Nobel in Economics Given to Angus Deaton for Studies of Consumption

The New York Times reports:

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.

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.

Individuals.