Angus Deaton

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Sir Angus Deaton
Angus Deaton 5289-2015.jpg
Angus Deaton, Nobel Laureate in economics in Stockholm December 2015
Born
Angus Stewart Deaton

(1945-10-19) 19 October 1945 (age 73)
Residence United States
Nationality British, American
Citizenship United Kingdom
United States
Education Hawick High School
Fettes College
Alma mater Fitzwilliam College, Cambridge
Spouse(s) Anne Case
Awards
Scientific career
Fields Microeconomics
Institutions University of Bristol
Princeton University
University of Southern California
Thesis Models of consumer demand and their application to the United Kingdom (1975)
Doctoral advisor Richard Stone
Academic career
Information at IDEAS / RePEc

Sir Angus Stewart Deaton FBA [1] (born 19 October 1945) is a British-American economist and academic. Deaton is currently a Senior Scholar and the Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at the Woodrow Wilson School of Public and International Affairs and the Economics Department at Princeton University. His research focuses primarily on poverty, inequality, health, wellbeing, and economic development. [2]

Fellow of the British Academy award granted by the British Academy to leading academics for their distinction in the humanities and social sciences

Fellowship of the British Academy (FBA) is an award granted by the British Academy to leading academics for their distinction in the humanities and social sciences. There are three kinds of fellowship:

  1. Fellows, for scholars resident in the United Kingdom
  2. Corresponding Fellows, for scholars not resident in the UK
  3. Honorary Fellows, an honorary academic title
United Kingdom Country in Europe

The United Kingdom (UK), officially the United Kingdom of Great Britain and Northern Ireland, and sometimes referred to as Britain, is a sovereign country located off the north-western coast of the European mainland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands. Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state, the Republic of Ireland. Apart from this land border, the United Kingdom is surrounded by the Atlantic Ocean, with the North Sea to the east, the English Channel to the south and the Celtic Sea to the south-west, giving it the 12th-longest coastline in the world. The Irish Sea lies between Great Britain and Ireland. With an area of 242,500 square kilometres (93,600 sq mi), the United Kingdom is the 78th-largest sovereign state in the world. It is also the 22nd-most populous country, with an estimated 66.0 million inhabitants in 2017.

Woodrow Wilson School of Public and International Affairs professional public policy school at Princeton University

The Woodrow Wilson School of Public and International Affairs is a professional public policy school at Princeton University. The school provides an array of comprehensive coursework in the fields of international development, foreign policy, science and technology, and economics and finance through its undergraduate (AB) degrees, graduate Master of Public Affairs (MPA), Master of Public Policy (MPP), and Ph.D. degrees. Since 2012, Cecilia Rouse has been dean of the Woodrow Wilson School. The school is consistently ranked as one of the best institutions for the study of international relations and public affairs in the country and in the world. Foreign Policy ranks the Woodrow Wilson School as No. 2 in International Relations at the undergraduate and at the Ph.D. level in the world behind the Harvard Kennedy School.

Contents

In 2015, he was awarded the Nobel Memorial Prize in Economic Sciences for his analysis of consumption, poverty, and welfare. [3] [4]

The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, and generally regarded as the most prestigious award for that field. The award's official name is The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

Consumption (economics) purchase and use of goods and services

Consumption, defined as spending for acquisition of utility, is a major concept in economics and is also studied in many other social sciences. It is seen in contrast to investing, which is spending for acquisition of future income.

Biography

Angus Deaton presenting himself, December 2015

Deaton was born in Edinburgh, Scotland. He attended Hawick High School [5] and then Fettes College as a foundation scholar. He earned his B.A., M.A. and Ph.D. degrees at the University of Cambridge, the last with a 1975 thesis entitled Models of consumer demand and their application to the United Kingdom under the supervision of Richard Stone . At Cambridge, he was later a fellow at Fitzwilliam College and a research officer working with Richard Stone and Terry Barker in the Department of Applied Economics. [6]

Hawick High School

Hawick High School is a non-denominational secondary school in Hawick, in the Scottish Borders. As well as serving the town, it also takes in pupils from as far away as Newcastleton.

