Arthur Okun was an American Neo-Keynesian economist at Yale University who served as a government advisor on the Council of Economic Advisers in 1968 and 1969. He is best known for Okun's law, an empirical relationship between output and unemployment that he identified in 1962 from post-war data. In its original form the rule holds that every one percent decrease in unemployment raises gross domestic product by about three percent. Although the relationship has been repeatedly challenged, it carries his name in macroeconomics and is the reason he appears here as the originator of that concept.
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Source History of Economic Thought Website: Arthur Okun profile
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Source History of Economic Thought Website: Arthur Okun profile
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Source History of Economic Thought Website: Arthur Okun profileProfile pageQuote, Profile page
American Neo-Keynesian economist at Yale .
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History of Economic Thought Website: Arthur Okun profile
History of Economic Thought WebsiteProfile pageQuote, Profile page
Okun is best known for discovering "Okun's Law" in 1962, an empirical relationship between GDP and unemployment in post-war data, specifically that every 1% decrease in unemployment increases GDP by 3%.
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