I am still not persuaded that your "full employment" is quite the real income maximizing rate of employment of labor both because search has benefits of more productive fit, not just the cost of not being employed, and because there are other factors of production that may be un- or under-employed.
This is not to say I do not think your index is useful especially as it does capture AN important aspect of income maximization and can be done with easily available data.
I am still not persuaded that your "full employment" is quite the real income maximizing rate of employment of labor both because search has benefits of more productive fit, not just the cost of not being employed, and because there are other factors of production that may be un- or under-employed.
This is not to say I do not think your index is useful especially as it does capture AN important aspect of income maximization and can be done with easily available data.