Calling Quote by William Vickrey
“I define genuine full employment as a situation where there are at least as many job openings as there are persons seeking employment, probably calling for a rate of unemployment, as currently measured, of between 1 and 2 percent.”
About This Quote
Source Speech: Economic Lecture, William Vickrey, 1970s
Full employment means job openings match job seekers, aiming for 1‑2% unemployment.
In simple terms: Full employment is near‑zero unemployment.
Promote policies that balance jobs and seekers.
Themes
Mood
Type
When to use this quote
- government
- business
- education
Key Concepts
Questions to Reflect On
- What policies can reduce structural unemployment?
- How realistic is 1‑2% unemployment?
Achieving exact balance is complex.