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About this product
- DescriptionMeasurement of the shadow ecomy is toriously difficult as it requires estimation of ecomic activity that is deliberately hidden from official transactions. Surveys typically understate the size of the shadow ecomy but ecometric techniques can w be used to obtain a much better understanding of its size. The shadow ecomy constitutes approximately 10 per cent of GDP in the UK; about 14 per cent in Nordic countries and about 20 - 30 per cent in many southern European countries. The main drivers of the shadow ecomy are (in order): tax and social security burdens, tax morale, the quality of state institutions and labour market regulation. A reduction in the tax burden is therefore likely to lead to a reduction in the size of the shadow ecomy. Indeed, a virtuous circle can be created of lower tax rates, less shadow work, higher tax morale, a higher tax take and the opportunity for lower rates. Of course, a vicious circle in the other direction can also be created.
- Author BiographyFriedrich Schneider has been a professor of economics at Johannes Kepler University in Linz, Austria for 27 years. He is the former European editor of Public Choice and has published extensively in leading economics journals, including the American Economic Review, the Economic Journal, and the Quarterly Journal of Economics. Colin C. Williams is a professor of public policy and the director of the Inter-Disciplinary Centre of the Social Sciences at the University of Sheffield.
- Author(s)Colin C. Williams,Friedrich Schneider
- PublisherInstitute of Economic Affairs
- Date of Publication17/05/2013
- SubjectEconomics: Professional & General
- Place of PublicationLondon
- Country of PublicationUnited Kingdom
- ImprintInstitute of Economic Affairs
- Width130 mm
- Height200 mm
- Spine11 mm
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