Informal economy

In economics the informal economy is a process of income generation that ?is unregulated by the institutions of society, in a legal and social environment in which similar activities are regulated.? (Portes et al.) Although informal economy is often associated with developing countries, where up to 60% of the labor force works informally, it exists in all countries. The term ?informal sector?, which was used in many earlier studies has been mostly replaced in more recent work.

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