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:
“When cups went round at close of day
Is not that how good stories run?
The gods were sitting at the board
In their great house at Slievenamon.
They sang a drowsy song, or snored,
For all were full of wine and meat.”
—William Butler Yeats (1865–1939)
“The boatmen appeared to lead an easy and contented life, and we thought that we should prefer their employment ourselves to many professions which are much more sought after. They suggested how few circumstances are necessary to the well-being and serenity of man, how indifferent all employments are, and that any may seem noble and poetic to the eyes of men, if pursued with sufficient buoyancy and freedom.”
—Henry David Thoreau (1817–1862)