The induced innovation hypothesis and its applicability to the high rainfall zone of the Australian sheep industry
The subject of this thesis is the Induced Innovation Hypothesis in which it is proposed that the direction (or bias) of technical change is determined by changes in relative factor (input) prices acting as a "spur to invention" (Hicks, 1932, p.124). In addition to reviewing important theoretical developments in this hypothesis, a test of induced innovation was conducted on data for the High Rainfall Zone of the Australian sheep industry over the period 1952/53 to 1976/77. Estimates of...[Show more]
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