The Concluding Part — 1

In the final session of the class we address a question that’s been leading up to this. The question is the one that motivated my professional study of economics: why is India poor in the modern world of widespread economic prosperity?

Normative and Positive Analysis

In much of the previous part of this course, we engaged in what is called positive analysis. Positive analysis seeks to understand what the world is, how it came to be that way, and how the world is likely to evolve. In contrast to positive analysis, normative analysis seeks to address the question of how the world should or ought to be. Note that the word ‘positive’ is not a value judgement; it’s neutral and does not imply good in any moral or ethical sense. Continue reading “The Concluding Part — 1”