The observed sector is taken to constitute all the measured activity that is recorded in conventional national income accounting frameworks such as NIPA, its overwhelming corpus consists of income-producing market activities that utilize money as the medium of exchange.
The changing geometry of the formal-informal relationship follows the contours delineated by economic history as well as the character of state authority and its interaction with private interests. The development of the unregulated sector (informal sector) depends very much on the form adopted by the regulated one (the formal sector).
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