AO3 - Implications of Psychological Research for the Economy

• Psychology, mental health and the economy:

  • Using a combination of therapies can then mean individuals can manage their condition effectively and return to work, saving the economy money
  • This will in the long run reduce the strain on the NHS as less individuals will be admitted for treatment, if the combined treatment is successful
  • However, combined treatment is more expensive reducing the financial benefit for the economy – especially if a large number of people are needing treatment
• Psychology, attachment research and the economy:

  • Fathers are now entitled to shared paternity leave which costs the economy as it is government funded. Also costs employers as they may have to hire someone else to take on that workload whist the father is on leave
  • However, due to flexible working hours within the family it is the norm in lots of household that both parents earn money and maximise their income to contribute to the economy by working and paying taxes
• Psychology, social influence research and the economy:

  • This can benefit the economy as it can change individual’s behaviour such as excess water use, this benefits the environment, which in turn benefits the economy because less money will be used to protect the environment from excess water use
• Psychology, eyewitness testimony and the economy:

  • This can benefit the economy because it means the police will spend less resources looking for the wrong suspects as EWT should be more accurate
  • Also means that it will increase the likelihood of the correct person being convicted of the crime, therefore, not wasting the economy’s money on inaccurate convictions