OKUN'S LAW: ECONOMIC GROWTH AND UNEMPLOYMENT
Keywords:
Economic growth, unemployment rate, cyclical unemployment, GDP, Okun's law, aggregate demand, potential GDP, developed countries, developing countries, natural rate of unemployment, employment, full employment.Abstract
Our article examines Okun's law, which describes the relationship between the unemployment rate and the growth rate of gross domestic product (GDP). It shows an analysis of why this law does not work in some countries, and also discusses the limitations of the law, that is, the variability of the coefficient and the influence of long-term factors on economic growth.
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