"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."

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Source : William Vickrey, Richard Arnott, Anthony B. Atkinson (1997). “Public Economics: Selected Papers by William Vickrey”, p.432, Cambridge University Press

William Vickrey

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