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Angus Deaton wins 2015 Nobel Prize in Economics

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Scottish economist Angus Deaton has been awarded the 2015 Nobel Prize in economic science for his work on consumption, poverty and welfare.

 

BREAKING NEWS The 2015 Prize in Economic Sciences is awarded to 69 years old Angus Deaton @Princeton#NobelPrize pic.twitter.com/8iHMo0CcPX

— The Nobel Prize (@NobelPrize) October 12, 2015

 

The decision was announced at the Royal Swedish Academy of Sciences in Stockholm today. Mr Deaton, who is at Princeton University, will receive a cash prize of 8m Swedish kronor (£635,000).

Mr Deacon's research has concentrated on measuring poverty in the developing world and the determinants of health in rich and poor countries.

Angus Deaton is Dwight D. Eisenhower Professor of Economics and International Affairs at Princeton  Photo: Princeton"Mr Deaton's work has helped transformed the fields of microeconomics, macroeconomics & development economics" said the prize givers.

US economist Tyler Cowen said Mr Deaton was "a brilliant, excellent selection".

Mr Deaton, who holds both US and British citizenship taught at the Universities of Cambridge and Bristol, before moving to the US.

The economist said he was "surprised and delighted" upon receiving the call from Stockholm.

Angus Deaton was born in Edinburgh in 1949 and received his PhD at Cambridge University. Mr Deaton is the son of a Yorkshire miner who later became a civil engineer having served in the Second World War.

The economist fulfilled his father's dream in gaining a scholarship to study at the prestigious Fettes College in Edinburgh aged 13.

"My father believed in education, and he liked to measure things" wrote Mr Deaton in 2011.

"My father was determined that I should be educated properly, and set his heart on sending me to Fettes College... whose annual fees were well in excess of his salary".

While at Cambridge, Mr Deaton said he "found economics much more to my taste than mathematics". He left Cambridge to briefly work for the Bank of England, but soon returned to Cambridge for his post-graduate study.

Mr Deaton has pioneered the development of tools to measure poverty and the relationship between income and consumption.

Last year, the award - which is officially known as the Sveriges Riksbank Prize in memory of Alfred Nobel - went to French economist Jean Tirolefor his pioneering work on the regulation of large companies.

This prize has been awarded every year since 1969.

Mr Deaton had been touted as one of the leading candidates for this year's award. Other candidates had included British economist and professor at University College London,

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