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You are here: Home / Potpourri / Economics 101: What Is Positive Economics?

Economics 101: What Is Positive Economics?

Economics 101: What Is Positive Economics?

[This is part of the series: The Complete Guide To Economics 101.]

What is positive economics?

Well, in general, talk about economics can be broken down into two categories: Positive Economics and Normative Economics.

While normative economics deals with the “ought.”

Positive Economics is economic study centered around the reality of what “is” – simply stating things as they are.

Examples of positive economics include:

  • The inflation rate is 3 percent.
  • The unemployment rate is 6 percent.
  • There is a short-term trade-off between inflation and unemployment.
  • Fiscal policy provides no real stimulus for nations with flexible exchange rates and free trade.

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Filed Under: PotpourriTagged With: #Economics101

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