What Full Employment Means

Geoff Riley

2nd February 2017

This is an excellent short piece from the Economist exploring the concept of full employment

It focuses in particular on the tricky task of estimating the natural rate of unemployment / NAIRU as the labour market edges close to unemployment rates last seen many years ago. Can inflationary pressures be controlled if UK unemployment for example gets close to 4% of the labour force?

Revision video on the concept of full-employment

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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