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But it has risen more during this recession than most formulations of Okun's Law would suggest.
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Though I was a great fan of Okun's, I'm afraid his law is obsolete.
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"The people in power were put there by fat cats, who have money and control, " Mr. Okun said.
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Unemployment usually responds to economic growth in a relationship that was captured by an economist, Arthur Okun, in the 1960s.
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"Millions of pets are surrendered to shelters each year and euthanized because their owners can't afford to feed them, " Mr. Okun said.
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Economist Arthur Okun developed the original Misery Index in the 1960s.
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Throw out all of the 1960s and early 1970s de rigueur stuff you were force-fed back at Harvard: Samuelson, Okun gaps, interest rate parity, etc.
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This is at odds with what economists refer to as Okun's law, a rough but empirically regular connection between changes in GDP and changes in unemployment.
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Even so, Michael Feroli, an economist at JPMorgan Chase, says that Okun's Law would have predicted an unemployment rate of just 8.6% during the second quarter, whereas it actually averaged 9.3%.
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If there was one figure who made his living reiterating this theme, it was Yale economist Arthur Okun, who was Chairman of the Council of Economic Advisers under President Lyndon B.
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According to Okun's law, an economic relationship that predicts how much unemployment will rise according to how GDP is doing, unemployment should be only about 8.5%, reckons Alan Krueger, a labour economist at Princeton University.
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Okun earned his B.
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