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RESEARCH PRIORITIES IN AGRICULTURE
Author(s) -
Harvey D. R.
Publication year - 1988
Publication title -
journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.157
H-Index - 61
eISSN - 1477-9552
pISSN - 0021-857X
DOI - 10.1111/j.1477-9552.1988.tb00564.x
Subject(s) - rate of return , economics , perspective (graphical) , presentation (obstetrics) , investment (military) , productivity , agriculture , rest (music) , supply and demand , supply management , microeconomics , public economics , macroeconomics , computer science , political science , politics , medicine , cardiology , finance , artificial intelligence , law , radiology , ecology , power (physics) , physics , quantum mechanics , biology
Following brief presentation of the post‐war pattern of agricultural R and D expenditure and productivity changes, the major theoretical issues associated with the evaluation and assessment of R and D spending are discussed. It is argued that emphasis on ex post evaluations of R and D, particularly through rate of return calculations, is misplaced. The economist's tool‐box contains many more instruments than internal rates of return and simplified cost/benefit analyses which are relevant to the difficult decisions of R and D allocation and management. A supply/demand perspective of the R and D system and its interaction with the rest of the social economy is suggested as being more useful in the examination of R and D questions than the traditional view of R and D as a linear progression from pure science through applied research and development to adoption, which is implicit in investment analysis. Some implications of the supply/demand view are identified.