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Richard Stone (Stone)

( English economist)

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Biography Richard Stone (Stone)
genus. August 30, 1913, Mr..

Memory of the Nobel Prize in Economics, 1984.

English economist John Richard Nicholas Stone was born in London. He was the only child of Elsie and Gilbert Stone. His father, a lawyer who tried to give him a classical education to prepare for a career lawyer. But C. not show much interest in law and was inattentive student in the preparatory school Klivden Place, and at Westminster School. As a boy he preferred school activities, constructing models of trains and ships. To the dismay of his father, he threw a degree in law two years after admission to Gonvill-end-Keyes College at Cambridge University, elected in 1931. specialization in economics. As he said later, his interest in economics was called the Great Depression and the 'generated by the youthful ignorance and optimism to the belief that if only the economists are more aware, the world would be better'.

Since his college professors were among economists C. enjoyed weekly consultations with Richard Kahn of King's College at Cambridge University - College, which at that time was one of the world's centers of economic science. He also studied at the innovator in the field of economic statistics, Colin Clark, . attended lectures by John Maynard Keynes, . who was then writing his book 'General Theory of Employment, . Interest and Money '( "The Generad Theory of Employment, . Interest, . and Money "), . and joined the club of political economy, . which met at the apartment of Keynes,
. The intellectual atmosphere of King's College has developed, opened the creative possibilities with. and defined his career as a scientist.

Nevertheless, in 1935, after graduating from university, with. did not consider themselves sufficiently prepared for research work. Rejecting the scientific work proposed Gonvill-end-Keyes College, he began to produce an economic newsletter for the insurance company 'Lloyd' in London. Lacking the desire to make a career in business, it is not too bothered official duties, and therefore he was still time for other cases.

Together with his wife, nee Mary Winifred Jenkins, a former student, an economist at Cambridge University, where he married in 1936, with. participated in the conduct of several economic studies, including the preparation of the published in 1938. report on the differences in patterns of consumption and savings in family budgets. In 1937, Mr.. spouses Stone began to publish a monthly economic and business magazine 'Trends' ( "Trends"), which was founded by Mr. Koli Clarke and transferred them to the Stone in connection with his return to Australia. This Stone magazine published economic indicators of employment, output, consumption, kapitavlozheny, price movements, data on foreign trade. Occasionally, they included in their special edition articles on regional employment or the economic situation in other countries.

When in 1939. outbreak of the Second World War, with. invited to work in the Ministry of the war economy and held him responsible for the statistics of maritime transport and oil. The following year he was transferred to the Central Economic Information offices of the Secretariat of the War Cabinet to work - by the way, . together with Keynes and James Meade - on the drafting of an overall review of economic and financial situation of Great Britain,

This work has enabled P. make its most significant contribution to economic science. The British government needed the data on the total amount of funds and resources available to sustain the military effort. By December, with. and Mead have calculated these figures, which were published in tabular form as part of the budget report to the Minister of Finance 1941. The tables contain estimates of the size of the national income and expenditure for 1938 and 1940.; Personal (or private family) income, . costs and savings, net funds accounts, . which were sent to the private sector, or received from him at the disposal of the Government,
. Subsequently, C. called these calculations a step toward what is now called the national income accounts. In its future work in this area in subsequent war years, he has made all the more complex calculations of national income, its sources and its distribution.

System of National Accounts was first developed in the XVII century. William Petty and Gregory King in England and Pierre Boisguillebert and Marshal Vobanom in France. After the First World War, the pioneering work on national income accounts was carried out by Simon Kuznets and Koli Mr. Clarke. Using. differs from these two earlier attempts to, . she openly included in the framework of the national income of double-entry bookkeeping, . which takes into account data on income and expenditure in the household, . private sector and government activities, . allowing to produce a comparative analysis of performance in various sectors of the economy, . and in different countries,

Estimate method C. ensure consistency, as he demanded equality between income and expenditure. This meant that all work must have been consumed, and all consumption - again produced. His calculation system of national income on the basis of the method of double-entry bookkeeping was the empirical side of the Keynesian revolution in macroeconomic theory. His account of production, consumption and accumulation reflect new Keynesian concept of aggregate supply, consumption and investment demand. In fact, the method of national accounts, developed by C., gave impetus to the construction of econometric models, and themselves formed the basis of an account to organize the collection of relevant statistical data and test their consistency.

