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Economists may disagree about policies because they:
A) approach the issue using the same sets of values.
B) use different economic models.
C) enjoy disagreeing with each other.
D) only consider issues in positive economics.
Economic Models
Theoretical constructs that represent economic processes by a set of variables and a set of logical and/or quantitative relationships between them.
Policies
Guidelines or principles adopted by an organization, government, or individual to guide decision-making and achieve desired outcomes.
Positive Economics
The branch of economic analysis that describes the way the economy actually works.
- Comprehend the relevance of economic models and their application in scrutinizing real-life conditions.
- Contrast positive economic statements with normative ones.
- Gain insight into the responsibilities of economists and economic institutions in policy analysis and creation.
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Learning Objectives
- Comprehend the relevance of economic models and their application in scrutinizing real-life conditions.
- Contrast positive economic statements with normative ones.
- Gain insight into the responsibilities of economists and economic institutions in policy analysis and creation.
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