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:
“Only he who can view his own past as an abortion sprung from compulsion and need can use it to full advantage in the present. For what one has lived is at best comparable to a beautiful statue which has had all its limbs knocked off in transit, and now yields nothing but the precious block out of which the image of one’s future must be hewn.”
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