Fettes College private school in Edinburgh, Scotland

Fettes College is a private co-educational independent boarding and day school in Edinburgh, Scotland, with over two-thirds of its pupils in residence on campus. The school was originally a boarding school for boys only and became co-ed in 1983. In 1978 the College had a nine-hole golf course, an ice-skating rink used in winter for ice hockey and in summer as an outdoor swimming pool, a cross-country running track and a rifle shooting range within the forested 300-acre grounds. Fettes is sometimes referred to as a public school, although the term is traditionally used in Scotland for state schools. The school was founded with a bequest of Sir William Fettes in 1870 and started admitting girls in 1970. It follows the English rather than Scottish education system and has nine houses. The main building was designed by David Bryce.

A Bachelor of Arts is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, sciences, or both. Bachelor of Arts programs generally take three to four years depending on the country, institution, and specific specializations, majors, or minors. The word baccalaureus should not be confused with baccalaureatus, which refers to the one- to two-year postgraduate Bachelor of Arts with Honors degree in some countries.

In 1976 Deaton took up post at the University of Bristol as Professor of Econometrics. During this period, he completed a significant portion of his most influential work. In 1978, he became the first ever recipient of the Frisch Medal, an award given by the Econometric Society every two years to an applied paper published within the past five years in Econometrica . In 1980, his paper on how demand for various consumption goods depends on prices and income was published in The American Economic Review . This paper has since been hailed as one of the twenty most influential articles published in the journal in its first hundred years. [7]

University of Bristol research university located in Bristol, United Kingdom

The University of Bristol is a red brick research university located in Bristol, United Kingdom. It received its royal charter in 1909, although like the University of the West of England and the University of Bath, it can trace its roots to the Merchant Venturers' Technical College, founded as a school in 1595 by the Society of Merchant Venturers. Its key predecessor institution, University College, Bristol, had been in existence since 1876.

The Frisch Medal is an award in economics given by the Econometric Society. It is awarded every two years for empirical or theoretical applied research published in Econometrica during the previous five years. The award was named in honor of Ragnar Frisch, first co-recipient of the Nobel prize in economics and editor of Econometrica from 1933 to 1954. In the opinion of Rich Jensen, Gilbert F. Schaefer Professor of Economics and chairperson of the Department of Economics of the University of Notre Dame, "The Frisch medal is not only one of the top three prizes in the field of economics, but also the most prestigious 'best article' award in the profession". Five Frisch medal winners have also won the Nobel Prize.

The Econometric Society is an international society of academic economists interested in applying statistical tools to their field. It is an independent organization with no connections to societies of professional mathematicians or statisticians. It was founded on December 29, 1930, at the Stalton Hotel in Cleveland, Ohio. As of 2014, there are about 700 Elected Fellows of the Econometric Society, making it one of the most prevalent research affiliations.

In 1983, he left the University of Bristol for Princeton University. He is currently the Dwight D. Eisenhower Professor of International Affairs and Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs (WWS) and the Department of Economics at Princeton. [8] Since 2017, he holds a joint appointment with the University of Southern California where he is the Presidential Professor of Economics. [9] He holds both British and American citizenship. [10]

Princeton University University in Princeton, New Jersey

Princeton University is a private Ivy League research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the nine colonial colleges chartered before the American Revolution. The institution moved to Newark in 1747, then to the current site nine years later, and renamed itself Princeton University in 1896.

Dwight D. Eisenhower 34th president of the United States

Dwight David "Ike" Eisenhower was an American army general and statesman who served as the 34th president of the United States from 1953 to 1961. During World War II, he was a five-star general in the United States Army and served as supreme commander of the Allied Expeditionary Forces in Europe. He was responsible for planning and supervising the invasion of North Africa in Operation Torch in 1942–43 and the successful invasion of France and Germany in 1944–45 from the Western Front.

