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When writing an article you intend to publish, it is essential to ensure that the data is accurate and meets the current publishing standards. This ensures the integrity of the data and maintains the standard of published scientific research. The data you publish should advance the current knowledge within that field, so you must do it right.
Peer reviews aid this process through other experts within the field weighing in and checking your work before it is published.
Peer review of work, freepik.com/Freepik
After forming a hypothesis, conducting an experiment, collecting the data and writing the report, a scientist needs someone else to check their report before they push it forwards for publishing.
Peer review is the process of evaluating the work which another person has completed.
Without peer reviews, a scientist could submit a paper for publishing without another person checking their work and making sure it's free of biases and errors.
Although, it's important to remember that peer reviewers are human, too, so sometimes conclusions are not 100 percent correct!
The purpose of peer review is to:
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 over before they submitted it in school. Similarly, they may have looked into yours. These are both examples of peer review.
In psychology, peer reviews are carried out before a study is published to:
Accuracy and shooting targets whilst winning awards, freepik.com/jcomp
Peer reviewing is likely to be completed by another professional with a high level of expertise in the field of work that is being reviewed.
The person reviewing the research in psychology is likely to be from the same experimental field of psychology.
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 field of study.
Policymakers can use information from studies to form decisions about further actions in the economy. False study evaluations could contribute to wrong decisions being made.
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.
It is rare that researchers, studies, or decision-makers have complete information on finances or have considered the advantages of other economic methods before deciding where to use resources.
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. Decision-makers should prioritise areas that require more research.
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 have a direct impact on 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 their depression and return to work. This can be seen in therapies such as Cognitive Behavioural Therapy and drugs such as SSRIs (selective serotonin reuptake inhibitors). Research has developed methods of treating mental health issues, which is beneficial for the economy.
The economy being monitored, freepik.com/pchvector
The Review of Economics and Statistics remains one of the core economic journals which provides reliable and credible sources of information relating to economics and statistics.
The economics and statistics acceptance rate refers to the number of articles successfully submitted and published by the journal.
Over the past five years, 29 - 32 percent of papers were rejected by the Review of Economics and Statistics.
For the submitted and peer-reviewed articles, the acceptance rate ranges from 5% - to 8%.
The time to review and decide on the publishing standards averaged 126 days in the past five years. This seems to have been improving over recent years. In 2020, 84 percent of papers received a decision in three months and 99 percent within five months (Review of Economics and Statistics 2021 Annual Report).
In research, the purpose of peer review is to evaluate the quality and standards of research before it is published. Peer review helps ensure that information remains accurate, was gathered ethically, and remains a reliable source to contribute to the advancement of knowledge in the field.
The Review of Economic Studies is peer-reviewed. It remains one of the core economic journals, providing reliable and credible information that has been peer-reviewed.
Peer review may check for validity and reliability within the research, improving both. If flaws are detected, the peer reviewer may suggest changes to the researcher, e.g. adjusting the experimental design. Peer reviews may also detect other study issues, for example, the participants recruited for the experiment. In some cases, researchers may need to alter aspects of their research study to address the issues detected.
Some examples of applications for the economy are:
The purpose of economic research is to understand how the economy works. Economic research helps you understand financial data and predict the success of businesses or future economies.
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