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Full employment

Full employment Definition

In economics, full employment has more than one meaning. To many laypeople, it means zero unemployment or underemployment. To economists, it means the lowest level of unemployment that can be sustained given the structure of the economy. For modern macroeconomics, it means that there is no unemployment above the level of the "natural" rate of unemployment, i.e., the unemployment rate there is no cyclical or deficient-demand unemployment. If the unemployment rate stays below this "natural" or "inflation threshold" level, it is posited that inflation will accelerate, i.e., get worse and worse (in the absence of wage and price controls).





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