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When economist Angus Deaton moved to the United States in 1983, he was “in awe,” as he puts it in his new book, “Economics in America.” Born in Scotland and educated at the University of Cambridge, he remembers the swell of optimism he felt upon arriving at Princeton University. It was a “splendid place to work,” especially for someone who had been poor enough as a child to appreciate the measure of security provided by an “American salary.” But Deaton was immediately struck by the dark side of

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