Investing in Agricultural Research to Sustain Growth and Competitiveness of US Agriculture

What the paper says

Public investments in agricultural research and development (R&D) have been a major driver of long‐term productivity growth and competitiveness of US agriculture. Public agricultural R&D has high economic returns: each $1 invested has produced about $20 in benefits to the US economy. The Federal Government provides about 70% of the funding for the agricultural R&D carried out by universities and USDA laboratories. State governments and non‐government sources provide the rest. Resources for public agricultural R&D have been declining in real terms, with annual spending down by about one‐third from its peak in 2002; the US has fallen behind other major competitor nations in spending on agricultural R&D. Part of the decline in public agricultural R&D has been offset by increased R&D by the private companies, but private R&D is concentrated on a few commodities and underinvests in the foundational science needed to sustain long‐term growth and competitiveness for US agriculture. New approaches to public–private collaboration in agricultural R&D can strengthen the financing and performance of the US agricultural innovation system.