The economic value of psychology in Australia: 2001
Article
Article Title | The economic value of psychology in Australia: 2001 |
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ERA Journal ID | 6118 |
Article Category | Article |
Authors | |
Author | Patrick, Jeff |
Journal Title | Australian Psychologist |
Journal Citation | 40 (3), pp. 149-158 |
Number of Pages | 10 |
Year | 2005 |
Publisher | Taylor & Francis |
Place of Publication | Oxford, United Kingdom |
ISSN | 0005-0067 |
1742-9544 | |
Digital Object Identifier (DOI) | https://doi.org/10.1080/00050060500243459 |
Web Address (URL) | http://onlinelibrary.wiley.com/doi/10.1080/00050060500243459/pdf |
Abstract | The purpose of this paper was to update the Guldberg & Sivaciyan (1995) estimates of the value of psychology based on 1991 figures. In addition, this paper expands the scope of their work by including comparisons of other related professional groups (those with tertiary training in psychiatry, mental health nursing, social work, counselling, occupational therapy and human resources). Economic modelling indicated that psychology contributes $8.6 billion to the National economy – some 500% more than in 1991, and more than all other related professional groups combined. However, psychology incomes in most sectors have marginally decreased in real terms, and still lag 9.2% behind related professionals. The number of individuals trained in psychology has also risen dramatically to at least 37 978. Many of these individuals (17 364) have only a bachelor degree, and experience a higher rate of unemployment than both their higher qualified peers in psychology, and the national average for individuals with the same level of qualification. The ongoing lack of Federal funding for professional higher degrees, and the training guidelines of the Australian Psychological Society are likely to lead to rises in the cost of postgraduate education in the coming years. There is nonetheless a substantial economic advantage to students undertaking professional higher degrees in psychology. The implications for the profession of psychology are discussed. |
Keywords | psychology; economic value; cost; psychologist |
ANZSRC Field of Research 2020 | 380108. Health economics |
529999. Other psychology not elsewhere classified | |
380201. Cross-sectional analysis | |
Public Notes | File reproduced in accordance with the copyright policy of the publisher/author. |
Byline Affiliations | Department of Psychology |
https://research.usq.edu.au/item/9y38q/the-economic-value-of-psychology-in-australia-2001
2019
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