Richard Stone: Quotes about the world

Richard Stone was British economist, Nobel Memorial Prize winner. Explore interesting quotes on world.

Richard Stone: 22 quotes0 likes

“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 to economics, much to my father's disappointment. At that time the world was in the depth of the great depression and my motive for wanting to change subject was the belief, bred of youthful ignorance and optimism, that if only economics were better understood, the world would be a better place.”

Richard Stone

"Richard Stone - Biographical," 1984

“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 alternative index numbers using different weights show similar and often approximately proportionate movements. That this is so in most economic applications is due to the nature of the actual world and not simply to the formal characteristics of index number techniques.”

Richard Stone

Source: The Role of Measurement in Economics. 1951, p. 7; As cited in: Chao, Hsiang-Ke. Representation and structure: The methodology of econometric models of consumption. 2002.

“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 deduced from given postulates may be regarded as a hypothesis about the actual world which xperience may show to be false.”

Richard Stone

Source: The Role of Measurement in Economics. 1951, p. 12