Ceteris paribus means other conditions remain same and all other factors remain unchanged to specific situation.
The fundamental law of economic needs major revamp as they are outdated and business headwinds and challenges are dynamic and magnanimous than earlier making concept of ceteris paribus slightly vague.
There are practically no sectors wherein this concept is viable in todays age and instantaneous communication and thus this concept is largely irrelevant as we see how Telecommunications market in USA has submerged into Oligopolistic market with consolidation keeping geopolitical tensions as constant or ceteris paribus. Technically geopolitical tensions should halt growth but we do not witness such empirically.
Similarly in India, Telecommunications market has evolving into Oligopolistic market from perfect competition keeping government laws as same.
On contrary, market should have multiple players when government laws remain intact.
This makes the definition and application of ceteris paribus ambiguous and lacks transparency.
Module 4 Assignments: Economic Goal posting #3 AND Assignment 1 - Ceteris Panbus o Answer the...