Constance: The traditional definition of full employment as a 5 percent unemployment rate is correct, because at levels below 5 percent, inflation rises  Brigita: That traditional definition of full employment was developed before the rise of temporary and part-time work and the fall in benefit levels
When people are juggling several part-time jobs with no benefits, or working in a series of temporary assignments, as is now the case, 5 percent unemployment is not full employment
whether it is a good idea, all things considered, to allow the unemployment level to drop below 5 percent