Economics as a Normative Science:Economics is a normative science of “what ought to be.” As a normative science,economics is concerned with the evaluation of economic events from the ethicalviewpoint. Marshall, Pigou, Awtrey, Frazer and other economists do not agree thateconomics is only a positive science. They argue that economics is a social sciencewhich involves value judgements and value judgements cannot be verified to be trueor false. It is not an objective science like natural sciences. This is due to thefollowing reasons.First, the assumptions on which economic laws, theories or principles are based relateto man and his problems. When we try to test and predict economic events on theirbasis, the subjectivity element always enters.14Second, economics being a social science, economic theories are influenced by socialand political factors. In testing them, economists are likely to use subjective valuejudgements.Third, in natural sciences experiments are conducted which lead to the formulation oflaws. But in economics experimentation is not possible. Therefore, the laws ofeconomics are at best tendencies.