Richard Stone

"From 1931 to 1935, I was an undergraduate at Cambridge in my father's old college, Gonville and Caius, which was particularly strong in medicine and the law. However, after two years of law I switched…"

"In 1945, the war ended and I was chosen to be the first director of the newly-established Department of Applied Economics in Cambridge. Between leaving the government service and taking up my new post…"

"Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference."

"The object of this paper is fivefold. The first objective is to derive a practical system of demand equations which possess properties usually considered desirable from the standpoint of elementary ec…"

"In the first place, economic theory provides a comparatively detailed specification of the demand relationships for individual consumers' goods, but is by no means so specific about the system into wh…"

"There is no hope, as far as I can see, of pushing the postulates of economic theory back to a set of irreducible axioms."

"The usefulness of observation and measurement in testing economic theories arises because the theorems of economics are supposed to relate to the actual world... Any economic theorem rigorously deduce…"

"We usually find a considerable degree of correlation between indicators and also between different sets of weights that we should ever think of using. Consequently we are likely to find that alternati…"