Angus Deaton bags the Nobile Prize for Economic Sciences

Angus Deaton, a British Economist was awarded the Nobile Prize for Economic Sciences for his 'Analysis of Consumption, Poverty, and Welfare".

The award giving body said, " 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".

The body also announced the eight million Swedish crown ($978,000) prize.

Answering some of the question posed to him, Angus Deaton said, "What we are seeing now is the result of hundreds of years of unequal development in the rich world, which has left a lot of the world behind. Those people who have been left behind want a better life, and that is putting enormous pressure on the boundaries between the poor world and the rich"