Yes, I was a black market lemonade dealer at the tender age of 7, but you can call me Addison.

And what ever gets sold on Craigslist.

This has nothing to do with the video, but I was just thinking that you should totally do a crash course series for computer programming! It would be so helpful since a lot of people would benefit from knowing some basics, but a lot of schools don't offer it.

"It's not like most street vendors are set up to use apple pay"... LOLOLOLOL OMG the year 2016 is so precious

So, when you buy a lemonade from a little girl on the sidewalk, it's black market? Neat. Back Market Lemonade.

Okay I just wanted to comment and tell you how very very thankful I am that you guys have started making these videos. I literally wait for the Crash Course Economics episodes to come out eagerly every week. I've watched all of them... and if there were 100 more I would just sit and binge watch them. As dramatic as this sounds, the videos have really changed my life. They've changed the way I look at my money, business, and the world. Before I was never able to save money and after watching these videos it was like a paradigm shift ( a huge one). I hated work with a firey passion prior to these videos, and as a result could not keep jobs for a long time which is one of the reasons I wanted to become an entrepreneur. These videos have helped me see work as a "trade" for labour vs money. I provide a service and if I am being fairly compensated it should be a quality service. I think about opportunity cost now all the time. I think of myself on a large/longer timeline. I don't seek instant gratification anymore. I understand that If I put it work now it will result in a much larger happiness later (temporary pain for long term gain). And I think Adrian Hill is amazing! I love her and wouldn't chose anyone else to do these videos... I follow her really well and she speaks very clearly. Plus you gotta love that upbeat attitude. Anyways, thanks again for making these. If I could donate a million dollars just to ensure that you guys never stop making videos on economics I 100% would! In fact, *if* one day I do succeed in business, and truly make something for myself I would look back and attribute much of that to these videos..... as theyve made a huge impact on my thoughts, habits, and actions which we all know become who we are. It'd be super cool too if you guys did maybe some videos related to businesses, starting a business, or just general other topics like you did in that one where you talked about "How to know when to stop hiring workers, specialization in making pizza." It'd be cool to do a video on Lotto tickets and gambling.

Summary! XXXII: The Underground Economy 1) Also known as the shadow/informal/unofficial/hidden economy, or black market. When economists talk about the underground economy they are talking about a much wider, less nefarious (like drug dealing, organ black market) group of activities. The informal economy they talk about is all the trade and work that happens off the books, under the table, outside the sight and reach of government rules and taxes - a lot of these are completely mundane (e.g., a nanny or housekeeper’s job). 2) It is estimated to be worth trillions of dollars globally; about 10 - 20% of total GDP in developed countries. In the US the underground economy is probably worth somewhere between 1 and 2 trillion dollars. In developing countries the underground economy often accounts for more than one-third of economic outputs. The international labour organisation says the informal economy also employs half to three-quarters of all non-farm employees in the developing countries. 3) Economist have come up with indirect macroeconomic ways to try and wrap their head around the informal economy. a. One way to estimate the size of the hidden economy is by looking at the difference between the total income accounting reports and its total expenditures. b. By looking at the demand for cash - a greater demand for cash in an economy might signal a larger underground economy. c. By studying electricity usage: electricity is a good indicator of total economic activity. 4) Illegal trade: According to the UN, organised crime is an 870-billion dollar a year business, about one and a half percent of global GDP drug trafficking is a biggest chunk of that - about 320 billion. Others: counterfeiting, smuggling, human trafficking, exploiting the environment (timber trafficking, hunting endangered species) 5) The European Union recently asked member countries to do a better job counting vice in their GDP totals. Spain and Britain also have similar concerns. 6) Because illegal markets are by their nature illegal, they can often be dangerous places to buy or sell. 7) What is wrong (or otherwise) with people doing legal jobs, just working off the books? Cons: ILO points out that workers in the informal economy don't have the same sort of safety-net (job security and welfare) in place as people who work in regulated jobs. Economists also point out that a big informal economy makes it difficult for the government to get an accurate count of important economic statistics like unemployment and income, which might encourage misguided economy policies. Tax revenues may fall, becoming part of up a negative vicious cycle. Pros: However it can offer jobs and work where they don't otherwise exist, e.g. during the US financial crisis, where it served as a temporary buffer for individuals, and the economy as a whole.

