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Efficiency and Equity in Public Research: Rice Breeding in Japan's Economic Development
Author(s) -
Akino Masakatsu,
Hayami Yujiro
Publication year - 1975
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1238834
Subject(s) - public investment , equity (law) , economics , equity financing , agriculture , investment (military) , revenue , government (linguistics) , order (exchange) , research development , tax revenue , public economics , business , finance , public fund , political science , debt , ecology , paleontology , linguistics , philosophy , test (biology) , politics , law , biology
Research contributes to the public good and public support is required in order to attain a socially optimum level of investment in research. However, the extremely high rate of returns to rice research in Japan provides evidence that an underinvestment in agricultural research is typical. Financing rice research out of government tax revenue is rationalized in terms of its contribution to the national goal of economic development.