Abstract
Abstract The induced innovation hypothesis of Hayami & Ruttan (1971, 1985) Agricultural Development: An International Perspective (Baltimore, Johns Hopkins) provides the focus for many subsequent studies of technical change in agriculture. Using inter alia US data, they provide convincing support for their hypothesis. We reconsider Hayami & Ruttan's econometric equations using cointegration analysis. Our results lend only limited support to Hayami & Ruttan's hypothesis and indicate a revised hypothesis whereby the rate of change in relative factor use is determined by relative factor prices.
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