Angus Deaton: a popular choice in tune with renewed focus on inequality

Nobel prize in economics caps the economist's long, distinguished and hugely influential academic career which focused on inequality and poverty

Economics is split into two broad camps. In one group are the macroeconomists, who study the big picture. If a chancellor of the exchequer decides to cut VAT on domestic energy, 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 look not at whether consumer spending will go up in aggregate, but at what it means for the poor, the rich, and those on middle incomes.

Related: Angus Deaton wins Nobel prize in economics