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.
Most western countries, Canada , the US, the UK, consider senior citizens at age 65. Although depending on the government pension plans it could be 60 or 62. The Canadian Association of Retired Persons and the American Association of Retired Persons consider anyone over 50 a senior citizen. Depending on the retail store anyone over 55 is a senior citizens.