value judgments.
18 hours ago · International Political Economy as a distinct field of academic research was born into a theoretical and methodological cacophony, with long-extant Marxist and neo-Marxist work jockeying for position alongside new studies of “transnational politics” all amidst the general structural transformation of the global international political and political economic order of the 1970s.
4 days ago · To illustrate this point, we introduce a thought experiment whereby AI systems are used to optimize tax policy to advance a specific normative end: reducing economic inequality. Our analysis shows that building a machine-like tax system that promotes social and economic equality is possible.
4 days ago · Abstract: This paper studies how measured beliefs can be used to identify monetary non-neutrality. In a general equilibrium model with both nominal rigidities and endogenous information acquisition, we analytically characterize firms’ optimal dynamic information policies and how their beliefs affect monetary non-neutrality.
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5 days ago · Normative ethical theory aims to answer the questions 'How should I act?' and 'How should I live?'. This course provides a systematic comparison of some of the major normative traditions. The organizing theme will be the debate between theory and anti- theory in normative ethics.
