The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Stone, John Richard Nicholas (1913–1991)

  • Angus Deaton
Reference work entry


Richard Stone was a great British empiricist. He and James Meade developed a systematic double-entry approach to national income accounting that later became the basis of the UN’s System of National Accounts and for which he received the Nobel Memorial Prize in 1984. His work on the analysis of consumer behaviour is an outstanding example of how to use theory in the service of measurement, and contains perhaps the first case of the econometric estimation of the parameters of preferences. He was founding director of Cambridge’s Department of Applied Economics and, through it, the father of a generation of applied econometricians.


Afriat, S. N. Aitchison, J. Anderson, O. N. Brown, J. A. C. Brumberg, R. Cambridge Growth Model Clark, C. G. Cobb–Douglas functions Cochrane, D. Consumers’ expenditure Cowles Commission Davenant, C. Demand theory Demographic accounts Double-entry bookkeeping Duesenberry, J. S. Durbin, J. Durbin–Watson test Econometric Society Econometrics Engel curve Farrell, M. J. Frisch, R. A. Geary, R. C. Hoffman, A. J. Household income Houthakker, H. S. Keynes, J. M. King, G. Klein, L. R. Koopmans, T. C. Leontief input–output matrix Leontief, W. Marginal propensity to consume Meade, J. E. National accounting, history of National income accounting Orcutt, G. H. Petty, W. Pigou, A. C. Policy evaluation Prais, S. J. Price indexes Principal components analysis Revealed preference Royal Economic Society Ruggles, R. Samuelson, P. A. Savings behaviour Seasonal adjustment Social accounting matrix Stock-adjustment model Stone index Stone, J. R. N. Structural estimation Tinbergen, J. Tintner, G. Tobin, J. Watson, G. S. Wold, H. O. 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Angus Deaton
    • 1
  1. 1.