English Explanatory Dictionary

Okun's law

English dictionary entry

Meanings

name
  1. An empirically observed relationship between unemployment and losses in a country's production. The "gap version" 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. The "difference version" describes the relationship between quarterly changes in unemployment and quarterly changes in real GDP.

Word forms

Okun's law

Etymology

Named after Arthur Melvin Okun, who proposed the relationship in 1962.

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