| Art Okun | |||||||||||||||
| Office: | 7th Chair of the Council of Economic Advisers | ||||||||||||||
| President: | Lyndon Johnson | ||||||||||||||
| Term Start: | February 15, 1968 | ||||||||||||||
| Term End: | January 20, 1969 | ||||||||||||||
| Predecessor: | Gardner Ackley | ||||||||||||||
| Successor: | Paul McCracken | ||||||||||||||
| Birth Name: | Arthur Melvin Okun | ||||||||||||||
| Birth Date: | 28 November 1928 | ||||||||||||||
| Death Place: | Washington, D.C., U.S. | ||||||||||||||
| Party: | Democratic | ||||||||||||||
| Education: | Columbia University (BA, MA, PhD) | ||||||||||||||
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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.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 2.5% 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.[2] He died on March 23, 1980, of a heart attack.[3]
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]