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Money for nothing: how firms have financed R&D-projects since the Industrial Revolution

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  • Bakker, Gerben
Abstract
We investigate the long-run historical pattern of R&D-outlays by reviewing aggregate growth rates and historical cases of particular R&D projects, following the historical-institutional approach of Alfred Chandler (1962), Douglass North (1981) and Oliver Williamson (1985). We find that even the earliest R&D-projects used non-insignificant cash outlays and that until the 1970s aggregate R&D outlays grew far faster than GDP, despite five well-known challenges that implied that R&D could only be financed with cash, for which no perfect market existed: the presence of sunk costs, real uncertainty, long time lags, adverse selection, and moral hazard. We then review a wide variety of organisational forms and institutional instruments that firms historically have used to overcome these financing obstacles, and without which the enormous growth of R&D outlays since the nineteenth century would not have been possible.

Suggested Citation

  • Bakker, Gerben, 2013. "Money for nothing: how firms have financed R&D-projects since the Industrial Revolution," Economic History Working Papers 54518, London School of Economics and Political Science, Department of Economic History.
    • Handle: RePEc:ehl:wpaper:54518
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    More about this item

    Keywords

    R&D-project financing–-history; R&D-financing institutions; sunk costs; historical R&D-project cost case studies Britain; United States;
    All these keywords.

    JEL classification:

    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • N80 - Economic History - - Micro-Business History - - - General, International, or Comparative
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy

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