Research & the Economy
The implications of psychological research for the economy
- Psychological research does not happen in a vacuum: it involves real people, investigating real behaviours which have real consequences/implications/applications
- In short, research in psychology can produce a 'ripple effect' in society i.e. it can be the springboard for social change, for the adoption of new ideas, for the modification of some existing ideas and practices
- All of the above have implications for the economy on a 'macro' scale (to borrow a term from economics), for example how governments and institutions spend money on:
- health (e.g. funding research into memory loss and dementia)
- education (e.g. teachers off ill with stress means more money spent by schools on expensive supply agencies)
- leisure (e.g. local councils being given more money to spend on bike lanes to encourage cycling)
- law and order (e.g. fear of crime means governments spend more on recruiting police officers)
- There are also economic implications on a 'micro' scale too, for example:
- research into government cuts shows that more vulnerable people are at risk of deteriorating mental health (lack of community and charitable support groups)
- research shows that women who take maternity leave are perceived as less reliable by employers and so they are overlooked for promotion and the attendant pay rises that go with it
- research shows that processed foods are linked to poor cognitive functioning which could lead an individual to adopt a healthy eating plan
Research which has implications for the economy
- Koran et al. (2000):
- the research investigated olanzapine, an a typical antipsychotic drug used to treat OCD
- the study found that olanzapine had a positive effect when combined with a serotonin re-uptake inhibitor
- patients who had been off ill could return to work, pay taxes and reduce financial strain on the health system (drugs are relatively cheap compared to therapies such as CBT)
- Schaffer & Emerson (1964):
- babies form attachments with adults who are sensitive to their needs
- babies form multiple attachments from 10 months onwards
- the father is a key attachment figure
- both parents can take it in turns to look after the baby initially (saving money on nursery fees) and the mother can return to work knowing that the child is happy to attach to others (e.g. the father, nursery workers etc.) which that is contributing to the workplace and the family unit financially
- Loftus & Palmer (1974):
- the research investigated the reliability of eyewitness testimony using leading questions
- understanding how to question witnesses means that it is less likely that an innocent person is sent to prison due to faulty eyewitness identification of them as the perpetrator
- miscarriages of justice (innocent person found guilty) are expensive for society as they involve the initial trial, the cost of keeping someone in prison, the appeals process, a re-trial and possible financial compensation for the wrongly-accused
