Scottish economist wins top honor

Scottish economist Angus Deaton has won the Nobel memorial prize in economic sciences for "his analysis of consumption, poverty, and welfare", the Royal Swedish Academy of Sciences said on Monday.

Deaton, who was born in Edinburgh in 1945, now works at Princeton University in the United States.

The academy said the work for which Deaton is now being honored revolves around three central questions: How do consumers distribute their spending among different goods; how much of society's income is spent and how much is saved; and how do we best measure and analyze welfare and poverty?