why research is so important

10 Reasons Why Research is Important

No matter what career field you’re in or how high up you are, there’s always more to learn . The same applies to your personal life. No matter how many experiences you have or how diverse your social circle, there are things you don’t know. Research unlocks the unknowns, lets you explore the world from different perspectives, and fuels a deeper understanding. In some areas, research is an essential part of success. In others, it may not be absolutely necessary, but it has many benefits. Here are ten reasons why research is important:

#1. Research expands your knowledge base

#2. research gives you the latest information.

Research encourages you to find the most recent information available . In certain fields, especially scientific ones, there’s always new information and discoveries being made. Staying updated prevents you from falling behind and giving info that’s inaccurate or doesn’t paint the whole picture. With the latest info, you’ll be better equipped to talk about a subject and build on ideas.

#3. Research helps you know what you’re up against

In business, you’ll have competition. Researching your competitors and what they’re up to helps you formulate your plans and strategies. You can figure out what sets you apart. In other types of research, like medicine, your research might identify diseases, classify symptoms, and come up with ways to tackle them. Even if your “enemy” isn’t an actual person or competitor, there’s always some kind of antagonist force or problem that research can help you deal with.

#4. Research builds your credibility

People will take what you have to say more seriously when they can tell you’re informed. Doing research gives you a solid foundation on which you can build your ideas and opinions. You can speak with confidence about what you know is accurate. When you’ve done the research, it’s much harder for someone to poke holes in what you’re saying. Your research should be focused on the best sources. If your “research” consists of opinions from non-experts, you won’t be very credible. When your research is good, though, people are more likely to pay attention.

#5. Research helps you narrow your scope

When you’re circling a topic for the first time, you might not be exactly sure where to start. Most of the time, the amount of work ahead of you is overwhelming. Whether you’re writing a paper or formulating a business plan, it’s important to narrow the scope at some point. Research helps you identify the most unique and/or important themes. You can choose the themes that fit best with the project and its goals.

#6. Research teaches you better discernment

Doing a lot of research helps you sift through low-quality and high-quality information. The more research you do on a topic, the better you’ll get at discerning what’s accurate and what’s not. You’ll also get better at discerning the gray areas where information may be technically correct but used to draw questionable conclusions.

#7. Research introduces you to new ideas

You may already have opinions and ideas about a topic when you start researching. The more you research, the more viewpoints you’ll come across. This encourages you to entertain new ideas and perhaps take a closer look at yours. You might change your mind about something or, at least, figure out how to position your ideas as the best ones.

#8. Research helps with problem-solving

Whether it’s a personal or professional problem, it helps to look outside yourself for help. Depending on what the issue is, your research can focus on what others have done before. You might just need more information, so you can make an informed plan of attack and an informed decision. When you know you’ve collected good information, you’ll feel much more confident in your solution.

#9. Research helps you reach people

Research is used to help raise awareness of issues like climate change , racial discrimination, gender inequality , and more. Without hard facts, it’s very difficult to prove that climate change is getting worse or that gender inequality isn’t progressing as quickly as it should. The public needs to know what the facts are, so they have a clear idea of what “getting worse” or “not progressing” actually means. Research also entails going beyond the raw data and sharing real-life stories that have a more personal impact on people.

#10. Research encourages curiosity

Having curiosity and a love of learning take you far in life. Research opens you up to different opinions and new ideas. It also builds discerning and analytical skills. The research process rewards curiosity. When you’re committed to learning, you’re always in a place of growth. Curiosity is also good for your health. Studies show curiosity is associated with higher levels of positivity, better satisfaction with life, and lower anxiety.

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Psychological Research

Why Is Research Important?

OpenStaxCollege

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Learning Objectives

By the end of this section, you will be able to:

Explain how scientific research addresses questions about behavior
Discuss how scientific research guides public policy
Appreciate how scientific research can be important in making personal decisions

Scientific research is a critical tool for successfully navigating our complex world. Without it, we would be forced to rely solely on intuition, other people’s authority, and blind luck. While many of us feel confident in our abilities to decipher and interact with the world around us, history is filled with examples of how very wrong we can be when we fail to recognize the need for evidence in supporting claims. At various times in history, we would have been certain that the sun revolved around a flat earth, that the earth’s continents did not move, and that mental illness was caused by possession ( [link] ). It is through systematic scientific research that we divest ourselves of our preconceived notions and superstitions and gain an objective understanding of ourselves and our world.

A skull has a large hole bored through the forehead.

The goal of all scientists is to better understand the world around them. Psychologists focus their attention on understanding behavior, as well as the cognitive (mental) and physiological (body) processes that underlie behavior. In contrast to other methods that people use to understand the behavior of others, such as intuition and personal experience, the hallmark of scientific research is that there is evidence to support a claim. Scientific knowledge is empirical : It is grounded in objective, tangible evidence that can be observed time and time again, regardless of who is observing.

While behavior is observable, the mind is not. If someone is crying, we can see behavior. However, the reason for the behavior is more difficult to determine. Is the person crying due to being sad, in pain, or happy? Sometimes we can learn the reason for someone’s behavior by simply asking a question, like “Why are you crying?” However, there are situations in which an individual is either uncomfortable or unwilling to answer the question honestly, or is incapable of answering. For example, infants would not be able to explain why they are crying. In such circumstances, the psychologist must be creative in finding ways to better understand behavior. This chapter explores how scientific knowledge is generated, and how important that knowledge is in forming decisions in our personal lives and in the public domain.

USE OF RESEARCH INFORMATION

Trying to determine which theories are and are not accepted by the scientific community can be difficult, especially in an area of research as broad as psychology. More than ever before, we have an incredible amount of information at our fingertips, and a simple internet search on any given research topic might result in a number of contradictory studies. In these cases, we are witnessing the scientific community going through the process of reaching a consensus, and it could be quite some time before a consensus emerges. For example, the hypothesized link between exposure to media violence and subsequent aggression has been debated in the scientific community for roughly 60 years. Even today, we will find detractors, but a consensus is building. Several professional organizations view media violence exposure as a risk factor for actual violence, including the American Medical Association, the American Psychiatric Association, and the American Psychological Association (American Academy of Pediatrics, American Academy of Child & Adolescent Psychiatry, American Psychological Association, American Medical Association, American Academy of Family Physicians, American Psychiatric Association, 2000).

