2023
DOI: 10.1146/annurev-resource-111820-034312
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Slow Magic: Agricultural Versus Industrial R&D Lag Models

Abstract: R&D is slow magic. It takes many years before research investments begin to affect productivity, but then they can affect productivity for a long time. Many economists get this wrong. Here, we revisit the conceptual foundations for R&D lag models used to represent the temporal links between research investments and impact, review prevalent practice, and document and discuss a range of evidence on R&D lags in agriculture and other industries. Our theory and evidence consistently support the use of l… Show more

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Cited by 8 publications
(1 citation statement)
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“…The agro‐chemical and biological control industries must be consulted to identify management options and to help craft a strategy to protect the macadamia industry. The lag times in research and developing biological control solutions, registering chemical pesticides and developing new chemistries is described as ‘slow magic’ as often this lag is underappreciated (even by economists) 82 ; we suggest a range from about 2 to 20 years (pers. obs.).…”
Section: Implications and Future Researchmentioning
confidence: 85%
“…The agro‐chemical and biological control industries must be consulted to identify management options and to help craft a strategy to protect the macadamia industry. The lag times in research and developing biological control solutions, registering chemical pesticides and developing new chemistries is described as ‘slow magic’ as often this lag is underappreciated (even by economists) 82 ; we suggest a range from about 2 to 20 years (pers. obs.).…”
Section: Implications and Future Researchmentioning
confidence: 85%