Short Cuts: Labour’s Complacency
James Butler, 25 December 2025
The Misery Index, a crude measure of economic discomfort, was thought up by Arthur Okun, a neo-Keynesian who chaired Lyndon B. Johnson’s Council of Economic Advisers in the late 1960s. Okun’s formula simply added together the unemployment rate and the rate of inflation. A good Misery Index might be about 5 (2 per cent inflation and 3 per cent unemployment); Britain’s...