In the meantime, we should strive to think critically about the information we encounter by exercising a degree of healthy skepticism. When someone makes a claim, we should examine the claim from a number of different perspectives: what is the expertise of the person making the claim, what might they gain if the claim is valid, does the claim seem justified given the evidence, and what do other researchers think of the claim? This is especially important when we consider how much information in advertising campaigns and on the internet claims to be based on “scientific evidence” when in actuality it is a belief or perspective of just a few individuals trying to sell a product or draw attention to their perspectives.

We should be informed consumers of the information made available to us because decisions based on this information have significant consequences. One such consequence can be seen in politics and public policy. Imagine that you have been elected as the governor of your state. One of your responsibilities is to manage the state budget and determine how to best spend your constituents’ tax dollars. As the new governor, you need to decide whether to continue funding the D.A.R.E. (Drug Abuse Resistance Education) program in public schools ( [link] ). This program typically involves police officers coming into the classroom to educate students about the dangers of becoming involved with alcohol and other drugs. According to the D.A.R.E. website (www.dare.org), this program has been very popular since its inception in 1983, and it is currently operating in 75% of school districts in the United States and in more than 40 countries worldwide. Sounds like an easy decision, right? However, on closer review, you discover that the vast majority of research into this program consistently suggests that participation has little, if any, effect on whether or not someone uses alcohol or other drugs (Clayton, Cattarello, & Johnstone, 1996; Ennett, Tobler, Ringwalt, & Flewelling, 1994; Lynam et al., 1999; Ringwalt, Ennett, & Holt, 1991). If you are committed to being a good steward of taxpayer money, will you fund this particular program, or will you try to find other programs that research has consistently demonstrated to be effective?

A D.A.R.E. poster reads “D.A.R.E. to resist drugs and violence.”

Watch this news report to learn more about some of the controversial issues surrounding the D.A.R.E. program.

Ultimately, it is not just politicians who can benefit from using research in guiding their decisions. We all might look to research from time to time when making decisions in our lives. Imagine you just found out that a close friend has breast cancer or that one of your young relatives has recently been diagnosed with autism. In either case, you want to know which treatment options are most successful with the fewest side effects. How would you find that out? You would probably talk with your doctor and personally review the research that has been done on various treatment options—always with a critical eye to ensure that you are as informed as possible.

In the end, research is what makes the difference between facts and opinions. Facts are observable realities, and opinions are personal judgments, conclusions, or attitudes that may or may not be accurate. In the scientific community, facts can be established only using evidence collected through empirical research.

THE PROCESS OF SCIENTIFIC RESEARCH

Scientific knowledge is advanced through a process known as the scientific method . Basically, ideas (in the form of theories and hypotheses) are tested against the real world (in the form of empirical observations), and those empirical observations lead to more ideas that are tested against the real world, and so on. In this sense, the scientific process is circular. The types of reasoning within the circle are called deductive and inductive. In deductive reasoning , ideas are tested against the empirical world; in inductive reasoning , empirical observations lead to new ideas ( [link] ). These processes are inseparable, like inhaling and exhaling, but different research approaches place different emphasis on the deductive and inductive aspects.

A diagram has a box at the top labeled “hypothesis or general premise” and a box at the bottom labeled “empirical observations.” On the left, an arrow labeled “inductive reasoning” goes from the bottom to top box. On the right, an arrow labeled “deductive reasoning” goes from the top to the bottom box.

In the scientific context, deductive reasoning begins with a generalization—one hypothesis—that is then used to reach logical conclusions about the real world. If the hypothesis is correct, then the logical conclusions reached through deductive reasoning should also be correct. A deductive reasoning argument might go something like this: All living things require energy to survive (this would be your hypothesis). Ducks are living things. Therefore, ducks require energy to survive (logical conclusion). In this example, the hypothesis is correct; therefore, the conclusion is correct as well. Sometimes, however, an incorrect hypothesis may lead to a logical but incorrect conclusion. Consider this argument: all ducks are born with the ability to see. Quackers is a duck. Therefore, Quackers was born with the ability to see. Scientists use deductive reasoning to empirically test their hypotheses. Returning to the example of the ducks, researchers might design a study to test the hypothesis that if all living things require energy to survive, then ducks will be found to require energy to survive.

Deductive reasoning starts with a generalization that is tested against real-world observations; however, inductive reasoning moves in the opposite direction. Inductive reasoning uses empirical observations to construct broad generalizations. Unlike deductive reasoning, conclusions drawn from inductive reasoning may or may not be correct, regardless of the observations on which they are based. For instance, you may notice that your favorite fruits—apples, bananas, and oranges—all grow on trees; therefore, you assume that all fruit must grow on trees. This would be an example of inductive reasoning, and, clearly, the existence of strawberries, blueberries, and kiwi demonstrate that this generalization is not correct despite it being based on a number of direct observations. Scientists use inductive reasoning to formulate theories, which in turn generate hypotheses that are tested with deductive reasoning. In the end, science involves both deductive and inductive processes.

For example, case studies, which you will read about in the next section, are heavily weighted on the side of empirical observations. Thus, case studies are closely associated with inductive processes as researchers gather massive amounts of observations and seek interesting patterns (new ideas) in the data. Experimental research, on the other hand, puts great emphasis on deductive reasoning.

Play this “Deal Me In” interactive card game to practice using inductive reasoning.

We’ve stated that theories and hypotheses are ideas, but what sort of ideas are they, exactly? A theory is a well-developed set of ideas that propose an explanation for observed phenomena. Theories are repeatedly checked against the world, but they tend to be too complex to be tested all at once; instead, researchers create hypotheses to test specific aspects of a theory.

A hypothesis is a testable prediction about how the world will behave if our idea is correct, and it is often worded as an if-then statement (e.g., if I study all night, I will get a passing grade on the test). The hypothesis is extremely important because it bridges the gap between the realm of ideas and the real world. As specific hypotheses are tested, theories are modified and refined to reflect and incorporate the result of these tests [link] .

A diagram has four boxes: the top is labeled “theory,” the right is labeled “hypothesis,” the bottom is labeled “research,” and the left is labeled “observation.” Arrows flow in the direction from top to right to bottom to left and back to the top, clockwise. The top right arrow is labeled “use the hypothesis to form a theory,” the bottom right arrow is labeled “design a study to test the hypothesis,” the bottom left arrow is labeled “perform the research,” and the top left arrow is labeled “create or modify the theory.”

