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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.” quote by William Vickrey
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“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.”

William Vickrey

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.

Key Takeaway

Promote policies that balance jobs and seekers.

Themes

economics labor market policy

Mood

analytical optimistic

Type

economic policy

When to use this quote

  • government
  • business
  • education

Key Concepts

full employment unemployment rate economic stability

Questions to Reflect On

  • What policies can reduce structural unemployment?
  • How realistic is 1‑2% unemployment?
A Different Perspective

Achieving exact balance is complex.

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