Arthur Melvin Okun
Template:Short description Script error: No such module "infobox".Script error: No such module "Check for unknown parameters".Script error: No such module "Check for conflicting parameters". Arthur Melvin "Art" Okun (November 28, 1928 – March 23, 1980) was an American economist.
Okun is known in particular for 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 2.5% lower than its potential GDP. He is also known as the creator of the misery index, the analogy of the deadweight loss of taxation with a leaky bucket,[1] and for the conception of "the invisible handshake".[2][3]
Biography
Okun graduated from Columbia College in 1949 with the Albert Asher Green Memorial Prize for the highest GPA.[4] He went on to obtain a Ph.D. in economics from Columbia in 1956 before teaching at Yale University.[5]
He served as the chairman of the Council of Economic Advisers between 1968 and 1969. Afterwards, he became a fellow at the Brookings Institution in Washington, D.C. In 1968 he was elected as a Fellow of the American Statistical Association.[6]
He died on March 23, 1980, of a heart attack.[7]
Works
- Equality and Efficiency: The Big Tradeoff (Washington, D.C.: Brookings Institution, 1975)
- Prices and Quantities: A Macroeconomic Analysis, see here (1981) Template:ISBN
References
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- ↑ Okun, Arthur M. (1975), Equality and Efficiency: The Big Tradeoff. Washington, D.C.: Brookings Institution, 1975, pp. 91–92.
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- ↑ View/Search Fellows of the ASA Template:Webarchive, accessed 2016-08-20.
- ↑ Arthur Okun Dies, Economic Adviser to Johnson, accessed 2020-08-14.
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External links
- Brookings Inst Bio and Obit
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- 1928 births
- 1980 deaths
- 20th-century American economists
- Columbia College, Columbia University alumni
- Columbia University alumni
- Economists from New Jersey
- Fellows of the American Statistical Association
- Fellows of the Econometric Society
- People from Jersey City, New Jersey
- Neo-Keynesian economists
- Yale University faculty
- Yale Sterling Professors
- Chairs of the United States Council of Economic Advisers