Stone was born on 30 August 1913 to Gilbert Stone (a distinguished lawyer) and his wife Elsie. He died in Cambridge on 6 December 1991. He went to a preparatory school, Cliveden Place, followed by Westminster, where he did classics. His future brilliance was not in evidence at his secondary school because he was not taught the subjects that would have interested him: mathematics and science. He took a gap year and accompanied his father to India before starting a law degree in Cambridge at Gonville and Caius College, but his real interest lay elsewhere, and after two years of reading law he switched to economics. Upon graduation Stone started work as an insurance clerk in the City, whilst keeping his link with economics through Colin clark, who had got him interested in national income accounting. Together with his first wife, Winifred Mary Stone, he took over the production of ‘Trends’ (a feature in the monthly Industry Illustrated) from Clark who had left the United Kingdom for Australia. In 1938 the Stones published one of the first articles to provide empirical estimates of the marginal propensity to consume and the multiplier.
From The Biographical Dictionary of British Economists in Oxford Reference.