Deep Thinking Economists

 

Deep Thinking Economists

Angus Deaton, the 78-year-old Nobel Memorial Prize-winning economist, is re-examining his views.

Deaton said recently that economists are relying on outdated ideas around welfare economics or, even worse, not learning it at all. Simultaneously, Deaton says, the US is seeing societal problems like rising suicide and alcoholism rates and the opioid crisis.

"I think the country is in sort of a bad way, in spite of all this hoopla that's going on about how well we're doing economically. And so I'm an economist now sort of thinking, 'well, how should I change my practice of economics a little bit?'" Deaton said. "...well-being is a lot more than just money."

A Nobel Prize-winning economist thinks there is more to human well-being than money. And he just realized this may be important.

Now if that is not a lightning strike insight into our problems, nothing will be.

This guy won a Nobel Prize.