Angus Deaton wins Nobel prize for consumption, welfare economics

The voice on the other end told him the call was from Stockholm.

“The problem is not so much that there is a Nobel prize in economics”, wrote Joris Luyendijk in the Guardian, “but that there are no equivalent prizes in psychology, sociology, anthropology”.

“And then I had a pretty good idea what it was and then they said a few very nice things about me, which was very nice”, he said to laughter. “That left a whole part of the world behind”, he said. At number 4 on the same list is a name we are all familiar with – Amartya Sen.

“It established an alternative, peaceful political process at a time when the country was on the brink of civil war”, the committee said.

Her first novel, “The Unwomanly Face of the War”, published in 1985 and based on the previously untold stories of women who had fought against the Nazi Germans, sold more than 2 million copies.

He credited his father, who once worked as a coal miner, with allowing Deaton to indulge in reading books as child while other members of his family would have preferred he went to work.

STOCKHOLM – Angus Deaton of Princeton University won the Nobel prize in economics Monday for improving understanding of poverty and how people in poor countries respond to changes in economic policy. In his more recent research, Deaton highlights how reliable measures of individual household consumption levels can be used to discern mechanisms behind economic development.

“He has shown how intelligent use of survey data can illuminate momentous issues of human welfare and contribute to public reasoning”, Prof. On the substance, his work calls for significant rethinking of policy priorities, with much greater attention to the social sector in particular.

“Angus Deaton is a brilliant economist whose pioneering research attacks big questions with rigor, imagination and daring”, said Princeton President Christopher L. Eisgruber. “That, again, has significant implications since the Indian government is constantly trying to insulate economic policy from public debate”.

Sweden’s central bank added the economics prize in 1968 as a memorial to Nobel.

Deaton, who was born in Edinburgh in 1945, now works at Princeton University in the United States.

Announcing the decision, the judges noted that to design policies that promoted welfare and reduced poverty it was necessary to understand how individuals came to decisions about their consumption patterns.

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.

He also said a great sadness was that of the enormous amount of money spent on aid in Africa, very little had gone on data collection so there was little information on its benefit.

Princeton University’s Angus Deaton was awarded the Nobel Prize in economics on Monday for his work redefining how poverty is measured.

The Royal Swedish Academy of Sciences also highlighted the model that has become known as the Deaton Paradox, in which he laid bare a contradiction between earlier theory and data on consumer behavior. Prof Deaton was associated with Fitwilliam College and the Department of Applied Economics (DAE) in Cambridge at the start of his career. The Nobel Prize committee made the announcement Monday saying that Prof.