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The Nobel Memorial Laureates in Economics

The Nobel Memorial Laureates in Economics

An Introduction to Their Careers and Main Published Works

Howard R. Vane and Chris Mulhearn

Erudite, accessible and lucidly written, this book provides a stimulating introduction to the careers and main published works of the Nobel Memorial Laureates in Economics. It will prove to be an invaluable reference book on key figures in economics and their path-breaking insights. The vignettes should also encourage the reader to sample some of the Laureates’ original works and gain a better understanding of the context in which new ideas were first put forward.


Howard R. Vane and Chris Mulhearn

Subjects: economics and finance, economic psychology, history of economic thought


THE 1984 NOBEL MEMORIAL LAUREATE RICHARD STONE RICHARD STONE J. Richard N. Stone (1913–91) © The Nobel Foundation Richard Stone was born in London, UK in 1913. An undergraduate at Gonville and Caius College, Cambridge from 1931 to 1935 he studied law for two years before switching to economics and graduating with a BA in 1935 and an MA in 1938. Among his teachers at Cambridge were Richard Kahn (1905–89), John Maynard Keynes (1883–1946) and Colin Clark (1905–89), who was a lecturer in statistics and an early pioneer of national income measurement. After graduating he initially worked as an insurance clerk for a brokerage firm in the City of London before joining the staff of the Ministry of Economic Welfare in 1939. In 1940 he was transferred to the Central Economic Information Service (CEIS) of the War Cabinet Office where, with James Meade (the 1977 Nobel Memorial Laureate), he worked on a set of estimates of the UK’s economic and financial position. Their estimates were published in 1941 as part of a Government White Paper (Cmd. 6261), An Analysis of the Sources of War Finance and an Estimate of the National Income and Expenditure in 1938 and 1940. Following the division of the CEIS into an Economic Section and a Central Statistical Office (CSO) he worked at the CSO from 1941 to 1945 where, as Keynes’s assistant, he produced annual estimates of national income and expenditure (a precursor to today’s Blue Books: National Income and...

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