What is the state really efficient at? In creating black markets!
#mises #freemarket #bureaucracy #regulation
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1. OECD (Organisation for Economic Co-operation and Development) estimates:
- The global shadow economy is equivalent to 13-15% of worldwide GDP, amounting to $11-13 trillion annually.
2. Study by Friedrich Schneider:
- The size of the global shadow economy was equivalent to about 31.9% of official GDP in 2020.
3. IMF (International Monetary Fund) report:
- The average size of the shadow economy across 158 countries was around 31.9% of official GDP between 1991-2015.
4. Journal of Economic Surveys paper:
- The size of the shadow economy was equivalent to 35-44% of official GDP in developing countries.
- The size of the shadow economy was equivalent to 15-17% of official GDP in OECD countries.
5. Global Financial Integrity organization:
- The value of illicit financial flows (a major component of the grey economy) was estimated to be $1.6 - $4.6 trillion per year.
6. OECD statement:
- The shadow economy can be as large as 50-60% of official GDP in some developing countries.
