For his champion analysis on economic development, well being, and health, Angus Deaton won the 2015 Nobel Prize in Economic Sciences as it was announced today at the Royal Swedish Academy of Sciences in Stockholm.
Deaton will be receiving the cash prize worth 8 million Swedish crowns ($978,000).
Deacon's analysis of consumption, poverty, and welfare is concentrated on the determinants of health and the measurement of welfare and poverty in every country in the world, particularly in India.
Deaton's work has "helped transform the fields of microeconomics, macroeconomics and development economics," according to The Hindu.
"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," said the Royal Swedish Academy of Sciences in a statement, according to the Nobel Prize site.
Deaton, who holds U.S. and British citizenship, taught at the University of Bristol, and Cambridge University before he became a Dwight D. Eisenhower Professor of the Woodrow Wilson School of Public and International Affairs and the Economics Department at Princeton University.
"My father believed in education, and he liked to measure things. (He) was determined that I should be educated properly, and set his heart on sending me to Fettes College, whose annual fees were well in excess of his salary," said Deaton in 2011.
When Deaton was asked on his take on the refugee crisis, his answer was, "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. Poverty reduction in poor countries will solve the problem, but not for a very long time. In the short term, stabilizing political instability in war zones would help."
Here's the official announcement of the Nobel Prize committee, outlining Deaton's three key contributions on microeconomics, macroeconomics, and development economics.