BLACK ECONOMY

noun (Business World) The underground economy of earnings which are not declared for tax purposes, etc. Etymology: Formed by applying the black of black market to the economy. History and Usage: The black economy was first so named at the end of the seventies, when it was revealed that undeclared earnings accounted for an increasing proportion of the national income in several Western countries. The trend continued throughout the eighties. Part-time jobs have tended to be filled either by new entrants to the workforce, or in the 'black economy'--by people on the dole who do not declare their earnings. The Times 24 June 1985, p. 17