The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 64: Richard Stone

Ron P. Smith

Abstract

John Richard Nicholas (Dick) Stone (1913–1991) obtained the Nobel Memorial Prize in Economics in 1984 for his national accounting work. This chapter reviews Stone’s life, emphasising his links with Keynes. As a student Stone attended lectures by Keynes, during World War II he was assistant to Keynes, and in 1945 Keynes got Stone appointed as the first Director of the Cambridge Department of Applied Economics (DAE). Stone also made major contributions in econometrics, including in Keynesian macro-econometric modelling. Keynes approved the appointment of an econometrician as Director of the DAE, despite his vitriolic critique of econometrics in his 1939 review of Tinbergen, because he seems to have changed his mind. By the time of the White Paper on Employment Policy of 1944, Keynes was saying that “theoretical economics has now reached a point where it is fit to be applied” and forecasting “a new era of joy through statistics”.

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