The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Gorman, W.M. (Terence)

  • Charles Blackorby
  • Daniel Primont
  • R. Robert Russell
Reference work entry


W.M. (Terence) Gorman was a theorist’s theorist who nonetheless thought himself to be very practical. His contributions were brilliantly original – both in conception and in technical execution – but they often were a difficult read. We sketch below two of his lifelong interests – aggregation over agents and aggregation over commodities – and discuss briefly a few of his other contributions. We hope this brief outline will encourage others to peruse his works in more detail.


Aggregation over agents Aggregation over commodities Cambridge School Capital aggregation Characteristics Closed form representation Compensation principle Concavity Diminishing marginal utility Duality Econometric Society Engel curve Equivalence scales Expected utility theory Expenditure function General equilibrium Gorman, W. M. Hotelling’s lemma Indirect utility functions Interpersonal utility comparisons Le Chatelier principle Marginal product of capital Price aggregation Profit functions Roy’s theorem Separability Two-stage budgeting 

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Charles Blackorby
    • 1
  • Daniel Primont
    • 1
  • R. Robert Russell
    • 1
  1. 1.