Arthur Melvin Okun

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Art Okun
Arthur Melvin Okun.jpg
Chairman of the Council of Economic Advisers
In office
February 15, 1968–January 20, 1969
President Lyndon Johnson
Preceded by Gardner Ackley
Succeeded by Paul McCracken
Personal details
Born (1928-11-28)November 28, 1928
Jersey City, New Jersey, U.S.
Died March 23, 1980(1980-03-23) (aged 51)
Washington, D.C., U.S.
Political party Democratic
Alma mater Columbia University
Academic career
Institution Yale University
Field Macroeconomics
School or
Neo-Keynesian economics
Influences John Maynard Keynes
Influenced Bill Mitchell
Contributions Okun's law
Misery index

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.[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.


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


  1. ^ View/Search Fellows of the ASA, accessed 2016-08-20.

External links[edit]

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