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Okun, Arthur M., 1928-80 (B3)<br />US economist and policy adviser who was educated at Columbia University and taught at Yale University from 1952 to 1963. He was a member of the coUNCIL oF ECONOMIC ADVISERS from 1964 to 1968, the year in which he was chairman. His most influential work was with the BROOKINGS INSTITUTION as its senior fellow from 1969, contributing to Brookings Papers on Economic Activity as joint editor. His fame largely rests on his The Political Economy of Prosperity (1970), Equality and Efficiency - The Big Trade-off (1975) and his posthumous classic Prices and Quantities - A Macroeconomic Analysis (1981). His work as a macroeconomist had the major concern of attaining economic growth without inflation; the trade-off between equality and efficiency also interested him.<br /><em>See also:</em> discomfort index; invisible handshake; leaky bucket; Okun's law <br /><em>Reference</em><br />Gordon, R.l and Hall, R.E. (1980)
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fountain pen money (E5)<br />Money created by a banker who uses a pen to approve a loan. This increases the bank deposit of the borrower and adds to total bank credit.
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