In economics, Okun`s law (named after Arthur Melvin Okun, who proposed the relationship in 1962) is 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 potent...
Found on
http://en.wikipedia.org/wiki/Okun`s_law
An approximate linear relationship between unemployment and real GDP, proposed by Arthur Okun: that for every percentage point drop in the unemployment rate, real GDP rises 3%.
Found on
http://www-personal.umich.edu/~alandear/glossary/o.html
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