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Economic benefits from research: an example from agriculture
Science (New York, N.Y.)
|September 14, 1979
Summary
Public agricultural research yields substantial economic benefits, with annual returns around 50%. Investment in this research is too low due to spillover benefits, despite its profitability.
Area of Science:
- Agricultural Economics
- Public Research Policy
Background:
- Public research has a long history in agriculture.
- Agricultural productivity is experiencing continuous growth.
Purpose of the Study:
- To examine the economic benefits of public agricultural research.
- To assess the profitability and optimal investment levels for agricultural research.
Main Methods:
- Analysis of historical data on public research expenditure and agricultural productivity.
- Economic evaluation of research returns and spillover effects.
Main Results:
- Annual rates of return on research expenditure are approximately 50%.
- Science-oriented research is profitable when linked with technological research.
- Decentralized systems (e.g., state agricultural experiment stations) effectively integrate scientific, technological, and farming research.
- The high rate of return suggests current investment in public agricultural research is insufficient.
Conclusions:
- Public agricultural research provides significant economic benefits.
- Underinvestment in public agricultural research stems from research benefits spilling over to other regions and consumers.
- Increased local and regional support for public agricultural research is warranted.
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