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Defining And Estimating Underground And Informal Economies: The New Institional Economics Approach

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  • Edgar L. Feige

    (University of Wisconsin-Madison)

Abstract

A taxonomy of underground economies is elaborated based on the new institutional approach to economic development. Members of formal sectors confront different sets of transformation and transaction costs than do members of informal sectors and these differences are regarded as crucial to the development process. The paper distinguishes illegal, unreported, unrecorded and informal economies and examines the conceptual and empirical linkages among them. Alternative micro and macro methodologies for measuring underground activities are reviewed and evaluated including census and survey procedures, discrepancies and monetary methods. To be published in World Development, Vol 18, No 7, 1990.

Suggested Citation

  • Edgar L. Feige, 2003. "Defining And Estimating Underground And Informal Economies: The New Institional Economics Approach," Development and Comp Systems 0312003, EconWPA.
    • Handle: RePEc:wpa:wuwpdc:0312003
    Note: Type of Document - pdf; prepared on WinXP; pages: 29; figures: None
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    References listed on IDEAS

    as
    1. Edgar L. Feige & Robert T. McGee, 2005. "Policy Illusion, Macroeconomic Instability And The Unrecorded Economy," Macroeconomics 0501027, EconWPA.
    2. Peattie, Lisa, 1987. "An idea in good currency and how it grew: The informal sector," World Development, Elsevier, vol. 15(7), pages 851-860, July.
    3. Chadeau, Ann, 1985. "Measuring Household Activities: Some International Comparisons," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 31(3), pages 237-253, September.
    4. Portes, Alejandro & Blitzer, Silvia & Curtis, John, 1986. "The urban informal sector in Uruguay: Its internal structure, characteristics, and effects," World Development, Elsevier, vol. 14(6), pages 727-741, June.
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    More about this item

    Keywords

    Underground; unrecorded; unreported; informal; illegal; unobserved; hidden; shadow economy; transaction costs; monetary methods.;

    JEL classification:

    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents

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