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Okun's Law

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Okun's Law
A theory stating that for every 1% increase in the unemployment rate, a country or region loses 2.5% potential GDP growth. See also: GDP.
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A historical pattern, referred to as Okun's law, posits that there is an inverse relationship between changes in the unemployment rate and GDP growth, with year-over-year GDP growth moving twice as fast as the change in the unemployment rate.
Real GDP: second-quarter 2009 final estimate by Lindner, John / Economic Trends
Okun's law is a description of the relationship between the unemployment rate and the economy's real output of goods and services.
Okun's law or rule of thumb by Monthly Labor Review
Okun's Law (for every percentage point the unemployment rate falls, real GNP rises by 3 percent) and the so-called NAIRU (identifying a non-accelerating inflation rate of unemployment) had provided a kind of twin-pillar support system of certainty for macroeconomic theory.
Is Macroeconomics Dead? by The International Economy
 
 
 
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