Nobel Laureate Criticizes Economists For Promoting Incorrect Theories

Angus Deaton, the Scottish-born son of a former coal miner, has spent half a century ascending to the pinnacle of the economics profession.

Deaton's self-described mea culpa is a scathing critique of his profession and some of its most revered figures. I Photo: Angus Deaton

He received a Nobel Prize in 2015 and, alongside his wife and co-author Anne Case, has been celebrated for identifying the phenomenon of "deaths of despair" among middle-aged Americans in recent decades, Shawn Donnan reported for Bloomberg News.

Therefore, when the emeritus professor at Princeton University releases a new book with the sobering title "Economics in America," one might expect a celebratory reflection on the wonders of the field.

However, it is anything but that. Deaton's self-described mea culpa is a scathing critique of his profession and some of its most revered figures.

He argues that luminaries like Larry Summers and other brilliant minds in economics have lost sight of the discipline's most crucial mission: improving people's lives.

Deaton contends that economists, with their unwavering focus on markets and efficiency, as well as their dogmatic adherence to theories (even when they've been disproven), have had life-and-death consequences for millions.

The book, scheduled for release on October 3, has already sparked a debate that pits him against at least one other prominent colleague.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem