The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1984
Born: 30 August 1913, London, United Kingdom
Died: 6 December 1991, Cambridge, United Kingdom
Affiliation at the time of the award: University of Cambridge, Cambridge, United Kingdom
Prize motivation: “for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis”
Prize share: 1/1
Richard Stone was born in London, UK. IN 1931-35, Stone was an undergraduate at Cambridge University. He started studying law before switching to economics, an interest sparked by the ongoing great depression. He worked for a brokerage firm in London after graduation before entering the British governments Central Statistics Office in 1940. In 1945, he was chosen to be the first director of the newly established Department of Applied Economics in Cambridge.
Richard Stone was awarded the Economic Sciences Prize for developing an accounting model that could be used to track economic activities on a nation, and later, an international scale. The greater part of his work was done in the 1950s, when he offered the first concrete statistical means by which to measure investment, government spending, and consumption. He went on to adapt his model for organizations such as the United Nations.
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