Angus Deaton, a British-born economist at Princeton University in the US, has won the Nobel Prize for economics for his pioneering work into what determines poverty and how people make their consumption decisions.
The Royal Swedish Academy of Sciences said Mr Deaton was awarded the prize “for his analysis on consumption, poverty and welfare”.
“[His research] shows an impressive breadth in its approaches: basic theory; statistical methods for testing theories; in-depth knowledge of the quality of existing data; and extensive work on producing new kinds of data.”
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