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• Article | Annual Review of Economics | 2019

  History, Micro Data, and Endogenous Growth

  Ufuk Akcigit and Tom Nicholas

  The study of economic growth is concerned with long-run changes, and therefore, historical data should be especially influential in informing the development of new theories. In this review, we draw on the recent literature to highlight areas in which study of history has played a particularly prominent role in improving our understanding of growth dynamics. Research at the intersection of historical data, theory, and empirics has the potential to reframe how we think about economic growth in much the same way that historical perspectives helped to shape the first generation of endogenous growth theories.

  Keywords: economic development; Growth; innovation; Economic Growth; History; Data and Data Sets; Innovation and Invention;

  Citation:

  Akcigit, Ufuk, and Tom Nicholas. "History, Micro Data, and Endogenous Growth." Annual Review of Economics 11 (2019): 615–633.  View Details

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• Case | HBS Case Collection | June 2009 (Revised April 2019)

  Crosley

  Tom Nicholas and David Chen

  In October 1941, a top secret envoy from the U.S. military was sent to Crosley Corporation in Cincinnati, Ohio to request their assistance to construct a weapon that would drastically strengthen the defenses of U.S. troops: the proximity fuze. Such a fuze would allow enemy aircraft to be shot down with a rate of accuracy well above that of previous weaponry. The task would be a challenging one, as conventional wisdom held that it took at least four years for a weapon to go from concept to production, whereas the proximity fuze was needed on a shorter time frame. Moreover, the production process would be complex, requiring hundreds of components produced by dozens of manufacturers, all of which Crosley would have to assemble to produce the finished product. Would Crosley accept the assignment?

  Keywords: Technology; History; Production; National Security; Organizational Structure; Corporate Strategy; Research and Development; Product Development; Business and Government Relations; Creativity; Innovation and Invention; Ohio;

  Citation:

  Nicholas, Tom, and David Chen. "Crosley." Harvard Business School Case 809-160, June 2009. (Revised April 2019.)  View Details

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• Case | HBS Case Collection | October 2012 (Revised April 2019)

  Kleiner-Perkins and Genentech: When Venture Capital Met Science

  Felda Hardymon and Tom Nicholas

  Genentech is a rare success story in the biotechnology industry. Hundreds of billions of dollars of venture capital have been invested without the expected transformational effects. Established in 1976, Genentech was to develop the new science of recombinant DNA into viable therapeutic products with mass market appeal, something that most scientists agreed was at least a decade away. The founders, Herbert Boyer and Robert Swanson had limited financial resources, so they turned to Tom Perkins, the co-founder of Kleiner-Perkins, for venture funding. Genentech developed through an effective union between scientific and venture investment mindsets. In 1980 an IPO valued Genentech at $300 million. In 2009 it was fully acquired by the Swiss-based healthcare company, Roche, for $47 billion. Roche had held a majority stake in the company since 1990.

  Keywords: innovation ＆ entrepreneurship; Venture Capital; Innovation and Invention; Entrepreneurship; Technology; Science; Biotechnology Industry; United States;

  Citation:

  Hardymon, Felda, and Tom Nicholas. "Kleiner-Perkins and Genentech: When Venture Capital Met Science." Harvard Business School Case 813-102, October 2012. (Revised April 2019.)  View Details

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