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THE TIME: Professor Deaton, Almost ten years ago you received the Nobel Prize in Economics, now in an essay you distance yourself from economics as it is taught today. What happened?

Angus Deaton: The past few years have not been very successful for economics. We did not foresee the financial crisis, and many people say that we made it possible with our thoughtless support of the market, especially the financial market. Research also plays an important role for me with my colleague Anne Case about what we wrote in our book “Death from Despair” to name.