DEFINITION of 'Richard Stone'
Richard Stone is a British economist who won the 1984 Nobel Memorial Prize in Economic Sciences for his work on the practice of national accounting. One of his major contributions to this area was a double-entry method of accounting for national income. He also studied consumer behavior, social demography and economic growth.
BREAKING DOWN 'Richard Stone'
Stone was born in London in 1913. During World War II, he worked for the Ministry of Economic Warfare, from which he was transferred to the Central Economic Information Service of the Offices of the War Cabinet. There, he met fellow economist James Meade.
When the war ended, he became director of the new Department of Applied Economics at Cambridge, where he taught until his retirement in 1980. Stone died in 1991.