Prof. Angus Deaton, a British economist, was awarded the Nobel Memorial Prize in Economic Science on Monday for improving the accuracy of basic economic gauges, including measures of income, poverty and consumption.<br />Professor Deaton, 69, of Princeton, is best known for his insight that economic averages such as measures of national income could be misleading, because they concealed important variations among individuals.<br />"To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices," the committee that awarded the prize said in a statement.
