Nobel in Economics Is Given to Angus Deaton
- 9 years ago
Prof. Angus Deaton, a British economist, was awarded the Nobel Memorial Prize in Economic Science on Monday for improving the accuracy of basic economic gauges, including measures of income, poverty and consumption.
Professor Deaton, 69, of Princeton, is best known for his insight that economic averages such as measures of national income could be misleading, because they concealed important variations among individuals.
"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.
Professor Deaton, 69, of Princeton, is best known for his insight that economic averages such as measures of national income could be misleading, because they concealed important variations among individuals.
"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.