The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd


  • Peter Newman
Reference work entry


Mathematical inequalities are pervasive in economic theory, just as economic inequalities are pervasive in social life. The insistence that quantities (always) and prices (usually) be nonnegative, the constraint that expenditure not exceed wealth, the necessity in proving existence of competitive equilibrium that each agent’s resources have positive value, are so familiar that we scarcely think of them as requirements of inequality, though that is what they are.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Peter Newman
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  1. 1.