Difference between revisions of "Arthur Okun"
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| + | '''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]].<ref>[http://www.amstat.org/awards/fellowslist.cfm View/Search Fellows of the ASA], accessed 2016-08-20.</ref> | ||
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| + | 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 [[Gross Domestic Product|GDP]] will be roughly an additional 2% lower than its [[potential GDP]]. He is also known as the creator of the [[misery index (economics)|misery index]], where it is assumed that both a higher rate of unemployment and a worsening of inflation create economic and social costs for a country.<ref>Okun, Arthur M. (1975), ''Equality and Efficiency: The Big Tradeoff''. Washington, D.C.: Brookings Institution, 1975, pp. 91–92.</ref> He died on March 23, 1980 of a heart attack. <ref> [https://www.washingtonpost.com/archive/local/1980/03/24/arthur-okun-dies-economic-adviser-to-johnson/9157cfb8-6eac-46ac-a8ea-50cc54176aa9 Arthur Okun Dies, Economic Adviser to Johnson], accessed 2020-08-14.</ref> | ||
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Revision as of 01:07, 23 January 2022
 Arthur Okun    (economist) | ||||||||||||
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| Born | November 28, 1928 Jersey City, New Jersey, U.S. | |||||||||||
| Died | March 23, 1980 (Age 51) Washington D.C., U.S. | |||||||||||
| Nationality | US | |||||||||||
| Alma mater | Columbia University | |||||||||||
| Party | Democratic Party (United States) | |||||||||||
Chair of the Council of Economic Advisers 1968-1969
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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.[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, where it is assumed that both a higher rate of unemployment and a worsening of inflation create economic and social costs for a country.[2] He died on March 23, 1980 of a heart attack. [3]
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References
- ↑ View/Search Fellows of the ASA, accessed 2016-08-20.
- ↑ Okun, Arthur M. (1975), Equality and Efficiency: The Big Tradeoff. Washington, D.C.: Brookings Institution, 1975, pp. 91–92.
- ↑ Arthur Okun Dies, Economic Adviser to Johnson, accessed 2020-08-14.
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