Angus Deaton reacts to Nobel Economic prize

(12 Oct 2015) Scottish economist Angus Deaton won the Nobel memorial prize in economic sciences for "his analysis of consumption, poverty, and welfare," the Royal Swedish Academy of Sciences said on Monday. Deaton, who was born in Edinburgh in 1945, now works at Princeton University in the United States. He holds both US and British citizenship. The academy said the work for which Deaton is now being honoured revolves around three central questions: How do consumers distribute their spending among different goods; how much of society's income is spent and how much is saved; and how do we best measure and analyse welfare and poverty? In a press conference following the announcement, Deaton described himself as "someone who's concerned with the poor of the world and how people behave, and what gives them a good life." The economics award is not a Nobel Prize in the same sense as the others, which were created by Swedish industrialist Alfred Nobel in 1895. Sweden's central bank added the 8 million Swedish kronor (about 975,000 US dollars) award, in 1968 as a memorial to Nobel. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: https://twitter.com/AP_Archive Facebook: https://www.facebook.com/APArchives ​​ Instagram: https://www.instagram.com/APNews/ You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/8a9b6bdee7d073956094e0f8d64377a4

Added 18 Jul 2026