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The economic value of psychology in Australia: 2001
Citation
Patrick, J, The economic value of psychology in Australia: 2001, Australian Psychologist, 40, (3) pp. 149-158. ISSN 0005-0067 (2005) [Refereed Article]
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Copyright Statement
Copyright 2005 Australian Psychological Society
DOI: doi:10.1080/00050060500243459
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.
Item Details
Item Type: | Refereed Article |
---|---|
Research Division: | Economics |
Research Group: | Applied economics |
Research Field: | Health economics |
Objective Division: | Economic Framework |
Objective Group: | Macroeconomics |
Objective Field: | Macroeconomics not elsewhere classified |
UTAS Author: | Patrick, J (Dr Jeff Patrick) |
ID Code: | 75479 |
Year Published: | 2005 |
Web of Science® Times Cited: | 5 |
Deposited By: | Management |
Deposited On: | 2012-01-31 |
Last Modified: | 2012-06-26 |
Downloads: | 0 |
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