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Agricultural R&D and Economic Growth

Author

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  • Dinopoulos, Elias

Abstract

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.

Suggested Citation

  • Dinopoulos, Elias, 1996. "Agricultural R&D and Economic Growth," Food Security International Development Working Papers 54690, Michigan State University, Department of Agricultural, Food, and Resource Economics.
  • Handle: RePEc:ags:midiwp:54690
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    File URL: http://purl.umn.edu/54690
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    food security; food policy; research and development; economic growth; International Development; Research and Development/Tech Change/Emerging Technologies; Downloads July 2008 - June 2009: 14; Q16;

    JEL classification:

    • Q16 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - R&D; Agricultural Technology; Biofuels; Agricultural Extension Services

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