Peer Review & The Economy

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Peer-Reviewing

Peer-reviewing is an important step of the process of having an article published, where other scientists provide feedback on the study. It helps to provide a level of quality control to research.

Peer-reviewed journal

A peer-reviewed journal article is read by several other scientists (generally anonymously) with expertise in the subject matter.
These peer reviewers provide feedback - to both the author and the journal editor -regarding the quality of the draft.
Ultimately, the journal editor will compile all of the peer reviewer feedback and determine whether the article will be published in its current state (a rare occurrence), published with revisions, or not accepted for publication.

Peer-review feedback

Peer reviewers look for a strong rationale for the research being described, a clear description of how the research was conducted, and evidence that the research was conducted in an ethical manner.
They look for flaws in the study's design, methods, and statistical analyses.
They check that the conclusions drawn by the authors seem reasonable given the observations made during the research.
Peer reviewers also comment on how valuable the research is in advancing the discipline’s knowledge.

Use of peer-reviewing

Peer-reviewing helps prevent unnecessary duplication of research findings in the scientific literature and, to some extent, makes sure that each research article provides new information.
Peer review provides some degree of quality control for psychological research.
Poorly conceived or executed studies can be weeded out, and even well-designed research can be improved by the revisions suggested.

Peer review for replication

Peer review also makes sure that the research is described clearly enough to allow other scientists to replicate it, meaning they can repeat the experiment using different samples to determine reliability.

Replication

Each replication of a study serves to provide more evidence to support the original research findings. Often, replications involve additional measures that expand on the original finding.
Successful replications of published research make scientists more apt to adopt those findings, while repeated failures tend to cast doubt on the legitimacy of the original article.

Replication example

For example, it would be a major advancement in the medical field if a published study indicated that taking a new drug helped individuals achieve a healthy weight without changing their diet.
But if other scientists could not replicate the results, the original study’s claims would be questioned.

The Implications of Psychological Research for the Economy

Psychological research has an impact on science and our understanding of human behaviour. But it can also have practical benefits to the economy.

Positive impact

Researchers are not only interested in the scientific value of their research, but also want to demonstrate that it has a positive impact on society.
There are numerous examples of how psychological research can contribute to people’s well-being, make citizens more productive, and boost the economy by reducing absence from work.
It can also reduce costs to society, allowing money to be invested into other things such as technical innovations.

Clinical psychology

Clinical psychology seeks to understand and treat mental health problems, which are among the greatest causes of days lost to work worldwide.
- The Organisation for Economic Co-operation and Development (OECD) has estimated that mental health problems cost the economy £70 billion per year, which exceeds what it would cost to make psychological therapies available to everyone.

Political psychology

Political psychology seeks to understand prejudice, social injustice and the marginalisation of minorities, helping these groups to play a fuller role in society and the workplace.

Cognitive psychology

Cognitive psychology seeks to understand the psychology of creativity, including where new ideas come from, and an understanding of long-term memory can be used to help workers train faster and more effectively.

Educational psychology

Educational psychology seeks to understand mood, motivation and effective learning.
- This can be applied in schools to increase attainment and by employers to boost productivity.

The Implications of Psychological Research for the Economy

Psychological research has an impact on science and our understanding of human behaviour. But it can also have practical benefits to the economy.

Forensic psychology

Forensic psychology seeks to understand and tackle crime, for example via the study of eyewitness testimony and rehabilitating offenders.
- This benefits businesses and workers, and reduces costs to society e.g. from unfair convictions, and increases the supply of potential workers.

Developmental psychology

Developmental psychology seeks to understand healthy childhood attachments and cognitive development.
- By improving the mental health, intelligence and skills of the next generation, this can boost the quality of the workforce and decrease costs to society.

Environmental psychology

Environmental psychology seeks to understand and promote sustainable behaviour, reducing the costs associated with waste and environmental damage and tackling long-term global threats.