To see how this process works, let’s consider a specific theory and a hypothesis that might be generated from that theory. As you’ll learn in a later chapter, the James-Lange theory of emotion asserts that emotional experience relies on the physiological arousal associated with the emotional state. If you walked out of your home and discovered a very aggressive snake waiting on your doorstep, your heart would begin to race and your stomach churn. According to the James-Lange theory, these physiological changes would result in your feeling of fear. A hypothesis that could be derived from this theory might be that a person who is unaware of the physiological arousal that the sight of the snake elicits will not feel fear.

A scientific hypothesis is also falsifiable , or capable of being shown to be incorrect. Recall from the introductory chapter that Sigmund Freud had lots of interesting ideas to explain various human behaviors ( [link] ). However, a major criticism of Freud’s theories is that many of his ideas are not falsifiable; for example, it is impossible to imagine empirical observations that would disprove the existence of the id, the ego, and the superego—the three elements of personality described in Freud’s theories. Despite this, Freud’s theories are widely taught in introductory psychology texts because of their historical significance for personality psychology and psychotherapy, and these remain the root of all modern forms of therapy.

(a)A photograph shows Freud holding a cigar. (b) The mind’s conscious and unconscious states are illustrated as an iceberg floating in water. Beneath the water’s surface in the “unconscious” area are the id, ego, and superego. The area just below the water’s surface is labeled “preconscious.” The area above the water’s surface is labeled “conscious.”

In contrast, the James-Lange theory does generate falsifiable hypotheses, such as the one described above. Some individuals who suffer significant injuries to their spinal columns are unable to feel the bodily changes that often accompany emotional experiences. Therefore, we could test the hypothesis by determining how emotional experiences differ between individuals who have the ability to detect these changes in their physiological arousal and those who do not. In fact, this research has been conducted and while the emotional experiences of people deprived of an awareness of their physiological arousal may be less intense, they still experience emotion (Chwalisz, Diener, & Gallagher, 1988).

Scientific research’s dependence on falsifiability allows for great confidence in the information that it produces. Typically, by the time information is accepted by the scientific community, it has been tested repeatedly.

Visit this website to apply the scientific method and practice its steps by using them to solve a murder mystery, determine why a student is in trouble, and design an experiment to test house paint.

Scientists are engaged in explaining and understanding how the world around them works, and they are able to do so by coming up with theories that generate hypotheses that are testable and falsifiable. Theories that stand up to their tests are retained and refined, while those that do not are discarded or modified. In this way, research enables scientists to separate fact from simple opinion. Having good information generated from research aids in making wise decisions both in public policy and in our personal lives.

Review Questions

Scientific hypotheses are ________ and falsifiable.

________ are defined as observable realities.

Scientific knowledge is ________.

A major criticism of Freud’s early theories involves the fact that his theories ________.

were too limited in scope
were too outrageous
were too broad
were not testable

Critical Thinking Questions

In this section, the D.A.R.E. program was described as an incredibly popular program in schools across the United States despite the fact that research consistently suggests that this program is largely ineffective. How might one explain this discrepancy?

There is probably tremendous political pressure to appear to be hard on drugs. Therefore, even though D.A.R.E. might be ineffective, it is a well-known program with which voters are familiar.

The scientific method is often described as self-correcting and cyclical. Briefly describe your understanding of the scientific method with regard to these concepts.

This cyclical, self-correcting process is primarily a function of the empirical nature of science. Theories are generated as explanations of real-world phenomena. From theories, specific hypotheses are developed and tested. As a function of this testing, theories will be revisited and modified or refined to generate new hypotheses that are again tested. This cyclical process ultimately allows for more and more precise (and presumably accurate) information to be collected.

Personal Application Questions

Healthcare professionals cite an enormous number of health problems related to obesity, and many people have an understandable desire to attain a healthy weight. There are many diet programs, services, and products on the market to aid those who wish to lose weight. If a close friend was considering purchasing or participating in one of these products, programs, or services, how would you make sure your friend was fully aware of the potential consequences of this decision? What sort of information would you want to review before making such an investment or lifestyle change yourself?

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10 Why is Research Important?

Learning Objectives

Explain how scientific research addresses questions about behaviour
Discuss how scientific research guides public policy
Appreciate how scientific research can be important in making personal decisions

Scientific research is a critical tool for successfully navigating our complex world. Without it, we would be forced to rely solely on intuition, other people’s authority, and blind luck. While many of us feel confident in our abilities to decipher and interact with the world around us, history is filled with examples of how very wrong we can be when we fail to recognize the need for evidence in supporting claims. At various times in history, we would have been certain that the sun revolved around a flat earth, that the earth’s continents did not move, and that mental illness was caused by possession ( Figure PR.2 ). It is through systematic scientific research that we divest ourselves of our preconceived notions and superstitions and gain an objective understanding of ourselves and our world.

The goal of all scientists is to better understand the world around them. Psychologists focus their attention on understanding behaviour, as well as the cognitive (mental) and physiological (body) processes that underlie behaviour. In contrast to other methods that people use to understand the behaviour of others, such as intuition and personal experience, the hallmark of scientific research is that there is evidence to support a claim. Scientific knowledge is empirical : it is grounded in objective, tangible evidence that can be observed time and time again, regardless of who is observing.

While behaviour is observable, the mind is not. If someone is crying, we can see behaviour. However, the reason for the behaviour is more difficult to determine. Is the person crying due to being sad, in pain, or happy? Sometimes we can learn the reason for someone’s behaviour by simply asking a question, like “Why are you crying?” However, there are situations in which an individual is either uncomfortable or unwilling to answer the question honestly, or is incapable of answering. For example, infants would not be able to explain why they are crying. In such circumstances, the psychologist must be creative in finding ways to better understand behaviour. This chapter explores how scientific knowledge is generated, and how important that knowledge is in forming decisions in our personal lives and in the public domain.

