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 lacked many of the key provisions in the original Full Employment Bill of 1945, stripping the provisions that guaranteed a full employment economy or a right to a job.
Earlier views, such as those held by Keynes (11) and Beveridge, (12) defined full employment as an economy in which the only unemployment was due to workers transitioning from one job to another.
By making the two sides equal, and assuming we start with full employment of capital, the required growth rate of investment necessary to keep new capital fully employed can be calculated.
The value of full employment as a target of social policy has been contested in American life.
run sustainable, economic conditions full employment and stable prices and, by extension, that monetary policy supports such an outcome.
Full employment, shorter working time for all and a rising share of national income for labour are the major risk to capital, not an increase in income security.
He said: "I hereby formally commit the Government to report on our progress towards halving the disability employment gap in the annual report on full employment - no ifs, no buts.
A world where reproduction is easy may well be a world where full employment is behind us.
Full employment means for me that anyone who wants a job is able to get a job in our country.
In the Fifties the Attlee Labour government achieved full employment, which it defined as just 1.
In a speech to port workers in Tilbury, Essex, Osborne said: "Today I'm making a new commitment - a commitment to fight for full employment in Britain.
A person who is a genuine casual worker does not have a 'contract of employment' and therefore does not have full employment rights.