The 2015 Nobel Prize in Economics awarded to Angus Deaton
On October 12, The Royal Swedish Academy of Sciences announced that it has awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2015 to Angus Deaton “for his analysis of consumption, poverty, and welfare.”
The Nobel Committee said: “To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices. More than anyone else, Angus Deaton has enhanced this understanding.” Deaton’s work focuses on three major areas:
- How do consumers distribute their spending among different goods?
- How much of society’s income is spent and how much is saved?
- How do we best measure and analyze welfare and poverty?
Deaton’s study has contributed significantly to policy reforms; demonstrated the importance of analyzing individual data to understand aggregate data; and shed light on issues such as the relationships between income and calorie intake and the extent of gender discrimination within the family. The Nobel Committee noted Deaton’s influence on the fields of macroeconomics, microeconomics, and development economics and awarded him the Nobel Prize.
Congratulations, Mr. Deaton!
