It appears that “full employment” means the lowermost slice of employed workers are sloshing around at the bottom of the barrel with a few giant monopsonist-typ

It appears that “full employment” means the lowermost slice of employed workers are sloshing around at the bottom of the barrel with a few giant monopsonist-type employers paying economically efficient wages — with enough “price discovery” in that “market” (cycling of subsistence workers with few options as individuals in and out of jobs) to make it balanced from the perspective of any one large employer.