World Economy

Angus Deaton wins 2015 Nobel Prize for Economics

2015 Nobel Prize for Economics goes to Angus Deaton

British economist Angus Deaton won the 2015 economics Nobel Prize for "his analysis of consumption, poverty, and welfare," the Royal Swedish Academy of Sciences said on Monday.

"To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices," the award-giving body said on announcing the 8 million Swedish crown ($978,000) prize.

‘Wacky’ economics: Could the UK thrive under Corbyn?
Thomas Piketty
Piketty and Stiglitz backing UK’s left-wing leader
Thomas Piketty
Grexit would be 'beginning of the end' of euro: Piketty

"More than anyone else, Angus Deaton has enhanced this understanding."

The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.

Follow us on Twitter: @CNBCWorld