Definitions for full employment
full em·ploy·ment

Princeton's WordNetRate this definition:0.0 / 0 votes

1. full employmentnoun

   the economic condition when everyone who wishes to work at the going wage rate for their type of labor is employed

WiktionaryRate this definition:0.0 / 0 votes

1. full employmentnoun

   A policy goal state in which all those wanting employment at the prevailing wages can find it.

WikipediaRate this definition:0.0 / 0 votes

1. Full employment

   Full employment is a situation in which there is no cyclical or deficient-demand unemployment. Full employment does not entail the disappearance of all unemployment, as other kinds of unemployment, namely structural and frictional, may remain. For instance, workers who are "between jobs" for short periods of time as they search for better employment are not counted against full employment, as such unemployment is frictional rather than cyclical. An economy with full employment might also have unemployment or underemployment where part-time workers cannot find jobs appropriate to their skill level, as such unemployment is considered structural rather than cyclical. Full employment marks the point past which expansionary fiscal and/or monetary policy cannot reduce unemployment any further without causing inflation. Some economists define full employment somewhat differently, as the unemployment rate at which inflation does not continuously increase. Advocacy of avoiding accelerating inflation is based on a theory centered on the concept of the Non-Accelerating Inflation Rate of Unemployment (NAIRU), and those who hold it usually mean NAIRU when speaking of full employment. The NAIRU has also been described by Milton Friedman, among others, as the "natural" rate of unemployment. Such views tend to emphasize sustainability, noting that a government cannot sustain unemployment rates below the NAIRU forever: inflation will continue to grow so long as unemployment lies below the NAIRU. For the United States, economist William T. Dickens found that full-employment unemployment rate varied a lot over time but equaled about 5.5 percent of the civilian labor force during the 2000s. Recently, economists have emphasized the idea that full employment represents a "range" of possible unemployment rates. For example, in 1999, in the United States, the Organisation for Economic Co-operation and Development (OECD) gives an estimate of the "full-employment unemployment rate" of 4 to 6.4%. This is the estimated unemployment rate at full employment, plus or minus the standard error of the estimate.The concept of full employment of labor corresponds to the concept of potential output or potential real GDP and the long run aggregate supply (LRAS) curve. In neoclassical macroeconomics, the highest sustainable level of aggregate real GDP or "potential" is seen as corresponding to a vertical LRAS curve: any increase in the demand for real GDP can only lead to rising prices in the long run, while any increase in output is temporary.

ChatGPTRate this definition:0.0 / 0 votes

1. full employment

   Full employment is an economic situation or condition where all available labor resources are being used in the most efficient way possible. This means that all individuals who are willing and able to work are employed, and there are no involuntary unemployed workers. Full employment does not mean zero unemployment, it includes both frictional unemployment (people are temporarily in between jobs) and voluntary unemployment (people who choose not to work) but excludes cyclical or structural unemployment.

WikidataRate this definition:0.0 / 0 votes

1. Full employment

   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; 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.

Matched Categories

1. • Economic Condition

How to pronounce full employment?

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How to say full employment in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of full employment in Chaldean Numerology is: 3

2. Pythagorean Numerology

   The numerical value of full employment in Pythagorean Numerology is: 9

Examples of full employment in a Sentence

1. Richard Clarida:

   What does a full employment mandate mean? Sometimes these conversations can get very 'NAIRU-centric,' the labor market is a very complex organism and it is useful to keep multiple indicators.

2. Donald Trump:

   I thought the jobs report was very good. The big thing to me was cracking 4, that hasn't been done in a long time ... we're at full employment. We're doing great.

3. Janet Yellen:

   Last year, the economy shrunk more than any other since the end of World War II. With the growth that the CBO projects, it will be years before the country reaches full employment again.

4. Yoshinori Shigemi:

   There will be a large-scale fiscal spending. The Fed is seeking to achieve two percent inflation and full employment, which still look distant, so it will keep interest rates low for some time and market sentiment should remain robust.

5. Janet Yellen:

   While our economy continues to expand and recapture a substantial share of the jobs lost during 2020, significant challenges from the Delta variant continue to suppress the speed of the recovery and present substantial barriers to a vibrant economy, still, I remain optimistic about the medium-term trajectory of our economy, and I expect we will return to full employment next year.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=full employment
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Full_Employment
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Full_Employment
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=full employment