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Marshall's ceteris paribus in a dynamic framework

Cerina, Fabio (2005) Marshall's ceteris paribus in a dynamic framework. Working Paper. CRENoS.

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Official URL: http://www.crenos.it/working/pdf/05-01.pdf

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.

Item Type:Technical Report / Working Paper / Project Report (Working Paper)
Publisher:CRENoS
Date:2005
Institution:Universita' degli Studi di Cagliari
Divisions:Centri > CRENoS Centro Ricerche Economiche Nord Sud
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/05 Econometria
Uncontrolled Keywords:Ceteris Paribus, Marshall, Dynamics, Partial Equilibrium
ID Code:256
Deposited On:10 Nov 2008 11:29

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