Sir John Richard Nicholas Stone CBE FBA (30 August 1913 – 6 December 1991) was an eminent British economist. He was educated at Gonville and Caius College and King's College at the University of Cambridge. In 1984, he was awarded the Nobel Memorial Prize in Economic Sciences for developing an accounting model that could be used to track economic activities on a national and, later, an international scale.
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In this Dossier
Richard Stone in the context of Circular flow of income
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents. The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction. The circular flow analysis is the basis of national accounts and hence of macroeconomics.
The idea of the circular flow was already present in the work of Richard Cantillon. François Quesnay developed and visualized this concept in the so-called Tableau économique. Important developments of Quesnay's tableau were Karl Marx's reproduction schemes in the second volume of Capital: Critique of Political Economy, and John Maynard Keynes' General Theory of Employment, Interest and Money. Richard Stone further developed the concept for the United Nations (UN) and the Organisation for Economic Co-operation and Development to the system, which is now used internationally.
Richard Stone in the context of Westminster School
Westminster School is a public school in Westminster, London, England, in the precincts of Westminster Abbey. It descends from a charity school founded by Westminster Benedictines before the Norman Conquest, as documented by the Croyland Chronicle and a charter of King Offa. Continuous existence is clear from the early 14th century. Westminster was one of nine schools examined by the 1861 Clarendon Commission and reformed by the Public Schools Act 1868. The school motto, Dat Deus Incrementum, quotes 1 Corinthians 3:6: "I planted the seed... but God made it grow." The school owns playing fields and tennis courts in the centre of the 13-acre (5-hectare) Vincent Square, along which Westminster Under School is also situated.
Its academic results place it among the top schools nationally; about half its students go to Oxbridge, giving it the highest national Oxbridge acceptance rate.In the 2023 A-levels, the school saw 82.3% of its candidates score A* or A. The school is included in The Schools Index of the world's 150 best private schools and among top 30 senior schools in the UK. Among its graduates are three Nobel laureates: Edgar Adrian (Nobel Prize for Physiology in 1932), Sir Andrew Huxley (likewise in 1963) and Sir Richard Stone (Nobel Prize in Economics in 1984). During the mid-17th century, the liberal philosopher of the Enlightenment, John Locke, attended the school, and seven UK prime ministers also then attended, all belonging to the Whig or Liberal factions of British politics: Henry Pelham and his brother Thomas Pelham-Holmes, Charles Watson-Wentworth, James Waldegrave, Augustus Fitzroy, William Cavendish-Bentinck, and John Russell.