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What is Full Employment definition/concept

When we imagine an ideal world, we are likely to think of a society in which all people have the means of living to cover their basic needs. This society would find itself in a situation of full employment , that is, without unemployment.

For some analysts, full employment is a dream that can never be achieved, while others believe it is a legitimate aspiration and worth fighting for.

A multifactorial problem

Making every society work is a matter that depends on many factors: monetary policies, government action, private initiative, fiscal measures, consumer behavior , bank interest rates and the level of public debt. All these elements intervene in some way in the creation of a job. Full Employment

Guaranteed work is an economic measure aimed at full employment

For some economists, the state has an obligation to guarantee a decent job for all those who could not find a service in the conventional job market. To achieve this goal, the following formula is proposed: that social and environmental needs that are not adequately met are carried out by unemployed people.

The ideal of guaranteed work would be based on three pillars:

1) strengthening the public sector;

2) economic remuneration for all activities that are not traditionally accompanied by a salary , such as caring for the elderly or caring for people with disabilities;

3) carrying out new activities in order to generate jobs, such as the rehabilitation of buildings, the reforestation of spaces or the reuse of materials. Full Employment

If the state cannot guarantee a job for everyone, universal basic income would be an alternative solution.

Those who defend guaranteed work propose a viable alternative when it is not possible to guarantee employment by the state. This alternative is the creation of a universal basic income. The idea of ​​this type of income means that every citizen is entitled to an economic value, regardless of the situation in the labor market.

Defenders of this measure claim that the progressive mechanization of work inevitably leads to unemployment and, therefore, universal basic income would be a valid solution to meet the needs of citizens.

from a liberal point of view

For liberalism theorists, free market-inspired economic formulas are the ideal way to reach a certain approximation to full employment. In this scenario, liberals oppose guaranteed work and basic income because they believe that this type of measure ends up impoverishing society as a whole. Full Employment

To achieve the objective, a series of measures are proposed: the liberalization of markets, the elimination of tariffs, the free movement of people and capital and the reduction of the role of the state in economic activity .

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