Economic methodology Flashcards by Uttam Venkatesh

Q

Why is economics a social science

A

It is concerned with the behaviour of people

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Q

Why is economics empirical, making it similar to a natural science

A

It employs a scientific method in understanding the behaviour of people
e.g. hypothesis and tests

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Q

What is the difference between positive and normative statements

A

Positive statements can be tested
Normative statements are opinions

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