Psychology and the economy

Question 1

What is economic psychology?

Answer 1

the development and application of theoretical knowledge in the context of practical economic problems

Question 2

Maternal deprivation and the economy

Answer 2

• research by Bowlby, Harlow and Rutter
• improve the developmental needs for young children
• improves economy as adults more likely to be productive

Question 3

How psychology affects the economy?

Answer 3

• university psychology research departments receive £50 mil annually - needs to have economic impact

Question 4

Psychology does not contribute to the economy

Answer 4

• takes away its true social value
• almost impossible to judge the economic impact due it its variability in profession