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Jun 29, 2023 · Normative economics is a perspective on economics that reflects normative, or ideologically prescriptive judgments toward economic development, investment projects, statements, and scenarios.
May 28, 2004 · Distributive justice is often considered not to belong to the scope of economics, but there is actually an important literature in economics that addresses normative issues in social and economic justice. A variety of economic theories and approaches provide many insights in these matters.
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Dec 19, 2023 · Normative economics, on the other hand, is considered the branch of economics that tries to determine the desirability of different economic programs and conditions by asking what...
normative ethics, that branch of moral philosophy, or ethics, concerned with criteria of what is morally right and wrong. It includes the formulation of moral rules that have direct implications for what human actions, institutions, and ways of life should be like.
- The Editors of Encyclopaedia Britannica
For example, those whose standard of value is increasing human happiness would count a new road to a scenic mountain vista as a benefit, while those whose standard is maintaining an unchanged natural environment would count it as a cost. The results of economic analysis also lead directly to ethical issues.
This article explores the fundamentals of normative economics, examining the role of ethical considerations in economic analysis, the influence of values on policy prescriptions, and the complexities of balancing competing objectives in decision-making processes.
Economic ethics is the combination of economics and ethics that uses judgements from both disciplines to predict, analyze, and model economic phenomena. It encompasses the theoretical ethical prerequisites and foundations of economic systems.
