Partial equilibrium analysis makes the analysis of a problem more manageable, unlike general equilibrium analysis which is often difficult to comprehend. Reality is so complex that one needs a process of simplification (abstraction) to understand it. Partial approach is one such form of simplification, where each market is viewed in isolation. Partial equilibrium analysis was championed by Alfred Marshall (1890) and is based on “ceteris paribus” assumption. Such an assumption abstracts from all interconnections and inter-links that exist between the market under study and the rest of the economy. For instance, we use demand-supply model to show how equilibrium price and quantity is determined in each market, independently of other markets. However, we know very well that a change originating from any market has spill over (repercussions) effects on other markets. When these changes in other markets (sectors or industries) are significant, the partial equilibrium analysis is inappropriate and inadequate.