The Economics Nobel Prize for showing great work in analysis of consumption, poverty, and welfare was conferred to Angus Deaton on October 12. Deaton majorly worked on the low calorie consumption in Indian children and how it is linked to poverty. He also concluded how failure in widespread growth was a human development disaster which reflects in early life nutrition that helps brains to grow. British-born economist Angus Deaton of Princeton University answers questions in a news conference after winning the 2015 economics Nobel Prize on the Princeton University | Source: Reuters

After spending a lot of time in India, Deaton proposed an ingenious way of using household consumption data to indirectly estimate whether daughters are given less than sons.

He also investigated whether the consumption of adult goods like clothes, tobacco, or alcohol decreases when the family has children, and whether this reduction is greater when the child is a boy rather than a girl.

Deaton who now teaches at Princeton University, in the year 1980, created a model of an ideal Demand System, a flexible yet simple way of estimating how the demand for each item depends on the prices of all goods and on individual incomes.

The Royal Swedish Academy of Sciences said the British-born 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.

British-born economist Angus Deaton of Princeton University (C) stands with Nobel laureates Chris Sims (left, Economics, 2011) and Eric Wieschaus (right, Physiology or Medicine, 1995) after winning the 2015 economics Nobel Prize | Source: Reuters