full employment

Examples of full employment in the following topics:

• Defining Full Employment

  • In macroeconomics, full employment is the level of employment rates where there is no cyclical or deficient-demand unemployment.
  • Full employment is often seen as an "ideal" unemployment rate.
  • The full employment unemployment rate is also referred to as "natural" unemployment.
  • As an example, the United States is committed to full employment.
  • Full employment is defined as "ideal" unemployment.

• Employment Levels

  • Full employment, in macroeconomics, is the level of employment rates when there is no cyclical unemployment.
  • The majority of mainstream economists mean NAIRU when speaking of full employment.
  • What most economists mean by full employment is a rate somewhat less than 100%, considering slightly lower levels desirable.
  • He preferred that the economy be kept above that full employment level in order to allow maximum economic production.
  • Ideas associated with the Phillips curve questioned the possibility and value of full employment in a society: this theory suggests that full employment—especially as defined normatively—will be associated with positive inflation .

• The Taylor Rule

  • how far economic activity is above or below its "full employment" level, and
  • what the level of the short-term interest rate is that would be consistent with full employment.
  • The Taylor rule advocates setting interest rates relatively high (contractionary policy) when inflation is high or when the employment rate exceeds the economy's full employment level.

• The Business Cycle: Definition and Phases

  • An expansion is characterized by increasing employment, economic growth, and upward pressure on prices.
  • A peak is realized when the economy is producing at its maximum allowable output, employment is at or above full employment, and inflationary pressures on prices are evident.
  • Following a peak an economy, typically enters into a correction which is characterized by a contraction, growth slows, employment declines (unemployment increases), and pricing pressures subside.
  • The NBER identifies a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production. " This is significantly different from the commonly cited definition of a recession being signaled by two consecutive quarters of decline in real GDP.

• Case: China establishes a new employment contract law for 2008

  • In an effort to promote better employment relationships between employers and employees, and establish stricter guidelines for Employment practices, the Peoples Republic of China (PRC) passed a new employment contract law in June 2007 which became effective on January 1, 2008.
  • This law requires all employers to enter into contracts with their employees within 30 days of full-time employment and sets out guidelines for their implementation.
  • An employee's resident ID cards, files or contract papers are retained by an employer illegally or the employer collects an unrequired financial guarantee from an employee.
  • If an employer hires an employee whose contract with another employer has not yet been terminated or ended, causing the other employer to suffer a loss, it shall be jointly and severally liable with the employee for damages.
  • The new employment contract law will enhance employees' rights in striving for better employment terms and working conditions.

• Fair Labor Standards Act

  • In general, as long as an employee is engaging in activities that benefit the employer, regardless of when they're performed, the employer has an obligation to pay the employee for his or her time.
  • It also specified that travel to and from the work place was a normal incident of employment and shouldn't be considered paid working time.
  • The full effect of the FLSA of 1938 was postponed by the wartime inflation of the 1940s, which lowered wage values to below the level specified in the act.
  • Still, an employer cannot simply exempt workers from the FLSA by calling them independent contractors, and many employers have illegally misclassified their workers as independent contractors.
  • Some employers similarly mislabel employees as volunteers.

• Increased Reliance on Contractors and Part-Time Employees

  • Particularly in light of the recent banking disaster (2008/2009), trends towards lower cost employment have grown increasingly common.
  • Another benefit of employees that work fewer hours is that employers can be more flexible with scheduling.
  • It also helps avoid overtime or time and a half, thereby reducing overhead for an employer.
  • Full-timers can also be invested in (e.g., through training and education) with more potential for a return on investment.
  • Unlike full-time and part-time workers, contractors aren't official employees of the company.

• Postponing Job Hunting

  • Job hunting is the act of looking for employment, due to unemployment or discontent with a current position.
  • Job hunting is the act of looking for employment, due to unemployment or discontent with a current position.
  • The job hunter typically first looks for job vacancies or employment opportunities.
  • Many job seekers research the employers to which they are applying, and some employers see evidence of this as a positive sign of enthusiasm for the position or the company, or as a mark of thoroughness.
  • Information collected might include open positions, full name, locations, web site, business description, year established, revenues, number of employees, stock price if public, name of the chief executive officer, major products or services, major competitors, and strengths and weaknesses.

• Pensions and Unemployment Insurance

  • In the United States, employers play a key role in helping workers save for retirement.
  • Many employers -- especially small employers -- stopped offering traditional "defined benefit" plans, which provide guaranteed monthly payments to retirees based on years of service and salary.
  • Instead, employers increasingly offer "defined contribution" plans.
  • But the most important pension system run by the government is the Social Security program, which provides full benefits to working people who retire and apply for benefits at age 65 or older, or reduced benefits to those retiring and applying for benefits between the ages of 62 and 65.
  • The federal government also assesses an unemployment insurance tax of its own on employers.

• Informal Economy

  • Drug dealing, babysitting, unpaid housework, and unreported self-employment are all examples of work in the informal economy.
  • Arthur Lewis, used to describe employment or livelihood creation and sustainability primarily within the developing world.
  • It was used to describe a type of employment that was viewed as falling outside of the modern industrial sector.
  • This took more than one hundred administrative steps and almost a year of full-time work.
  • The informal economy accounts for about 15 percent of employment in developed countries such as the United States.