With. always willingly shared their experiences with other researchers, because he was not the only scientist who worked on the calculations of national income. Before the Second World War and during the war the government of the United States and Canada produced estimates of national income and expenditure. These estimates, however, calculated on the basis of several other concepts and definitions than those used by the C. In 1944, Mr.. S. was sent to America to assist in establishing a common basis of calculations.

After retiring from government service in 1945. S. was appointed director of re-established department of applied economics at Cambridge, where in 1955. was appointed professor of finance and accounting. Continuing research in the field of national accounts, he has created ways of expressing the accounts in the real values and then used them to build a sequence of indices of prices and output. He not only able to achieve coordination of accounts with an analysis by the method of 'costs - Issue', but also was the first who included financial transactions in its system and built a system of financial balance.

In 1945, visiting the Institute of Fundamental Research at Princeton University (New Jersey), C. prepared for the League of Nations report on the development of international rules of calculation of national income. This report was published in 1947. United Nations under the name 'The measurement of national income and the construction of national accounts' ( "Measurement of National Income and the Construction of Social Accounts"). Using. to establish a standardized system of national accounts continued in different variations in the next two decades.

The result was a series of publications, and then book 'System of National Accounts' ( "A System of National Accounts"), written with Abraham Aydenoffom and published by the UN in 1968. System C. was eventually adopted in many developed and developing countries. Subsequently, he created a system of demographic accounts, which reflect such factors as changes in population and socio-economic variables. In 1975. The United Nations has published his work 'to the system of social and demographic statistics' ( "Towards a System of Social and Demographic Statistics").

In addition to his work on calculating national income. made a significant contribution to the study of consumer behavior. Using a model developed by Lawrence Klein and Herman Rubin, he predicted that the structure of consumer spending and savings is a function of income and relative prices of all commodities. In 1945, Mr.. He wrote a paper 'The analysis of market demand' ( "The Analysis of Market Demand") and continued their research budgets in Cambridge, together with Derrick Rowe, . generalized in two volumes' The measurement of consumer spending and behavior of consumer spending and consumer behavior in the United Kingdom '( "The Measurement of Consumers' Expenditure and Behavior in the United Kingdom"), . published in 1954 and 1966,

. Systems theory in consumer spending, . developed S., . partially split from his studies calculating national income, . because of improved assessment of, . what determines consumer spending, . can provide more accurate cost of living index or the best measurement of aggregate price inflation,
. And, both are essential to study the changes in real national income in periods when there are changes in relative prices. The tendency of C. the development of complex economic models manifested in the work of his group 'Cambridge project economic growth', . which created the econometric model of growth the British economy, . publishing it in the form of a multivolume edition of 'The growth' ( "A Programme for Growth"),

With. was awarded the Prize of memory Bela But in economics for 1984. in calling it 'innovative work' and 'his significant contribution to the development of economic science'. In a speech at the presentation of the winner, Eric Lundberg, a member of the Royal Swedish Academy of Sciences, called developed with. System of National Accounts 'necessary tools cyclical and structural analysis'. At the same time, said Lundberg, 'they form a systematic documentation of the basis on which are based economic forecasts in the form of national budgets'.

Following the resignation from Cambridge University in 1980. S. continued its cooperation with him as a member of King's College and Gonvill-end-Keyes College.

In 1941, a year after the collapse of his first marriage, C. married Theodora Leontinof, a philosopher by profession, who at the time worked as a secretary of the National Institute of Economic Social Research. She died in 1956. Four years after this with. married Giovanna Croft-Murray. Although she did not have economic education, she worked with him in many of his subsequent works. S., who in 1978. received a knighthood, acts as a patron of the arts. He is reputed to be a connoisseur of good wine and cigars. Paul Samuelson once said about him as a 'lover of solitude' and 'avoidant personality'. He and his wife live in Cambridge.

With. is a member of the Economic Society (in 1955. he was president) and the International Statistical Institute. He is a foreign member of the American Academy of Arts and Sciences and the American Economic Association. He was awarded honorary degrees by universities of Oslo, Brussels, Geneva, Warwick, Paris and Bristol.

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