John Richard Nicholas Stone was born in 1913 and studied at Cambridge University and became the Director of applied economics at Cambridge. He was Knighted in 1978. He won the 1984 Nobel Prize for his work in national income accounting. He is probably best known for his integration of national income into a "double-entry bookkeeping format." Because the results were more consistent under his method, it soon became the "universally accepted way to measure national income." Stone was also the first to "use consumer expenditures, incomes, and prices to estimate consumers' utility functions." Stone was among the economists chosen by Austin Robinson to develop official national income statistics. The other economist who worked on the Statistical Digest was James Meade.

Works by John Richard Nicholas Stone:

Balancing the National Acccounts: The Adjustment of Initial Estimates"
Quantity and Price Indexes in National Accounts
The Measurement Of Consumers' Expenditure and Behaviour in the United Kingdom