Angus Deaton: Nobel Prize in Economics

Princeton economist Angus Deaton was awarded the Nobel Prize in economics earlier this week. “Deaton’s work,” reports Reason, “has focused on how to reconcile economic theory with economic data, specifically looking at various measures of well-being, health, inequality, consumption, and economic growth.” His book The Great Escape: Health, Wealth, and the Origins of Inequality is a nice summary of his work. Deaton’s work shows how crucial it is to compare models to reality. Furthermore, it is a nice reminder that the world in many respects is getting better.

Check out his lecture below.