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Okun's law refers to the relationship between increases in unemployment and decreases in a country's gross domestic product (GDP). It states that for every one percent increase in unemployment above a "natural" level, that GDP will decrease by anywhere from two to four percent from its potential. Okun's law is named after Arthur Okun, the economist who in 1962 was the first to make detailed observations about this relationship. So-called "natural unemployment" refers to the fact that there will always be at least a certain amount of unemployment in a free market economy, because of voluntary changes in employment, and other reasons not related to economic hardship.
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