The first thing you learn in Economics 101 is this phrase ceteris paribus, which means “all else being equal”, and you put the letters CP in the corner to show that you’re recognising that everything you just proved is “all things being equal”. That’s a lie. All else is never equal in this connected world.’ I quip that this is the economic equivalent of disclaimers like, ‘I’m not racist but . . . ’ or ‘Some of my best friends are . . . ’
