What is the purpose of peer review in research?

Peer review: psychology increases the chances that published research is of high quality, empirical, objective, reliable and valid.

Is the Review of Economic Studies peer-reviewed?

The Review of Economic Studies is peer-reviewed, like most other research.

How does peer review affect research?

Peer review may check for validity and reliability within the research, improving both. If flaws are detected, the peer reviewer may suggest changes. In some cases, researchers may need to alter aspects of their research study to address the issues seen.

An example of division of goods is:

Deciding the quantity to purchase based on the quantity needed and which will be used

Who is required to complete a peer review?

A person of a certain profession with the relevant knowledge and expertise which equips them to complete the peer review.

Peer review and Economic Applications of Research |

Q: What are the applications for the economy?

An example of how psychology research has impacted society economically is since we have learned more about how mental health can affect the quality of life of individuals, it has led to the NHS receiving more funding for their psychiatry and mental health divisions.

Peer Review and Economic Applications of Research

Essentially, peer review is when someone critiques research. Think about when you're completing an assignment; you may ask someone knowledgeable in the field, e.g. a class friend, to give you some constructive feedback. If this process were to be standardised, then this essentially would be the peer review process in psychology.

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Psychology is an essential discipline as it not only aims to improve quality of life, but it also has economic applications. These critical applications of the research are why the peer review process is needed.

We will start by defining the peer review meaning in research.
After, we will delve into peer review psychology and answer the question of "why is peer review important?".
Then we will describe the peer review process.
Moving on, we will explore what is meant by the double-blind peer review.
Finally, we will look at the relationship between psychology and the economy.

Meaning of Peer Review

After forming a hypothesis, experimenting, collecting the data and writing the report, a scientist needs an independent professional to check their report before it can be published.

Peer review is the process by which an independent professional, i.e. an expert in the field, checks a researcher's study and their written scientific report.

Without peer reviews, a scientist could submit a paper for publishing without another person checking their work and ensuring it's free of biases and errors.

Although, it's important to remember that peer reviewers are human, too, so sometimes inaccuracies or mistakes are found!

Why is Peer Review Important?

In psychology, before a study is published, it is peer-reviewed because:

Ensure that quality standards have been met, such as content, structure, and grammar checks.
Ensure that the research meets high standards and can be classified as scientific evidence.
Identify any flaws in the work and check for accuracy, including the reliability and validity issues surrounding the research.
Suggest improvements that can be made.
Support the creator to develop and improve their quality of work.

Students, colleagues, and professionals can give peer reviews to evaluate various works. This type of review is not just for scientists.

You may have checked your friend's work before they submitted it to school. Similarly, they may have looked into yours. These are both examples of peer review.

Peer Review Psychology

When we think of psychology, its topic can be sensitive and commonly research issues such as mental health but broader societal issues. These are all essential topics. Imagine if incorrect information or wild claims without evidence are published. It could build on stereotypes, cause more societal problems or negatively impact someone's quality of life.

Therefore, the peer review process in psychology ensures that the research is done using a systematic and standardised procedure. The peer review increases the likelihood of published psychology research to be:

Empirical.
Objective.
Reliable.
Valid.

Peer Review Process

As with all scientific processes, peer reviews also use a systematic approach to ensure the process is reliable and accurate. The process helps keep the scientists on track and consistent across their fields of study.

Submission of the article is the first step, in which the author submits the article to a journal or recipient responsible for reviewing the work.
The reviewer checks for the correct format, style, and layout by checking author guidelines. For example, articles in psychology are written in APA style. Those rules refer to the format, structure, referencing, citing, and organisation.
In the next stage, the reviewer focuses on the originality and content of the article. It may be rejected if they state that the paper does not meet these criteria.
Next, the reviewer sends out a request for an appropriate professional to review the article. There may be several expert reviewers required to peer-review the article. Often, two are needed.
The appropriate reviewer decides if they will review the article based on their confidence, knowledge, and experience in the research area.
The first read of the article may convey an overall impression. The reviewer will reread the paper until they can address and provide a detailed response to most of the article's components. At this point, the reviewer can also reject the article.
Another reviewer, usually associated with the journal, collects the reviews from the previous steps. If two peer-reviewers have provided conflicting reviews, the journal may request an extra person to analyse the article.
Finally, the peer-reviewer sends their responses and comments to the author; this may include feedback, suggestions for improvements and any other necessary guidance relating to the structure and quality of the article.

Double Blind Peer Review

The blind process in research is also often used in the peer review process.

A single-blind process is when the author's identity is not kept anonymous from the reviewer.

A double-blind peer review process is when the researcher and reviewer are unaware of each other's identity, and its goal is to prevent bias.

As you can probably guess, the double-blind peer review process is desirable as it is more likely to hinder chances of bias than the single-blind process.

Psychology and the Economy

The implications of psychological research on the economy refer to the evidence, and its understanding of psychological research has influenced the economy.

Since we have learned more about how mental health can affect the quality of life of individuals, it has led to the NHS receiving more funding for their psychiatry and mental health divisions.

Review of Economic Study: Issues

Policymakers can use information from studies to form decisions about further actions in the economy. False study evaluations could contribute to forming wrong decisions.

For example, an incorrect judgment on unemployment rates may lead to societal changes in how benefits are processed, the amount of minimum wage, and health care ripple effects. It may also lead to public outcry.

Studies on mental health and its impact on society are becoming increasingly important, especially with rising mental health concerns.

Decisions made from studies may be biased or conflict with the views of others. Based on study results, you could decide to invest in more expensive healthcare interventions in one area and take funding away from another.

Also, there may be conflicts about where funding for studies should be allocated depending on various economic issues.

Mental Health and the Economy

Statistics have revealed a growing mental health crisis within western societies. The reason for this is still unknown; some argue that growing awareness of such issues improves and increases diagnosis rates. On the other hand, others blame the unrealistic demands of society.

We know that people suffering from mental illnesses directly impact society.

If a person has depression, they are more likely to take time off work, directly impacting the economy.

Psychology research and treatment plans aid the economy as it helps the person recover from depression and return to work. The increased availability of cognitive behavioural therapy and drugs such as SSRIs (selective serotonin reuptake inhibitors) has led to the development of pharmaceutical companies. However, it has led to increased demand for the NHS.

Research has developed methods of treating mental health issues, which benefits the economy.

Peer review and Economy Applications Research, Economy being monitored,StudySmarter Fig. 1. Psychological research has led to increased and decreased societal financial burdens.