Speakur

Word Pronunciation & Dictionary

okun's law

Word Rarity Very rare

Frequency: Zipf frequency 0.00 in modern English

Syllables
okun's law
IPA
15
Scrabble Score
8
Letters
1
Syllables
8
Unique Chars

Meaning

name

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.

Etymology

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

Questions

What does okun's law mean?
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.
Where does okun's law come from?
Named after Arthur Melvin Okun, who proposed the relationship in 1962.

How to pronounce okun's law

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