In October 2015 it was announced that Deaton had won that year's Nobel Memorial Prize in Economic Sciences. The BBC reported that Deaton was "delighted" and that he described himself as "someone who's concerned with the poor of the world and how people behave, and what gives them a good life". The Royal Swedish Academy of Sciences said that economic policy intended to reduce poverty could only be designed once individuals' consumption choices were understood, saying, "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". [11] New York University economist William Easterly said, "What was impressive about this Nobel is how many different fields Angus has contributed to". Easterly noted Deaton's bravery in the face of the political aspects of his research area and the "tortuous details" involved in his work, adding: "No one accuses him of having an agenda on these questions, and there are a lot of people in this field who do have an agenda". [12] According to Brown University president Christina Paxson, Deaton "is fearless about asking questions and pushing data and trying to understand the roots of some very basic questions in economics." [13]

The Royal Swedish Academy of Sciences is one of the royal academies of Sweden. Founded on June 2, 1739, it is an independent, non-governmental scientific organization which takes special responsibility for ptomoting the natural sciences and mathematics and strengthen their influence in society, whilst endeavouring to promote the exchange of ideas between various disciplines.

William Easterly American development economist

William Russell Easterly is an American economist, specializing in economic development. He is a Professor of Economics at New York University, joint with Africa House, and Co-Director of NYU’s Development Research Institute. He is a Research Associate of NBER, senior fellow at the Bureau for Research and Economic Analysis of Development (BREAD) of Duke University, and a nonresident senior fellow at the Brookings Institution in Washington DC. Easterly is an associate editor of the Journal of Economic Growth.

Brown University University in Providence, Rhode Island

Brown University is a private Ivy League research university in Providence, Rhode Island. Founded in 1764 as the College in the English Colony of Rhode Island and Providence Plantations, it is the seventh-oldest institution of higher education in the United States and one of the nine colonial colleges chartered before the American Revolution.

Deaton is also the author of "Letters from America", a popular semi-annual feature in the Royal Economic Society Newsletter. [14]

Scholarship

Almost Ideal Demand System

Deaton's first work to become known was Almost Ideal Demand System (AIDS), which he developed with John Muellbauer and published in The American Economic Review (AER) in 1980. [15] As a consumer demand model, it provides a first order approximation to any demand system which satisfies the axioms of order, aggregates over consumers without invoking parallel linear Engel curves, is consistent with budget constraints, and is simple to estimate.

According to a review by the American Economic Review, the paper "introduces a practical system of demand equations that are consistent with preference maximization and have sufficient flexibility to support full welfare analysis of policies that have an impact on consumers." [16] The paper was listed as one of the top 20 published works in the AER in the first 100 years of the journal. [16]

Morbidity and Mortality in the 21st Century

In 2015, Anne Case and Angus Deaton published the paper Rising morbidity and mortality in midlife among white non-Hispanic Americans in the 21st century in the Proceedings of the National Academy of Sciences. In the article, Case and Deaton highlight the rising all-cause mortality rate among middle-aged white non-Hispanic Americans in the past decade, a recent trend that was unique among "rich" countries. [17] Case and Deaton found that the rising mortality rates were only occurring for white non-Hispanics and that less-educated white non-Hispanics were at the greatest risk. Further, they discovered that the increasing mortality rates among white non-Hispanics could be classified as "deaths of despair", most notably drug and alcohol poisonings, suicide, and chronic liver diseases and cirrhosis." [17] Finally, they noted that rising mortality rates were accompanied by rising morbidity rates, particularly "[s]elf-reported declines in health, mental health, and ability to conduct activities of daily living, and increases in chronic pain and inability to work". [17] To explain their findings, Case and Deaton point to the rising availability and abuse of opioids:

The increased availability of opioid prescriptions for pain that began in the late 1990s has been widely noted, as has the associated mortality. The CDC estimates that for each prescription painkiller death in 2008, there were 10 treatment admissions for abuse, 32 emergency department visits for misuse or abuse, 130 people who were abusers or dependent, and 825 nonmedical users  ...

