|7th Chair of the Council of Economic Advisers|
February 15, 1968 –January 20, 1969
|Preceded by||Gardner Ackley|
|Succeeded by||Paul McCracken|
Jersey City,New Jersey,U.S.
|Died||March 23,1980 51) (aged|
|Education||Columbia University (BA,MA,PhD)|
|Arthur F. Burns|
|Influences||John Maynard Keynes|
|Contributions|| Okun's law |
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. 
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.  He died on March 23,1980,of a heart attack. 
Okun graduated from Columbia College in 1949 with the Albert Asher Green Memorial Prize for the highest GPA.  He went on to obtain a Ph.D. in economics from Columbia in 1956 before teaching at Yale University. 
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