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Agricultural R&D and Economic Growth

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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
    DOI: 10.22004/ag.econ.54690
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    File URL: https://ageconsearch.umn.edu/record/54690/files/idwp60.pdf
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    References listed on IDEAS

    as
    1. Asefa, Sisay, 1989. "Managing Food Security Action Programs in Botswana," Food Security International Development Working Papers 54735, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    2. 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.
    3. Hepp, Ralph E., 1983. "Instructional Aids for Teaching How to Use the TI-59 Programmable Calculator," Food Security International Development Working Papers 54761, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    4. 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.
    5. Stilwell, Thomas C., 1985. "Software Directories for Microcomputers: An Annotated Bibliography, Second Edition," Food Security International Development Working Papers 54749, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    6. 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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    Cited by:

    1. Lence, Sergio H. & Hayes, Dermot J., 2005. "Technology Fees Versus Gurts in the Presence of Spillovers: World Welfare Impacts," Staff General Research Papers Archive 12417, Iowa State University, Department of Economics.

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