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Value Judgements

Value judgments in economics refer to subjective assessments or opinions that involve personal or societal beliefs, preferences, or ethical considerations. They involve making normative statements about what is considered good or bad, desirable or undesirable, fair or unfair.

Examples include statements like "income inequality is unfair" or "economic growth should be prioritised over environmental concerns."

These judgments often involve trade-offs between competing goals and can influence policy decisions and economic theories.

Value judgments differ from positive statements, which are objective, testable, and based on empirical evidence.

In economics, it is important to distinguish between value judgments and positive statements to maintain clarity and objectivity in analysis.

See also

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