The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Large Economies

  • John Roberts
Reference work entry


Economists have often claimed that our theories were never intended to describe individual behaviour in all its idiosyncrasies. Instead, in this view, economic theory is supposed to explain only general patterns across large populations. The prime example is the theory of competitive markets, which is designed to deal with situations in which the influence of any individual agent on price formation is ‘negligible’.


Contract curve Convergence Convexity Cournot, A. A. Large economies Nonstandard analysis Oligopoly Richter’s theorem 

JEL Classifications

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • John Roberts
    • 1
  1. 1.