Cable News Network (CNN) has reported Angus Deaton , a Scottish-born economist to have won 2015 Nobel prize in economics.
He is best known for his work on health, wellbeing, and economic development.
The Nobel Committee 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.
“By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics, and development economics.”
His book, The Great Escape: Health, Wealth and the Origins of Inequality, argues that a more sophisticated analysis of economic data shows that while most people in the world have gained in terms of health and well being from GDP growth, there are many groups that have missed out.