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

Edgar Feige

Development and Comp Systems from University Library of Munich, Germany

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: D72 H2 H26 H3 K42 O17 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2003-12-11
New Economics Papers: this item is included in nep-law, nep-pbe and nep-tra
Note: Type of Document - pdf; prepared on WinXP; pages: 29; figures: None
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Citations: View citations in EconPapers (5)

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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: https://EconPapers.repec.org/RePEc:wpa:wuwpdc:0312003

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