Critical Thinking in Economics, 1st Edition by Dennis Patrick Leyden

By Dennis Patrick Leyden

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6 Take, for example, the question of whether you should pursue a graduate degree in economics. Clearly, the answer to this question is debatable. Good arguments can be made both for and against the decision to get a graduate degree in economics. As a result, there is no single, objective answer to the question, which is why this is an issue of reasoned judgment. Of course, some answers are better than others. If I tell you that you should pursue a graduate degree in economics because individuals with graduate economic degrees have higher salaries than individuals who do not have graduate degrees, this is a reasoned judgment.

As recent elections and protests over legislation have shown, this is an issue that many people feel passionately about. the question here is whether this is a positive or normative issue, and why does our answer make a difference. If the question is whether the US has a capitalist or socialist economy, then it is a positive issue. You might think that it is a factual positive issue at that. after all, given a particular definition of capitalism and socialism, we should be able to look at how the economy functions and quickly determine the answer.

It could be that your company already produces a similar product but wants to expand its total market share by selling to lower-income consumers who don’t buy the existing product. That would lead to another type 1 The quote is attributed to Claude Lévi-Strauss (see Levi-Strauss (n. )), though the source of the quote is not clear. However, it is consistent with his work and nicely encapsulates the theme of this chapter. Lévi-Strauss was a noted French anthropologist who was instrumental in the development of modern structuralist notions of anthropology.

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