Arthur Okun

Arthur Okun was a prominent American economist known for his work in the 1960s. He is best remembered for formulating "Okun's Law," which illustrates the relationship between unemployment and economic output. Specifically, it suggests that a decrease in unemployment leads to an increase in a country’s economic growth, typically measured by GDP. Okun’s insights helped shape economic policy by highlighting the importance of job creation for overall economic health. His contributions have influenced how economists and policymakers understand the dynamics of labor markets and economic performance.