Marshall's ceteris paribus in a dynamic framework
AbstractThe 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 InfoPaper provided by Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia in its series Working Paper CRENoS with number 200501.
Date of creation: 2005
Date of revision:
ceteris paribus; marshall; dynamics; partial equilibrium;
Other versions of this item:
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
- C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-02-26 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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