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I can't think of a single broad economic axiom or theory that doesn't depend—wholly or in-part—on the principle of ceteris paribus, which excludes their practic
by theli0nheart 7y ago
I can't think of a single broad economic axiom or theory that doesn't depend—wholly or in-part—on the principle of ceteris paribus, which excludes their practical application to essentially everything in real life.
In a few cases, economic theories do a passable job of roughly mirroring real-world behavior, but that's the exception and not the rule.
- whatshisface 7y ago>on the principle of ceteris paribus, which excludes their practical application to essentially everything in real life. When a principle is violated marginally, conclusions made based on the principle are themselves violated marginally. You can't write off chemistry because relativistic effects violate the conservation of mass any more than you can write off economics because no two soup cans are identical.
- theli0nheart 7y agoEconomics waves off secondary effects at an entirely different level than Chemistry.