Economics Nobel

In 1776 Adam Smith, postulated that the existence of economic prosperity ,more than persistence of poverty , should need attention. An eon was then spent on identifying conditions necessary for wealth-creation. That did not suffice and ,another era was spent on the burning issue of distribution of income between capital and labour .But today wealth is largely created by innovation and technology, like Whatsapp at $ 20 blln with 60 odd people in a garage .And that further skews the distribution of wealth and income,a phenomenon that will endure . This brings us to the next phase on understanding poverty with Prof Deaton whose approach to economics is primarily on data analytics .This could be daunting task for emerging analytical economists who would be beset with the ever expanding Big Data that demands extraordinary insights into interpreting them effectively and with assurance We have journeyed long , from distribution of wealth to income to poverty .It may take ages for socio -economists to even grasp the concept of distribution of happiness.