Arthur Melvin Okun
Arthur Melvin "Art" Okun 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.
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 and the analogy of the deadweight loss of taxation with a leaky bucket.Works
