Archives: Terms

Definition of Water Rights Water rights refer to the legal entitlements granted to individuals or groups to use water resources. These rights can be assigned to agricultural, industrial, or domestic users, and are often regulated by government agencies or water management authorities. Water rights determine the quantity and quality of […]

Who is Wassily Leontief? Wassily Leontief was a Russian-American economist who is best known for his work on input-output analysis. He was born on August 5, 1906, in Munich, Germany, and received his education at the University of Leningrad, where he studied economics. Leontief later moved to the United States, […]

Definition of War Economy A war economy is an economic system that is effectively mobilized and centralized to support and sustain a nation’s war efforts. It involves the allocation of resources, production, and distribution of goods and services prioritized towards military needs. During times of major conflicts, such as war […]

Definition of Walrasian Market A Walrasian market refers to a perfectly competitive market where prices adjust to equate supply and demand. In a Walrasian market, there are many buyers and sellers, and there are no barriers to entry or exit. Prices are determined through the interaction of supply and demand, […]

Definition of Walras’ Law Walras’ Law, named after the French economist Léon Walras, states that in a general equilibrium model, the sum of excess demands across all markets must be equal to zero. This means that if there is an excess demand for one good or service, there must be […]

Definition of Walmart Effect The Walmart Effect refers to the impact that the retail giant Walmart has on the local economy, businesses, and communities where it operates. The term is often used to describe the changes in pricing, consumer behavior, and labor markets that occur as a result of Walmart’s […]

Definition of Wage Push Inflation Wage push inflation refers to a situation where rising wages in an economy lead to an increase in the overall price level of goods and services. This type of inflation is caused by increased labor costs, which can result from factors such as higher minimum […]

Definition of Wage-Price Spiral The wage-price spiral is an economic phenomenon where wages and prices continuously rise in a self-reinforcing cycle. It often occurs when there is strong demand for labor and businesses need to pay higher wages to attract and retain workers. As workers receive higher wages, they have […]

Definition of Voodoo Economics Voodoo Economics refers to an economic theory that promotes the idea of tax cuts, specifically for the wealthy, as a means to stimulate economic growth. This theory, also known as supply-side economics or trickle-down economics, suggests that by reducing taxes on the highest-income earners, they will […]

Definition of Voluntary Simplicity Voluntary simplicity, also known as simple living, is a lifestyle choice where individuals actively seek to reduce their consumption, material possessions, and overall complexity in order to enhance their well-being, increase their personal freedom, and live in harmony with the environment. It involves consciously opting for […]