Arthur Melvin Okun
Art Okun | |
|---|---|
| 7th Chair of the Council of Economic Advisers | |
| In office February 15, 1968 – January 20, 1969 | |
| President | Lyndon Johnson |
| Preceded by | Gardner Ackley |
| Succeeded by | Paul McCracken |
| Personal details | |
| Born | Arthur Melvin Okun November 28, 1928 Jersey City, New Jersey, U.S. |
| Died | March 23, 1980 (aged 51) Washington, D.C., U.S. |
| Party | Democratic |
| Education | Columbia University (BA, MA, PhD) |
| Academic background | |
| Doctoral advisor | Arthur F. Burns |
| Influences | John Maynard Keynes |
| Academic work | |
| Discipline | Macroeconomics |
| School or tradition | Neo-Keynesian economics |
| Institutions | Yale University |
| Notable ideas | Okun's law Misery index |
Arthur Melvin "Art" Okun (November 28, 1928 – March 23, 1980) was an American economist.
Okun is known in particular for 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 2.5% lower than its potential GDP. He is also known as the creator of the misery index, the analogy of the deadweight loss of taxation with a leaky bucket, and for the conception of "the invisible handshake".