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Arthur Melvin Okun
American economist

Arthur Melvin Okun

The basics

Quick Facts

Intro
American economist
Work field
Gender
Male
Place of birth
Jersey City, USA
Place of death
Washington, D.C., USA
Age
51 years
The details (from wikipedia)

Biography

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 and the analogy of the deadweight loss of taxation with a leaky bucket.

Works

  • Equality and Efficiency: The Big Tradeoff (Washington, D.C.: Brookings Institution, 1975)
  • Prices and Quantities: A Macroeconomic Analysis, see here (1981) ISBN 0-8157-6480-4
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Arthur Melvin Okun
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