Arthur Okun

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Person.png Arthur Okun  Rdf-entity.pngRdf-icon.png
(economist)
Arthur Melvin Okun.jpg
BornNovember 28, 1928
Jersey City, New Jersey, U.S.
DiedMarch 23, 1980 (Age 51)
Washington D.C., U.S.
NationalityUS
Alma materColumbia University
PartyDemocratic Party (United States)
Chair of the Council of Economic Advisers 1968-1969

Employment.png Chair of the Council of Economic Advisers

In office
February 15, 1968 - January 20, 1969
Succeeded byPaul McCracken

Arthur Melvin "Art" Okun was an American economist. He was 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.[1]

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, where it is assumed that both a higher rate of unemployment and a worsening of inflation create economic and social costs for a country.[2] He died on March 23, 1980 of a heart attack. [3]


References

  1. View/Search Fellows of the ASA, accessed 2016-08-20.
  2. Okun, Arthur M. (1975), Equality and Efficiency: The Big Tradeoff. Washington, D.C.: Brookings Institution, 1975, pp. 91–92.
  3. Arthur Okun Dies, Economic Adviser to Johnson, accessed 2020-08-14.
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