Agricultural R&D and Economic Growth
The paper develops a dynamic general-equilibrium model of Schumpeterian growth which is fueled by industrial and agricultural R&D. The former is private and results in better production processes, whereas the latter is government-financed (public and applied) R&D and generates better crop varieties. The arrival of innovations in either sector is stochastic. The model is used to calculate the steady-state equilibrium and the growth-maximizing mix of agricultural and industrial R&D investments. It is also used to highlight the properties of social rates of return (ROR) of R&D which are based on partial-equilibrium calculations. These measures overestimate the true agricultural social ROR and underestimate the true industrial social ROR of R&D investments. This systematic bias increases with the size of the R&D project under evaluation.
|Date of creation:||1996|
|Contact details of provider:|| Postal: Justin S. Morrill Hall of Agriculture, 446 West Circle Dr., Rm 202, East Lansing, MI 48824-1039|
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References listed on IDEAS
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- Stilwell, Thomas C., 1985. "Periodicals for Microcomputers: An Annotated Bibliography, Second Edition," Food Security International Development Working Papers 54750, Michigan State University, Department of Agricultural, Food, and Resource Economics.
- Stilwell, Thomas C., 1983. "Software Directories for Microcomputers: An Annotated Bibliography," Food Security International Development Working Papers 54762, Michigan State University, Department of Agricultural, Food, and Resource Economics.
- Liedholm, Carl & Parker, Joan Chamberlin, 1989. "Small Scale Manufacturing Growth in Africa: Initial Evidence," Food Security International Development Working Papers 54738, Michigan State University, Department of Agricultural, Food, and Resource Economics.
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