Economic Analysis of Biotechnological Advances in Agricultural Crop Resistance

David Miller
University of Toronto, Canada

DOI:https://doi.org/10.5912/jcb2510

Abstract:

The world’s food production, economic development, sustainability, and trade have all been impacted by the advancement in biotechnology as it relates to agricultural crops. This paper focuses on the economic effects of the genetically modified (GM) crops, gene editing, and precision breeding in the context of pest, disease, and environmental stressor resilience. The innovations have concerns over increased yields, reduced pesticide expenditures, and greater overall efficiency, but these provide seed market hurdles, pricing issues, monopolization and small holder farmer participation barriers. The consequences for international trade are assessed, underscoring the segmentation of markets and regulatory growths that stem from heterogenous policies between countries. The rise of resistant pests and weeds challenges environmental and economic sustainability on a global matter in the long-term is also touched upon. The conclusions provide holistic policy recommendations that aim at improving access to technologies and regulation uniformity alongside the promotion of sustainable farming methods. If economic inclusivity is blended with innovation, biotechnological advances in crop resistance will aid massively in profound food security challenges, economic progress and sustainable agriculture.