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The Underground Economy
A part of the economy that is hidden from the government is called the underground economy. There are many other terms used to describe this type of economy including words such as invisible, unofficial, irregular, informal, hidden and unrecorded. This economy is also called unrecorded, shadow economy or even moonlighting. The underground economy is best known as the black market not only in the United Sates but in other countries as well.
The underground economy can be broken up into three categories. The categories are the illicit, the informal, and the unreported. This type of economy is hidden for varies reasons and in not included in the economic reports. The amount of money that is generated in the underground economy is not unknown but it is estimated and it is believed to be on the rise.
The illicit category can include things such as the production and or distribution of illegal items. The sale of illegal drugs (ex. marijuana, cocaine) is an example. Prostitution can also be considered in the illicit category. It does not matter with whether it is prostitution of ones self or of someone else it is still illicit.
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The informal category includes the use of illegal labor. Illegal labor can include but is not limited to labor that is paid less than minimum wage. Jobs that are paid for in cash for the purpose to avoid income taxes can also be classified here. A hairdresser that is not licensed but works as one is conducting an informal trade.
The third category is the unreported category. This category includes things such as understating your income on your tax returns. Other examples would include tips earned by cab drivers, hairdressers, waiters and waitress, and hotel workers.
The majority of people have made a black-market transaction at least once. Regardless of what category the action falls into it is illegal. Some common underground activities are babysitting and gardening work. When you pay the children who work on the lawn or when you pay the babysitter in cash the income goes unreported most of the time. As simple as this seems it is illegal. After conducting research it is believed that underground work provides a large part of income to 5 million individuals (in the United States only).
The underground economy has a great impact on economics. Since it is not reported the official economic statistics are not always correct. Some economic reports omit important information making it misleading. The reports may also vary depending on where they gather information. Different sources have different numbers pertaining to the underground economy. The underground economy also affects the official number of unemployed persons. This may hide a share of individuals that actually work and receive wage income in underground transactions. Another major concern is the loss of tax revenue, as the underground activities are not taxed. The gross domestic product (GDP) is also affected since the unreported economy is omitted from the equation.
The underground economic activity is measured by conducting research and by other means. A clue that is pointed out to us by Bruce Bartlett of the National Center of Policy Analysis is the popularity of the $100 bill. He pointed out the fact that one rarely sees consumers pay with a $100 bill. This is a rare thing since 60 percent of the value of all the U.S. currency was $100 bills in 17. It is believed that large bills such as the $100 ones are mainly used in the underground economic transactions.
The underground economy is more common than one would imagine. It has a significant effect on the economic world as well as on individuals. Whether it falls under the illicit, informal or unreported category, it is still illegal.
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