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The normative basis of economic science
Author(s) -
Machan Tibor R.
Publication year - 1998
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/1468-0270.00092
Subject(s) - normative , politics , property (philosophy) , positive economics , law and economics , economics , sociology , political science , law , epistemology , philosophy
It is often thought that economics is a pure descriptive or analytic science without normative components. But the very idea of commercial exchange or trade rests on the concepts of ownership or property. Unless the actors own something, there can be no sale, exchange or trade. Ownership or property is a moral‐political concept. To own something is to be the one who ought to have the authority to trade or exchange it on terms he or she negotiates with others. This is the bedrock of economics and it is a normative idea.