Psychology and the economy/peer review

Peer review

The practice of using independent experts in the field of research to assess the quality and validity of research and academic reports.

Pros of peer review

• Ensures only high quality research is allowed to be put forward as a body of scientific evidence

• This stops poor or biased or scientifically questionable research being published

• This involves reviewing the researchers methodology and makes sure the research is credible, valid, reliable and not susceptible to criticism

Cons of peer review

• If there is no anonymity for the researchers, then experts who have conflicting research (in competition with each others research) might not approve research (to further their own work or reputation)

• If only statistically significant findings are published then findings that challenge existing research may be overlooked and not published

• There may still be gender bias in the work produced by males versus females in terms of how much is published in prestigious journals

Process of peer review

Goals if psychology

• Psychology aims to provide solutions to pressing social problems such as those associated with violence, drug abuse or mental health

• Most psychological research is not directly applied in this way, however it is carried out due to curiosity about human nature and animal behaviour

Impact of psychology

• UK University psychology departments currently receive in excess of £50 million annually in research grants

• One criteria that is important for receiving funding is the impact of the research

• Psychological research can also occur in hospitals, businesses and government departments.

Problems with funding allocation

• Any economic value is placed on psychological research inevitably underestimated its true social value

• For example, it is impossible to put a value on improving the quality of life for someone with anxiety

• When conditions have direct economic impact however, e.g. an inability to work, then it may be possible to calculate an economic benefit

Unemploymemt

• Pre-covid, the UK had the lowest unemployment rate it had ever had, in part due to psychological interventions, helping people get back to work to earn money and tax

• More people working = earning more tax = more money for vital resources = all whilst reducing the pressure on the NHS

Productivity

• The UK has bad productivity

• Getting more people into work may increase this productivity which means the UK would be generating more crops to harvest or new technology to sell.