Last week the “2015 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel” was awarded to Angus Deaton for his work “for his analysis of consumption, poverty, and welfare.”

A relative dark horse in this competition of economic giants, many unfamiliar with the microeconomist were left asking what exactly he had contributed to the field. Overall, a good grasp of microeconomics may help a fair deal but here is a brief article summing up Deaton’s work, and highlighting just why it’s worthy of one of the discipline’s highest honours.