The Necessary Normative Context of Positive Economics
In recent decades economists have in many significant ways refined and made more sophisticated their theoretical and empirical techniques. Concomitantly, economics has gained considerable acceptance in the media and government circles as an important basis for the development of politically acceptable, if not efficient, public policies.1 Proponents of social reform actively seek the counsel of economists in the development of their reform packages. These proponents (and their opposition) understand that the success or failure of proposed policy changes often, but not always, hinges on the findings of scholarly economic studies.
KeywordsAustrian Economic Economic Science Logical Positivist Normative Context Pareto Efficiency
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