Okun, Arthur M.

Arthur Melvin "Art" Okun was an American economist. Okun is known in particular for 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, the analogy of the deadweight loss of taxation with a leaky bucket, and for the conception of "the invisible handshake". He served as the chairman of the Council of Economic Advisers between 1968 and 1969. Afterwards, he became a fellow at the Brookings Institution in Washington, D.C. In 1968 he was elected as a Fellow of the American Statistical Association. (Source: Wikipedia)