Consumer’s Acceptance towards Genetically Modified Crops and Growth of the Economy: A Theoretical Approach

Amrita Chatterjee () and Arpita Ghose ()
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Amrita Chatterjee: Madras School of Economics
Arpita Ghose: Professor, Department of Economics, Jadavpur University

Working Papers from Madras School of Economics,Chennai,India

Abstract: This paper develops a three-sector theoretical growth model to capture the role of consumers’ acceptance towards the second generation of genetically modified (GM) crops in the long run growth process of the economy. An Acceptance (towards GM crop) parameter is defined as a ratio of consumption of GM to traditional variety of food, whose growth rate is determined by growth rate of human capital. Dynamic stability of the system is ensured provided the value of acceptance parameter is within a certain range. A range of the acceptance parameter is also obtained which ensures not only the dynamic stability of the system but also ensures higher rate of growth of an economy that produces both GM and non-GM crops compared to an economy that does not produce GM crops.

Keywords: consumer acceptance; dynamic optimization; economic growth; genetically modified crop (search for similar items in EconPapers)
JEL-codes: C61 C62 O41 Q16 (search for similar items in EconPapers)
Pages: 39 pages
Date: 2016-01
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Persistent link: https://EconPapers.repec.org/RePEc:mad:wpaper:2016-137

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