What is the relationship between the expression ceteris paribus, and the expression ceteris paribus
Answers
This Latin phrase is generally used for saying 'with other things being the same'. It is particularly crucial in the study of cause and effect relationship between two specific variables such that other relevant factors influencing these are assumed to be constant by the assumption of Ceteris Paribus.
Explanation:
Definition: This commonly-used phrase stands for 'all other things being unchanged or constant'. It is used in economics to rule out the possibility of 'other' factors changing, i.e. the specific causal relation between two variables is focused.
Description: This Latin phrase is generally used for saying 'with other things being the same'. It is particularly crucial in the study of cause and effect relationship between two specific variables such that other relevant factors influencing these are assumed to be constant by the assumption of Ceteris Paribus.
The opposite for this is the phrase 'mutatis mutandis', which states changing some factors that need to be changed. Ceteris paribus is often a fundamental assumption to the predictive purpose of scrutiny.