The Returns to Agricultural Research and the Underinvestment Hypothesis ‐ A Survey

Michael Harris and Alan Lloyd

Australian Economic Review, 1991, vol. 24, issue 3, 16-27

Abstract: Economic research on agricultural research commenced with cost‐benefit and production function analyses in the 1950s and 1960s, which consistently showed very high social rates of return. Attention next focused on market failure in the funding of research (the ‘underinvestment hypothesis’), and on some political economy and public choice issues. This article surveys the area, by asking the following questions: How much research to do? What research to do? Who gains and loses? What can be said concerning the role of government?

Date: 1991
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