Quote:
Originally Posted by dtennent
“There is no such thing as a normal period of history. Normality is a fiction of economic textbooks.”
— Joan Robinson, “Contributions to Modern Economics” (1978) .
|
In college we started every economics class with "Ceteris paribus". A Latin phrase means "all other things being equal." In economics, it acts as a shorthand indication of the effect one economic variable has on another, provided all other variables remain the same. Of course, all variable never remain the same. All variables are never even taken into account (municipal pay offs, local police involvement, makeup of local unions).