Not who you're looking for? Others named Richard Stone: British economist, Nobel Memorial Prize winner (1913-1991) · American lutenist · politician, lawyer, diplomat and banker from United States o · Archdeacon of Lewes
“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 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.”
“There is no hope, as far as I can see, of pushing the postulates of economic theory back to a set of irreducible axioms.”
“A choice may have to be made between a biased estimator which is believed to be relatively accurate and an unbiased estimator which is demonstrably highly inefficient, and it is by no means obvious that the latter is always to be preferred.”
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