US Professor Angus Deaton has been awarded Nobel Prize in Economics for the year 2015 for his analytical research on Consumption, poverty and welfare which has helped to design economic policy that promotes welfare and reduces poverty.
The works of the US Economics Professor spans a very broad field touching on many different aspects of consumption. The Royal Swedish Academy of Sciences which awards the Nobel Prize for Economics every year said, “The analyzed research work of Dr. Angus Deaton shows an impressive breadth in its approaches: basic theory; statistical methods for testing theories; in-depth knowledge of the quality of existing data; and extensive work on producing new kinds of data.”
Dr. Angus Deaton, Professor of Economics and International Affairs at Princeton University, New Jersy, was born in Edinburgh, UK in 1945. He was awarded a Ph.D in 1974 from University of Cambridge and has been teaching at Princeton University, NJ, USA since 1983.
The Committee on Nobel Prize 2015 in Economics said that the Laureate has deepened our understanding of different aspects of consumption. His research concerns issues of immense importance for human welfare, not least in poor countries. “In recent decades, Angus Deaton has conducted extensive research into consumption and poverty in developing countries, using his insights into demand systems and individual consumption over time,” said the Committee while announcing the award at Sweden.
Adding more information the Committee said that the works of the professor has emphasized importance of building up extensive data sets with household consumption of different goods. “Dr. Deaton has also shown how such data can be used to measure and understand poverty and its determinants. The consumption data in developing countries is often more reliable and useful than income data,” summed the committee.
The Nobel in Economics in 2014 was awarded to Jean Tirole for his analysis of market power and regulation.
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