As illustrated above, agricultural research is neither a pure private nor a pure public good. However, the public goods characteristics of much agricultural research, particularly that needed by small farmers and poor consumers in developing countries, together with poorly functioning markets in most developing countries results in very limited investment by the private sector in agricultural research. Low priorities for agricultural development and improved food security among many developing country governments along with lack of knowledge about how powerful agricultural research can be to achieve economic growth and reduced poverty and many governments' short planning horizon relative to the time lag between the investment in agricultural research and the resulting benefits are the main reasons for the serious under-investment of public funds. Failure by the public sector to expand investment in agricultural research will result in lost opportunities for increased economic growth and reduced poverty and food insecurity. This, unfortunately, is the current prognosis for most developing countries.
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