– Traditionally, we know of the black economy. It is the underground activity which operates in flagrant violation of existing laws.
A black market is where the activities of drug traffickers and pushers take place; stolen cars are stripped and sold in parts; or the attempt to outsmart the government tax system are made.
– White economy, on the other hand, is a new term whose coinage is attributed to Professor Douglas McWilliams, a British economist.
In his book “The Flat White Economy: How the Digital Economy is Transforming London and Other Cities”, 2015, Professor McWilliams explains how London was able to compensate the loss of business that occurred after 2007/8, and the expected loss after Brexit, focusing on digital services like e-trade and e-speculation.
Green economy is a term which caught fire at the Earth summit that was held in Rio de Janeiro, Brazil, in 1992.
The United Nations began to issue data on national income accounts after deducting the annual cost of environmental degradation from the actual rates of growth.
You may call green national income accounts the net accounts after deducting the rate of depreciation in natural resources.
– It is interesting that the most zealous proponents of green economy are women. A leading reference on green economy is a book by a British European parliamentarian named Molly Scott Cato titled “Green Economics: An Introduction to Theory, Policy and Practice”, 2008.
Economists’ appetite produced other colour economies derived basically from environment-related studies and activities.
– The brown economy basically refers to the industries which cause high levels of pollution and gas emissions. Such industries are cement, iron smelting, quarrying and coal mining and coal-using production facilities.
Lots of investments have been launched over the past 50 years to contain the left-overs, sludge, smoke and acids of such industries.
– However, the most interesting development is the recycling of leftovers.
This is called the blue economy. According to the proponents of this economy, there is no such thing as useless materials. Everything can be input for new products.
In other words, everything, especially waste, can be reused to the benefit of human life.
They defend blue economy as the main pivot of sustainable growth.
– There is now the grey economy, which is the informal activity that the government is unaware of, or because the government allows it to operate free of regulations and taxes.
– Of course — last but not least — is the red economy. According to many authors, it refers to the communist-leaning economies where the state takes hold of production and distribution.