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 developed Western countries set the age of 60 to 65 for retirement. Being 60â65 years old is usually a requirement for becoming eligible for senior social programs. However, various countries and societies consider the onset of old age as anywhere from the mid-40s to the 70s. The definitions of old age continue to change especially as life expectancy in developed countries has risen to beyond 80 years old.