Full employment, in macroeconomics, is the level of employment rates when there is no cyclical unemployment. It is defined by the majority of mainstream economists as being an acceptable level of natural unemployment above 0%, the discrepancy from 0% being due to non-cyclical types of unemployment. Unemployment above 0% is advocated as necessary to control inflation, which has brought about the concept of the Non-Accelerating Inflation Rate of Unemployment (NAIRU); the majority of mainstream economists mean NAIRU when speaking of "full" employment.
Full employment in microeconomics is when the economy is employing all of its available resources. This simply means that the capital goods and capital resources are at their highest and most efficient within the economy.
Read more about Full Employment: Economic Concept, Technical Issues, Policy
Famous quotes containing the words full and/or employment:
“It is comforting when one has a sorrow to lie in the warmth of one’s bed and there, abandoning all effort and all resistance, to bury even one’s head under the cover, giving one’s self up to it completely, moaning like branches in the autumn wind. But there is still a better bed, full of divine odors. It is our sweet, our profound, our impenetrable friendship.”
—Marcel Proust (1871–1922)
“Combining paid employment with marriage and motherhood creates safeguards for emotional well-being. Nothing is certain in life, but generally the chances of happiness are greater if one has multiple areas of interest and involvement. To juggle is to diminish the risk of depression, anxiety, and unhappiness.”
—Faye J. Crosby (20th century)