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# Econ Nobel Prize Honors Work In Measuring Global Welfare

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## Video: Econ Nobel Prize Honors Work In Measuring Global Welfare

[Watch (HLS stream): Econ Nobel Prize Honors Work In Measuring Global Welfare](https://cdn.jwplayer.com/manifests/5Cpj9IxZ.m3u8) (1:32)

![Econ Nobel Prize Honors Work In Measuring Global Welfare](https://cdn.jwplayer.com/v2/media/5Cpj9IxZ/poster.jpg?width=720)

_Published 2015-10-12. The prize winner, Princeton University professor Angus Deaton, looked at things like life expectancy and height to measure global well-being._


---

Jul 27, 2023 6:58 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[Meet the 2022 Nobel Prize Winners](/video/jze0UEYZ/)

### Meet the 2022 Nobel Prize Winners

[3 Economists Win Nobel Prize for Work On 'Alleviating Global Poverty'](/video/pqu3a375/)

### 3 Economists Win Nobel Prize for Work On 'Alleviating Global Poverty'

[Nobel Prize Winners Studied How We Know Where We Are](/video/0wbhwIFu/)

### Nobel Prize Winners Studied How We Know Where We Are

---


## Transcript

If you have a question about poverty, the newest nobel prize winner for economics is your go to guy. The Royal Swedish Academy of Sciences has today decided to award the Sveriges Riksbank prize in economic sciences, in memory of Alfred Nobel, to Angus Deaton For his analysis of consumption, poverty, and welfare. Princeton University Professor, Angus Deaton, is best known for his work on how economists measure people's standards of living. While most research looks at data, such as income, Poverty and consumption. He took an innovative approach by analyzing specifics like height and life expectancy.

His book, The Great Escape Health, Wealth, and the Origins of Inequality, showed that while overall well- being has increased globally, with better economic measurements you can see that. Parts of the population have been left out and there's still a lot more to do. That's one of the big messages of the book. That you have to look at health and income together and not in insolation and you get a much richer picture of the world. Much greater inequality. But Deaton has faced some controversy for his opinions on foreign aid. He said the overall improvements in quality of life had little to do with.

Foreign aid, and that free trade and incentives for drug companies would be the best next step for combatting poverty. Those assertions especially rubbed Bill Gates the wrong way. The billionaire wrote, it's by far the weakest part of the book. If this is the only thing you read about aid, you will come away very confused about what aid does for people. Deaton will receive a prize of about $ 1 million

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