Wednesday, April 14, 2010

I like black markets

The Economist reports:
[A] vigorous and growing underground (black) economy makes a big difference. The tax inspectors’ union, Gestha, believes that it accounts for more than 23% of GDP and that it grew by 0.7% last year when recorded GDP shrank by 3.1%. The black economy is especially attractive to those still receiving unemployment benefits based on previous earnings. They are often reluctant to go back into formal work until the two-year payment period is over.
Black markets, lovely things, they provide income without the hassle of government bureaucrats.

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