A rule which states that the degree to which actual productivity falls short of (or exceeds) long-term potential productivity is directly related to increased (or decreased) unemployment.
Origin
1960s; earliest use found in The American Economic Review.
Definition of Okun's Law in US English:
Okun's Law
noun
Economics
A rule which states that the degree to which actual productivity falls short of (or exceeds) long-term potential productivity is directly related to increased (or decreased) unemployment.
Origin
1960s; earliest use found in The American Economic Review.