“Economists are scientists and therefore should not become involved in making value judgments which policy formulation necessarily entails.” Do you agree?

Question

Please provide the best answer for the statement.

Answer 1

It is important to distinguish between positive and normative economics. When conducting positive economic analysis, economists use objective, scientific methods to collect data and test hypotheses to arrive at economic theories and principles. However, there is a need to apply economic theories to real-world problems and this necessarily requires some value judgments or the use of normative economics. Even scientists who can experiment in laboratories have to make value judgments when they arrive at the point of applying their theories. For example, geneticists must make value judgments about the uses of genetic science.
Economists are the most knowledgeable people regarding their own theories, so they should be involved in the decisions about how to apply those theories. Of course, in a democratic society those judgments are often advisory and must be approved by elected representatives before they are enacted.