Decision Making and Economics

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Decision Making and Economics
Bhuvana Sunil
What is the link between traditional economics and decision making sciences?
 

 
Link Between Economy and Decision Making Sciences
GS RADJOU, Member
There are lots of ways to decide. Some of us drop dices...
1 - Positive economics: For example take smoking cigarettes. During an economical crisis citizens smoke more because of the stress of the situation: there is a clear statistical link between unemployment and added tobacco consumption of users.
2 - Normative economics: It is about judgement. A policy to put a tax on tobacco may not be efficient for certain segments of societies.
 

 











 

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