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Angus Deaton won the Nobel Prize for economics

Angus Deaton won the Nobel Prize for economicsThe Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2015 was awarded to Angus Deaton "for his analysis of consumption, poverty, and welfare".

Deaton is being hailed for his academic work on the links between consumption and income - and how public policy changes can affect rich and poor.

The key to his work is measuring how public behaviour changes if, say, the government raises the VAT rate on food.

And then extrapolating up from the individual level to tell how these changes affect millions of people.

The Nobel Committee says:

«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.»

In his early work around 1980, Deaton developed the Almost Ideal Demand System – a flexible, yet simple, way of estimating how the demand for each good depends on the prices of all goods and on individual incomes. His approach and its later modifications are now standard tools, both in academia and in practical policy evaluation.
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