By Keijiro Otsuka, C. Ford Runge
This selection of essays through Ruttan and Hayami spans their lengthy occupation within the economics of technical and institutional swap. At either a theoretical and empirical point, their research of brought on innovation presents an exceptional origin for figuring out how and why applied sciences and associations evolve in line with components that constrain them. Can fiscal progress Be Sustained? offers a sweeping clarification of this method. As students, Ruttan and Hayami's talents and reviews complemented one another. jointly, that they had nice luck in operating throughout contexts to combine Western versions of technological swap and extra holistic Asian views on multi-factorial interplay. Their views are huge ranging, overlaying huge geographical parts and carefully studying the old improvement of agriculture within the usa, Japan, and plenty of different nations. This quantity collects their so much influential papers, from which a lot should be discovered.
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Additional info for Can Economic Growth Be Sustained?: The Collected Papers of Vernon W. Ruttan and Yujiro Hayami
Indeed, if the situation outlined in model VII were to obtain, it would be possible to achieve the desired farm output with a 10 percent decline in land inputs and only a 32–44 percent increase in nonland capital inputs over the twenty-ﬁve-year period. This increase in capital inputs is far below the rate of increase achieved during the 1940–50 decade, when nonland capital inputs in agriculture increased by approximately 65 percent (Schultz 1953: 108). At the other extreme, failure to achieve substantial increases in output per unit of total input would point to continued rapid growth of capital requirements in agriculture and would increase the productivity of both private and public investment in reclamation or drainage enterprises designed to increase land inputs.
The old idea that farm output does not decline during a depression may have to be revised. For supported commodities, it would increase the amount of product that would have to be taken oﬀ the market to maintain any given support level above the equilibrium level. This suggests that the recent buildup of farm surpluses in the last few years may be related to increased elasticity in the supply curve for farm products as well as to advances in farm technology and a short-run shift to the left in the demand curve for farm products.
The Dillon project was never brought to completion; however, the manuscript was later revised and published in collaboration with Willis Peterson. See Peterson and Hayami 1977. Hayami had studied with Heady at Iowa State University. Ruttan had written a critique of the Heady article, which was not accepted for publication by the Journal of Farm Economics. See also A. K. Sen 1960. It may be useful to cite a somewhat amusing example. At an IRRI semiannual internal research review in 1964, the Japanese plant physiologist Akira Tanaka and the American agronomist James Moomow reported sharply diﬀerent results from the same experiment carried out in the same environment.