MA discussion 5: Watch the TED talk, The Power of the Informal Economy https://www.ted.com/talks/robert_neuwirth_the_power_of_the_informal_economy. Discuss what the informal economy is, how it affects the marketplace and formal economy, how it operates and who the players are. I want it to be done within 4 hours please.

Date Posted: 17/12/2018

Category: Business
Due Date: 17/12/2018

Instruction

write the initial thoughts on a word document 300 words. Then, on a separate page write down a response to this initial thought of one of the students: In a TED talk entitled "The Power of the Informal Economy" Robert Neuwirth (2012) precisely discussed about formal and informal economy. Besides, he also discussed about advantages and disadvantages of informal economy. Second, how it can affects the marketplace and formal economy. The informal economy comprises more than half of the global labour force and more than 90% of Micro and Small Enterprises (MSEs) worldwide. Informality is an important characteristic of labour markets in the world with millions of economic units operating and hundreds of millions of workers pursuing their livelihoods in conditions of informality (Neuwirth, 2012). Moreover, the expression “informal economy” encompasses a huge diversity of situations and phenomena. Indeed, the informal economy manifests itself in a variety of forms across and within economies. Formalization process and measures aiming to facilitate transitions to formality need to be tailored to specific circumstances that different countries and categories of economic units or workers face (Neuwirth, 2012). Some people are self-employed in the informal sector because they want to avoid registration and taxation. But many people work in the informal sector through necessity, not choice. Today, there are two features of the informal sector that are well-recognized (ILO, 2018). Firstly, much of the informal economy contributes greatly to the formal economy. Secondly, women constitute the majority of precarious, under-paid, informal workers (Neuwirth, 2012). The informal sector connects to the formal sector at multiple points, such as individual transactions, sub-sector networks of commercial relations or a value chain of subcontracted relationships. In a majority of these contacts, the rules of the game are set by the formal sector. Within the informal sector there is always the risk that non-wage cost cuts such as a cramped workspace or insufficient electricity are borne by the worker. Indeed, these risks can lead to the rejection of goods and delayed payment of already low wages (ILO, 2018). Thus, it is said that changing the face of informal enterprises is a complex multidimensional process, where policymakers will have to understand the nature of eclectic categories of informal workers, their constraints as well as their potential to contribute to overall GDP. References · Neuwirth, Robert. (2012). The Power of the Informal Economy. Retrieved from: https://www.ted.com/talks/robert_neuwirth_the_power_of_the_informal_economy On December 10, 2018. · ILO. (2018). Informal economy. Retrieved from: https://www.ilo.org/global/topics/employment-promotion/informal-economy/lang--en/index.htm On December 10, 2018.

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