In our articles on agriculture, we have primarily focused on research, plant biology and its biological and agricultural impacts. Today, I want to take us in a different direction. It’s crucial that we also assess the economic impact of agricultural research. Why is agricultural research important? How do these studies actually help our agricultural market?

An article in Science Daily discusses the economic projections made by Scott Swinton, a Michigan State University Agriculture, Food, and Resource Economics professor. He emphasizes the economic importance of long term research; for the past six years the government has spent about $17 million on research for soybeans, especially soybean aphid, a disease that destroys soybean plants. The economic benefit of this ongoing research has so far been a staggering $1.3 billion – that’s a 180% annual return rate. Since the soybean is one of the largest cash crops in the United States and 42% of soybean crops suffer aphid destruction, the net increase of profit due to research is phenomenal.

Plant research is crucial in many sectors, particularly in agriculture because of its effect on world hunger, world trade, local farmers, corporate businesses, and the economy in general. Thus, it is important to consider the global influence of agricultural research.

Discussion Question: How can ongoing research on agricultural crops benefit the economy? Furthermore, how does this research affect you and me as consumers?

Article: http://www.sciencedaily.com/releases/2009/03/090324081441.htm