full employment


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full employment

  1. the policy of many governments in the late 1930s and in the immediate postwar period, which was to seek to maintain high levels of employment. In practice this has usually meant a level of employment below that in which all those seeking work are employed.
  2. (KEYNESIAN ECONOMICS) the level of employment which a capitalist economy can sustain (e.g. without excessive inflation). KEYNES recognized that the level of unemployment would always be greater than zero, owing to the number of workers changing jobs, some seeking jobs who were unfit for work, etc., but he assumed that, by government management of demand, higher levels of employment could be sustained than in the past.
In fact, the levels of ‘full employment’ that Keynes believed possible have proved difficult for governments to obtain without leading to inflationary pressures on the economy (see also INFLATION, MONETARISM).
References in periodicals archive ?
The bill also requests that the Fed provide key information in its reports to Congress, including analysis of past failures to achieve full employment, impact of their decisions on job creation and wage growth, and assessing the impact of their policymaking on disadvantaged communities, such as communities of color.
My observation, is that this new Brexit era will allow manufacturers to have a chance to re-focus on capital investment in order to upskill the existing UK workforce to use new technology, and maintain full employment, given that the economy is at maximum capacity.
Essentially, the idea of full employment is that so few workers are available that companies need to begin raising wages to attract help.
The federal job guarantee not only will chart a direct route to full employment, but also to decent and dignified employment for all Americans.
Statistical filtering techniques, such as the Hodrick--Prescott filter, extract from the data underlying trends that represent an economy's full employment or potential output.
This implies that an annual growth rate of 6-6.5pc in the provincial GPP may be sufficient to achieve the target of full employment.'
To appreciate the extent of labour under-utilsation throughout the period since 1974 (especially as it relates to Australia), it is helpful to draw on the extensive work of the Centre of Full Employment and Equity (CofFEE) at the University of Newcastle, Australia.
Full employment is better than high unemployment if it can be accomplished without inflation, Greenspan thought.
THE Government's crusade for full employment has been strengthened by surprising statistics about the impact on people's health of being out of work.
Expert economists Jared Bernstein and Dean Baker present The Benefits of Full Employment: When Markets Work for People, a thoughtful look at the prosperity that came with the 1990s employment boom.
He was also greatly instrumental in co-authorship of the National Industrial Recovery Act (1935); the National Labor Relations Act (1935)--the so-called Wagner Act; the Employment Act of 1946; and later the Full Employment and Balanced Growth Act of 1978 (The Humphrey-Hawkins Act)--all of which he considered more important than the dissertation which he had not completed.
The Institute has now called for the Labour Government to do more to achieve its manifesto pledge of full employment in every region.