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The condition of being identical in every respect has a special name: ceteris paribus , Latin for all else equal . It is one of the most important concepts, not

The condition of being identical in every respect has a special name: ceteris paribus, Latin for all else equal. It is one of the most important concepts, not just in econometrics, but in all science.

In this video we tackle the question, should you pay big bucks to go to an expensive private university? Or would you do just as well attending a less pricey state university?

Keeping ceteris paribus in mind is the key to unlocking the answer to this question.

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