"I became an economist by accident." Angus Deaton, laureate in Economic Sciences | Summary and Q&A

Summary

Angus Deaton, recipient of the Nobel Prize in Economic Sciences, expresses his gratitude for the honor and reflects on his journey as an economist. He discusses how his passion for reading and learning took him on a magical adventure, and acknowledges Sweden's dedication to intellectual pursuits and scientific achievement. Deaton describes his unconventional path to becoming an economist and highlights the importance of mentors and collaborators. He also emphasizes the evolution of economics as a discipline, incorporating various fields such as history, psychology, political science, sociology, and philosophy. The award serves as recognition for his work in measurement, market behavior, and human welfare.

Questions & Answers

Q: What childhood dreams did Angus Deaton have?

Angus Deaton dreamed of escaping the cold and dark Scottish weather to tropical and exotic places. He found solace in books and museums, which allowed him to explore sunny, warm, and magical destinations.

Q: How does Deaton express his gratitude towards Sweden?

Deaton thanks Sweden not only for honoring him but also for their commitment to learning, intellectual pursuits, and scientific achievements. He considers Sweden to be a beacon of hope in a world where such values are often endangered.

Q: How did Deaton become an economist?

Deaton became an economist unintentionally and without formal training. His lack of formal education in economics allowed him to approach the subject without preconceived notions and with freedom from certain biases. He gained knowledge and expertise in economics through self-teaching and acquiring practical experience.

Q: Who influenced Deaton's journey as an economist?

Deaton was fortunate to have been guided by distinguished mentors and collaborators throughout his career. Some of his mentors have previously received the same award, emphasizing the impact they had on his development as an economist. Additionally, his collaborator in work and in life significantly contributed to his growth and accomplishments.

Q: How has economics evolved as a discipline?

Economics has expanded beyond its traditional boundaries and incorporated various fields such as history, psychology, political science, sociology, and philosophy. While it still emphasizes core themes like measurement and mathematics, it now offers a more comprehensive and humane perspective. Deaton appreciates the broader scope and richer nature of modern economics.

Q: What particular topics did Deaton work on in economics?

Deaton primarily focused on measurement, market behavior, and human welfare. His work involved studying prices, analyzing market dynamics, and understanding how economic factors impact the well-being of individuals and societies as a whole. He views this award as recognition for his contributions to these areas.

Q: How does Deaton describe the subject matter of economics?

Deaton characterizes economics as a subject that has expanded its scope while still maintaining its core essence. Despite incorporating diverse disciplines, such as history, psychology, political science, sociology, and philosophy, economics continues to rely on measurement and mathematical analysis in its exploration of economic phenomena.

Q: What is Deaton grateful for in his journey as an economist?

Deaton expresses appreciation for the opportunities he had to venture into different topics and explore a wide range of subjects without being confined to predefined paths. Not having received formal training in economics allowed him to approach the subject with an open mind and without limitations imposed by conventional teachings.

Q: How does Deaton view his fellow economists?

Deaton considers economists who specialize in measurement and strive to provide coherent accounts of what is measured as his "tribe within the tribe." They center their work on the study of prices, market behavior, and human welfare. Deaton sees this award as a tribute to the importance of their contributions within the larger field of economics.

Q: What does Deaton believe economics should encompass?

Deaton believes economics should encompass a broader range of disciplines and fields outside of traditional economic theory. Integrating history, psychology, political science, sociology, and philosophy into economics enriches the subject matter and helps provide a more holistic understanding of economic dynamics and human welfare.

Takeaways

Angus Deaton's journey as an economist highlights the importance of curiosity, self-learning, and diverse intellectual influences. His unconventional path allowed him to approach economics without preconceived notions and explore various subjects of interest. Deaton's work focusing on measurement, market behavior, and human welfare demonstrates the evolution of economics as a discipline, incorporating insights from different fields. The award acknowledges the significance of expanding the boundaries of economics and creating a more comprehensive and humane approach.