RESEARCH PRIORITIES IN AGRICULTURE

Abstract

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.