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Public investment in R&D and extension and productivity in Australian broadacre agriculture

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  • Sheng, Yu
  • Gray, Emily M.
  • Mullen, John D.
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Abstract

This paper uses time-series data to examine the relationship between public research and development (R&D) and extension investment and productivity growth in Australian broadacre agriculture. The results show that public R&D investment has significantly promoted productivity growth in Australia’s broadacre sector over the past five decades (1953 to 2007). Moreover, the relative contributions of domestic and foreign R&D have been roughly equal, accounting for an estimated 0.6 per cent and 0.63 per cent of annual total factor productivity (TFP) growth in the broadacre sector, respectively. The elasticity of TFP to knowledge stocks of research (both domestic and foreign) and extension were estimated to be around 0.20–0.24 and 0.07–0.15, respectively. The ranges reflect the alternative distributions of benefits flowing from knowledge stocks that were assumed in the analysis. The elasticities translated into internal rates of return (IRRs) of around 15.4–38.2 per cent and 32.6–57.1 per cent a year for research and extension, respectively. While such rates are less than the average IRR of around 100 per cent reported in the international literature, they are consistent with previous estimates for Australian agriculture in the order of 15–40 per cent.

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File URL: http://purl.umn.edu/100712
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Bibliographic Info

Paper provided by Australian Agricultural and Resource Economics Society in its series 2011 Conference (55th), February 8-11, 2011, Melbourne, Australia with number 100712.

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Date of creation: 2011
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Handle: RePEc:ags:aare11:100712

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Keywords: R&D; total factor productivity; agriculture; Productivity Analysis; Research and Development/Tech Change/Emerging Technologies;

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  1. Wallace E. Huffman & Robert E. Evenson, 2006. "Do Formula or Competitive Grant Funds Have Greater Impacts on State Agricultural Productivity?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(4), pages 783-798.
  2. O'Donnell, Christopher J., 2009. "Measuring And Decomposing Agricultural Productivity And Profitability Change," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 47625, Australian Agricultural and Resource Economics Society.
  3. Sheng, Yu & Mullen, John D. & Zhao, Shiji, 2010. "Has growth in productivity in Australian broadacre agriculture slowed?," 2010 Conference (54th), February 10-12, 2010, Adelaide, Australia 59266, Australian Agricultural and Resource Economics Society.
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Cited by:
  1. Perks, Christopher & McGill, Kristin & Curtotti, Robert, 2011. "Vessel-level productivity in Commonwealth fisheries," 2011 Conference (55th), February 8-11, 2011, Melbourne, Australia 100694, Australian Agricultural and Resource Economics Society.
  2. Mullen, John D., 2011. "Public investment in agricultural research and development in Australia remains a sensible policy option," AFBM Journal, Australasian Farm Business Management Network, vol. 8(2).

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