|7th Chair of the Council of Economic Advisers|
February 15, 1968 – January 20, 1969
|Preceded by||Gardner Ackley|
|Succeeded by||Paul McCracken|
|Born||November 28, 1928|
Jersey City, New Jersey, U.S.
|Died||March 23, 1980 (aged 51)|
Washington, D.C., U.S.
|Education||Columbia University (BA, MA, PhD)|
|Arthur F. Burns|
|Influences||John Maynard Keynes|
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.
- Equality and Efficiency: The Big Tradeoff (Washington, D.C.: Brookings Institution, 1975)
- Prices and Quantities: A Macroeconomic Analysis, see here (1981) ISBN 0-8157-6480-4