Do, however, note that this is only the illicit element: that part relates to criminality is on top of this sum according to the BoE.
Illicit is criminal.
The grey economy is licit activity which is not taxpaying. The black economy is illicit activity which may or may not be tax paying.
What a coincidence?
Pete
September 15, 2015 at 11:01 am
‘Welcome to The Age of Stupid.’
Richard Littlejohn
PUBLISHED: 01:41, 18 September 2015
‘We live in the Age of Stupid’
‘Illicit’ behaviour is not necessarily criminal, Tim. It means forbidden by law, rule or custom.
In economics, not so much. Grey economy is stuff that is legal by all other standards but is not paying tax. Black economy is what is illegal by other standards other than tax.
We’re talking here about Murph not knowing the standard distinctions in the subject he wants to discuss.
I never thought he could. Understand the English language, that is.
I posted a question, which he has answered with his usual clarity.
Sam Gamgee.
Theophrastus: yes, but wouldn’t you agree that when ‘criminal’ and ‘illicit’ turn up together then the alternative meanings of illicit fall away?
I think that Murphy probably means ‘licit’ but couldn’t quite grope his way there.
“when ‘criminal’ and ‘illicit’ turn up together then the alternative meanings of illicit fall away?”
But not with Richiebollocks, surely? He is the guy talks about the spirit not the letter of the law.
Bloke in Spain: That’s true, of course: Murphy has a Humpty Dumpty approach to language which may be why some, like jolly farmer, find him hobbit-forming.
“licit” means it is allowed.
As Diogenes said, most of the grey economy is part-time work and odd jobs which are allowed by any standards except those of Marxists that insist all activity be organised by the state.
Tim: “In economics, not so much.” OK; but lots of wriggle room for our mad (20% of a) professor.