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This is the Cato Daily Podcast for Tuesday, December 22nd, 2020.

I'm Caleb Brown. What does full employment mean to the

economists with the ear of President-elect Joe Biden? In a year of wild unemployment fluctuations

driven by COVID-19, Cato's Ryan Bourne says the economists on the

Biden team will focus more on achieving full employment by government

intervention rather than, as libertarians would recommend getting government out of the way.

Whenever we talk about full employment as an economic goal, it gets my hackles up just a little

bit because it, just that very goal itself would seem to justify or

provide a justification often among others for all manner of economic interventions.

So how do the people advising and the people who are likely to continue advising

President-elect Joe Biden, where are they on this notion of full employment?

Well, thanks, Caleb. It's really interesting when Joe Biden's team of Council of Economic Advisors was appointed a couple of weeks ago now,

...