This morning the Royal Swedish Academy of Sciences announced the award of the 2015 Nobel Memorial Prize in Economic Science to Princeton University economist Angus Deaton. In describing his work, The New York Times reports on a tension that Deaton sees in the history of economics – that we are at a time of almost unprecedented prosperity or good fortune, and yet, threats which could demolish those successes are right around the corner – e.g.: climate change and inequality. Slate also noted Deaton’s work and writings on inequality, particularly his observation that unequal outcomes could necessarily mean unequal opportunity in the first instance.
The Upshot column in The New York Times delves further into Deaton’s work, notably his emphasis on empiricism, yet cautions that the Nobel laureate has never advocated that data replace theory – rather, they work together to craft solutions to economic problems, specifically those related to development. A worthwhile and accessible read.
Estate Law in Texas 