Use of Research Information

Trying to determine which theories are and are not accepted by the scientific community can be difficult, especially in an area of research as broad as psychology. More than ever before, we have an incredible amount of information at our fingertips, and a simple internet search on any given research topic might result in a number of contradictory studies. In these cases, we are witnessing the scientific community going through the process of reaching a consensus, and it could be quite some time before a consensus emerges. For example, the explosion in our use of technology has led researchers to question whether this ultimately helps or hinders us. The use and implementation of technology in educational settings has become widespread over the last few decades. Researchers are coming to different conclusions regarding the use of technology. To illustrate this point, a study investigating a smartphone app targeting surgery residents (graduate students in surgery training) found that the use of this app can increase student engagement and raise test scores (Shaw & Tan, 2015). Conversely, another study found that the use of technology in undergraduate student populations had negative impacts on sleep, communication, and time management skills (Massimini & Peterson, 2009). Until sufficient amounts of research have been conducted, there will be no clear consensus on the effects that technology has on a student’s acquisition of knowledge, study skills, and mental health.

We should be informed consumers of the information made available to us because decisions based on this information have significant consequences. One such consequence can be seen in politics and public policy. Imagine that you have been elected as the Premier of your province. One of your responsibilities is to manage the provincial budget and determine how to best spend your constituents’ tax dollars. As the new Premier, you need to decide whether to continue funding early intervention programs. These programs are designed to help children who come from low-income backgrounds, have special needs, or face other disadvantages. These programs may involve providing a wide variety of services to maximize the children’s development and position them for optimal levels of success in school and later in life (Blann, 2005). While such programs sound appealing, you would want to be sure that they also proved effective before investing additional money in these programs. Fortunately, psychologists and other scientists have conducted vast amounts of research on such programs and, in general, the programs are found to be effective (Neil & Christensen, 2009; Peters-Scheffer, Didden, Korzilius, & Sturmey, 2011). While not all programs are equally effective, and the short-term effects of many such programs are more pronounced, there is reason to believe that many of these programs produce long-term benefits for participants (Barnett, 2011). If you are committed to being a good steward of taxpayer money, you would want to look at research. Which programs are most effective? What characteristics of these programs make them effective? Which programs promote the best outcomes? After examining the research, you would be best equipped to make decisions about which programs to fund.

LINK TO LEARNING

The Process of Scientific Research

Scientific knowledge is advanced through a process known as the scientific method . Basically, ideas (in the form of theories and hypotheses) are tested against the real world (in the form of empirical observations), and those empirical observations lead to more ideas that are tested against the real world, and so on. In this sense, the scientific process is circular. The types of reasoning within the circle are called deductive and inductive. In deductive reasoning , ideas are tested in the real world; in inductive reasoning , real-world observations lead to new ideas ( Figure PR.3 ). These processes are inseparable, like inhaling and exhaling, but different research approaches place different emphasis on the deductive and inductive aspects.

In the scientific context, deductive reasoning begins with a generalization—one hypothesis—that is then used to reach logical conclusions about the real world. If the hypothesis is supported, then the logical conclusions reached through deductive reasoning should also be correct. A deductive reasoning argument might go something like this: All living things require energy to survive (this would be your hypothesis). Ducks are living things. Therefore, ducks require energy to survive (logical conclusion). In this example, the hypothesis is correct; therefore, the conclusion is correct as well. Sometimes, however, an incorrect hypothesis may lead to a logical but incorrect conclusion. Consider this argument: all ducks are born with the ability to see. Quackers is a duck. Therefore, Quackers was born with the ability to see. Scientists use deductive reasoning to empirically test their hypotheses. Returning to the example of the ducks, researchers might design a study to test the hypothesis that if all living things require energy to survive, then ducks will be found to require energy to survive.

Deductive reasoning starts with a generalization that is tested against real-world observations; however, inductive reasoning moves in the opposite direction. Inductive reasoning uses empirical observations to construct broad generalizations. Unlike deductive reasoning, conclusions drawn from inductive reasoning may or may not be correct, regardless of the observations on which they are based. For instance, you may notice that your favourite fruits—apples, bananas, and oranges—all grow on trees; therefore, you assume that all fruit must grow on trees. This would be an example of inductive reasoning, and, clearly, the existence of strawberries, blueberries, and kiwi demonstrate that this generalization is not correct despite it being based on a number of direct observations. Scientists use inductive reasoning to formulate theories, which in turn generate hypotheses that are tested with deductive reasoning. In the end, science involves both deductive and inductive processes.

A diagram has seven labeled boxes with arrows to show the progression in the flow chart. The chart starts at “Theory” and moves to “Generate hypothesis,” “Collect data,” “Analyze data,” and “Summarize data and report findings.” There are two arrows coming from “Summarize data and report findings” to show two options. The first arrow points to “Confirm theory.” The second arrow points to “Modify theory,” which has an arrow that points back to “Generate hypothesis.”

Share This Book

PSYCH101: Introduction to Psychology

Why research is important.

Read this text, which introduces the scientific method, which involves making a hypothesis or general premise, deductive reasoning, making empirical observations, and inductive reasoning,

Scientific research is a critical tool for successfully navigating our complex world. Without it, we would be forced to rely solely on intuition, other people's authority, and blind luck. While many of us feel confident in our abilities to decipher and interact with the world around us, history is filled with examples of how very wrong we can be when we fail to recognize the need for evidence in supporting claims. At various times in history, we would have been certain that the sun revolved around a flat earth, that the earth's continents did not move, and that mental illness was caused by possession (Figure 2.2). It is through systematic scientific research that we divest ourselves of our preconceived notions and superstitions and gain an objective understanding of ourselves and our world.

Figure 2.2 Some of our ancestors, across the world and over the centuries, believed that trephination - the practice of making a hole in the skull, as shown here - allowed evil spirits to leave the body, thus curing mental illness and other disorders.

Use of Research Information

Researchers are coming to different conclusions regarding the use of technology. To illustrate this point, a study investigating a smartphone app targeting surgery residents (graduate students in surgery training) found that the use of this app can increase student engagement and raise test scores. Conversely, another study found that the use of technology in undergraduate student populations had negative impacts on sleep, communication, and time management skills. Until sufficient amounts of research have been conducted, there will be no clear consensus on the effects that technology has on a student's acquisition of knowledge, study skills, and mental health. In the meantime, we should strive to think critically about the information we encounter by exercising a degree of healthy skepticism. When someone makes a claim, we should examine the claim from a number of different perspectives: what is the expertise of the person making the claim, what might they gain if the claim is valid, does the claim seem justified given the evidence, and what do other researchers think of the claim? This is especially important when we consider how much information in advertising campaigns and on the internet claims to be based on "scientific evidence" when in actuality it is a belief or perspective of just a few individuals trying to sell a product or draw attention to their perspectives. We should be informed consumers of the information made available to us because decisions based on this information have significant consequences. One such consequence can be seen in politics and public policy. Imagine that you have been elected as the governor of your state. One of your responsibilities is to manage the state budget and determine how to best spend your constituents' tax dollars. As the new governor, you need to decide whether to continue funding early intervention programs. These programs are designed to help children who come from low-income backgrounds, have special needs, or face other disadvantages. These programs may involve providing a wide variety of services to maximize the children's development and position them for optimal levels of success in school and later in life.

