Psychology and the economy

Question 1

List ways in which psychology benefits the economy?

Answer 1

Curing mental health conditions returns them to work.
Provides solutions to social problems e.g. violence or drug abuse.
Some research is private (not paid by taxpayers).
Continued investment into psychological research means it must be beneficial.

Question 2

What are the disadvantages of economic psychology?

Answer 2

It is impossible to calculate the value of the benefit of psychology to the economy.
Placing economic value on psychology undermines its true social value.

Question 3

How much do universities receive in psychological research funding per year?

Answer 3

£58 mil

Question 4

Why is it difficult to calculate the value of psychological research?

Answer 4

May take time after research is published to see its impact.
Economic benefits rely on how the knowledge has been applied.