Ceteris Paribus: all other things being equal.
This Latin term used in economics is a short-hand way to explain certain economic ideas in an isolated context, in order to understand two different variables and their relationship in as simple terms as possible.
For example, let's say the price of beef goes up, Ceteris Paribus (all other things being equal), you would expect the demand for beef to go down. That is quite simple. However, in reality, there are many other economic factors to consider which makes a clear analysis very difficult. Ceteris Paribus is, therefore, a rather big assumption to make, and one which does not reflect truly on the complexity of reality, but rather, acts as a means of applying certain analytical models.
We analyse so much in our everyday lives, be it our relationships, other people's relationships, the academic articles we study, the stock market, historical events, and so on and so forth.
How much do we truly know? And how deep is the knowledge that we do possess? When analysing anything, surely there is an infinite number of potential factors to consider, infinite angles to look from; no-one analysis can possibly be 100% accurate.
We use Ceteris Paribus because reality is often a lot more complex than whatever we could write down on paper, and situations are deeply difficult to analyse more often than not.
We use Ceteris Paribus because reality is often a lot more complex than whatever we could write down on paper, and situations are deeply difficult to analyse more often than not.
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