As a value judgment, normative economics stands in sharp contrast to positive economics, which is objective, rather than subjective in nature. This type of economics looks at 'what is' happening in the economy, and while not necessarily correct, the statements can be evaluated and eventually proven or disproven.
Is 62 the age of a senior citizen? At the age of 62, one can retire with social security benefits within the US, and is considered to be the age of a senior citizen by many organizations. However, the federal gâ¦overnment has determined one who is 65 years of age or older is senior citizen.
People in the United States who are more than sixty years of age are commonly referred to as senior citizens or seniors. These terms refer to people whose stage in life is generally called old age, though there is no precise way to identify the final stage of a normal life span. People are said to be senior citizens when they reach the age of sixty or sixty-five because those are the ages at which most people retire from the workforce. U.S. law and society recognize the special needs of senior citizens. The most important aid to senior citizens is the Social Security program. More than twenty-five million Americans receive old-age benefits each month under federal Old-Age, Survivors, and Disability Insurance, and those payments amount to almost $20 billion a year.