Understanding inequality and rising mortality rates in America, with Angus Deaton

Sir Angus Deaton is a British-American economist, and one of the world’s most eminent in his profession. He was the sole recipient of the 2015 Nobel Memorial Prize in Economic Sciences, principally for his analysis of consumer demand, poverty, and welfare. But he is also among the world's most famous (perhaps even notorious) economists for the work he has done to shine a light on inequality in America.

He is perhaps best known for his influential 2020 bestseller, Deaths of Despair and the Future of Capitalism, co-authored with his wife Anne Case, who is likewise an eminent economist at Princeton University, where both are emeritus professors. They coined the term “deaths of despair” to highlight the rising mortality rates among white non-elderly Americans, a change largely due to a rise in drug and alcohol poisonings, suicide, and chronic liver diseases and cirrhosis.

These rising mortality and morbidity rates, Case and Deaton further documented, accompanied increasing divergences between less-educated and well-educated Americans on other indicators of well-being including wages, labor force participation, marriage, social isolation, obesity, and pain – all of which, they concluded, pointed toward a rise in despair that was linked to broad social and economic trends.

In this podcast discussion, Sir Angus Deaton discusses his new book, Economics in America: An Immigrant Economist Explores the Land of Inequality. He talks about his education in Britain, the work that led to his Nobel Prize, the impact of the Nobels on the economics profession, and the principal questions he has wrestled with as an economist in his adoptive country, the United States. He also discusses his theory that what has led the U.S. to become an outlier among developed countries in terms of its declining life expectancy (as well as other indications of a failure of social flourishing) rests principally with the decline in jobs for less-educated Americans. And, he posits, this decline has come about in response to globalization and technological change, exacerbated by what he calls “the grotesquely exorbitant cost of our healthcare system” as well as the country’s fragmentary safety net.