Angus Deaton Wins The 2015 Nobel Prize For Economics

Posted: Oct 12 2015, 10:11am CDT | by , Updated: Oct 12 2015, 2:44pm CDT, in News | Latest Science News

Angus Deaton wins the 2015 Nobel Prize for Economics
Larry Levanti/Princeton University, European Pressphoto Agency

British-American citizen, economist Angus Deaton has won the Nobel Prize award for Economic Science for his work on enhancing the correctness of basic economic gauges, and this includes measuring levels of income, poverty, and consumption among individuals.

Sixty-nine-year-old Professor Deaton was announced a winner on Monday.

Based in Princeton, Deaton was born in Scotland but is actually a British and American citizen. He is reputed for his ideas on the fact that economic averages that measure national income cannot be too correct on the basis that they overlook certain variations among income earners.

“To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices,” the committee that awarded the prize said in a statement.

“More than anyone else, Angus Deaton has enhanced this understanding. By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics and development economics,” the committee added.

The professor expressed delight at winning the award, saying he felt “pretty sleepy” after he got the call that informed him of the award. “I was surprised and delighted,” he said. “It was wonderful to hear the voices of my friends on the committee.”

The permanent secretary of the Royal Swedish Academy of Sciences, Goran K. Hansson announced the award in Stockholm, Sweden.

French economist Jean Tirole won the award last year for his work on effective regulation of imperfect markets; and Eugene F. Fama, Robert J. Shiller, and Lars Peter Hansen won the award in 2013 for their work on the movements of financial markets.

The Nobel Prize award was established in 1968 to honor the memory of Alfred Nobel, and to celebrate the anniversary of the world’s first central bank – 300-year-old Sweden’s central bank. Awardees are given prize money of 8 million Swedish kronor (about $976,000).

About 75 laureates have won the award since it was established in 1969, and these include Milton Friedman, Amartya Sen, and Friedrich von Hayek among others. Most of those that won the prize in economics have been Americans, and political scientist Elinor Ostrom in 2009 is the only woman to win the prize.

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<a href="/latest_stories/all/all/52" rel="author">Charles I. Omedo</a>
Charles is covering the latest discoveries in science and health as well as new developments in technology. He is the Chief Editor or Intel-News.




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