Leave it to economists to make even the black market unexciting. :P

Crash course is made of awesome

Wow! Incredibly informing! Once again, you nailed it, Crash Course! I just love this channel. Thank you.

'Sorry sir, but we don't take credit cards ' ' How about endangered salamanders" ' ... Why would I take that" ' Because you're technically operating in the black market" " I think you have misunderstood how that works"

As an ex small time drug dealer i can tell you that the black market is all about trust. You need to trust people before you do business with them. Informal imployment is in a lot of situations better than government work. I made more money than doing honest work. I actually felt more empowered too. Ive also had legal work too like a cashier. I also did under the table landscaping work. Underground work to me was always better because it gave you the ability to negociate with employers and customers. Legal work is like my way or the highway.

Thank you for this very thoughtful examination of the underground economy.

Thank you, I don't want this course to end

Crash Course sure do make economy a lot more interesting. Learning economy in high school was boring. Thanks Crash Course! (kudos)

I've seen police shut down a little girl's lemonade stand for being an underground economy. Not even joking.

2:11 The grey market has poor old Uncle Sam sweating. lol.

Best, most engaging and clear episode of this series; something about the single presenter format perhaps.

Great work of reporting. Very educational. I enjoyed it very much. It made me think and I see it around me everyday!

very informative, i always enjoy your videos :)

The underground economy is not necessarily bad. It is the result of government regulation and taxes. The more the government tries to control the economy, the more people will evade of such control.

the only crash course eco that i watch

CrashCourse Algebra! PLEASE!

I heard Mrs. Hill on NPR yesterday! She is so cool!

Excellent.

Awesome as always...!!! tq

All of these hidden gems

Great video!

This is a very interesting video!

I love learning. I also love that nerdy emoji. 🤓

omg this vid is FRICKIN LIT!!! luv economics! crash course u rule!!1!!1!

This was great! If love a crash course on tariff TTP/TTIP 😬👍🏼 Apologies if one already exists, Were working our way through all these LOL 😉

I've been there and Kowloon is CRAZY!

The 500 euros bill just stopped being emitted to prevent its use by the Underground Economy (mainly drug dealers and other smugglers).

This was great. Please do an episode on Foreign aid.

This video needs to be added to the economics playlist. It is released for several days but still doesn't appear on the list.

are you going to upload more videos? I really like them.

BLACK MARKET LEMONAID, BUY MINE! come on its only 25 cents!

Are you going to do a video on the economics of tourism?

I wouldn't mind owning vending machines on the downlow lol

How do they calculate the underground expenditures??

Ohhey the organ subject that was hit on in my regulatory economy class like...3 weeks ago.

Trust is the basis of Economics. When trust is lost then we defer to Justice. Regressive Regulation precludes trust which distorts and calcifies normally fluid market relations.

I'm new and I have already seen a few videos but I still can't figure out what do you work as? Or what you studied in university? I would like to follow your lead and do something where I can receive as much knowledge of everything!!! Thank you

Do you have any sources for this video? I would love to read some more about this topic. Thanks in advance.

You just made my Spanish presentation on Monday way easier.

Good video; legalizing organ donations is the right decision in my opinion.

7:28 BAH!!! I'd do it in a pinch on the side of the road (while being extremely careful), but for routine work it is a habit that I'd never want to form. car needs to be on jack stands, not a lifting jack.

thanks for the video

Hey Crashcourse, Is this course gonna cover econometrics at any point?

TL;DR banning things never works, and usually just makes things worse.

There needs to be an episode of the shadow banking system, mainly about derivatives and swaps. I'd love to see if any economist can justify its huge size.

In Portugal informal economy pays much more than formal economy, i would say it pays 2 times more to the works and at the same time delivers much cheaper and quality goods and services.

I think, in Paraguay, the informal economy was about 10 times the formal....

Is there a way to mass download these videos so I can listen to it when driving?

Hi Adrienne & Crash Course -- Can economists use changes in unemployment rate to help determine the size of the underground economy? Also, what's the relationship between the underground economy and the government in countries where the underground economy makes up a large part of GDP? Do you think that provides governments an incentive for ignoring illegal markets? Thanks! Ben PS - An intro to development economics video would be really awesome!

