Impications Of Psychological Research For The Economy

Question 1

Practical application

Answer 1

Creates practical applications used in everyday life for betterment of society
Could be agreed that psychological research contributes to the economy in a substantial way eg creation of effective treatments

Question 2

How do effective treatments make financial savings?

Answer 2

They allow people to return to the workforce and contribute fully to the economy

Question 3

Psychological therapies versus drug therapy

Answer 3

Research into psychological therapies such as CBT have positive implications for the economy as they may be cheaper in the LT than drug therapies
Cost healthcare system less £ overall

Question 4

Advantages of psychology on economy

Answer 4

Produce better functioning workforce, cuts down on costs to the health service, police, judiciary, prison service as psychologically healthy people are less likely to incur costs upon these institutions

Question 5

Disadvantages of psychological research on economy

Answer 5

Psychologists need to be aware that ethical considerations should come before profit and psychology shouldn’t exploit people and lead to distrust in field
Take care to not become too divorced from the consequences of their research being in the agentic state and not taking as much responsibility

Question 6

Statistics of experience of mental health issues

Answer 6

10% of people will spend some time in a mental institution, about one in three will experience some kind of mental disorder