Arthur Melvin Okun

28 Nov 1928
23 Mar 1980
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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.

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