This work presents a semiotic approach to the economy, underlining that any economic phenomena is at the same time a communicative act as it is contingent to sense-making. The article discusses this topic by focusing on a specific phenomenon studied by economics: the underground economy. It shows that the conceptualization of the underground economy in terms of sense-making processes offers a thought-provoking perspective for theoretical development. More in general, the discussion proposed makes it clear that in order to deepen our vision of economic phenomena in a more thoughtful and realistic way we need to rethink these phenomena as being reciprocally and circularly embedded in the semiotic flow of life. The economy is within sense-making and it is shaped by it; at the same time sense-making is within the economy, as its semiotic substance.