While such programs sound appealing, you would want to be sure that they also proved effective before investing additional money in these programs. Fortunately, psychologists and other scientists have conducted vast amounts of research on such programs and, in general, the programs are found to be effective. While not all programs are equally effective, and the short-term effects of many such programs are more pronounced, there is reason to believe that many of these programs produce long-term benefits for participants. If you are committed to being a good steward of taxpayer money, you would want to look at research. Which programs are most effective? What characteristics of these programs make them effective? Which programs promote the best outcomes? After examining the research, you would be best equipped to make decisions about which programs to fund. Ultimately, it is not just politicians who can benefit from using research in guiding their decisions. We all might look to research from time to time when making decisions in our lives. Imagine you just found out that your sister Maria's child, Umberto, was recently diagnosed with autism. There are many treatments for autism that help decrease the negative impact of autism on the individual. Some examples of treatments for autism are applied behavior analysis (ABA), social communication groups, social skills groups, occupational therapy, and even medication options. If Maria asked you for advice or guidance, what would you do? You would likely want to review the research and learn about the efficacy of each treatment so you could best advise your sister. In the end, research is what makes the difference between facts and opinions. Facts are observable realities, and opinions are personal judgments, conclusions, or attitudes that may or may not be accurate. In the scientific community, facts can be established only using evidence collected through empirical research.

Notable Researchers

Psychological research has a long history involving important figures from diverse backgrounds. While the introductory chapter discussed several researchers who made significant contributions to the discipline, there are many more individuals who deserve attention in considering how psychology has advanced as a science through their work (Figure 2.3). For instance, Margaret Floy Washburn (1871–1939) was the first woman to earn a PhD in psychology. Her research focused on animal behavior and cognition. Mary Whiton Calkins (1863–1930) was a preeminent first-generation American psychologist who opposed the behaviorist movement, conducted significant research into memory, and established one of the earliest experimental psychology labs in the United States. Francis Sumner (1895–1954) was the first African American to receive a PhD in psychology in 1920. His dissertation focused on issues related to psychoanalysis. Sumner also had research interests in racial bias and educational justice. Sumner was one of the founders of Howard University's department of psychology, and because of his accomplishments, he is sometimes referred to as the "Father of Black Psychology". Thirteen years later, Inez Beverly Prosser (1895–1934) became the first African American woman to receive a PhD in psychology. Prosser's research highlighted issues related to education in segregated versus integrated schools, and ultimately, her work was very influential in the hallmark Brown v. Board of Education Supreme Court ruling that segregation of public schools was unconstitutional.

Figure a is a portrait of Margaret Floy Washburn. Figure b is the front page of the Implementation Decree from the Supreme Co

Figure 2.3 (a) Margaret Floy Washburn was the first woman to earn a doctorate degree in psychology. (b) The outcome of Brown v. Board of Education was influenced by the research of psychologist Inez Beverly Prosser, who was the first African American woman to earn a PhD in psychology.

The Process of Scientific Research

Scientific knowledge is advanced through a process known as the scientific method. Basically, ideas (in the form of theories and hypotheses) are tested against the real world (in the form of empirical observations), and those empirical observations lead to more ideas that are tested against the real world, and so on. In this sense, the scientific process is circular. The types of reasoning within the circle are called deductive and inductive. In deductive reasoning , ideas are tested in the real world; in inductive reasoning , real-world observations lead to new ideas (Figure 2.4). These processes are inseparable, like inhaling and exhaling, but different research approaches place different emphasis on the deductive and inductive aspects.

A diagram has a box at the top labeled "hypothesis or general premise" and a box at the bottom labeled "empirical observation

In the scientific context, deductive reasoning begins with a generalization - one hypothesis - that is then used to reach logical conclusions about the real world. If the hypothesis is correct, then the logical conclusions reached through deductive reasoning should also be correct. A deductive reasoning argument might go something like this: All living things require energy to survive (this would be your hypothesis). Ducks are living things. Therefore, ducks require energy to survive (logical conclusion). In this example, the hypothesis is correct; therefore, the conclusion is correct as well. Sometimes, however, an incorrect hypothesis may lead to a logical but incorrect conclusion. Consider this argument: all ducks are born with the ability to see. Quackers is a duck. Therefore, Quackers was born with the ability to see. Scientists use deductive reasoning to empirically test their hypotheses. Returning to the example of the ducks, researchers might design a study to test the hypothesis that if all living things require energy to survive, then ducks will be found to require energy to survive. Deductive reasoning starts with a generalization that is tested against real-world observations; however, inductive reasoning moves in the opposite direction. Inductive reasoning uses empirical observations to construct broad generalizations. Unlike deductive reasoning, conclusions drawn from inductive reasoning may or may not be correct, regardless of the observations on which they are based. For instance, you may notice that your favorite fruits - apples, bananas, and oranges - all grow on trees; therefore, you assume that all fruit must grow on trees. This would be an example of inductive reasoning, and, clearly, the existence of strawberries, blueberries, and kiwi demonstrate that this generalization is not correct despite it being based on a number of direct observations. Scientists use inductive reasoning to formulate theories, which in turn generate hypotheses that are tested with deductive reasoning. In the end, science involves both deductive and inductive processes. For example, case studies, which you will read about in the next section, are heavily weighted on the side of empirical observations. Thus, case studies are closely associated with inductive processes as researchers gather massive amounts of observations and seek interesting patterns (new ideas) in the data. Experimental research, on the other hand, puts great emphasis on deductive reasoning. We've stated that theories and hypotheses are ideas, but what sort of ideas are they, exactly? A theory is a well-developed set of ideas that propose an explanation for observed phenomena. Theories are repeatedly checked against the world, but they tend to be too complex to be tested all at once; instead, researchers create hypotheses to test specific aspects of a theory. A hypothesis is a testable prediction about how the world will behave if our idea is correct, and it is often worded as an if-then statement (e.g., if I study all night, I will get a passing grade on the test). The hypothesis is extremely important because it bridges the gap between the realm of ideas and the real world. As specific hypotheses are tested, theories are modified and refined to reflect and incorporate the result of these tests Figure 2.5.

