British economist Angus Deaton was awarded this year ‘s Nobel Prize in Economics. The Royal Swedish Academy of Sciences said in a statement, 70 -year-old Deaton was awarded for ” Analyses about Consumption, Poverty and Welfare “.
To strengthen the welfare andto create an economic policy to minimizepoverty the need to understand individual consumption preferencesit’s stated. Angus Deaton has spent more effort than anyone else to understand the individual consumer preferences. Deaton’s research that linkshis individual preferenceswith findings,has made a significant shift in the fieldsmicroeconomics, macroeconomics and development economics. “was said. Deaton also, was the owner of the award of8 million Swedish Krona (3 million Turkish Lira)
Who is Angus Deaton?
Deaton was born in Edinburgh in 1945. He graduated from Cambridge University and his PhD thesison “Consumer demand model and the implementation of these models in the UK” was completed in 1975. Deaton, in 1983, became a lecturer at Princeton University’s Department of Economics.
Deaton’s publication in 1980on Ideal Demand System (AIDS), ensured recognition throughout the world. In 1978 the Econometrics Community awarded Deaton with the Frisch Medal. Deaton has been the chairman of the American Economic Association since 2007.
Deaton’s book “The Great Escape: Health, wealth and the origins of inequality”was published in 2013.
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