British-born economist Angus Deaton has won the 2015 economics Nobel Prize for his work on consumption, poverty and welfare that has helped governments to improve policy through tools such as household surveys and tax changes, Reuters reports.
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.
“More than anyone else, Angus Deaton has enhanced this understanding,” it said.
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.