Has the Return on Australian Public Investment in Agricultural Research Changed?
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We examine whether there has been a decline in the returns from
Australian public investment in research on broadacre agriculture. Complementing a
forthcoming paper by Mullen, we use alternative specifications for the regression
equation, which employs the log of total factor productivity (TFP) as the dependent
variable. The rate of return is computed on an annual basis rather than by using
multi-year averages. In contrast to Mullen’s earlier preliminary analysis, we have
now found some evidence of a decline in the rate of return on public R&D
investment, lending some support to recently voiced concerns on this matter.