Arthur Melvin Okun

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Arthur M. Okun
Neo-Keynesian economics
Arthur Melvin Okun.jpg
Born (1928-11-28)November 28, 1928
Jersey City, New Jersey
Died March 23, 1980(1980-03-23) (aged 51)
Washington, D. C.
Nationality United States
Institution Yale University
Field Macroeconomics
Alma mater Columbia University
Influences John Maynard Keynes
Influenced Bill Mitchell
Contributions Okun's law

Arthur Melvin "Art" Okun (November 28, 1928 – March 23, 1980)[1] 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.


  • Equality and Efficiency: The Big Trade Off (Washington, Brookings, 1975)
  • Prices and Quantities: A Macroeconomic Analysis, see here (1981) ISBN 0-8157-6480-4


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Government offices
Preceded by
Gardner Ackley
Chairman of the Council of Economic Advisers
Succeeded by
Paul McCracken