Nationality United States Contributions Okun's law Influenced Bill Mitchell Institution Yale University Name Arthur Okun Fields Macroeconomics | Alma mater Columbia University Role Economist Influences John Maynard Keynes Education Columbia University | |
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Born November 28, 1928 ( 1928-11-28 ) Jersey City, New Jersey School or tradition Neo-Keynesian economics Died March 23, 1980, Washington, D.C., United States Books Equality and efficiency, Prices and quantities, The political economy, Economics for policymaking, Current issues in political e | ||
Influenced by John Maynard Keynes | ||
Arthur Melvin "Art" Okun (November 28, 1928 – March 23, 1980) was an American economist. He served as the chairman of the Council of Economic Advisers between 1968 and 1969. Before serving on the C.E.A., he was a professor at Yale University and, afterwards, was a fellow at the Brookings Institution in Washington, D.C. In 1968 he was elected as a Fellow of the American Statistical Association.
Okun is known in particular for promulgating Okun's law, an observed relationship that states that for every 1% increase in the unemployment rate, a country's GDP will be roughly an additional 2% lower than its potential GDP. He is also known as the creator of the misery index.
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Arthur Melvin Okun Wikipedia(Text) CC BY-SA