Unemployment is sometimes classified as frictional, cyclical, and structural. Under this classification, we can then define full employment as meaning zero cyclical and structural unemployment, but possibly some frictional unemployment. The natural rate of unemployment is that which is consistent with stable inflation. Notes: Of course, one is free to ...


"Lemonization" I guess. I didn't exactly make up that term with that meaning, but I suspect you won't see it often.


Put on your institutional hat. And make a distinction between fixed assets, like land, and the ownership of fixed assets: capital. See the European System of National Accounts 2010 p. 73.

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