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We usually find a considerable degree of correlation between indicators and also between different sets of weights that we should ever think of using… - Richard Stone
" "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.
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About Richard Stone
Sir John Richard Nicholas Stone (30 August 1913 – 6 December 1991) was an eminent British economist who in 1984 received 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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Sir John Richard Nicholas Stone
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John Richard Nicholas Stone
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Professor Sir John Richard Nicholas Stone
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Additional quotes by Richard Stone
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 which these relationships fit. It would be possible to close the system in very many ways, and the precise way selected would influence the regression estimates in a model involving simultaneous equations.
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