Economics of innovation in Australian agricultural economics and policy

Potts, Jason and Kastelle, Tim (2017) Economics of innovation in Australian agricultural economics and policy. Economic Analysis and Policy, 54 96-104. doi:10.1016/j.eap.2017.03.003

Author Potts, Jason
Kastelle, Tim
Title Economics of innovation in Australian agricultural economics and policy
Journal name Economic Analysis and Policy   Check publisher's open access policy
ISSN 0313-5926
Publication date 2017-06-01
Sub-type Article (original research)
DOI 10.1016/j.eap.2017.03.003
Open Access Status Not yet assessed
Volume 54
Start page 96
End page 104
Total pages 9
Place of publication Brisbane, QLD, Australia
Publisher Economic Society of Australia
Language eng
Abstract One of the foundations of modern agricultural economics and policy is innovation economics, a theory that emphasises entrepreneurship and innovation. But innovation economics itself has been evolving, and a new approach centred on entrepreneurial market discovery has begun to separate from the classical innovation economics based on diagnoses of market failure in R&D investment. We argue that agricultural economics is still largely tied to the classical model, as are therefore its research programs and policy prescriptions. We furnish an overview of this new innovation literature that, among other things, better represents the complex aspects of risk management and niche competition in modern agricultural markets. This leads us to propose some new directions for the research program that emphasises a shift from market failure to collective action models of the innovation problem, and from government-led to industry-level solutions for industrial organisation in agriculture.
Keyword Innovation
Agricultural economics
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: HERDC Pre-Audit
UQ Business School Publications
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Created: Mon, 27 Mar 2017, 12:45:50 EST by Karen Morgan on behalf of UQ Business School