Talk:Microeconomics/Supply Demand and Equilibrium
Add topicThe last thought in this lecture - "Along with ---blah blah blah---normative..." is a bit odd. I would like to point out that a science ONLY discusses the actual workings of its field of study. The normative question of whether or not a market is the best possible social arrangement is NOT a part of the science of economics. Economics only seeks to explain the workings of a market economy. No natural science perceives its job as being two-fold in dimension - both positive AND normative! Why should economics - if it is a science in the tradition of the natural sciences (following the scientific method) - be subject to different rules regarding the scope of its study? Physics does not seek to understand the laws of nature and then attempt to discern whether or not these laws are the best possible arrangement. Likewise economics. It is not a normative field and does not have a normative component.
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