The book responds to the need for greater clarity regarding the relationship between descriptive, evaluative and prescriptive approaches within positive and normative economics. It also analyses the entanglement between evaluative and prescriptive perspectives within several theoretical frameworks in normative economics such as social choice theory, the capability approach, behavioural welfare economics and various theories of justice.

It provides a forum for discussion between various schools of economic thought and several theoretical frameworks on the relationship between the study of facts, norms and values, with particular emphasis on classical political economy, the Marxian school of economics, the Frankfurt School, the Austrian school, the Chicago school, rational choice theory, expected utility theory, behavioural economics, experimental economics, development economics, welfare economics, public economics, constitutional political economy, the capability approach and politico-economic theories of justice.

Given the scope of questions treated in this book, it will be of interest to economists, historians of economic thought, political philosophers and philosophers of science, especially those interested in the philosophy and epistemology of economics.

chapter 1|24 pages

The Positive and the Normative in Economic Thought

A Historical-Analytic Appraisal

section Section I|60 pages

The Positive and the Normative in the History of Economic Thought

chapter 3|21 pages

Descriptions, Prescriptions and Norms

The Tripartite Classification of Economics by John Neville Keynes

chapter 4|22 pages

Normative Economics and Its Enemies

Marx, Mises and Friedman 1

part Section II|105 pages

The Positive and the Normative in Contemporary Economic Thought

chapter 5|21 pages

Economics as a Normative Discipline

Value Disentanglement in an 'Objective' Economics

chapter 6|21 pages

Realism and Deliberation in Normative Economics

The Fruitful Intellectual Dialogue Between James Buchanan and John Rawls 1

chapter 8|19 pages

Reconciling Normative and Behavioural Economics

The Problem That Cannot Be Solved 1

part Section III|51 pages

The Positive and the Normative in Economics

chapter 11|17 pages

Economics as Value-Laden Science

Lessons From the Philosophy of Science on the Normative/Positive Distinctions and Rational Choice Theory