A diagram has seven labeled boxes with arrows to show the progression in the flow chart. The chart starts at "Theory" and mov

Figure 2.5 The scientific method involves deriving hypotheses from theories and then testing those hypotheses. If the results are consistent with the theory, then the theory is supported. If the results are not consistent, then the theory should be modified and new hypotheses will be generated.

(a)A photograph shows Freud holding a cigar. (b) The mind's conscious and unconscious states are illustrated as an iceberg fl

Figure 2.6 Many of the specifics of (a) Freud's theories, such as (b) his division of the mind into id, ego, and superego, have fallen out of favor in recent decades because they are not falsifiable. In broader strokes, his views set the stage for much of psychological thinking today, such as the unconscious nature of the majority of psychological processes.

What Is the Importance of Research? 5 Reasons Why Research is Critical

by Logan Bessant | Nov 16, 2021 | Science

Most of us appreciate that research is a crucial part of medical advancement. But what exactly is the importance of research? In short, it is critical in the development of new medicines as well as ensuring that existing treatments are used to their full potential.

Research can bridge knowledge gaps and change the way healthcare practitioners work by providing solutions to previously unknown questions.

In this post, we’ll discuss the importance of research and its impact on medical breakthroughs.

The Importance Of Health Research

The purpose of studying is to gather information and evidence, inform actions, and contribute to the overall knowledge of a certain field. None of this is possible without research.

Understanding how to conduct research and the importance of it may seem like a very simple idea to some, but in reality, it’s more than conducting a quick browser search and reading a few chapters in a textbook.

No matter what career field you are in, there is always more to learn. Even for people who hold a Doctor of Philosophy (PhD) in their field of study, there is always some sort of unknown that can be researched. Delving into this unlocks the unknowns, letting you explore the world from different perspectives and fueling a deeper understanding of how the universe works.

To make things a little more specific, this concept can be clearly applied in any healthcare scenario. Health research has an incredibly high value to society as it provides important information about disease trends and risk factors, outcomes of treatments, patterns of care, and health care costs and use. All of these factors as well as many more are usually researched through a clinical trial.

What Is The Importance Of Clinical Research?

Clinical trials are a type of research that provides information about a new test or treatment. They are usually carried out to find out what, or if, there are any effects of these procedures or drugs on the human body.

All legitimate clinical trials are carefully designed, reviewed and completed, and need to be approved by professionals before they can begin. They also play a vital part in the advancement of medical research including:

Providing new and good information on which types of drugs are more effective.
Bringing new treatments such as medicines, vaccines and devices into the field.
Testing the safety and efficacy of a new drug before it is brought to market and used in clinical practice.
Giving the opportunity for more effective treatments to benefit millions of lives both now and in the future.
Enhancing health, lengthening life, and reducing the burdens of illness and disability.

This all plays back to clinical research as it opens doors to advancing prevention, as well as providing treatments and cures for diseases and disabilities. Clinical trial volunteer participants are essential to this progress which further supports the need for the importance of research to be well-known amongst healthcare professionals, students and the general public.

The image shows a researchers hand holding a magnifying glass to signify the importance of research.

Five Reasons Why Research is Critical

Research is vital for almost everyone irrespective of their career field. From doctors to lawyers to students to scientists, research is the key to better work.

Increases quality of life

Research is the backbone of any major scientific or medical breakthrough. None of the advanced treatments or life-saving discoveries used to treat patients today would be available if it wasn’t for the detailed and intricate work carried out by scientists, doctors and healthcare professionals over the past decade.

This improves quality of life because it can help us find out important facts connected to the researched subject. For example, universities across the globe are now studying a wide variety of things from how technology can help breed healthier livestock, to how dance can provide long-term benefits to people living with Parkinson’s.

For both of these studies, quality of life is improved. Farmers can use technology to breed healthier livestock which in turn provides them with a better turnover, and people who suffer from Parkinson’s disease can find a way to reduce their symptoms and ease their stress.

Research is a catalyst for solving the world’s most pressing issues. Even though the complexity of these issues evolves over time, they always provide a glimmer of hope to improving lives and making processes simpler.

Builds up credibility

People are willing to listen and trust someone with new information on one condition – it’s backed up. And that’s exactly where research comes in. Conducting studies on new and unfamiliar subjects, and achieving the desired or expected outcome, can help people accept the unknown.

However, this goes without saying that your research should be focused on the best sources. It is easy for people to poke holes in your findings if your studies have not been carried out correctly, or there is no reliable data to back them up.

This way once you have done completed your research, you can speak with confidence about your findings within your field of study.

Drives progress forward

It is with thanks to scientific research that many diseases once thought incurable, now have treatments. For example, before the 1930s, anyone who contracted a bacterial infection had a high probability of death. There simply was no treatment for even the mildest of infections as, at the time, it was thought that nothing could kill bacteria in the gut.

When antibiotics were discovered and researched in 1928, it was considered one of the biggest breakthroughs in the medical field. This goes to show how much research drives progress forward, and how it is also responsible for the evolution of technology .

Today vaccines, diagnoses and treatments can all be simplified with the progression of medical research, making us question just what research can achieve in the future.

Engages curiosity

The acts of searching for information and thinking critically serve as food for the brain, allowing our inherent creativity and logic to remain active. Aside from the fact that this curiosity plays such a huge part within research, it is also proven that exercising our minds can reduce anxiety and our chances of developing mental illnesses in the future.

Without our natural thirst and our constant need to ask ‘why?’ and ‘how?’ many important theories would not have been put forward and life-changing discoveries would not have been made. The best part is that the research process itself rewards this curiosity.

Research opens you up to different opinions and new ideas which can take a proposed question and turn into a real-life concept. It also builds discerning and analytical skills which are always beneficial in many career fields – not just scientific ones.

Increases awareness

The main goal of any research study is to increase awareness, whether it’s contemplating new concepts with peers from work or attracting the attention of the general public surrounding a certain issue.

