@article{Mullen:118518,
      recid = {118518},
      author = {Mullen, John D.},
      title = {Productivity growth and the returns from public investment  in R&D in Australian broadacre agriculture},
      journal = {Australian Journal of Agricultural and Resource Economics},
      address = {2007},
      number = {428-2016-27558},
      pages = {26},
      year = {2007},
      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 to
40 per cent 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.},
      url = {http://ageconsearch.umn.edu/record/118518},
      doi = {https://doi.org/10.22004/ag.econ.118518},
}