Angus Deaton was awarded the Nobel Memorial Prize in Economic Sciences for his studies of consumption, poverty and welfare.
“To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices,”the Royal Swedish Academy of Sciences said, announcing the prize.
“By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics, and development economics.” added the Royal Swedish Academy of Sciences.
In his work, Angus Deaton has asked three main questions:
• How do consumers allocate their spending,
• How a society spends and saves money , and finally
• How to measure individual well-being.
