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
tradition
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.

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.

Works[edit]

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

External links[edit]

Political offices
Preceded by
Gardner Ackley
Chairman of the Council of Economic Advisers
1968–1969
Succeeded by
Paul McCracken