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Marshall's ceteris paribus in a dynamic framework

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  • F. Cerina

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Abstract

The paper aims to propose a formalization of the concept of ceteris paribus (CP) by means of a dynamic model. The basic result of the analysis is that the CP clause may assume essentially different meanings according to (1) the kind of variables assumed to be ”frozen” and (2) the length of the time horizon. It is then possible to distinguish, respectively, between an historical and an endogenous CP and, within the latter, between a short-run and a long-run CP. This double analytical distinction helps in understanding the role the CP clause plays in economic dynamics. Finally, the notion of long-run CP seems to suggest an extension of the standard view of the CP concept - interpreted as dynamics on manifolds, it still reduces the degree of complexity of a system even if variables ”frozen” in it need not to be constant.

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Bibliographic Info

Paper provided by Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia in its series Working Paper CRENoS with number 200501.

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Date of creation: 2005
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Handle: RePEc:cns:cnscwp:200501

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Keywords: ceteris paribus; marshall; dynamics; partial equilibrium;

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  1. Fabio Cerina, 2001. "Dinamica e ceteris paribus in una economia marshalliana," STUDI ECONOMICI, FrancoAngeli Editore, FrancoAngeli Editore, vol. 2001(75).
  2. Schlicht, Ekkehart, . "Isolation and Aggregation in Economics," Monographs in Economics, University of Munich, Department of Economics, University of Munich, Department of Economics, number 3, April.
  3. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 1(1), pages 19-46, January.
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Cited by:
  1. Duane Windsor, 2010. "The Role of Dynamics in Stakeholder Thinking," Journal of Business Ethics, Springer, Springer, vol. 96(1), pages 79-87, August.

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