A professor at Princeton and economist has won the Nobel Prize in Economics for his research on how rich and poor people make decisions about what to buy and how much to save. Angus Deaton was recognized for his "analysis of consumption, poverty, and welfare".
The Nobel Prize committee cited his different contributions to the study of consumer spending. His work paid special attention to the world's poorest people. Consequently, he has changed how economists think and conduct research which contributed to bridging the gap between those who study individual choices and those who study the greater economic forces.
Washington Post reported that part of Deaton's early works include his study in the theories of consumption and survey techniques which eventually led to a decade-long career that use those ideas to study more about poverty in developing countries, especially India and South Africa.
The committee responsible of announcing the recipient of the prize wrote in its announcement, "His work covers a wide spectrum, from the deepest implications of theory to the smallest detail of measurement."
When asked about the widespread refugee crisis all over Europe, he voiced out his sympathy for those who have been taken out by poverty and war. He said that what the world is seeing now is the result of hundreds of years of unequal development in the rich world, which resulted to a lot of the world being left behind.
Deaton expressed at a press event on Monday how delighted he is, not just for himself, but that the kind of work he's doing is being recognized as well. He also added that people should remember that we're not out of the woods yet. There are still many many people in the world, and things are not gong very well with them.
The Nobel Prize in economics comes with an award of about $976,000,and most of its recipients have been Americans. Edinburgh-born Deaton has joint British and U.S. citizenship.
