Wage Differential
A detailed exploration of wage differential within the context of economics, covering its meaning, types, and analytical frameworks.
Wage Drift
Tendency for the average level of wages actually paid to rise faster than wage rates
Wage Flexibility
An economics term that denotes the ability of wages to adjust in response to changes in labor market conditions or economic circumstances.
Wage Freeze
An economic measure imposing a ban on changes in wages, mostly to control inflation as part of a prices and incomes policy.
Wage Rate
The rate per hour paid for work of a given type
Wage Resistance
Examination of the difficulty in reducing wages, either in real or nominal terms.
Wage Restraint
Decisions by trade unions to forego wage increases or moderate their wage demands, often encouraged by governments to control inflation.
Wage Rigidity
The tendency of wage rates to be ‘sticky’ and not adjust to clear the market in the short run.
Wage Round
A period of regular pay negotiations, usually when employees are unionized.
Wage-Push Inflation
A type of inflation triggered by increases in wages.
Wage–price spiral
Understanding the wage–price spiral, a phenomenon where wage and price increases perpetuate each other, contributing to ongoing inflation.
wage(s)
Understanding Wage(s): Payment for work performed by employees, typically calculated based on hours worked, and contrasts with salaries received by independent contractors.
Wages Council
A governmental body established to set minimum wages for specific industries or types of work.
Wagner Act
An overview of the National Labor Relations Act of 1935, known as the Wagner Act, which enabled workers' rights to unionize and participate in collective bargaining in the United States
Wagner’s Law
An observation by Adolph Wagner on the increasing share of the public sector in GDP over time
Wald Test
The Wald Test is utilized for testing restrictions on unknown parameters based on the maximum likelihood estimation.
Wall Street
Insight into the symbolic and functional epicenter of high finance in the United States
Walras's Law
An examination of Walras's Law, which asserts that the value of excess demand in an economy is always zero.
Warrant
A financial instrument granting the holder the right to purchase an underlying asset at a predetermined price.
Warranted Growth Rate
The rate at which growth must occur for sustainability in the Harrod–Domar model.
Warranty
A guarantee by the provider of goods or services as to their quality
Washington Consensus
A comprehensive guide to the Washington Consensus, its origins, principles, and impact on economic policies in less-developed countries.
Wasting Asset
An asset which diminishes over time due to usage or time passage
Ways and Means Advances
Advances to the government made by the central bank. These are necessary when government expenditure runs in advance of receipts from taxation plus borrowing from the public, effectively increasing the money supply.
Weak Axiom of Revealed Preference (WARP)
A principle in consumer theory ensuring that a consumer's choices are consistent with a utility-maximizing behavior
Weak Convergence
An overview of weak convergence in the context of economics and statistics.
Weak Stationarity
A property of a time series indicating that its mean, variance, and autocovariance structure do not change over time.
weakening of a currency
A fall in the price of a currency in terms of other currencies.
Wealth
The total value of a person's net assets, including various forms such as money, shares, real estate, and debt instruments.
Wealth Effect
The impact of an increase in an individual's total wealth on their level of expenditure and saving patterns.
Wealth Tax
An entry defining wealth tax and exploring its implications in economics.
Wear and Tear
The cumulative damage to equipment through regular use.
Weighted Average
An average giving weights to different numbers in proportion to their importance
Weighted Least Squares Estimator
A comprehensive entry explaining the concept, usage, and analytical frameworks associated with the weighted least squares estimator.
Weights in Index Numbers
Explanation of the term 'weights in index numbers,' its importance, and applications in economics.
Welfare
The state of well-being of an individual or a society.
Welfare Criterion
A method of deciding whether a proposed change in the economy should be made based on specific criteria evaluating gains and losses.
Welfare Economics
An entry exploring the scope, historical background, and multifaceted aspects of welfare economics.
Welfare State
Definition and meaning of the welfare state in economics
White Knight
An entity or investor that acquires a company to save it from an unwanted takeover.
White Noise
A stochastic process with zero mean, constant variance, and zero autocorrelation
White Noise in Economics
A stochastic process with zero mean, constant variance, and zero autocorrelation
White Paper
A UK government publication generally intended as a prelude to legislation, contrasted with a green paper meant to stimulate public discussion.
White's Test
A diagnostic tool for detecting heteroscedasticity in regression analysis, utilizing regressions of squared OLS residuals.
Wholesale Banking
Banking by institutions which specialize in dealing with other financial institutions, large firms, and wealthy individuals.
Wholesale Prices
The prices of goods dealt with on a wholesale basis, important for economic indicators and analyses.
Wholesaling
The sale of goods to distributors, rather than the general public.
widget
Understanding the term 'widget' in economic texts.
Wildcat Strike
An exploration of wildcat strikes, where employees initiate work stoppages without union authorization.
Willingness to Pay
A comprehensive understanding of the term 'Willingness to Pay' in economics, including its definition, historical context, and various analytical frameworks.
Windfall Gain
An unexpected increase in personal or corporate income, often considered for non-distortionary taxation.
Winding Up
Closing down a business, paying off its debts, and distributing remaining assets to shareholders.
Winner’s Curse
The potential financial loss experienced by the winning firm in competitive tendering or auction scenarios due to misestimation of costs or revenues.
Wirtschaftswunder
Referring to the remarkable economic recovery of West Germany post-World War II.
With-Profits Life Insurance
Life insurance where benefits to the policy-holders depend on the financial performance of the fund accumulated from their premiums.
Withholding Tax
A tax levied at a standard rate on all receipts of income from wages or dividends, regardless of the individual’s tax liability.
Within-groups Estimator
An estimator of the parameters in a panel data model using deviations from time averages.
Wold’s Decomposition Theorem
A fundamental theorem in time series analysis that decomposes a zero-mean covariance stationary stochastic process into a deterministic and a non-deterministic part.
Work
Exploring the multifaceted definition and implications of 'work' within economic and social contexts.
Work in Progress
The term Work in Progress refers to materials and partially finished products that are at various stages of the production process.
Work Study
The study of working procedures with a view to improving their efficiency, safety, or comfort.
Worker Participation
Definition and meaning of worker participation in firm decision-making
Worker-Controlled Firm
A comprehensive examination of worker-controlled firms, also known as producers' cooperatives, where both ownership and management responsibilities are vested in the workers.
Workfare
Workfare - A system making income support for the unemployed conditional on their performing some form of work for which they are suitable.
Workforce
Comprehensive exploration of the term 'Workforce,' synonymous with 'labour force'
Working Capital
An overview of working capital in business finance, its components, and significance.
Working Conditions
The conditions under which employees have to work, including various factors affecting their safety, comfort, and productivity.
Working Practices
Understanding the ways through which employees carry out their tasks in an enterprise.
Working Tax Credit
A UK tax credit paid to low-income workers, designed to supplement wages.
Works Council
Definition and meaning of works council, a body that facilitates dialogue between management and workers on matters of mutual interest.
World Bank
An overview of the World Bank, its purpose, historical context, and its significance in global economics.
World Development Indicators
World Development Indicators Annual time-series data starting from 1960 on variables reflecting the level of development that is compiled by the World Bank.
World Trade Organization
Definition and Examination of the World Trade Organization (WTO)
Write-Down
A reduction in the recorded value of an asset when its fair market value has significantly dropped below its carrying amount.
Write-off
A reduction in the value assigned to a transaction in the accounts to zero, as well as the status of an asset severely depreciated due to an accident.
Wrongful Dismissal
Termination of employment by the employer contrary to the employee’s contract of employment.