In the above article, Willis identifies a variety of economic issues that have come to the surface as and when decisions were made. In the same article, the Chairman and Chief Executive Officer Kenneth D. Lewis of the Charlotte, A North Carolina bank made reference to deteriorating credit quality. Weber’ s perspectives on extrascientific influences in social sciences and related empirical analysis have invariably eluded the larger issue of transcendentalism. From theoretical value judgments to practical ones there is a process of transformation which involves both a dynamic characteristic and a value-based logical premise.
Judgmental reasoning processes do not necessarily go with logical coherence; neither do they seek to justify a priori reasoning as a precondition for such argumentative postures. Weber’ s analysis based on theoretical Wertbeziehung barely goes beyond the purely theoretical aspectual perimeter and thus obviously stops short of meeting the coterminous Werturteil. The economic science as such does not encourage analysts to come to conclusions that have been influenced by value judgments (Gerth and Mills, 1958). In other words, normative economics is just there in the theoretical domain for the study by those who are interested in it.
Practically it’ s the positive economic science that is studied and applied in all contexts. For instance, the argument that both governments and banks ought to adopt a liberal credit policy in order to solve the problem of recession is a normative economic statement. There is also a very contingent reasoning effort to establish certainties about cognitive thought processes on the part of the individual so that outcomes would have the same value judgments as those initial statements. In the analytical framework of value incommensurability between theoretical value relevance and practical value judgment, there is very little authentic coterminous correlation.
However, Oakes (2003) for instance places emphasis on value relevancies for value judgments which cannot be construed as true in the social sciences in which conflicts are less likely unless interpreted as “ conflicting paradigms” .
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