[A]ddictions are hard to treat and pain is hard to control, so those currently in midlife may be a "lost generation" whose future is less bright than those who preceded them. [17]

As a follow-up to their previous work, Case and Deaton received funding from the National Institute on Aging through the National Bureau of Economic Research to release a larger study that was published in 2017 entitled Mortality and Morbidity in the 21st Century. [18] [19] [20] In extending their research, they found that the mortality rates for educated white non-Hispanics have begun to decrease again, although the rates for uneducated white non-Hispanics have continued to climb; at the same time, rates for Hispanics and blacks continued to decrease, regardless of educational attainment. Additionally, they found that contemporaneous resources had no effect on mortality rates and that, instead, worsening labor market opportunities for uneducated white non-Hispanics have pushed forward several cumulative disadvantages for middle-aged people, such as worsened marriage and child outcomes, and overall health. [18]

As a result of this research, Case has opined that physical and mental distress may bolster candidates like Donald Trump and Bernie Sanders. [21] [22] Likewise, the Washington Post and a Gallup Poll showed strong correlation between support for Trump and higher death rates. [21] [23] [24]

Recognition and Awards

1978—Frisch Medal, an award given by the Econometric Society

2007—Elected president of the American Economic Association.

2011—Awarded BBVA Foundation Frontiers of Knowledge Award of Economics, Finance and Management for his fundamental contributions to the theory of consumption and savings, and the measurement of economic wellbeing. [25]

2014—Elected to the American Philosophical Society. [26]

2015—Elected a member of the National Academy of Sciences. [27]

2015—Awarded with the Nobel Prize in Economic Sciences for his analysis of consumption, poverty, and welfare. [3] [4]

2016—Knighted in the 2016 Queen's Birthday Honours List for services to research in economics and international affairs. [28]

2016—Listed #14 (along with Anne Case) on the Politico 50 guide to the thinkers, doers and visionaries transforming American politics in 2016. [21]

Deaton is a Fellow of the Econometric Society, the British Academy (FBA), [29] and the American Academy of Arts and Sciences.

He holds honorary degrees from the University of Rome, Tor Vergata; University College London; the University of St. Andrews; and the University of Edinburgh. [30]

Personal life

Deaton has two children, born in 1970 and 1971. [31] He is married to Anne Case, Alexander Stewart 1886 Professor of Economics and Public Affairs at Princeton University's Woodrow Wilson School of Public and International Affairs. The couple's recreational activities include attending the opera and going trout fishing. [8]

