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In Britain, a wages council was a statutory body empowered by the Wages Act 1986 to prescribe minimum rates of pay in a particular industry. The wages orders made by wages councils do not apply to employees under the age of 21. Each council consists of representatives of employers and employees in the industry concerned and independent members. Councils have usually been established for industries in which employees' collective bargaining power is comparatively weak. The Wages Act 1986 abolished the power to create new
wages councils.
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Waifs are goods thrown away by a thief in his flight.
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In economics, Walras' Law is a law formulated by Leon Walras, that the value of goods demanded in an economy is equal to the value of goods sold. This follows from the simple idea that for each individual, income equals expenditure (including borrowing and saving). This is an important step in proving the existence of a perfectly competitive equilibrium, which is Pareto efficient in general equilibrium theory.
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Wampum, or Wompan, is an American Indian word meaning 'strings of white beads'. Wampum was used as money, according to tradition, first by the Narragansett Indians and was afterward generally adopted by the Indians along the eastern coast as a medium of exchange. It was also used as money by the colonists of New England and the Middle States, being deemed a legal tender from 1627 to 1661.
Wampum was manufactured from beads made from the stems of periwinkle shells, common along the coast. These shells were both white and black, and the value of the latter as a medium of exchange was twice that of the former. The beads were strung together and sewn upon belts, and were also worn as necklaces and wristlets. The black beads were called 'Suckanhock'. Wampum was also known under the Dutch name 'Sewon', or 'Zeewand'. Payments were made by stripping off individual beads, or by cutting off portions of the embroidered belts.
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In economics the wealth effect (Pigou effect) is a change in the value of the assets held by an individual as a result of a change in the price level (inflation or deflation). John Keynes argued that falling prices would reduce the level of aggregate demand and therefore create unemployment. However, if there is a wealth effect, falling prices will raise the value of money held and enhance aggregate demand, implying that the effect of money on the economy is neutral.
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Welfare economics is the branch of economics that is concerned with normative questions relating to the well- being of society as a whole; in particular, it seeks to establish a ranking in terms of welfare between different allocations of resources. Unfortunately, the only widely agreed criterion for judging between alternatives is Pareto optimality, which is very weak. Thus, although welfare economics concerns itself with such important questions as taxation, distribution, regulation of externalities, government policy, etc., it has been of limited practical use.
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The term Welsh mortgage is applied to a pledge of land in which no date is fixed for redemption.
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Weregild was the Anglo-Saxon money-value of a man's life. It varied in amount and had to be paid by a murderer to the murdered man's relatives.
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White goods are a class of consumer durables that includes washing machines, dishwashers, refrigerators, tumble-dryers, deep-freezers, and cookers; they are so named because they are usually finished in white enamel paint, although browns and other colours are now being used to make them fit less starkly into modern kitchens.
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In business a white knight is a person or firm that makes a welcome takeover bid for a company on improved terms to replace an unacceptable and unwelcome bid from a black knight. If a company is the target for a takeover bid from a source of which it does not approve or on terms that it does not find attractive, it will often seek a white knight, whom it sees as a more suitable owner for the company, in the hope that a more attractive bid will be made.
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Whitley Councils were industrial committees set up in the early part of the 20th century in Britain to enable employers and employees to discuss problems of mutual interest with a view towards avoiding strikes and lockouts. Neither side was keen to make use of them, and they were abandoned in the late 1920s. Today a similar service is provided by conciliation in the form of ACAS.
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A wholesaler is a distributor that sells goods in large quantities, usually to other distributors. Typically, a wholesaler buys and stores large quantities of several producers' goods and breaks into the bulk deliveries to supply retailers with smaller amounts assembled and sorted to order.
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The Window Tax was an additional taxation levied in England in proportion to the number of windows in a house. It was first levied in 1695 and abolished in 1851. To avoid the tax many people bricked up some of their windows.
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The won is the currency unit of South Korea.
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A work-to-rule is a form of industrial action in which employees pay a slavish obedience to employers' regulations in order to dislocate working procedures, without resorting to a strike. A work-to-rule usually involves an overtime ban.
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Working capital is the part of the capital of a company that is employed in its day-to-day trading operations. It consists of current assets (mainly trading stock, debtors, and cash) less current liabilities (mainly trade creditors). In the normal trade cycle - the supply of goods by suppliers, the sale of stock to debtors, payments of debts in cash, and the use of cash to pay suppliers - the working capital is the aggregate of the net assets involved, sometimes called the working assets.
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World Bank is the name by which the International Bank for Reconstruction and Development combined with its affiliates, the International Development Association and the International Finance Corporation, is known.
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In law, wrongful dismissal is the termination of an employee's contract of employment in a manner that is not in accordance with that contract. Thus when an employee is dismissed without the notice to which he is entitled (in circumstances that do not justify summary dismissal) or when the employer prematurely terminates the employee's fixed-term contract, the employee is entitled to claim damages in the courts for wrongful dismissal. The court's jurisdiction concerns only the parties' contractual rights and not their statutory rights under the employment protection legislation. The Employment Protection (Consolidation) Act 1978 empowers the Secretary of State for Employment to give industrial tribunals jurisdiction to hear claims of wrongful dismissal but he has not yet done so.
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Under the Torts (Interference with Goods) Act 1977, the wrongful interference with goods is any of various torts to goods. It includes conversion, trespass to goods, negligence so far as it results in damage to goods or to an interest in goods, and any other tort (except detinue, which is abolished by the Act) that results in damage to goods or an interest in goods.
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Wrongful trading is the carrying on business knowing that the company has no reasonable prospect of avoiding an insolvent winding-up. Directors responsible may be ordered to contribute to the assets of the company when the winding-up occurs.
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Abbreviations
Money
