Economist

Richard Stone

Richard Stone

Born:

Richard Stone had been British Economist born on 30 August 1913, In London, England.

Family Background:

Richard was the son of Gilbert Stone and his wife Elsie. His father had been appointed as High Court Judge in Madras India.

Personal Life:

He had married three times during his life. In 1936, He married first time to Winifred Mary Jenkins. She was also an economist. In 1940, The couple had been divorced. In 1941, He had married Feodora Leontinoff, She was the philosopher and had become a Secretary of the National Institute of Economic and Social Research. In 1956, Feodora had died due to a long time illness. In 1960, Stone had married Giovanna Croft-Murray, great grandchild of Italian patriot Aurelio Saffi. He had one daughter Caroline.

Education:

In 1931, He had joined Gonville and Caius at Cambridge and studied of Low for two years then he switched to economics. Later He had to send Richard Kahn at King’s College.

Career:

After Graduating from Cambridge, He had worked at  Lloyd’s of London until the World War ||. During the World War, He had started to work James Meade as a assistance and also an economist for the British Government. In 1945 After the War over, Stone had returned to Cambridge and had become the first director of the newly established department of Applied Economics. As a director, Stone had focused on research programmes about economic theory and also focused on statistical methodology. During the early 1950s, Stone made a number of trips abroad. 1950, He had visited India with  Simon Kuznets and J.B.D. Derksen. In 1955, Stone had given up the directorship of the Department of Applied Economics. After it, Stone had been appointed as Ph.D. Leake Professor of Finance and Accounting at the University. Stone along with his third wife wrote two books, ‘Social Accounting and Economic Models’ and ‘National Income and Expenditure’. Later he had gone to write other five editions, Published in 1977. His third wife played a large and important role in the edition of the twelve-volume of ‘A Programme for Growth’.

Stone died at the age of 78 in Cambridge on 6 December 1991.

Unknown Facts:

  • He had been sometimes known as the “father of national income accounting”
  • His full name was Sir John Richard Nicholas Stone.

Master Stroke:

  • He had been one of the pioneering architects of national income accounting and also had been the almost first contemporary economist of his generation.

Awards and Achievements:

  • In 1984, He had received the Nobel Memorial Prize in Economic Sciences.

What can we learn from Him??

Like Richard Stone, Focus on your Life. Dream big and work hard to achieve your dream.

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