Abstract
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.
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Deaton, A. (2018). Stone, John Richard Nicholas (1913–1991). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1468
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1468
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