why I have seen so many percentages for okun's law. Currently I have found out many...

why I have seen so many percentages for okun's law. Currently I have found out many versions like 2 percent 3 percent 4 percent. Which figure I should use?

Expert Solution

OKUN'S LAW

Okun's law states that there is an inverse or a negative relationship exists in between the unemployment rate and the the Gross Domestic Product of a nation. When the unemployment rate of a nation increase by a certain percentage then ther result will be that the GDP of that nation will fall down by a certain percentage. The law gives us a strong ideas about the unemployment of the country and how it will affect the overall productivity and the progress of the nation.

You have said that you have seen many data based on this, it will depends upon the genuninity of the sources in which you have searched for the data.

The correct and the genuine data accepted and in which you can trust is that: When there is rise in the unemployment rate of a nation by 1 percentage, then the result will be that the GDP of that nation fall by 2 percentage. When we come with the idea of GNP, the idea is that when the unemployment rate rise by 1 percentage then the result will be that the GNP will fall by 3 percentage.

Rahul Sunny answered 7 months ago

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