Values

Non-Market Values and Public Policy Analysis

Many of the things that are most valuable in life are not things that can be traded on the market. Love, friendship, the respect of your peers, and a sense of belonging are all incredibly important parts of life, and they’re also impossible to incorporate into economic analysis.

Facts, Values, Economics, and Experience

Economists like to think of much of their work as a scientific description of the world, free of moral or ethical content. The people who write and think about ethics and economics are engaged in normative economics, while those who describe the world as it is practice positive economics.