Okun's law
Definition
Empirical relationship in economics whereby every three percent drop in the ratio of actual GNP to the full capacity GNP causes about one percent increase in unemployment. Discovered by the US economics professor, Arthur M. Okun (1928-80).
Okun's law is in the Economics, Politics, & Society subject.
This content can be found on the following page:
http://www.businessdictionary.com/definition/Okun-s-law.html
email to a friend
print this definition
cite this definition
link to this page
