“More than anyone else, Angus Deaton has enhanced this understanding”, it said.
Advertisement
“Angus Deaton, a British Economist was awarded the Nobile Prize for Economic Sciences for his ‘Analysis of Consumption, Poverty, and Welfare”. When the leaders of poor countries can secure most of their funding needs via direct aid from the West, such leaders are no longer compelled to be responsive to the needs of the citizens, working toward their long-term good. Deaton said he hoped “carefulness in measurement” would be his legacy.
“His view is that we don’t have these ready-made solutions, and money is not going to be the answer to many things”, Rodrik said.
Deaton developed a system for estimating how demand for each good depends on the prices of all goods and on individual incomes, now a standard tool for researchers and in practical policy evaluation, the academy said.
Ingvild Almas, associate professor at the Norwegian School of Economics, said the Indian government has changed its methodology for measuring poverty thanks to research from the likes of Deaton and that has affected poverty-reduction policies. “Edinburgh_born_professor_Angus_Deaton_wins_Nobel_memorial_prize_in_economics/” target=”_blank”>said. “But you also know there are a huge number of people out there who deserve this”.
The announcement of Deaton’s selection concludes the presentation of winners this year. The Nobel Memorial Prize was created by the central bank of Sweden in 1968 in honor of Nobel.
This year’s prize is 8 million SEK (about 0.96 million USA dollars). Japanese and Canadian scientists won the physics prize for discovering that tiny particles called neutrinos have mass and scientists from Sweden, the US and Turkey won the chemistry prize for their research into the way cells fix damaged DNA.
Belarusian investigative journalist Svetlana Alexievich won the literature award.
The awards will be handed out on December 10, the anniversary of prize founder Alfred Nobel’s death in 1896, at lavish ceremonies in Stockholm and Oslo.
Advertisement
Deaton, who spends part of his summers fly fishing in Montana, told the AP that he had no big plans to celebrate. Well known for his contributions to understanding consumption at the individual level and in aggregate, he is the author of several books on economics including The Great Escape: Health, Wealth and the Origins of Inequality (Princeton University Press 2013), which was recommended by Bill Gates, “if you want to learn about why human welfare overall has gone up so much over time”.
