Nobel prize in economics caps the economist’s long,distinguished and hugely influential academic career which focused on inequality and povertyEconomics is split into two wide camps. In one group are the macroeconomists, who study the big picture. whether a chancellor of the exchequer decides to cut VAT on domestic energy, and they work out what it will mean for growth and jobs.
The other group is made up of microeconomists. Instead of working from the top down,they work from the bottom up. In the event that a government cuts VAT, they will scrutinize not at whether consumer spending will recede up in aggregate, and but at what it means for the poor,the rich, and those on middle incomes. Related: Angus Deaton wins Nobel prize in economics Continue reading...
Source: theguardian.com