DEFINING AND ESTIMATING UNDERGROUND AND INFORMAL ECONOMIES: THE NEW INSTITIONAL ECONOMICS APPROACH

Edgar L .Feige ()

Development and Comp Systems from EconWPA

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.

Keywords: Underground; unrecorded; unreported; informal; illegal; unobserved; hidden; shadow economy; transaction costs; monetary methods. (search for similar items in EconPapers)
JEL-codes: O17 H26 H2 K42 D72 H3 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-law, nep-pbe and nep-tra
Date: 2003-12-11
Note: Type of Document - pdf; prepared on WinXP; pages: 29; figures: None
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Related works:
Journal Article: Defining and estimating underground and informal economies: The new institutional economics approach (1990)
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpdc:0312003

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