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Normative economics expresses value or judgments about economic fairness on the outcome of the goals of any policy. Favorable economics is the practical possibilities of the issue of the purposes of any system. Everyone wants a fair result of any plan, but difficulties in its applications affect the outcome to get what is possible on the ground level. Hence it can be said that favorable economics is utilized as a practical tool to obtain the desired normative objectives. Positive and normative economics are mixed in the form of practical idealism.
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Normative economics is defined as the arts of economics. It involves an exact application of elements of game theory, formal reasoning, abstract mathematics, clear reasoning and construction of formal & logical proofs. It is a branch of economics which derives its meaning from a standard rule or behaviour. This gives an idea of what the outcome of the policy or the consequences of the economy in the sense of what they should be rather than the real outcome. Hence most of the decisions of the normative economy are contrary to fact. The proving of choice at the time of making it is far from reach.
Normative Economic Assignments Topics:-
- Welfare economics
- Distribution of essential items and its fair divisions
- Bargaining theories
- Economic analysis of various features of taxation
- Different social welfare functions, its properties, and formulations
- Nash equilibrium and the role of co-operative game theory.
The relationship between normative economics and positive economics:
Normative economics emphasizes “what ought to be” and positive economics explains by “what is”. For example, a policy of a society or government agency decides to procure one liter of milk at Rs. 25 to make the dairy farming in the locality or the country for better future but, it is difficult to implement it. This is because to sell the milk after the processing, marketing, and other expenses will put the society or the Government agency at a loss for a longer period. This will disable to the society or the agency to function. This is the case of many policies which makes the normative economics proposed or expected objectives not fulfilled by the positive economics. Positive economics plainly explains an economic issue, but normative economics offers the value-based outcome of the issue.
Example to Illustrate Normative Economics Assignment:
In another example of normative economics is the procurement of sugarcanes from the farmers for the societies. The fair price for the welfare of the sugarcane growing farmers could be high but could not be materialized due to its variable costs of processing the sugarcane to various products and supplying. Also, the pending dues for the farmers for their supply are to be given at the optimum time as per normative economics. But in most cases across the country, it is not possible as per the positive economics. This causes a socioeconomic issue among farmers.
Policies of Governments:
Most of the public policies of any Government of a country or state are based on the normative economics only. They are primarily designed to make all welfare systems highly sustainable and for the overall benefit of its citizens.
Some of the policies which are designed as per normative economics of the governments include:
- Education
- Healthcare
- Infrastructural facilities for public use
- Disaster management
- Transport system for the public
- Taxation imposed on the public
- Equal distribution of public goods
- Implementation of the policies:
Education to all the citizens is the normative economic policy but implementing it with proper infrastructure and teaching facilities makes it more difficult. This applies to most of the government policies. Even in the taxation of the government on normative economic considerations impose 100 % tax on the objective to reduce smoking among people. But this could affect the livelihood of the workforce involved in the tobacco business.
Interventions in policies for successful implementation:
The normative economics explains what should happen to the economy or what the desired option to happen. But the favorable economics assignment deals with the bright and direct relationships about different variables in an economy. By predicting what is happening in the marketplace against what we desire to happen ought to be explained by normative economics. The statements of economic policymakers are narrative. The crystal-clear understanding of the links between economic variables and proper positive analyses should be an essential factor for the politicians to make normative statements. Hence while implementing the policies, there should be interventions to correct the further process and cause of actions of the systems. Thus, normative economics is morally prescriptive, and positive economics is mathematically descriptive.
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For decades or even centuries, eminent economics have contributed their part in all streams of economics. Even noble laureates like renowned economist Amartya Sen stress more on the importance of normative economics. Favorable economics is one stream which is used as a backdoor entry to normative economics. They have subfields that provide additional clinical research study on various theories. They include social option theory, cooperative video game theory and the system style. Any policies of the Government are based on the value system of the normative economics. Education and healthcare to every citizen is the duty of the Government. Only with a proper value system, it could be appropriately implemented to reach the entire demographic locations without any left out or discrepancies.
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