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- Full_employment abstract "Full employment, in macroeconomics, is the level of employment rates where there is no cyclical or deficient-demand unemployment. It is defined by the majority of mainstream economists as being an acceptable level of unemployment somewhere above 0%. The discrepancy from 0% arises due to non-cyclical types of unemployment. Unemployment above 0% is seen as necessary to control inflation, to keep inflation from accelerating, i.e., from rising from year to year. This view is based on a theory centering on the concept of the Non-Accelerating Inflation Rate of Unemployment (NAIRU); in the current era, the majority of mainstream economists mean NAIRU when speaking of "full" employment. The NAIRU has also been described by Milton Friedman, among others, as the "natural" rate of unemployment. Having many names, it has also been called the structural unemployment rate.The 20th century British economist William Beveridge stated that an unemployment rate of 3% was full employment. Other economists have provided estimates between 2% and 13%, depending on the country, time period, and their political biases. 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 & minus the standard error of the estimate.For the United Kingdom, the OECD estimated the NAIRU (or structural unemployment) rate as being equal to 8.5% on average between 1988 and 1997, 5.9% between 1998 and 2007, 6.2%, 6.6%, and 6.7 in 2008, 2009, and 2010, then staying at 6.9% in 2011-2013. For the United States, they estimate it as being 5.8% on average between 1988 and 1997, 5.5% between 1998 and 2007, 5.8% in 2008, 6.0% in 2009, and then staying at 6.1% from 2010 to 2013. They also estimate the NAIRU for other countries.The era after the 2007-2009 Great Recession shows the relevance of this concept, for example as seen in the United States. On the one hand, in 2013 Keynesian economists such as Paul Krugman of Princeton University see unemployment rates as too high relative to full employment and the NAIRU and thus favor increasing the aggregate demand for goods and services and thus labor in order reduce unemployment. On the other hand, pointing to shortages of some skilled workers, some businesspeople and Classical economists suggest that the U.S. economy is already at full employment, so that any demand stimulus will lead to nothing but rising inflation rates. One example was Narayana Kocherlakota, President of the Minneapolis Federal Reserve Bank, who has since changed his mind.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.".
- Full_employment thumbnail Circulation_in_macroeconomics.svg?width=300.
- Full_employment wikiPageExternalLink 18464874.pdf.
- Full_employment wikiPageID "55578".
- Full_employment wikiPageRevisionID "602256484".
- Full_employment about "yes".
- Full_employment by "no".
- Full_employment hasPhotoCollection Full_employment.
- Full_employment label "Full employment".
- Full_employment onlinebooks "no".
- Full_employment others "no".
- Full_employment subject Category:Labor_economics.
- Full_employment subject Category:Macroeconomics.
- Full_employment comment "Full employment, in macroeconomics, is the level of employment rates where there is no cyclical or deficient-demand unemployment. It is defined by the majority of mainstream economists as being an acceptable level of unemployment somewhere above 0%. The discrepancy from 0% arises due to non-cyclical types of unemployment. Unemployment above 0% is seen as necessary to control inflation, to keep inflation from accelerating, i.e., from rising from year to year.".
- Full_employment label "Full employment".
- Full_employment label "Plein emploi".
- Full_employment label "Pleno empleo".
- Full_employment label "Pleno emprego".
- Full_employment label "Vollbeschäftigung".
- Full_employment label "توظيف كامل".
- Full_employment label "充分就业".
- Full_employment label "完全雇用".
- Full_employment sameAs Vollbeschäftigung.
- Full_employment sameAs Πλήρης_απασχόληση.
- Full_employment sameAs Pleno_empleo.
- Full_employment sameAs Plein_emploi.
- Full_employment sameAs Lapangan_kerja_penuh.
- Full_employment sameAs 完全雇用.
- Full_employment sameAs Pleno_emprego.
- Full_employment sameAs m.0ffwr.
- Full_employment sameAs Q384136.
- Full_employment sameAs Q384136.
- Full_employment wasDerivedFrom Full_employment?oldid=602256484.
- Full_employment depiction Circulation_in_macroeconomics.svg.
- Full_employment isPrimaryTopicOf Full_employment.