Informal Economy
Storyboard Description
Informal Economy
Storyboard Text
- Informal Economy? -any exchange of goods or services involving economic value that escapes regulation -part of an economy that is not taxed, monitored by any form of government or included in any gross national product
- Gentrifying neighborhoods tend to have high levels of informal economic activity. A source of informal activity is the rapid increase in the volume of renovations, alterations, and small scale new construction associated with the transformation of many areas of the city from low-income, often dilapidated neighborhoods into higher income commercial and residential areas. The volume of work, its small scale, its labor intensity and high skill content, and the short-term nature of each project all were conducive to a heavy incidence of informal work. (Saskia Sassen)
- http://urbanology.org/bedstuy
- A timeline, some history and background
- Bushwick
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- Hey! What do you know?
- Immigrants, rise of hipsters? affordable/unaffordable housing, empty condos
- Social Affects
- change
- Gentrification in conjunction with Informal Economy
- In general, the illicit economy does make it harder for governments to raise revenues...When you’ve got too many people in the illicit economy, the only way you can tax them is through inflation. (James Hamilton)
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