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Positive economics
Introduction:
Positive economics is one of the most prominent theories about what economic
theory is all about. Positive economics has nothing to do per se with corporate
governance. However, it is not difficult to argue that much corporate governance
research can be categorized
as positive economics. This is mainly because of its preoccupation with
hypothesis production and hypothesis testing / verification. Two classic
references on positive economics are Milton Friedman [1953] and Fritz Machlup
[1955].
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