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.
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“The memory loaded with mere bookwork is not the thing wanted—is, in fact, rather worse than useless—in the teacher of scientific subjects. It is absolutely essential that his mind should be full of knowledge and not of mere learning, and that what he knows should have been learned in the laboratory rather than in the library.”
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