Art Okun

Arthur Melvin "Art" Okun was an American economist.

He was born on November 28, 1928 in Jersey City, New Jersey.  He attended Yale University studying in the field of Macroeconomics. His Doctoral advisor was Arthur F. Burns. He was a professor at Yale University and, afterwards, was a fellow at the Brookings Institution in Washington, D.C. In 1968 he was elected as a Fellow of the American Statistical Association. He served as the 7th chairman of the Council of Economic Advisers between 1968 and 1969.

Okun is known in particular for promulgating 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 and the analogy of the deadweight loss of taxation with a leaky bucket. 

He died on March 23, 1980 of a heart attack.