Angus Deaton received the Nobel in Economics Science

Congratulations to Prof. Deaton for his 2015 Nobel but the real question: is the World is coming to its senses.
We all know that on planet Earth in 2015 3.5Billion people are living in abject poverty and 800 Million are suffering from malnutrition. It is “disturbing”- an obvious understatement-. However it has been going on for a long time and frankly the statistics are improving. The UN recently celebrated the drastic reduction of malnutrition with less than 1 Billion people being affected.
What is changing then?
The real economic change is that in the past 10 years in the western world and in the BRIC countries middle class is being squeezed and the inequality between rich and poor is exacerbated. According to the UN in 2015, 85 families have more wealth that 3.5 Billion people.
It is morally wrong but the change today is that the world is starting to realize that it is bad economy and also it may trigger a re-thinking of Democracy as being the best model of society. “The more extreme the economic inequality, the greater the threat to democracy” wrote Prof. Deaton.
Our societies have changed through a race to improve thru an explosion in innovation. Innovation is good, and Innovation has benefited obviously a handful of new billionaires but also the people. Innovation has been helping people overall in increasing the quality of life of all especially in increasing life expectancy, improving health and access to better communication but stated in trivial terms what good it is to have an iphone6 if you cannot afford water!
In recognizing the work of Professor Deaton the Noble Academy is ringing an alarm bell calling on all of us to reflect on a new model of society where wealth should be divided differently. I am not calling on going back to Karl Marx or Friedrich Engels, their 1848 visions sank in the 19th and 20th century but the old capitalistic system we created or its European social democracy version needs to be revised and this is the challenge that Prof. Deaton and its Nobel Prize are calling us to reflect on.

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