Induced Innovation In United States Agriculture 1880 1990
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Induced Innovation in United States Agriculture, 1880-1990
Author | : Colin Thirtle |
Publisher | : |
Total Pages | : 0 |
Release | : 2015 |
Genre | : |
ISBN | : |
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An error correction model (ECM) of induced innovation, based on the two-stage CES production function allows direct tests of the inducement hypothesis, which are applied to U.S. data for 1880-1990. The time series properties of the variables include a structural break in 1920, cointegration is established and an ECM constructed, which allows factor substitution to be separated from technological change. Causality tests show that the factor-price ratios and R&D are Granger-prior to the factor-saving biases of technological change. The inducement hypothesis is corroborated, and identified as one factor in the complex development of U.S. agriculture.