Ceteris Paribus
Categories: Econ
Wasn't that the Latin name for guy who sang "Glory of Love?" Actually...no. Ceteris Paribus is a Latin phrase meaning “other things held constant” or “all else unchanged.”
Often it is used when discussing economics, and a cause and effect relationship. The Ceteris Paribus assumption means that it’s understood that everything except the two variables being discussed remain the same. Usually, this assumption is just...assumed. It's hard to hold things constant in the real world. Markets don't like to sit idly by so you can make an academic point.
But, if you were discussing the issue with someone, or, say, writing a paper or memo on a variable, you could outline variables and then state "Ceteris Paribus" (stand up straight and say it like Seneca would have) to indicate that only those two are changing in your scenario.
Mutatis mutandis (great name for a Marvel villain, by the way) implies the opposite...there are other changes to the scenario, aside from the specific variables being discussed.
