Essay: Information on Black Markets

Information on black markets or informal work is either scarce or has not been shared with relevant authorities. It is quite hard to come by.

Yet it is crucial to have this information as it aids in measurement of the extent of the shadow economy and thus helping in laying strategies on how to regulate it. It is almost impossible to gather data on the shadow economy as most people who engage in it prefer to remain anonymous. This trend affects the authenticity of reports on unemployment and other official economy indicators such as income and consumption. However, some studies have provided a rough idea of the extent of the shadow economy. For instance, the shadow economy is estimated to account for well over 25% of Italy’s official GDP (Schneider, 2007).

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