Arthur Melvin Okun

Art Okun
Chairperson 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	November 28, 1928 Jersey City, New Jersey, U.S.
Died	March 23, 1980 (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

• 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

• Brookings Inst Bio and Obit
• Arthur M. Okun (1928–1980). The Concise Encyclopedia of Economics. Library of Economics and Liberty (2nd ed.) (Liberty Fund). 2008.
• "Arthur Okun Publication List" (pdf). Retrieved 2015-09-18.