Public investment in U.S. agricultural R&D and the economic benefits

Matthew A. Andersen

Food Policy, 2015, vol. 51, issue C, 38-43

Abstract: A better understanding of the relationship between public investments in agricultural R&D and the productivity enhancing benefits they produce is critical to informing the public funding of agricultural R&D and insuring future increases in agricultural productivity. This paper describes a method of estimating the relationship between research investments, productivity growth, and the resulting economic benefits generated. The data requirements include indexes of multi-factor productivity, investments in R&D, and the value of agricultural output. The real rate of return to public investments in agricultural R&D in the United States is estimated to be 10.5% per annum; however, a reduction in the growth of spending on public agricultural R&D in recent decades raises concerns about productivity growth in coming decades, which is required to insure an adequate supply of food to meet increasing demand.

Keywords: Public agricultural R&D; Agricultural productivity; Rate of return (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (15)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jfpoli:v:51:y:2015:i:c:p:38-43

DOI: 10.1016/j.foodpol.2014.12.005

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