Vollbeschäftigung

Vollbeschäftigung, a German term translating to full employment, refers to a macroeconomic state where nearly all individuals willing and able to work have found employment. It is generally considered a desirable economic goal, as it signifies a robust and efficient labor market. While the precise definition of "full employment" can vary, it typically allows for a small, natural rate of unemployment that accounts for frictional unemployment (people transitioning between jobs) and structural unemployment (mismatches between skills and available jobs). It does not mean zero unemployment, as some level of turnover is inevitable and even healthy in a dynamic economy.

Achieving and maintaining full employment is a key objective for many economic policymakers. Governments and central banks employ various fiscal and monetary policies to influence the labor market. These can include stimulating aggregate demand, investing in education and training to address structural issues, and adjusting interest rates. The presence of full employment is often associated with rising wages, increased consumer spending, and overall economic prosperity. Conversely, periods of high unemployment can lead to reduced economic output, social challenges, and increased strain on social welfare systems. The concept of full employment is central to understanding labor market dynamics and the effectiveness of economic policy.