What do you understand by normative economic analysis?
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What do you understand by normative economic analysis?
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Normative economic analysis is the process of determining whether or not a specific method is good. This analysis focuses on what should be the desired state or how the economic problems should be addressed. It offers economic goals and objectives, as well as what should be done to accomplish these goals and objectives. We come across normative propositions in normative economic analysis that cannot be evaluated because they require human value judgments. It is founded on ethics and deals with idealistic issues. For instance, the government should support private enterprises to increase the pace of industrialization, as an illustration of this analysis. Economists such as Marshall, Pigou, and others consider economics to be a normative science.

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