Other Things Being Equal
References Publications referenced by this paper. Showing of 52 references.
All other things being equal, and with adherence to the international agreements
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all things being equal
Usha Goswami Advances in child development and behavior Holding all other things constant is directly analogous to using a partial derivative in calculus rather than a total derivative , and to running a regression containing multiple variables rather than just one in order to isolate the individual effect of one of the variables.
The clause is used to consider the effect of some causes in isolation, by assuming that other influences are absent. Alfred Marshall expressed the use of the clause as follows:. The above passage by Marshall highlights two ways in which the ceteris paribus clause may be used: The one is hypothetical , in the sense that some factor is assumed fixed in order to analyse the influence of another factor in isolation.
This would be hypothetical isolation.
An example would be the hypothetical separation of the income effect and the substitution effect of a price change, which actually go together. The other use of the ceteris paribus clause is to see it as a means for obtaining an approximate solution. Here it would yield a substantive isolation.
Other Things Being Equal by Emma Wolf - Free Ebook
Substantive isolation has two aspects: Temporal isolation requires the factors fixed under the ceteris paribus clause to actually move so slowly relative to the other influence that they can be taken as practically constant at any point in time. So, if vegetarianism spreads very slowly, inducing a slow decline in the demand for beef, and the market for beef clears comparatively quickly, we can determine the price of beef at any instant by the intersection of supply and demand, and the changing demand for beef will account for the price changes over time Temporary Equilibrium Method.
The other aspect of substantive isolation is causal isolation: If a change in government policies induces changes in consumers' behaviour on the same time scale, the assumption that consumer behaviour remains unchanged while policy changes is inadmissible as a substantive isolation Lucas critique. From Wikipedia, the free encyclopedia.
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