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Winner of Nobel Prize for economics says "it's hard to believe"

Monday, October 12, 2015 - 01:36

British-born economist Angus Deaton, who has won the 2015 economics Nobel Prize for his work on consumption, poverty and welfare, says he still can't quite believe the news. Rough Cut (no reporter narration).

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ROUGH CUT (NO REPORTER NARRATION). Angus Deaton, who has won the 2015 economics Nobel Prize for his work on consumption, poverty and welfare, says he still can't quite believe the news. "People keep congratulating me today. And I keep thinking, for what? And it's really because it takes a long time to sink in and it's really hard to believe that, you know, I'm not going to pinch myself and wake up and there will be no phone call and all the rest of it. So I'm slowly getting used to it," Deaton said during a news conference at Princeton University. Deaton, who was born in Edinburgh and holds both British and U.S. citizenship, is professor of Economics and International Affairs at Princeton University. The Royal Swedish Academy of Sciences said the microeconomist's work had been a major influence on policy making, helping for example to determine how different social groups are affected by specific changes in taxation. "To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices," the award-giving body said in announcing the 8 million Swedish crown ($978,000) prize. Deaton, 69, has spearheaded the use of household survey data in developing countries, especially data on consumption, to measure living standards and poverty, the academy said Deaton looks at economic development from the starting point of consumption rather than income, wrote Tyler Cowen, economics professor at George Mason University and blogger.

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Winner of Nobel Prize for economics says "it's hard to believe"

Monday, October 12, 2015 - 01:36