English economist and statistician, awarded the Nobel Prize for Economics in 1984, jointly with English economist James Meade, for pioneering estimates of British national income and expenditure, having been knighted six years earlier for the same achievement.
Stone's work with Meade on national income accounting during the war was followed by work on a System of National Accounts, published by the UN Statistical Office in 1953 with several subsequent revisions, which gradually came to be implemented on a worldwide basis. In 1954, he published a massive study of consumption in the UK over the period 1920–38, that remains one of the classics of applied econometrics. Over many years, he also supervised the construction of what came to be known as the Cambridge Growth Model, in which social accounting matrices and behavioural equations for demand and production were integrated so as to provide a tool for policy evaluation.
Born in London, Stone studied at the University of Cambridge, receiving his BA in 1935, his MA in 1938, and his PhD in 1957. He served in the UK's Central Statistical Office 1940–45, and then returned to Cambridge after the war, first as a director of the Department of Applied Economics and then as a professor of finance and accounting, a post he held for 25 years from 1955 to 1980. He also served for many years as the chair of the UN Expert Group on National Accounts (1963–68) and the UN Expert Group System of Social and Demographic Statistics (1969–75). He was president of the Econometric Society in 1955 and the Royal Economic Society 1978–80.
His publications include National Income and Expenditure (1944; with J E Meade), The Measurement of Consumers' Expenditure and Behaviour in the United Kingdom, 1920–38 (1954; with D A Rowe et al), Input–Output and National Accounts (1961), A Compatible Model of Economic Growth (1962; with J A C Brown), Mathematical Model of the Economy and Other Essays (1970), and Towards a System of Social and Demographic Statistics (1979; with A Ardenoff).