black economy
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.
More From encyclopedia.com
Mixed Economy , mixed economy An economy which combines elements of the market economy with elements of a command economy; that is, combines characteristics of capit… Informal Economy , informal economy As used by sociologists, the term refers to non-market work, in some cases with the addition of black economy work (which is market… New Economy , As the U.S. economy surged into overdrive between the mid-1990s and early 2000s, delivering skyrocketing profit margins and profound technological de… Laramie , Laramie •fumy, gloomy, plumy, rheumy, roomie, roomy, spumy •excuse-me • mushroomy • perfumy •Brummie, chummy, crumby, crummy, dummy, gummy, lumme, mu… Karl Polanyi , Polanyi, Karl
Polanyi, Karl
Karl Polanyi (1886—1964), whose concept of substantive economics did much toward integrating the study of economics with… Command Economy , A command economy is one based on centralized decision making by government authorities rather than private individuals, and such decisions are not d…
About this article
black economy
All Sources -
You Might Also Like
NEARBY TERMS
black economy