Sir John Richard Nicholas Stone (30 August 1913 – 6 December 1991) was an eminent British economist who in 1984 received the Nobel Memorial Prize in Economic Sciences for developing an accounting model that could be used to track economic activities on a national and, later, an international scale. He is sometimes known as the 'father of national income accounting', and is the author of studies of consumer demand statistics and demand modeling, economic growth, and input-output.
Stone was educated at Westminster School, Cambridge University (Caius and King's). After graduating from Cambridge in 1936 and until World War II he worked at Lloyd's Brokers[1]. During the war, Stone worked with James Meade as a statistician and economist for the British Government. It was at this time that they developed the early versions of the system of national accounts. After the war, Stone worked at Cambridge as the director of the new Department of Applied Economics (1945– 1955) and as P.D. Leake professor of finance and accounting (emeritus from 1980). Within the Department, he founded the Cambridge Growth Project, which developed the Cambridge Multisectoral Dynamic Model of the British economy (MDM). He was succeeded as leader of the Cambridge Growth Project by Terry Barker. A company founded by members of the Department and limited by guarantee, Cambridge Econometrics, was founded in 1978 with Stone as its first honorary president. The company continues to develop MDM and to use the model to make economic forecasts.
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