Peer Review and Economic Applications of Research

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.

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.

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.

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.

1. 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.
2. 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.
3. 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.
4. 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.
5. The appropriate reviewer decides if they will review the article based on their confidence, knowledge, and experience in the research area.
6. 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.
7. 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.
8. 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.

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.

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.

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.

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

Fig. 1. Psychological research has led to increased and decreased societal financial burdens.