Term- Ceteris paribus
Translation- With other things the same
Definition- More commonly rendered in English as “All other things being equal”
Ceteris paribus is a Latin term that means “all other things being equal” or “all other things held constant.” It is often used in economics and other social sciences to describe a situation where one variable is being analyzed while assuming that all other relevant factors remain constant.
For example, suppose an economist is studying the relationship between the price of a good and the quantity demanded, while assuming that all other factors such as income, tastes, and availability of substitutes remain constant. In this case, the economist is using the ceteris paribus assumption to isolate the effect of the price on the quantity demanded.
Similarly, ceteris paribus can be used in other fields such as physics and biology, where it is often used to simplify complex systems by focusing on one variable at a time. However, it is important to note that in reality, it is often difficult or impossible to hold all other factors constant, and the ceteris paribus assumption is simply a useful tool for analysis and understanding.
