Princeton University economics professor Angus Deaton has won the 2015 Nobel Prize in economics, it was announced on Monday. Mr. Deaton, the Dwight D. Eisenhower Professor of International Affairs and a professor of economics and international affairs at the University’s Woodrow Wilson School, was informed of the honor with a 6:10 a.m. telephone call from Stockholm, home to the Royal Swedish Academy of Sciences.
“People keep congratulating me today, and I keep thinking, for what?,” Mr. Deaton joked at a press conference Monday afternoon. “I’m slowly getting used to it.”
The Nobel Memorial Prize in Economic Sciences goes to Mr. Deaton for his work in “consumption, poverty, and welfare,” according to the Royal Swedish Academy. Well known for his contributions to understanding consumption at the individual level and in aggregate, he is the author of several books on economics including The Great Escape: Health, Wealth and the Origins of Inequality (Princeton University Press 2013), which was recommended by Bill Gates, “if you want to learn about why human welfare overall has gone up so much over time.”
“The consumption of goods and services is a fundamental part of people’s welfare. The Laureate, Angus Deaton, has deepened our understanding of different aspects of consumption,” the Nobel committee said. “His research concerns issues of immense importance for human welfare, not least in poor countries. Deaton’s research has greatly influenced both practical policymaking and the scientific community. By emphasizing the links between individual consumption decisions and outcomes for the whole economy, his work has helped transform modern microeconomics, macroeconomics and development economics.” more