Arthur Melvin Okun

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Art Okun
Arthur Melvin Okun.jpg
7th Chair of the Council of Economic Advisers
In office
February 15, 1968 January 20, 1969
President Lyndon Johnson
Preceded by Gardner Ackley
Succeeded by Paul McCracken
Personal details
Born(1928-11-28)November 28, 1928
Jersey City, New Jersey, U.S.
DiedMarch 23, 1980(1980-03-23) (aged 51)
Washington, D.C., U.S.
Political party Democratic
Education Columbia University (BA, MA, PhD)
Academic career
Institution Yale University
Field Macroeconomics
School or
tradition
Neo-Keynesian economics
Doctoral
advisor
Arthur F. Burns
Influences John Maynard Keynes
Contributions Okun's law
Misery index

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]

Contents

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. [2] He died on March 23, 1980 of a heart attack. [3]

Works

See also

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References

  1. View/Search Fellows of the ASA, accessed 2016-08-20.
  2. Okun, Arthur M. (1975), Equality and Efficiency: The Big Tradeoff. Washington, D.C.: Brookings Institution, 1975, pp. 91–92.
  3. Arthur Okun Dies, Economic Adviser to Johnson, accessed 2020-08-14.
Political offices
Preceded by
Gardner Ackley
Chair of the Council of Economic Advisers
1968–1969
Succeeded by
Paul McCracken