In economics, Okun's law is an empirically observed relationship between unemployment and losses in a country's production. It is named after Arthur Melvin Okun, who first proposed the relationship in 1962. [1] .

Jul 23, 2024 · Okun's law is an observed relationship between a country's GDP (or GNP) and employment levels. Okun's law was coined by Arthur Okun, a Yale economist who served on President Kennedy's...

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.

Aug 15, 2023 · Learn about Okun’s law, Arthur Okun’s findings on the relationship between economic growth and unemployment levels, why it is important, and how it has stood the test of time.

Mar 19, 2025 · Arthur M. Okun (born November 28, 1928, Jersey City, New Jersey, U.S.—died March 23, 1980, Washington, D.C.) was an American economist who served as chairman of the U.S. Council of Economic Advisers (1968–69).

A rthur Okun is known mainly for Okun’s Law, which describes a linear relation between percentage-point changes in unemployment and percentage changes in gross national product. It states that for every percentage point that the unemployment rate falls, …

Okun’s Law refers to the observation on how the unemployment rate and losses influence the economic growth of a nation. According to this law, for every 1% fall in unemployment in an economy, the Gross Domestic Product (GDP) will rise …

Jan 23, 2019 · An advocate of Keynesian economic policies, Okun was a firm believer in using fiscal policy to control inflation and stimulate employment. His studies of long-term unemployment rates led to the publication in 1962 of what became known as Okun's Law.

Oct 1, 2019 · What is Okun's Law? Named after economist Arthur Okun, Okun's law states that for every 1% increase in the employment rate, gross domestic product increases 3%.

Feb 23, 2025 · What is Okun’s Law? Okuns law establishes the relationship between the unemployment rate and the Gross National Product of the U.S. economy. So, if the unemployment in the U.S. reduces by 1%, it would result in a threefold increase in its GNP.