What kind of free-market blueprint could bring about full-employment?
Why are you saying that there is more than one kind of free market? Isn’t it just free or not?
Why wouldn’t the free market tend towards full employment? No minimum wage… no labor laws… how do you define full employment anyway?
I refuse to work unless someone gives me a job at $50 an hour and levels up my characters on WoW while I’m at work. Am I unemployed?
Sorry, the question was convoluted. Do free markets bring about full-employment is a better question.
There is no such thing as unemployment, strictly speaking. In terms of monetary income, there is only frictional unemployment in a free market (edit:) or you don’t want to work.
A better question is.. how do you define situations that are non-full-employment? Given we assume the Keynesian definiton that all human resources and production are utilized. By what? Well I suppose any one, or thing. I believe that was Keynes’ basic definition of it, correct me if I’m wrong.
He doesn’t really touch upon what “utilization” would look like. Be it employment for 1 second, 8 hours a day, at .50c or $50.00/hr. I’m intrigued by the Keynesian vagueness. Haha.
Well then we are never at full employment because leisure time still has value. Workers would have to be fed via drip and… you get the picture.
Full employment is a useless metric. In a really prosperous society people might only have to work 10hrs/week before leisure time became worth more than any marginal benefits from working.
No taxes would be a start.
If there were fewer taxes people might work less. Like I said, its all about the subjective marginal value of an extra hour of work vs an extra hour of free time.