Publisher's Synopsis
In this text, the concept of "positive" economics is examined in two directions: firstly, by surveying the treatment of the normative-positive distinction in the history of economic thought; and secondly, by tracing the sources and roles of value judgements and bias in economics. Turning to policy objectives, the book then presents an historical review of the objectives of economic policies. Finally, the formulation of policy objectives is discussed along with the contribution of "welfare" analysis.
