positive economics

Definitions

Economics

  • noun the study of how an economy works in practice, as opposed to the theoretical study of how it should run in theory (normative economics)

Health Economics

  • (written as Positive Economics)
    An approach to economics that seeks only to explain and predict rather than prescribe or recommend. It thus concerns 'what is' or 'what might be' rather than 'what ought to be'. It is (somewhat extremely) also the doctrine that the descriptive accuracy of theory (and likewise of the assumptions necessarily made in theorizing about anything) is irrelevant compared with its analytical relevance and ability to 'predict' or be empirically testable.
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