Discuss the role of positive economics and narrative economies in the policymaking?
The discipline of economics that deals with describing and understanding economic phenomena is known as positive economics. It encompasses the formulation and testing of economic theories and focuses on facts and behavioural cause-and-effect links. As a result, positive economics forbids economic value assessments. A positive economic theory, for example, might explain how the money supply grows and drives inflation, but it doesn't tell you what strategy to follow.
To understand economic fluctuations, narrative economics is the study of the dissemination and dynamics of popular narratives, or stories, especially those of human interest and emotion, and how they change over time.
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