By D. C. Rowan (auth.)
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Extra info for Output, Inflation and Growth: An Introduction to Macro-Economics
Indeed some of the most promising (and most technical) modern developments in economics, including linear and other programming techniques, are concerned precisely with the problem of how best to reach a given objective and are thus, in the general sense, normative. Properly speaking, therefore, normative economics is concerned with economic problems in which some objective (or target) is either given explicitly or implied. Thus if a businessman's objective is to maximise profits then given this target his problem is to discover how to do it.
In a modern 'mixed economy' the government (or, as we shall call it, the pub/ic sector ) undertakes the following activities (i) through the nationalised corporations the public sector produces a part of output which is sold on the market like the output of any private enterprise; (ii) the public sector undertakes expenditure on the provision of common services such as defence, education, law and justice, which are, in general, not sold on any market; (üi) in addition the public sector makes payments to individuals in the form of sodal service benefits.
I) Honesty is, in the long-run, always the best policy. (ii) The higher the rate of tax on increments in income the less the professional classes will be disposed to work. (iii) Virtue is always rewarded - in this world or the next. (iv) Woman are inferior (superior) to men. 7. Suppose you are the son (or daughter) of a brewer who teIls you that he neither seeks to maximise his profits nor plans his monthly beer production to be equal to the previous month's consumption. Does his statement invalidate the theory put forward in this chapter?