Britain’s Angus Deaton wins Nobel economics prize

STOCKHOLM – Scottish economist Angus Deaton has won the Nobel memorial prize in economic sciences.

The Royal Swedish Academy of Sciences says Deaton, who was born in Edinburgh in 1945 and now works at Princeton University in the United States, claimed the prestigious honour for “his analysis of consumption, poverty, and welfare.”

The academy says Deaton’s work revolves around three central questions: How do consumers distribute their spending among different goods; how much of society’s income is spent and how much is saved; and how do we best measure and analyze welfare and poverty?

READ MORE: Nobel-winning Tunisia shines as beacon of hope as Arab Spring nations falter

The award includes a payment of eight million Swedish kronor — about 975-thousand dollars U-S.

Today’s announcement in Stockholm concluded this year’s presentations of Nobel winners.

Story continues below advertisement

Canadian Arthur McDonald shared the physics prize with Japanese scientist Takaaki Kajita prize for discovering that tiny particles called neutrinos have mass.

WATCH: Canadian scientist Arthur McDonald wins Nobel Prize for Physics

The medicine prize went to three scientists from Japan, the U-S and China who discovered drugs to fight malaria and other tropical diseases.

Scientists from Sweden, the U-S and Turkey won the chemistry prize for their research into the way cells repair damaged D-N-A.

A Belarusian journalist (Svetlana Alexievich) won the literature award, and the peace prize went to The National Dialogue Quartet in Tunisia for its contribution to building democracy in Tunisia.