Princeton professor wins Nobel Prize in Economics
BUSINESS RECORD STAFF Oct 12, 2015 | 7:55 pm
1 min read time
236 wordsAll Latest News, Arts and Culture, Banking and FinanceA 69-year-old Princeton University professor was awarded the 2015 Nobel Memorial Prize in Economic Science for his analysis of consumption, poverty and welfare, Bloomberg Business reported.
The Royal Swedish Academy of Sciences announced Monday that Angus Deaton, whose research has focused on health in both rich and poor countries as well as on poverty in India and around the world, was chosen for the recognition.
Born in Scotland, and a citizen of the United States and the United Kingdom, Deaton obtained his doctorate from the University of Cambridge. His 2013 book, “The Great Escape,” maps the origins of inequality and its fallout spanning 250 years of economic history.
“To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices,” the Academy said. “More than anyone else, Angus Deaton has enhanced this understanding. By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics and development economics.”
Fans were quick to applaud the choice. “Angus Deaton is the Obi-Wan Kenobi of Economics,” Amitabh Chandra of Harvard University said in a tweet.
Deaton’s early research has helped develop a greater understanding of consumer spending patterns and how people adapt their consumption to their incomes. His more recent focus on household surveys has helped change development economics from a theoretical field based on aggregate data to an empirical field based on detailed individual data, the Academy said.
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