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Everyone got caught up in the debate of deflation, Greece and the Ukraine crisis and so expectations were quite low, it now seems the deflation story is a positive one for the euro zone since cheaper oil means consumers spend less on energy and have more money in their purse.
Positive economics uses objective analysis in the study of economics. Most economists look at what has happened and what is currently happening in a given economy to form their basis of predictions for the future. This process of investigation is positive economics. Conversely, a normative economic study will base future predictions on value judgments.
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