Arthur Okun

Okun’s Law

19th July 2019

Okun’s Law There is an inverse relationship between Gross Domestic Product (GDP) growth and unemployment. To be specific according to Professor Okun’s original research, “a 3% increase in real GDP leads to a 1% point decrease in unemployment rate.”  The law was later updated to read, “a 2% output growth leads to a 1% decrease […]

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