This approach to economics is one that is scientific. Because it is scientific, this approach to economics utilizes hypothesis testing to analyze results, conditions, and actions. Social criterion is used to define underlying values that are utilized to define which actions are desirable. Economics in this sense entail not merely the maximum efficiency of the market, but rather incorporate normative judgments. The total cost of the economic exchange is not viewed solely in monetary terms.
Economic exchanges contain social components under normative theory.
These social components are added to the monetary components of an economic exchange to arrive at the true total cost of an exchange.