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.
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.