The average raise in base pay is expected to be 3.0 percent in 2015, up slightly from 2.9 percent in 2014, 2.8 percent in 2013 and 2.7 percent in 2012.These results are indicative of a steadily increasing trend.he average raise in base pay is expected to be 3.0 percent in 2015, up slightly from 2.9 percent in 2014, 2.8 percent in 2013 and 2.7 percent in 2012.
In summary, ceteris paribus is the commonly used Latin phrase meaning 'all other things remaining constant.' The concept of 'ceteris paribus' is important in economics because in the real world, it is usually hard to isolate all the different variables that may influence or change the outcome of what you are studying.
Most, though not all, economists rely on ceteris paribus to build and test economic models. In simple language, it means the economist can hold all variables in the model constant and tinker with them one at a time. Ceteris paribus has its limitations, especially when such arguments are layered on top of one another. Nevertheless, it is an important and useful way to describe relative tendencies in markets. BREAKING DOWN 'Ceteris Paribus'