Around the globe, research is used to help raise awareness of issues like climate change, racial discrimination, and gender inequality. Without consistent and reliable studies to back up these issues, it would be hard to convenience people that there is a problem that needs to be solved in the first place.

The problem is that social media has become a place where fake news spreads like a wildfire, and with so many incorrect facts out there it can be hard to know who to trust. Assessing the integrity of the news source and checking for similar news on legitimate media outlets can help prove right from wrong.

This can pinpoint fake research articles and raises awareness of just how important fact-checking can be.

The Importance Of Research To Students

It is not a hidden fact that research can be mentally draining, which is why most students avoid it like the plague. But the matter of fact is that no matter which career path you choose to go down, research will inevitably be a part of it.

But why is research so important to students ? The truth is without research, any intellectual growth is pretty much impossible. It acts as a knowledge-building tool that can guide you up to the different levels of learning. Even if you are an expert in your field, there is always more to uncover, or if you are studying an entirely new topic, research can help you build a unique perspective about it.

For example, if you are looking into a topic for the first time, it might be confusing knowing where to begin. Most of the time you have an overwhelming amount of information to sort through whether that be reading through scientific journals online or getting through a pile of textbooks. Research helps to narrow down to the most important points you need so you are able to find what you need to succeed quickly and easily.

It can also open up great doors in the working world. Employers, especially those in the scientific and medical fields, are always looking for skilled people to hire. Undertaking research and completing studies within your academic phase can show just how multi-skilled you are and give you the resources to tackle any tasks given to you in the workplace.

The Importance Of Research Methodology

There are many different types of research that can be done, each one with its unique methodology and features that have been designed to use in specific settings.

When showing your research to others, they will want to be guaranteed that your proposed inquiry needs asking, and that your methodology is equipt to answer your inquiry and will convey the results you’re looking for.

That’s why it’s so important to choose the right methodology for your study. Knowing what the different types of research are and what each of them focuses on can allow you to plan your project to better utilise the most appropriate methodologies and techniques available. Here are some of the most common types:

Theoretical Research: This attempts to answer a question based on the unknown. This could include studying phenomena or ideas whose conclusions may not have any immediate real-world application. Commonly used in physics and astronomy applications.
Applied Research: Mainly for development purposes, this seeks to solve a practical problem that draws on theory to generate practical scientific knowledge. Commonly used in STEM and medical fields.
Exploratory Research: Used to investigate a problem that is not clearly defined, this type of research can be used to establish cause-and-effect relationships. It can be applied in a wide range of fields from business to literature.
Correlational Research: This identifies the relationship between two or more variables to see if and how they interact with each other. Very commonly used in psychological and statistical applications.

The Importance Of Qualitative Research

This type of research is most commonly used in scientific and social applications. It collects, compares and interprets information to specifically address the “how” and “why” research questions.

Qualitative research allows you to ask questions that cannot be easily put into numbers to understand human experience because you’re not limited by survey instruments with a fixed set of possible responses.

Information can be gathered in numerous ways including interviews, focus groups and ethnographic research which is then all reported in the language of the informant instead of statistical analyses.

This type of research is important because they do not usually require a hypothesis to be carried out. Instead, it is an open-ended research approach that can be adapted and changed while the study is ongoing. This enhances the quality of the data and insights generated and creates a much more unique set of data to analyse.

The Process Of Scientific Research

No matter the type of research completed, it will be shared and read by others. Whether this is with colleagues at work, peers at university, or whilst it’s being reviewed and repeated during secondary analysis.

A reliable procedure is necessary in order to obtain the best information which is why it’s important to have a plan. Here are the six basic steps that apply in any research process.

Observation and asking questions: Seeing a phenomenon and asking yourself ‘How, What, When, Who, Which, Why, or Where?’. It is best that these questions are measurable and answerable through experimentation.
Gathering information: Doing some background research to learn what is already known about the topic, and what you need to find out.
Forming a hypothesis: Constructing a tentative statement to study.
Testing the hypothesis: Conducting an experiment to test the accuracy of your statement. This is a way to gather data about your predictions and should be easy to repeat.
Making conclusions: Analysing the data from the experiment(s) and drawing conclusions about whether they support or contradict your hypothesis.
Reporting: Presenting your findings in a clear way to communicate with others. This could include making a video, writing a report or giving a presentation to illustrate your findings.

Although most scientists and researchers use this method, it may be tweaked between one study and another. Skipping or repeating steps is common within, however the core principles of the research process still apply.

By clearly explaining the steps and procedures used throughout the study, other researchers can then replicate the results. This is especially beneficial for peer reviews that try to replicate the results to ensure that the study is sound.

What Is The Importance Of Research In Everyday Life?

Conducting a research study and comparing it to how important it is in everyday life are two very different things.

Carrying out research allows you to gain a deeper understanding of science and medicine by developing research questions and letting your curiosity blossom. You can experience what it is like to work in a lab and learn about the whole reasoning behind the scientific process. But how does that impact everyday life?

Simply put, it allows us to disprove lies and support truths. This can help society to develop a confident attitude and not believe everything as easily, especially with the rise of fake news.

Research is the best and reliable way to understand and act on the complexities of various issues that we as humans are facing. From technology to healthcare to defence to climate change, carrying out studies is the only safe and reliable way to face our future.

Not only does research sharpen our brains, but also helps us to understand various issues of life in a much larger manner, always leaving us questioning everything and fuelling our need for answers.

Logan Bessant is a dedicated science educator and the founder of Science Resource Online, launched in 2020. With a background in science education and a passion for accessible learning, Logan has built a platform that offers free, high-quality educational resources to learners of all ages and backgrounds.

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Explaining How Research Works

We’ve heard “follow the science” a lot during the pandemic. But it seems science has taken us on a long and winding road filled with twists and turns, even changing directions at times. That’s led some people to feel they can’t trust science. But when what we know changes, it often means science is working.

Expaling How Research Works Infographic en español

Explaining the scientific process may be one way that science communicators can help maintain public trust in science. Placing research in the bigger context of its field and where it fits into the scientific process can help people better understand and interpret new findings as they emerge. A single study usually uncovers only a piece of a larger puzzle.

Questions about how the world works are often investigated on many different levels. For example, scientists can look at the different atoms in a molecule, cells in a tissue, or how different tissues or systems affect each other. Researchers often must choose one or a finite number of ways to investigate a question. It can take many different studies using different approaches to start piecing the whole picture together.