Books

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References

  1. Instruments of Development - website British Academy
  2. "Bio". Professor Sir Angus Deaton. Princeton University. princeton.edu. Retrieved 27 November 2017.
  3. 1 2 "The Prize in Economic Sciences 2015". nobelprize.org.
  4. 1 2 Wearden, Graeme (12 October 2015). "Nobel prize in economics won by Angus Deaton – live". The Guardian. theguardian.com (updated 25 May 2017). Retrieved 26 January 2018.
  5. "Angus Deaton - Biographical". nobelprize.org. Retrieved 29 November 2017.
  6. "Cambridge alumnus awarded Nobel economics prize". University of Cambridge. 12 October 2015. Retrieved 17 October 2015.
  7. "100 Years of the American Economic Review: The Top 20 Articles". American Economic Review . Retrieved 22 March 2016.
  8. 1 2 "NBER Profile: Angus Deaton". National Bureau of Economic Research . Retrieved 13 October 2015.
  9. "Nobel laureate Sir Angus Deaton named a Presidential Professor" . Retrieved 16 November 2017.
  10. Rising, Malin (12 October 2015). "Scottish economist Angus Deaton wins Nobel economics prize". Yahoo! News. Associated Press. Retrieved 12 October 2015.
  11. "British academic awarded Nobel economics prize". BBC News Online . 12 October 2015. Retrieved 12 October 2015.
  12. Timiraos, Nick; Duxbury, Charles (12 October 2015). "Angus Deaton Awarded Nobel Prize in Economic Sciences". The Wall Street Journal . New York City. Retrieved 13 October 2015.
  13. "Nobel-Winning Economist Probes The Means By Which We Measure". NPR.org. Retrieved 27 December 2018.
  14. "Letters from America". princeton.edu.
  15. Deaton, A; Muellbauer, J. (1980). "An Almost Ideal Demand System". American Economic Review. 70 (3): 312–326. JSTOR   1805222.
  16. 1 2 Arrow, Kenneth J; Bernheim, B. Douglas; Feldstein, Martin S; McFadden, Daniel L; Poterba, James M; Solow, Robert M. "100 Years of theAmerican Economic Review: The Top 20 Articles". American Economic Review. 101 (1): 1–8. doi:10.1257/aer.101.1.1.
  17. 1 2 3 4 Case, Anne; Deaton, Angus (8 December 2015). "Rising morbidity and mortality in midlife among white non-Hispanic Americans in the 21st century" (PDF). Proceedings of the National Academy of Sciences. 112 (49): 15078–15083. doi:10.1073/pnas.1518393112. PMC   4679063 .
  18. 1 2 Case, Anne; Deaton, Angus (Spring 2017). "Mortality and Morbidity in the 21st Century" (PDF). Brookings Papers on Economic Activity: 397–476.
  19. Case, Anne; Deaton, Sir Angus (23 March 2017). "Mortality and morbidity in the 21st century". Brookings. Retrieved 27 November 2017.
  20. Body, Jessica (23 March 2017). "The Forces Driving Middle-Aged White People's 'Deaths Of Despair'". NPR.org. Retrieved 27 November 2017.
  21. 1 2 3 "The POLITICO 50 - 2016". POLITICO Magazine. Retrieved 27 November 2017.
  22. Case, Anne (30 December 2015). ""Deaths of despair" are killing America's white working class". Quartz. Retrieved 27 November 2017.
  23. Guo, Jeff (4 March 2016). "Death predicts whether people vote for Donald Trump". Washington Post. ISSN   0190-8286 . Retrieved 27 November 2017.
  24. Rothwell, Jonathan; Diego-Rosell, Pablo (2 November 2016). "Explaining Nationalist Political Views: The Case of Donald Trump". Rochester, NY.
  25. Alonso, M. E. (21 February 2012). "Angus Deaton y su teoría del consumo, premio BBVA". ABC (in Spanish). Retrieved 13 October 2015.
  26. "Newly Elected - April 2014". American Philosophical Society. Archived from the original on 6 September 2015. Retrieved 13 October 2015.
  27. "News from the National Academy of Sciences". National Academy of Sciences. 28 April 2015. Archived from the original on 26 March 2016. Retrieved 26 January 2018.
  28. "No. 61608". The London Gazette (Supplement). 11 June 2016. p. B2.
  29. British Academy Fellows: DEATON, Professor Angus Archived 4 March 2016 at the Wayback Machine - website of the British Academy
  30. "Honorary graduates". Annual Review 2010/11. The University of Edinburgh. www.ed.ac.uk. Retrieved 28 December 2016.
  31. Deaton, Angus (November 2014). "Curriculum Vitae" (PDF). Princeton University . Archived from the original (PDF) on 15 October 2015. Retrieved 13 October 2015.
Academic offices
Preceded by
Avinash Dixit
President of the American Economic Association
2009– 2010
Succeeded by
Robert Hall
Awards
Preceded by
Jean Tirole
Laureate of the Nobel Memorial Prize in Economics
2015
Succeeded by
Oliver Hart
Bengt Holmström