한국 농업의 연구개발투자 효과분석

Rates of Return to Agricultural R&D Expenditure in Korea

The purpose of this study is estimating the productivity of agricultural R&D expenditures in Korea, between 1971 and 1998. We estimate a cost function where the impacts of technology stock on agricultural productivity are incorporated. It is assumed that the technology stock is accumulated as the government or private sectors invest in R&D activities. We specify a dynamic process under which the technology stock is accumulated. We find that the internal rate of return to the agricultural R&D expenditure is as high as 300 percent. However, the marginal productivity of R&D expenditures already obtained its peak level in the early 1990s and is decreasing in recent years.