full employment

Definitions

Accounting

  • noun a situation where all the people who can work have jobs

Economics

  • noun situation in which everyone in a country who can work and wants to work has a job

Health Economics

  • (written as Full Employment)
    A situation where all who wish to work at going wage and salary rates do so. This is not synonymous with zero unemployment thanks to frictional unemployment. Governments generally seek not to exceed the 'natural' rate of unemployment, defined (by Milton Friedman) as the lowest rate consistent with non-accelerating inflation (also termed NAIRU to avoid the apparent inevitability or acceptability implied by 'natural').
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