Princeton University’s Angus Deaton won the Nobel prize in economics Monday for work that’s helped redefine the way poverty is measured around the world, notably in India.
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Angus Deaton enhanced the understanding in design of economic policy that promotes welfare and reduces poverty, the royal Swedish Academy of Sciences which makes the awards said in a statement. Deaton’s refined understanding of how different consumers form their demand for goods and services based on their current needs, incomes and expectations of the future improved the theory of demand, dropping excessively restrictive and unrealistic conditions about consumer behaviour while retaining rationality as a valid attribute.
A handout photo dated 2008 made available on the Website of the Princeton University shows US-British victor of the 2015 Nobel Economics Prize Angus Deaton, who has been announced during a press conference at the Royal Swedish Academy of Sciences on October 12, 2015 in Stockholm.
His works and analysis of household surveys has transformed four large swaths of the dismal science: microeconomics, macroeconomics, econometrics and development economics.
Mr Deaton, 69, was born in Edinburgh and has been a professor of economics and worldwide affairs at Princeton University in the United States since 1983. He said half the children in India are “still malnourished” and “for many people in the world, things are very bad indeed”.
Deaton isn’t the only brilliant mind that’s convinced of human progress. If democracy is compromised, there is a direct loss of wellbeing because people have good reason to value their ability to participate in political life, and the loss of that ability is instrumental in threatening other harm.
The number of people living in extreme poverty around the world is likely to fall to under 10 percent of the global population in 2015, according to World Bank projections released today, giving fresh evidence that a quarter-century-long sustained reduction in poverty is moving the world closer to the historic goal of ending poverty by 2030.
Deaton looks at economic development from the starting point of consumption rather than income, wrote Tyler Cowen, economics professor at George Mason University and blogger.
Deaton has changed how economists think as well as how they conduct their research – helping bridge the divide between those who study the choices of individuals and those who study the greater economic forces that shape countries.
“What we see is the result of hundreds of years of inequal development…” But it was added in 1968 by Sweden’s central bank and is presented with the others and carries the same prize money.
About four years after winning his Nobel Prize, Edmund Phelps became the only American dean at a business school in China.
Deaton won about $975,000 given with the award.
Annual prizes for achievements in physics, chemistry, medicine, peace and literature were established in the will of Alfred Nobel, the Swedish inventor of dynamite, who died in 1896.
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Deaton’s work on consumption over time, the second area cited by the prize committee, flowed naturally from this interest in heterogenous individuals. The prize has been awarded 46 times; 17 times it was shared among two people, and 6 times it was shared among three.
