a number that is the sum of the unemployment rate and the inflation rate. It reflects the overall caliber of a country's prior economic management.
The term was coined by Arthur Okun and was inspired by the Phillips Curve.
During the 1980's and '90's, Austria had the lowest misery index in the world. Unemployment rates AND inflation rates were almost nil.
Prices shown in USD.
Log in with Facebook to save your favorite definitions
and share them with friends.
Type your email address below to get our free Urban Word of the Day every morning!
Emails are sent from email@example.com. We'll never spam you.