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Australian Agricultural and Resource Economics Society >
2007 Conference (51st), February 13-16, 2007, Queenstown, New Zealand >
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http://purl.umn.edu/9451
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| Title: | Productivity Growth and the Returns from Public Investment in R&D in Australian Broadacre Agriculture |
| Authors: | Mullen, John D. |
| Keywords: | Productivity
research and development
research evaluation |
| Issue Date: | 2007 |
| Series/Report no.: | Presidential Address |
| Abstract: | Investment in R&D has long been regarded as an important source of productivity
growth in Australian agriculture. Perhaps because research lags are long, current
investment in R&D is monitored closely. Investment in R&D has been flat while
productivity growth has remained strong, relative both to other sectors of the
Australian economy and to the agricultural sectors of other countries. Such
productivity growth, at a time when the decline in terms of trade facing Australian
farmers has slowed, may have enhanced the competitiveness of Australian agriculture.
The econometric results presented here suggest no evidence of a decline in the returns
from research from the 15- 40 percent per annum range estimated by Mullen and Cox.
In fact the marginal impact of research increases with research over the range of
investment levels experienced from 1953 to 2000, a finding which lends support to
the view that there is underinvestment in agricultural research. These results were
obtained from econometric models which maintain strong assumptions about how
investments in research and extension translate into changes in TFP. Hence some
caution in interpreting the results is warranted. |
| URI: | http://purl.umn.edu/9451 |
| Institution/Association: | Australian Agricultural and Resource Economics Society - 2007>2007 Conference (51st), February 13-16, 2007, Queenstown, New Zealand |
| Total Pages: | 27 |
| Language: | English |
| Collections: | 2007 Conference (51st), February 13-16, 2007, Queenstown, New Zealand
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