Economic ideology

  • an economic ideology distinguishes itself from economic theory in being normative rather than just explanatory in its approach. economic ideologies express perspectives on the way an economy should run and to what end, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions. however, the two are closely interrelated, as underlying economic ideology influences the methodology and theory employed in analysis. the diverse ideology and methodology of the 74 nobel laureates in economics speaks to such interrelation.[1]

    a good way of discerning whether an ideology can be classified an economic ideology is to ask if it inherently takes a specific and detailed economic standpoint.

    furthermore, economic ideology is distinct from an economic system that it supports, such as capitalism, to the extent that explaining an economic system (positive economics) is distinct from advocating it (normative economics).[2] the theory of economic ideology explains its occurrence, evolution, and relation to an economy[3]

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An economic ideology distinguishes itself from economic theory in being normative rather than just explanatory in its approach. Economic ideologies express perspectives on the way an economy should run and to what end, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions. However, the two are closely interrelated, as underlying economic ideology influences the methodology and theory employed in analysis. The diverse ideology and methodology of the 74 Nobel laureates in economics speaks to such interrelation.[1]

A good way of discerning whether an ideology can be classified an economic ideology is to ask if it inherently takes a specific and detailed economic standpoint.

Furthermore, economic ideology is distinct from an economic system that it supports, such as capitalism, to the extent that explaining an economic system (positive economics) is distinct from advocating it (normative economics).[2] The theory of economic ideology explains its occurrence, evolution, and relation to an economy[3]