Essay about Angus Deaton 's Birthday Today

830 Words Oct 20th, 2015 4 Pages
A weird fact to start this paper off is that it is Angus Deaton’s birthday today. He was born in Edinburgh, United Kingdom on October 19, 1945. Deaton’s college level education was studied at Fettes College, University of Cambridge, and Princeton University. Anne Case is the spouse of Deaton. He won one of the most prestigious awards in 2015, the Noble Memorial Prize in Economic Study. Deaton is best known for his work on consumption theory, welfare and inequality. He studied the amount of food people eat, the condition of their housing, and the services they consumed. He has also shifted the attention of economists away from the gross domestic product and toward the analysis of individual households. He argues to other economists that if you want to know whether something works, you should just simply test it, preferably with a randomized control trial.

In class we discussed in the gross domestic product or GDP. The gross domestic product is a measure of the size of an economy. We also learned how to calculate GDP. Gross Domestic Product is calculated by adding consumption plus government expenditures plus investments plus exports minus imports. Consumption includes durable and nondurable goods and services. Government expenditures include things like defense and road construction. Now, investment spending includes the plans and equipment, business inventory, as well as residential homes. Lastly, subtract all imports from all exports and reach the net exports.…

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