Following are the arguments in relation to economics being a normative science Economist Fraser, Henderson and Quandt, believed economics to be a normative science.
- Mankind is both emotional and logical : Along with being logical, an individual is emotional also, and therefore it is essential to study both the aspects of human behaviour, thus, along with being a positive science, economics is also a normative science.
- More useful In fact, economics is an agent of social welfare : Therefore, its use in the form of normative science will be more important. Along with the study of economic activities, an economist should also think about making it more useful and effective.
- Wrong argument of division of labour : The argument that economists should merely interpret the relationship between causes and consequences, and the task of finding solutions should be designated to the policy makers is incorrect. Its actual analaysis will become monotonous and uninspiring and labour and power would not be saved.
- More realistic : The nature of economics is undergoing a continuous change. Today, economics is rapidly developing and diversifying. Subjects such as economic planning and social security have become major subjects of economics. In such conditions, one cannot ignore the normative aspect of economics.
