What are some of the economic implications of the use of genetic modification?

Question

What are some of the economic implications of the use of genetic modification?

Answer 1

Products are distributed more efficiently because of some innovations like the so-called delayed maturation which prevents early spoilage of fruits and vegetables like tomatoes..

In animals, there is a larger output in "pharming"- modification in the genes of animals. Since it's much more easier for the producers to get the desired products.

Another implication is creation of new breeds. Newer breeds usually have less demand, therefore have highers costs.

Answer 2

To help produce better crops and new ways of treating diseases.

Answer 3

The use of genetic modification (in plants) help in prevention of many natural 'enemies' of plants, for instance, the resistance to drought or excess water.  It also provides an advantage over other competing plants, for instance, the weeds.  With this, herbicide-resistant plant can be protected when farmers use herbicide to eliminate weeds.  Such advantages creates profit for farmers, as they manage to 'eliminate' these problems as such, more production.

Another implication of genetic modification is prolonging the 'lifespan' of many fruits.  (For instance,) Genetically modified tomatoes were easier to transport as they are harder as compared to a mature/rotting tomatoes.  This can also mean profit as tomatoes are less quicker to rot as a result of GM.

Answer 4

A lot of investments in the medical sector, public wealth usage more leaned towards medicine, and others depend on laws.

In plants- rise in cost of food, food industry prospers, farmers have profit if funds provided by the government.

Answer 5

I agree with the other answers but their is another economic implication based on societal pressure behind GM products. In the wine industry their is a huge opposition to GM grapes and wine production. Companies that are even rumored to use GM grapes (whether it is true or not) may be boycotted.