Professor Angus Deaton is awarded the Nobel Prize in Economics on 12 October. The selection committee has awarded the prize to Professor Deaton because of the following reason:
Over the last three to four decades, the study of consumption has progressed enormously. While many scholars have contributed to this progress, Angus Deaton stands out. He has made several fundamental and interconnected contributions that speak directly to the measurement, theory, and empirical analysis of consumption." (The Committee for the Prize in Economic Sciences in Memory of Alfred Nobel)
I am delighted that Professor Deaton is awarded the Nobel Prize for at least three reasons.
First, I have been a keen follower of his works in the study of poverty particularly the measurement of relative and absolute poverty. He works have contributed enormously to the living standard measurements in the developing world conducted by the World Bank.
Second, my student's Ph.D. dissertation on "Empirical Analysis of Consumer Behaviors in Urban China"has applied Professor Deaton's model of demand systems known as Almost Ideal Demand System (AIDS), which he developed jointly with Professor John Muelbauer, in explaining individuals and households consumer behaviors in Chinese urban areas.
Third, another student's Ph.D. thesis investigated the impact on inequality in Laos caused by economic growth fueled by FDI inflows to the natural resources sector. The analysis was based on data sets collected from nation-wide household surveys conducted in 2002/03 and 2007/08. The basic framework of household surveys in Laos was designed based on the World Bank's "Designing Household Survey Questionnaires for Developing Countries project" in which Professor Deaton contributed substantially.
The official commendation of Nobel Prize in Economics to Professor Deaton is available here: http://www.nobelprize.org/
"The consumption of goods and services is a fundamental determinant of human welfare. The distribution of consumption among individuals has a bearing on many important issues--including inequality and poverty – in society’s economic, political and social domains. In most countries, aggregate consumption is the largest component of aggregate demand and, as such, accounts for much of the time variation in economic activity. For a given level of income, consumption determines savings and thus investment through the supply of capital. It is thus quite natural that consumption has been at the center of economic research throughout the last century.
Over the last three to four decades, the study of consumption has progressed enormously. While many scholars have contributed to this progress, Angus Deaton stands out. He has made several fundamental and interconnected contributions that speak directly to the measurement, theory, and empirical analysis of consumption." (The Committee for the Prize in Economic Sciences in Memory of Alfred Nobel)
I am delighted that Professor Deaton is awarded the Nobel Prize for at least three reasons.
First, I have been a keen follower of his works in the study of poverty particularly the measurement of relative and absolute poverty. He works have contributed enormously to the living standard measurements in the developing world conducted by the World Bank.
Second, my student's Ph.D. dissertation on "Empirical Analysis of Consumer Behaviors in Urban China"has applied Professor Deaton's model of demand systems known as Almost Ideal Demand System (AIDS), which he developed jointly with Professor John Muelbauer, in explaining individuals and households consumer behaviors in Chinese urban areas.
Third, another student's Ph.D. thesis investigated the impact on inequality in Laos caused by economic growth fueled by FDI inflows to the natural resources sector. The analysis was based on data sets collected from nation-wide household surveys conducted in 2002/03 and 2007/08. The basic framework of household surveys in Laos was designed based on the World Bank's "Designing Household Survey Questionnaires for Developing Countries project" in which Professor Deaton contributed substantially.
The official commendation of Nobel Prize in Economics to Professor Deaton is available here: http://www.nobelprize.org/
1 comment:
Professor Lau has an outstanding foresight !
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