A Princeton professor wins the Nobel Prize for Economics.

FOX News Radio's Simon Owen reports from the European bureau:

Scottish economist Angus Deaton recognized for his work analyzing consumption, poverty and welfare.

(Deaton) "Like many many economists, I knew this was a possibility, but in any given year the odds are very very small and I was surprised and delighted."

The prize-givers saying Deaton's work has been a major influence on policy-making. For example looking at which social groups are affected by tax increases on food... his assessment now?

(Deaton) "My measurements tend show things are getting better, but there's a lot of work still to be done."

Deaton receives eight million Swedish kronor, about $975,000.

In London, Simon Owen, FOX News Radio.