A Modern Guide to the Informal Economy

The informal economy is a system in which the majority of the global workforce is employed and has pervasive detrimental effects. This Modern Guide provides a comprehensive synthesis of contemporary thought on methods of understanding and measuring the informal economy and discusses the need to shift away from solely using tools that punish the practice and towards aligning social norms with the regulations of formal institutions. Incentives, education, and reform are advocated in this Modern Guide for the transition to formality, making it an invaluable resource for policymakers, academics, and researchers.

Format: Hardback
Length: 410 pages
Publication date: 28 March 2023
Publisher: Edward Elgar Publishing Ltd

This comprehensive Modern Guide offers a thorough exploration of contemporary perspectives on the informal economy, revealing its profound significance as a dominant system that employs the majority of the global workforce and exerts detrimental effects on society. The author convincingly argues that formalizing this economy is a top priority for most governments.

Through the use of theoretical and empirical methodologies, Colin C. Williams delves into the latest research on understanding and measuring the diverse manifestations of the informal economy. He also sheds light on the motivations and dynamics behind its participants. The book's rigorous analysis of the imperative to shift away from punitive measures and towards aligning social norms with the regulations of formal institutions is complemented by a rich examination of how jobs and enterprises worldwide can transition towards formalization. Incentives, education, and reform are among the strategies advocated in this Modern Guide's compelling and lucid roadmap for the transition to formality.

This resource is of immense value to policymakers engaged in tax, social security, and labor policies, belonging to both governments and supra-national institutions. It is also invaluable for academics and researchers in sociology, economics, and business studies, particularly those with interests in taxation, industrial relations, entrepreneurship, and labor economics.

Dimension: 234 x 156 (mm)
ISBN-13: 9781788975605