black economy

views updated May 29 2018

black economy That portion of employment within the market economy that is not fully covered by official statistics, due to some degree of under-reporting which is assumed to be connected with tax evasion. Unfortunately, economic statistics are imperfect, so that gaps and inconsistencies are due more often to data-quality problems than to unreported black economy activity. Guesstimates of the size of the black economy are inflated by the substantial amounts of non-market work and marginal work in the informal economy.

economy, black

views updated May 17 2018

economy, black See BLACK ECONOMY.