Weston

Weston, S. C. (1994), “Toward a Better Understanding of the Positive/Normative

Distinction in Economics,” Economics And Philosophy, Volume 10; No. 1

He argues that values are inevitably involved in Economics. Nonetheless, it is useful to retain the distinction between facts and values.

Section 2: The Impossibility of a Value Free Economics

A: Inherent Professional Norms dictate how economists study economics

B:The Normative Context of Economics: That is, values are almost always involved in the choice of questions taken up.

economics is used for policy making -- one must take an ethical stance -- distancing, like physicists from bombs, or approval, or disapproval all of which have consequences.

C:Values Embedded in Terminology: Voluntary Unemployment (discussed by hausmann-MacPherson). Equilibrium, Productivity, Efficiency are all value laden terms. Myrdal argues that economic terms have double meanings one technical and one ordinary language and they are used in dual sense to carry values.Because terms carry ethical overtones and affect the masses by persuasion, economists must be aware of these overtones and make ethical decisions about them.

D: Implications of Giving Policy Advice: It is impossible to avoid value judgments when giving policy advice. Machlup argues that policy maker cannot provide full instructions and economist must substitute own value judgments in giving advice.

Section 3: Then WHY make the distinction?

Economists cannot be ethically neutral, but still they should make the distinction for following four reasons

A: Keeping the Questions Distinct

Example: Comparative Advantage versus ethical obligation to buy domestic products

B: Issuing a Caution about Credentials

Economists dont have credentials or expertise as ethicists

C: Maintaining a Scholarly Environment

D: Promoting Norms of Objectivity

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He gives FOUR reasons why values must be involved in economics: