Angus Deaton Wins Nobel Economics Prize

Deaton said that his original mentor was Cambridge University Professor Richard Stone, who also won the Nobel Prize in Economics in 1984.

Angus Deaton from the Princeton University was the recipient of 2015 Nobel Prize in Economics for his contribution in the field of macroeconomics and his innovative analysis in the consumption, poverty and welfare of people.

“You can not talk about consumption and poverty in a serious way without mentioning him”, said Philippe Aghion, economist and professor at the College of France, adding that Deaton’s Nobel is “absolutely deserved”.

Not only has Deaton detailed how the world is developing, but he’s helped us to understand how it is developing, expanding the collection of data we have on poor countries while working for the World Bank.

Health, Wealth And the Origins of Inequality, Deaton documents how that progress is now spreading around the globe and is the reason we are living longer, wealthier and healthier lives than at any time in history.

He also noted that hundreds of millions still live in poverty, “which should be distressing to us all”.

“I am so thrilled for Angus Deaton”, said Cecilia Rouse, dean of the Woodrow Wilson School of Public and global Affairs. The prevalence of pain is increasing among middle-aged Americans, and is accompanied by a substantial increase in suicides and deaths from drug and alcohol poisoning.

Deaton earned his B.A., M.A. and Ph.D.at the University of Cambridge in 1975, and was born in Edinburgh, Scotland in 1945.

He’s also widely known for publications on the relationship between income and happiness, with Kahneman. Their data showed “emotional well-being” peaking at an income of around $75,000; at lower incomes, people have a tougher time handling “misfortunes as divorce, ill health, and being alone”. Most people on planet Earth are much better off than their ancestors.

The victor of this year’s Nobel economics prize says he expects extreme poverty in the world to continue decreasing, but that he isn’t “blindly optimistic”.

His work has helped governments to improve policy through tools such as household surveys and tax changes.

“There’s a fair amount of policy agnosticism that comes from this – it emphasises more the heterogeneity of outcomes”, Rodrik said of Deaton.

James Poterba, president of the National Bureau of Economic Research, which is responsible for dating the beginnings and endings of USA recessions, said in an e-mail.

Torsten Persson, secretary of the Royal Swedish Academy of Sciences award committee, said that Professor Deaton’s work has had “enormous influence”, particularly in India where the government had reshaped its measurement of poverty. For many years, he has worked on these issues in India. India, one of the fastest growing economies in the world, is a key area of his research.

His research focuses on health, wellbeing, and economic development.

“Thinking about numbers hard is one of the things I think is really important”, Deaton told The Associated Press. “In the end, I don’t think you’re ever going to want to get away from the individual”. “In the same way as other financial experts, I knew this was a plausibility, and was enchanted to listen” from Stockholm. “If you reshuffle the deck”, Deaton concluded, “there but for the grace of God go I”.

How do consumers distribute their spending among different goods?