Richard Stone

Heterodox Sir John Richard Nicholas Stone CBE FBA (30 August 1913 – 6 December 1991) was an eminent British economist.

He received an English upper middle class education when he was a child as he attended Cliveden Place and Westminster School.

[2] During the war, Stone worked with James Meade as a statistician and economist for the British Government.

At the government's request, they analyzed the UK's economy related to the current total resources of the nation for the war time.

They then worked separately, Meade being responsible for the Economic Section and Stone, for the national income.

After the war, Stone took up an academic career when he worked at Cambridge as the director of the new Department of Applied Economics (1945–1955).

As the director, Stone made the Department focus on research programmes about economic theory and statistical methodology.

Some remarkable works at the Department were, for example, Durbin and Watson on testing serial correlation in econometrics, and Alan Prest and Derek Rowe on demand analysis.

This condition made DAE become one of the leading quantitative economic research centres in the world in his era.

In building the Cambridge Growth Project, they used Social Accounting Matrices (SAM), which also formed computable equilibrium model which then developed at the World Bank.

Stone stated that it was one of the first works in economics to examine various sectors on such a global level and how they are all interconnected.

Both of them had a passion for Economics and started a monthly paper called Trends, which was a supplement to the periodical, Industry Illustrated.