Adam Smith and Karl Marx were two very important people who discussed the pros and cons of capitalism. “Adam Smith emphasized that private property rights, freedom of choice and competition are necessary and fundamental elements of pure capitalism. Smith’s greatest contribution to the ...
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... 't need to be right, however they should have the capacity to be tried and demonstrated or invalidated. Normative economic articulations are assessment based, so they can 't be demonstrated or refuted. While this refinement appears to be basic, it is not generally simple to separate between the positive and the normative. Some broadly acknowledged explanations that individuals hold as reality are really esteem based. “An example of a normative economic statement is "The price of milk should be $6 a gallon to give dairy farmers a higher living standard and to save the family farm. It is a normative statement because it reflects value judgments. It states facts, but also explains what should be done. Normative economics has subfields that provide further scientific study including social choice theory, cooperative game theory, and mechanism design” (Boundless, 2016).
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