A Price Index for Deflating State Agricultural Experiment Station Research Expenditures
AbstractThe extent to which inflation has eroded the real purchasing power of public agricultural research budgets is poorly understood. Official Government research and development (R&D) statistics use the gross national product (GNP) deflator to express research expenditures in constant dollars, despite the serious shortcomings of such a broad indicator of inflation for deflating research expenditures. A State Agricultural Experiment Station (SAES) research price index is calculated in this paper and compared with the GNP deflator. The GNP deflator substantially underestimated the rate of inflation in SAES research in recent years mainly due to real growth in faculty compensation during the 1980's. The divergence between the SAES research price index calcuated in this study and the GNP deflator indicates that the purchasing power of SAES research is significantly less than estimates based on the GNP deflator would suggest.
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Bibliographic InfoArticle provided by United States Department of Agriculture, Economic Research Service in its journal Journal of Agricultural Economics Research.
Volume (Year): (1989)
Issue (Month): 4 ()
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price index; Laspeyres; State Agricultural Experiment Stations; research; GNP deflator; Research Methods/ Statistical Methods;
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- Esposti, Roberto & Pierani, Pierpaolo, 2002. "Public R&D Investment and Cost Behaviour in Italian Agriculture: 1960-1995," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24974, European Association of Agricultural Economists.
- Esposti, Roberto & Pierani, Pierpaolo, 2003. "Public R&D Investment From Private And Social Perspective. An Application To Italian Agriculture, 1960-1995," 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa 25876, International Association of Agricultural Economists.
- Roberto ESPOSTI & Pierpaolo PIERANI, 2002.
"Public R&D Investment and Cost Structure in Italian Agriculture 1960-1995,"
176, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
- Roberto Esposti, 2003. "Public R&D investment and cost structure in Italian agriculture, 1960--1995," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 30(4), pages 509-537, December.
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