The Royal Swedish Academy of Sciences has awarded the Nobel Memorial Prize in economics to Professor Angus Deaton of Princeton University for his contributions to the analysis of poverty, welfare and consumption.

The 69-year-old economist's extensive research has helped expand knowledge in a wide range of social issues, including the scope of poverty in the Indian subcontinent, how less developed nations treat young girls, and the connection between inequalities in income and the growth of the economy.

Deaton's contributions have also raised doubts regarding the effectiveness of sweeping solutions to poverty and aid programs often employed by governments.

The academic said he found out about the prize through a phone call from the Nobel selection committee early one morning.

"If you're my age, and you've been working for a long time, you know this is a possibility," the veteran economist said. "But you also know there are a huge number of people out there who deserve this."

"That lightning would strike me seemed like a very small probability event. It was sort of like, 'Oh my goodness, it's really happening.'"

According to the Academy, Deaton's selection was based on three important points: how consumers spend on various goods; how much of the income of society is spent and how much of it is saved; and the best way to measure and analyze poverty and welfare.

Following the Nobel committee's announcement, Deaton described himself during a press conference as a person who is concerned about the world's impoverished sectors, how society behaves, and what allows people to have a good life.

In 2014, the Academy gave the award to economist Jean Tirole of France for his work on the power and regulation of markets. Tirole received eight million Swedish kronor (more than $980,000).

The memorial prize in economics is different from the Nobel Prize, which was founded by the Swedish chemist and engineer Alfred Nobel in 1895. The Nobel Memorial Prize was created by the central bank of Sweden in 1968 in honor of Nobel.

The announcement of Deaton's selection concludes the presentation of winners this year. The awards are set to be handed out during ceremonies in Oslo and Stockholm on Dec. 10.