This paper is a tribute to an unsung accountant, economist and engineer, who had a clear understanding of modern concepts in accounting and finance, such as discounted cash flows, risk-adjusted discount rates and net present value (NPV), which are usually considered to be twentieth century developments. He applied these in practice from 1850 but, until now, he has not been publicly acknowledged as a pioneer of modern financial planning. The paper also raises the question of why these methods had to be reintroduced a century later.
In praise of the “other” William Armstrong: a nineteenth century British engineer and early management consultant
Abstract
This paper is a tribute to an unsung accountant, economist and engineer, who had a clear understanding of modern concepts in accounting and finance, such as discounted cash flows, risk-adjusted discount rates and net present value (NPV), which are usually considered to be twentieth century developments. He applied these in practice from 1850 but, until now, he has not been publicly acknowledged as a pioneer of modern financial planning. The paper also raises the question of why these methods had to be reintroduced a century later.Preview Only. This article cannot be rented because we do not currently have permission from the publisher.
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In praise of the “other” William Armstrong: a nineteenth century British engineer and early management consultant
Pitts,Marianne V.
Follow Accounting History
, Volume 6 (2): 33
SAGE – May 1, 2001
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