Mr Deaton will receive his prize at a ceremony in Stockholm on December 10, the anniversary of the death of the prizes’ creator, Swedish scientist and philanthropist Alfred Nobel.
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Fans rushed to acclaim the decision. “He truly, deeply understands the implications of economic growth, the benefits of modernity, and political economy”, Tyler Cowen, an economics professor at George Mason University in Virginia, said on his blog Marginal Revolution.
The 69-year-old laureate’s exploration has centered around wellbeing in both rich and poor nations, and additionally on measuring neediness in India and around the globe. (Deaton holds dual British and USA citizenship.) In the US, he has helped cement the usefulness of household survey data – information gathered from talking to thousands of individual consumers about their spending and general welfare – as a means of understanding the population’s overall welfare. In his 2013 book The Great Escape, he outlined how overall human welfare – especially longevity and prosperity – has risen so much over time. “By linking detailed individual choices and social group outcomes, his research has helped transform the fields of microeconomics, macroeconomics and development economics”, the statement said.
“I’m so delighted, not just for myself, but that this sort of work is being recognised”, Deaton said on Monday, phoning into a press event. His researches are focused on consumption that measures the food that people eat, the condition of their housing, and the services they patronize.
In a press conference following the announcement, Deaton said that he is very happy to be awarded with the Noble Prize by the committee for his work that concerns the poor people of the world.
Angus Deaton, the victor of the 2015 Nobel Prize for Economics, who is the Dwight D. Eisenhower Professor of Economics and global Affairs at the Woodrow Wilson School of Public and worldwide Affairs and the Economics Department at Princeton University.
Is it possible that the former Have I Got News For You and Hell’s Kitchen host Angus Deayton has won a Nobel prize?
Deaton said that his original mentor was Cambridge University Professor Richard Stone, who also won the Nobel Prize in Economics in 1984.
The youngest prize victor is Kenneth J. Arrow, who was awarded it in 1972, when he was 52 years old. “In the end, I don’t think you’re ever going to want to get away from the individual”.
JIM ZARROLI, BYLINE: Angus Deaton has spent much of his career studying the way economic statistics are compiled and how they’re used and misused around the world.
In Deaton’s paper, Stunting among Children, he argued it was because of poor nutrition, that the heights of Indian children were below the world average and not a result of “genetic programming”, as suggested by Arvind Panagariya, of the Columbia University and now chairman of the Niti Aayog.
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The total amount of each prize this year is 8 million kronor ($977,000). It was established in 1968 by the Swedish central bank to celebrate its tricentenary, and first awarded in 1969.
