The rate of nucleotide substitution is generally believed to be a decr
easing function of effective population size, at least for nonsynonymo
us substitutions. This view was originally based on consideration of s
lightly deleterious mutations with a fixed distribution of selection c
oefficients. A realistic model must include the occurrence and fixatio
n of some advantageous mutations that compensate for the loss of fitne
ss due to deleterious substitutions. Some such models, such as so-call
ed ''fixed'' models, also predict a population size effect on substitu
tion rate. An alternative model, presented here, predicts the near abs
ence of a population size effect on substitution rate. This model is b
ased on concave log-fitness functions and a fixed distribution of muta
tional effects on the selectively important trait. Simulations of an i
nstance of the model confirm the approximate insensitivity of the subs
titution rate to population size. Although much experimental evidence
has been claimed to support the existence of a population size effect,
the body of evidence as a whole is equivocal, and much of the evidenc
e that is supposed to demonstrate such an effect would also suggest th
at it is very small. Perhaps the proposed model applies well to some g
enes and not so well to others, and genes therefore vary with regard t
o the population size effect.