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Does full employment improve the economy?

A job seeker fills out an application
A job seeker fills out an application during a career fair at the Southeast Community Facility Commission on May 21, 2014 in San Francisco, California.
Justin Sullivan/Getty Images

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We begin our series on income inequality discussing full employment.

Full employment means an unemployment rate around 3 percent. The American economy got close after World War II, but the high inflation of the 1970s followed.

Some economists think that higher rates of unemployment are the only way to keep inflation at bay, and others will say that is a flawed notion—that the inflation of the 70s was not a result of a producing economy.

While economists argue about whether full employment is good, there's also no consensus about how to get there.

On The Daily Circuit, we discuss the theories on full employment.