Adrien ... will u look into a phenomena called the mandella effect ? its quite topical and out of this world kool

it would be great if you guys started doing geography videos

Ooo Nice!

at 2:19 you talk about how you can measure the demand for cash, I was wondering if nowadays people also measure the demand for bit coin?

You guys should do a video on the largest slave trade the world has ever known . The American Privatised Prison Complex ..

you know what'd be neat? Crash Course Mythology..?

Lmaoooo Daredevil at 4:33

I have a final essay about thomas de quincey and i would love it if you made a video explaining who he is? His beliefs? Literally everything about him??

Fraggles!! Not to be picky, but it was the Doozers that did all the work in the Fraggle underground. (Love to Thought Café)

3:10 Huge? Or YUUUUUUUUUUGGGGGGGEEEEEE?

maybe governments can stop lining their pockets with tax dollars, spend responsibly and actually do the jobs that they were elected to do the way that it is mandated... oh ya, what was I thinking...

basically hustling

I always have to pause during the intro slides. To read every little bubble

What does it even mean for an economy to be worth a certain amount? The goods on sale keep changing... does a trillion dollar economy mean a trillion dollars pass through it every year? Or have passed since the beginning of history (that wouldn't seem that much)? Or that its combined GDP is worth a trillion dollars?

Hey @CrashCourse, you forgot to add this video to the Crash Course Economics playlist :)

Adriene is so much more fun to watch than the guy, she just catches your attention with her mild smooth explaining and talking, unlike the guy who speaks way too fast and complicated

Curious to see these numbers here in 2020

I have a question: how do economists value stay at home parents in GDP calculations? I really like the show, keep up the good work.

Can you guys made a top 10 needed for self-employed people, like taxes and employe liabilities and business account. Specially the taxes if your self employed.

Sometimes, it's better to measure electricity usage than money flow to better track economic activity. Considering that electricity, or energy overall, is being used in one form or another. Also, didn't know the kidney economy was so big. :L

8:18 -Agree about the negative cycle part as I am seeing it practically everyday. 90% of the employed are in unorganized sector, making only 0.3% of the population tax-payers. This is further forcing the Government to reduce the funds for social security schemes. Corruption, security and environmental problems are also adding to the miseries of the poor. I wonder where this will end, or is there a 'economic theory or model' which can provide a solution

haha at the daredevil reference!

The Bloody Bazaar, The Mall of Maul, The Ivory Interest, The Bestiality Boutique, The Vice Vending Villians. I could go on.

The problem here is the use of an Income Tax instead of a Consumption Tax. This is one of the issues it would fix, but the big one is the off-setting of other distortionary effects like the inherent effect Income Taxes have on savings which limit investment.

I've been wondering about these stats...

I miss john :(

Ese del 6:51 está vendiendo butifarra en Barranquilla, nojoda! :D

omg did I just see the flash at 4.35?? 😂🙈

Electricity is NOT a good indicator of the underground economy. It might work in some states, but the ones close to the north or south pole use a whole lot more of the stuff, without being more corrupt. And yes - it changes due to the weather.

There is no mention of service industry workers not putting out what they make in tips. How do you measure all cash transactions and tips from someone when a credit card isn't used?

Not that science will ever agree with economics, but: Work = Force X Distance (and we aren't paid enough to get out of bed in the morning) It is, however, quite effective in determining just how far you can push something and to what level of degree.

i guess the tooth fairy buys teeth off of the black market

What about bars that stayed open against COVID restrictions, is that part of the informal economy?

Nature finds a way.

1:28 - the last 4 quarters of lemonade sales were 1 dollar :P 4:33 - :D

i think the informal economy will get a big boost if the government passes anti-encryption bills. people are going to have to make those illegal computers to fill the demand. its not like the demand will go away.

is there any difference, economically, between a black market and a grey one?

is parallel and underground economy have the same meaning

did some one talk about the Kowloon wall city (which is a park now)????

Beware those UK ONS figures, stats are easily misunderstood. Check the BBC 'More or Less' podcast where they discuss those statistics in further detail.

Evan edinger should do a crashcourse math series!!! is this possible? can this be a thing please

+1 for Fraggle Rock reference.

i pretty much only watch philosophy crash course guy...... but, im gonna give you a chance, you seem alright so far :)

Was that the daredevil?