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OKUN'S LAW: A THREE-NATION CONFORMANCE INVESTIGATION (Case of Nigeria, South Africa and the United States of America)

Authors: ONAKOYA Adegbemi , Seyingbo, Adedotun Victor

Publication Type: Journal article

Journal: Redeemer’s University Journal Of Management And Social Sciences

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Abstract

The law of Okun in its pristine mode was, based on data observations of the United States of America. Since then, several validation studies have, been conducted in other climes using other methodological refinements. The obtained results from these studies have, been varied. This study sought to substantiate the Okun's law in the Nigerian case using South Africa and the United States of America (USA) as benchmarks. The research deployed OLS technique, validated with Dickey-Fuller and Philips-Perron tests on time series data (1980 - 2012). A novelty of the paper is in comparative application of two of the versions of the law. Although the dynamic version result, holds for the three countries, the difference version shows unrelated nexus between unemployment and economic growth only in Nigeria due in part to the underdeveloped nature of the Nigerian economy. The pre-eminence of the dynamic over the difference version is also established. Deployment of employment creative employment schemes, labour market reform and economic restructuring are, recommended in the Nigerian case. The policy makers on South Africa and USA are, enjoined to pursue growth- inducing policies.

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ONAKOYA,A. Seyingbo,,A.V . (0000). OKUN'S LAW: A THREE-NATION CONFORMANCE INVESTIGATION (Case of Nigeria, South Africa and the United States of America), 2 (), 185-185.

ONAKOYA,A. Seyingbo,,A.V . "OKUN'S LAW: A THREE-NATION CONFORMANCE INVESTIGATION (Case of Nigeria, South Africa and the United States of America)" 2, no (), (0000): 185-185.

ONAKOYA,A. and Seyingbo,,A.V and . (0000). OKUN'S LAW: A THREE-NATION CONFORMANCE INVESTIGATION (Case of Nigeria, South Africa and the United States of America), 2 (), pp185-185.

ONAKOYAA, Seyingbo,AV, . OKUN'S LAW: A THREE-NATION CONFORMANCE INVESTIGATION (Case of Nigeria, South Africa and the United States of America). 0000, 2 ():185-185.

ONAKOYA,Adegbemi , and Seyingbo,,Adedotun Victor . "OKUN'S LAW: A THREE-NATION CONFORMANCE INVESTIGATION (Case of Nigeria, South Africa and the United States of America)", 2 . (0000) : 185-185.

O.Adegbemi & S.Adedotun Victor , "OKUN'S LAW: A THREE-NATION CONFORMANCE INVESTIGATION (Case of Nigeria, South Africa and the United States of America)" vol.2, no., pp. 185-185, 0000.

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