Fisheries Economics

1.1.8 Positive and Normative Economics

In earlier days, economics formed a part of the general science called Natural History. Later social sciences were classified under 'Arts' and biological sciences came under "Sciences".

Positive and Normative Economics

Positive science is descriptive in nature as it describes what happens. It does with the question of "what is?"

Normative science deals with the question of "what ought to be?" While the positives science describes, the normative science prescribes.

Economics is a positive as well as a normative science. It describes what happens in an economy and prescribes what ought to be done to put it on a desired path of development.