L12 - Psychology and the Economy Flashcards
what is the ECONOMY?
The ECONOMY refers to the STATE OF A COUNTRY or REGION in terms of the PRODUCTION and CONSUMPTION OF GOODS and SERVICES and the SUPPLY OF MONEY
what are the WAYS IN WHICH PSYCHOLOGY AFFECTS THE ECONOMY?
- impact on HEALTHCARE SERVICE
- impact on LAWS AND POLICIES
- impact on GOVERNMENT FINANCES
- impact on EMPLOYMENT AND PRODUCTIVITY
how has SOCIAL INFLUENCE IMPACTED THE ECONOMY? - PT 1
SOCIAL INFLUENCE RESEARCH HELPS US TO UNDERSTAND how BEHAVIOUR and ATTITUDES CAN BE CHANGED (e.g how people tend to conform to the majority and obey authority, as well as how minority influence works).
SOCIAL INFLUENCE RESEARCH has been used to ENCOURAGE PEOPLE TO ENGAGE IN MORE HEALTHY BEHAVIOURS, such as EATING MORE HEALTHILY
how has RESEARCH INTO SOCIAL INFLUENCE IMPACTED THE ECONOMY? - PT 2
The RESULTING CHANGE of EATING MORE HEALTHILY means that PEOPLE SHOULD BE HEALTHIER IN GENERAL. The ECONOMIC IMPLICATION for this would be REDUCED PRESSURE ON NHS RESOURCES and PEOPLE TAKING LESS TIME OFF WORK SICK, IMPROVING PRODUCTIVITY
how has RESEARCH INTO MEMORY IMPACTED THE ECONOMY?
The COGNITIVE INTERVIEW was developed BASED ON PSYCHOLOGICAL RESEARCH into the WAY IN WHICH MEMORY WORKS
It has HUGELY IMPROVED the AMOUNT OF ACCURATE INFORMATION COLLECTED FROM EYEWITNESSES
The IMPLICATION FOR THE ECONOMY is that the AMOUNT SPENT ON WRONGFUL ARRESTS/IMPRISONMENT and WASTED POLICE TIME is VASTLY REDUCED
how has RESEARCH INTO ATTACHMENT IMPACTED THE ECONOMY? - PT 1
ATTACHMENT RESEARCH has come a CONSIDERABLE WAY SINCE BOWLBY stated that a CHILD CAN ONLY EVER FORM A SECURE ATTACHMENT and LASTING MONOTROPIC BOND WITH ITS MOTHER.
At the time BOWBLY WAS WRITING, CHILDCARE was seen to be SOLE RESPONSIBILITY OF THE MOTHER, PREVENTING MANY WOMEN from BEING ABLE TO DO WORK.
how has RESEARCH INTO ATTACHMENT IMPACTED THE ECONOMY? - PT 2
MORE RECENT RESEARCH has QUESTIONED BOWLBY and has SHOWN THE IMPORTANCE OF THE FATHER. BOTH PARENTS are EQUALLY CAPABLE of PROVIDING THE EMOTIONAL SUPPORT NECESSARY for HEALTHY PSYCHOLOGICAL DEVELOPMENT
It is NOW NORMAL for HOUSEHOLDS to have FLEXIBLE WORKING ARRANGEMENTS. SOME MOTHERS who EARN MORE GO TO WORK and the FATHER STAYS AT HOME, OTHER COUPLES SHARE THE CHILD CARE EVENLY. This means that MODERN PARENTS are BETTER EQUIPPED TO MAXIMISE THEIR INCOME and CONTRIBUTE MORE EFFECTIVELY TO THE ECONOMY
how has RESEARCH INTO MENTAL HEALTH IMPACTED THE ECONOMY? - PT 1
ABSENCE FROM WORK COSTS THE ECONOMY £15 BILLION A YEAR and a THIRD OF ALL ABSENCES are caused by MILD TO MODERATE MENTAL HEALTH DISORDERS, such as DEPRESSION, ANXIETY, and STRESS
EVIDENCE BASED RESEARCH on EFFECTIVE DRUG THERAPIES has been ESSENTIAL in REDUCING THE COST OF MENTAL ILLNESS TO THE ECONOMY and RETURNING PEOPLE TO WORK.
RESEARCH FINDINGS into PSYCHOPATHOLOGY MAY LEAD TO IMPROVEMENTS IN PSYCHOLOGICAL HEALTH/TREATMENT PROGRAMMES which could mean that people MANAGE THEIR HEALTH BETTER and TAKE LESS TIME OFF WORK
how has RESEARCH INTO MENTAL HEALTH IMPACTED THE ECONOMY? - PT 2
This would REDUCE THE COSTS TO THE ECONOMY. PSYCHOLOGICAL RESEARCH FINDINGS may lead to BETTER WAYS OF MANAGING PEOPLE who are PRONE TO MENTAL HEALTH ISSUES WHILST THEY ARE AT WORK which could IMPROVE THEIR INDIVIDUAL PRODUCTIVITY, again BOOSTING THE ECONOMY OVERALL
CUTTING EDGE SCIENTIFIC RESEARCH FINDINGS into TREATMENTS FOR MENTAL HEALTH ISSUES carried out in UK may ENCOURAGE INVESTMENT FROM OVERSEAS COMPANIES INTO THIS COUNTRY which could BOOST THE ECONOMY
However, PROVIDING EFFECTIVE TREATMENTS might be a SIGNIFICANT FINANCIAL BURDEN to an NHS SERVICE ALREADY UNDER HUGE FINANCIAL STRAIN. Research might discover that NEW TREATMENTS ARE MORE EFFECTIVE than OLDER THERAPIES, but these NEW THERAPIES MIGHT BE MORE EXPENSIVE
