Thanks to the work of Angus Deaton, we today have a much deeper understanding..
2015 Laureate in Economic Sciences, Angus Deaton, has also made a number of important contributions to the best ways to compare welfare across time and countries. He has highlighted the pitfalls of such comparisons by investigating why measures of poverty levels point in one direction when using data from national accounts, and in another direction when using data from household surveys. He has also clarified why recent revisions to the poverty line that defines a poor family have increased the global poverty count by nearly half a billion.