BookMyEssay provides professional normative economics assignment help service to the students who are struggling hard with their normative economics assignments. There are some minute differences between normative economics and positive economics. Normative economics is subject and value based. Here, a statement is made on the basis of an opinion, which can’t be tested, nor there remains any chance of testing the statement or opinion. Assignments on normative economics are not easy to accomplish. There are lots of complicated aspects that are hard to predict just by seeing the assignment. As a student go on writing, many issues come forth that make the job trough and time consuming. But, with the help of BookMyEssay, everything goes smooth-sailing.
Normative economics is a specialized stream of economics that gives value or normative decisions on different economic decisions. It primarily emphasizes on what the consequences of the economy or goals of popular public policies should be. Most of the normative decisions are uncertain or conditional. There remains no scope of proving the decision at the time of making the decision. The statements that provides normative decisions, like “Government should provide free medical facility to every citizen” has no scope to prove its importance or consequences right at the moment as long as the free medical facility is provided to the citizens. Let’s see another example – “The price of milk should be $7 a gallon to give dairy farmers a better living standard and to save the traditional family farms.” It is a purely normative statement as it reflects value judgments. It states facts, and also describes what should be done to save the traditional dairy farms.
The courses on normative economics encompasses various topics of social choice theory such as the following ones –
Various public policy issues like education, healthcare, disaster management, infrastructural facility for public use, transport system management, etc., and many other similar public issues that are frequently adopted by a Government of a country or state are studied in normative economics. Again, various aspects of government spending, economic consequences of taxation and risk bearing are critically studied through normative economics. The public theories are essentially designed to make various public welfare systems highly sustainable and for the overall benefit of the citizens of a country or state. Various provisions for the equal distribution of public goods are also dealt with in the course of normative economics along with the study of impartial planning for cost sharing.
In many situations, positive economics does impact normative economics directly because positive economics grades economic policies or results based on normative economics. As per the experts, positive economics is explained on the basis of “what is” of economics, while normative economics emphases on the “what ought to be“. Hence, positive economics can be assumed as an applied tool for accomplishing normative objectives. In other words, positive economics plainly explain an economic issue and normative economics offers the value-based result for the issue.
The normative economics assignment writing often require a complicated application of different elements of game theory, abstract mathematics, formal reasoning, axiomatic testing, and creation formal and logical testimonies. Thus, students of economics often look for professional help for writing assignments. Over the centuries, many popular economists right from Samuelsson to Amartya Sen have contributed significantly in different streams of normative economics. Students also need to have in-depth knowledge on the basic theories extended by these eminent economists and their contributions to normative economics.
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