Princeton University professor Angus Deaton has won the Nobel Prize for economics, award organizers said Monday.

Scottish-born Deaton, 69, received the award from the Royal Swedish Academy of Sciences for his analysis of consumption, poverty and welfare.

“To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices,” the Nobel committee said in a statement. “More than anyone else, Angus Deaton has enhanced this understanding.

“By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics and development economics.”

Deaton’s work analyses how public policy changes can affect rich and poor.

Anadolu Agency