Scottish born economist, Angus Deaton, wins Nobel Prize in Economics

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Earlier today, Scottish born economist Angus Deaton was announced the winner of the 2015 Nobel Prize in Economics. He is known for his analysis of consumption, poverty and welfare.

The 69-year old winner studied at Fettes College where Tony Blair also studied, and went on to study at Cambridge. He moved to the United States where he currently lives and holds dual citizenship. He is the professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton.

Deaton’s most recent book was published in 2013 and is titled, ‘The Great Escape: Health, Wealth, and the Origins of Inequality’. In it he states, “The Idea that global poverty could be eliminated if only rich people or rich countries were to give more money to poor people or to poor countries, however appealing, is wrong"

"These simplistic beliefs are based on a misdiagnosis of what it is that is keeping people poor". He is a harsh critic of foreign aid from the West stating it does more harm than good.

The Nobel Committee praised Mr. Deaton in saying, “To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices. More than anyone else, Angus Deaton has enhanced this understanding. “By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics, and development economics.”

This prize has been awarded annually since 1969 with last years recipient being French Economist Jean Tirole. Mr. Deaton is the 47th recipient and received a prize money of £637,000. For more information, The Royal Swedish Academy of Sciences have written a 4 page pdf summarizing Deaton’s research over the years. In it it mentions how he reshaped the way poverty was measured and his research on ‘poverty traps’.

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