Question

Economics is about setting and ordering economic goals which are economic growth,full employment,economic efficiency, price level stability,economic freedom,equitable distribution of income, economic security, balance of trade. How you order the goals is based on your political philosophy-its based on value judgements-its a normative issue. Some goals are complimentary while others conflict. For example if you prioritize economic freedom and growth you are a conservative and likely to vote republican.. You would de-emphasize equity and security. If equity and security are the two most important goals you are a liberal and likely to vote democrat. For example, Obama's policy of raising the dividend tax rate on higher incomes promotes equity and fairness but de-emphazises freedom and growth since its a tax hike for the well off. Trump's tax cuts are designed to help freedom and growth at the expense of equity and fairness. Economists often disagree because of differing value judgements or because you can't conduct a controlled experiment. They are more likely to agree on positive economic statements where something can be proved by the weight of the evidence. Are you a conservative or liberal and why? What do you think about Trumps economic policy?

Answer 1

I am liberal. This is because according to my values even though growth is important but equality is equally important Usa already has enough money to Guarentee good standards of living for each if its citizens but due to inequality many citizens are suffering. Hence there should be focus on equity. No I my answer doesn't depend on politics. Infact my views about politicians depends on my value system. But usually people are misled by politics