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In praise of the "other" William Armstrong: a nineteenth century British engineer and early management consultant

University of Warwick

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.

Key Words: Coal • iron • depreciation • net present value • annuity • risk • discount rate • transfer pricing • Armstrong

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