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I disagree, economics is well suited to addressing normative questions. For example, what positive questions do the the first and second welfare theorems addre
by yetanotherphd 13y ago
I disagree, economics is well suited to addressing normative questions.
For example, what positive questions do the the first and second welfare theorems address?
The most fundamental values (how much do we value individual liberty? total wellbeing? the wellbeing of the least-well off?) are not necessarily for economists to define. But by describing the tradeoff between, for example, equality and efficiency, economists are able to practically answer normative questions, because almost everyone values equality and efficiency.