NOBEL-PRIZE/ECONOMICS-NEWSER Angus Deaton wins 2015 Nobel Prize in Economics

Record ID: 134769

  • Title: NOBEL-PRIZE/ECONOMICS-NEWSER Angus Deaton wins 2015 Nobel Prize in Economics
  • Date: 12th October 2015
  • Summary: PRINCETON, NEW JERSEY, UNITED STATES (OCTOBER 12, 2015) (REUTERS) NOBEL PRIZE WINNER IN ECONOMICS, ANGUS DEATON, WALKING OUT ON STAGE AT PRINCETON UNIVERSITY NEWS CONFERENCE DEATON BEING INTRODUCED AND WALKING UP TO PODIUM (SOUNDBITE) (English) ANGUS DEATON, 2015 NOBEL PRIZE IN ECONOMICS WINNER, SAYING: "And one of my great joys, and it's so well represented at Princeton i
  • Embargoed: 27th October 2015 12:00
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    British-born economist Angus Deaton, winner of the 2015 economics Nobel Prize for his work on consumption, poverty and welfare, attended a news conference at Princeton University on Monday (October 12).
    The Royal Swedish Academy of Sciences said the microeconomist's work had been a major influence on policy making, helping for example to determine how different social groups are affected by specific changes in taxation.
    At the news conference, Deaton described how economics is more and more influenced by the social sciences like sociology and philosophy.
    "One of my great joys, and it's so well represented at Princeton is the breadth with which social sciences has been coming together in recent years," said Deaton.
    "Economics was taken over by all of these fields and is all the much better for it and I think I would like to be known for that," added Deaton.
    Deaton, who was born in Edinburgh and holds both British and U.S. citizenship, is professor of Economics and International Affairs at Princeton University in the United States.
    Deaton, 69, has spearheaded the use of household survey data in developing countries, especially data on consumption, to measure living standards and poverty, the academy said.
    In one key work, "The Great Escape; Health, Wealth and the Origins of Inequality", Deaton describes the huge increase in global prosperity in the past two centuries, underpinned by medical and technological advances, but also looks in depth at the inequalities to which that progress has given rise.
    Deaton developed a system for estimating how the demand for each good depends on the prices of all goods and on individual incomes, now a standard tool for researchers and in practical policy evaluation the academy said.
    The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.
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