[lbo-talk] RE: full employment

J. Bill Chilton nobidicus at chilton.com
Fri Jan 16 04:53:30 PST 2004


Ah, I see. The Federal Unemployment Reserve.

joanna bujes wrote:


> According to St. Allan's latest pronouncements, which ranged widely
> and waxed positively philosophical, there's no worry about full
> employment (hence no worry about inflation) because there's so much
> "slack" in the labor market. That is, a lot of people who have dropped
> out (and no longer count as unemployed) do compete for jobs when these
> become available. As a result, unemployment does not fall because
> these "drop outs" take jobs --without affecting the unemployment rate.



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