Sometimes it might seem like research results contradict each other. But often, studies are just looking at different aspects of the same problem. Researchers can also investigate a question using different techniques or timeframes. That may lead them to arrive at different conclusions from the same data.

Using the data available at the time of their study, scientists develop different explanations, or models. New information may mean that a novel model needs to be developed to account for it. The models that prevail are those that can withstand the test of time and incorporate new information. Science is a constantly evolving and self-correcting process.

Scientists gain more confidence about a model through the scientific process. They replicate each other’s work. They present at conferences. And papers undergo peer review, in which experts in the field review the work before it can be published in scientific journals. This helps ensure that the study is up to current scientific standards and maintains a level of integrity. Peer reviewers may find problems with the experiments or think different experiments are needed to justify the conclusions. They might even offer new ways to interpret the data.

It’s important for science communicators to consider which stage a study is at in the scientific process when deciding whether to cover it. Some studies are posted on preprint servers for other scientists to start weighing in on and haven’t yet been fully vetted. Results that haven't yet been subjected to scientific scrutiny should be reported on with care and context to avoid confusion or frustration from readers.

We’ve developed a one-page guide, "How Research Works: Understanding the Process of Science" to help communicators put the process of science into perspective. We hope it can serve as a useful resource to help explain why science changes—and why it’s important to expect that change. Please take a look and share your thoughts with us by sending an email to [email protected].

Below are some additional resources:

Discoveries in Basic Science: A Perfectly Imperfect Process
When Clinical Research Is in the News
What is Basic Science and Why is it Important?
What is a Research Organism?
What Are Clinical Trials and Studies?
Basic Research – Digital Media Kit
Decoding Science: How Does Science Know What It Knows? (NAS)
Can Science Help People Make Decisions ? (NAS)

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Six Reasons Why Research is Important

Everyone conducts research in some form or another from a young age, whether news, books, or browsing the Internet. Internet users come across thoughts, ideas, or perspectives - the curiosity that drives the desire to explore. However, when research is essential to make practical decisions, the nature of the study alters - it all depends on its application and purpose. For instance, skilled research offered as a research paper service has a definite objective, and it is focused and organized. Professional research helps derive inferences and conclusions from solving problems. visit the HB tool services for the amazing research tools that will help to solve your problems regarding the research on any project.

What is the Importance of Research?

The primary goal of the research is to guide action, gather evidence for theories, and contribute to the growth of knowledge in data analysis. This article discusses the importance of research and the multiple reasons why it is beneficial to everyone, not just students and scientists.

On the other hand, research is important in business decision-making because it can assist in making better decisions when combined with their experience and intuition.

Reasons for the Importance of Research

Acquire Knowledge Effectively
Research helps in problem-solving
Provides the latest information
Builds credibility
Helps in business success
Discover and Seize opportunities

1- Acquire Knowledge Efficiently through Research

The most apparent reason to conduct research is to understand more. Even if you think you know everything there is to know about a subject, there is always more to learn. Research helps you expand on any prior knowledge you have of the subject. The research process creates new opportunities for learning and progress.

2- Research Helps in Problem-solving

Problem-solving can be divided into several components, which require knowledge and analysis, for example, identification of issues, cause identification, identifying potential solutions, decision to take action, monitoring and evaluation of activity and outcomes.

You may just require additional knowledge to formulate an informed strategy and make an informed decision. When you know you've gathered reliable data, you'll be a lot more confident in your answer.

3- Research Provides the Latest Information

Research enables you to seek out the most up-to-date facts. There is always new knowledge and discoveries in various sectors, particularly scientific ones. Staying updated keeps you from falling behind and providing inaccurate or incomplete information. You'll be better prepared to discuss a topic and build on ideas if you have the most up-to-date information. With the help of tools and certifications such as CIRS , you may learn internet research skills quickly and easily. Internet research can provide instant, global access to information.

4- Research Builds Credibility

Research provides a solid basis for formulating thoughts and views. You can speak confidently about something you know to be true. It's much more difficult for someone to find flaws in your arguments after you've finished your tasks. In your study, you should prioritize the most reputable sources. Your research should focus on the most reliable sources. You won't be credible if your "research" comprises non-experts' opinions. People are more inclined to pay attention if your research is excellent.

5- Research Helps in Business Success

R&D might also help you gain a competitive advantage. Finding ways to make things run more smoothly and differentiate a company's products from those of its competitors can help to increase a company's market worth.

6- Research Discover and Seize Opportunities

People can maximize their potential and achieve their goals through various opportunities provided by research. These include getting jobs, scholarships, educational subsidies, projects, commercial collaboration, and budgeted travel. Research is essential for anyone looking for work or a change of environment. Unemployed people will have a better chance of finding potential employers through job advertisements or agencies.

How to Improve Your Research Skills

Start with the big picture and work your way down.

It might be hard to figure out where to start when you start researching. There's nothing wrong with a simple internet search to get you started. Online resources like Google and Wikipedia are a great way to get a general idea of a subject, even though they aren't always correct. They usually give a basic overview with a short history and any important points.

Identify Reliable Source

Not every source is reliable, so it's critical that you can tell the difference between the good ones and the bad ones. To find a reliable source, use your analytical and critical thinking skills and ask yourself the following questions: Is this source consistent with other sources I've discovered? Is the author a subject matter expert? Is there a conflict of interest in the author's point of view on this topic?

Validate Information from Various Sources

Take in new information.

The purpose of research is to find answers to your questions, not back up what you already assume. Only looking for confirmation is a minimal way to research because it forces you to pick and choose what information you get and stops you from getting the most accurate picture of the subject. When you do research, keep an open mind to learn as much as possible.

Facilitates Learning Process

Learning new things and implementing them in daily life can be frustrating. Finding relevant and credible information requires specialized training and web search skills due to the sheer enormity of the Internet and the rapid growth of indexed web pages. On the other hand, short courses and Certifications like CIRS make the research process more accessible. CIRS Certification offers complete knowledge from beginner to expert level. You can become a Certified Professional Researcher and get a high-paying job, but you'll also be much more efficient and skilled at filtering out reliable data. You can learn more about becoming a Certified Professional Researcher.

Stay Organized

You'll see a lot of different material during the process of gathering data, from web pages to PDFs to videos. You must keep all of this information organized in some way so that you don't lose anything or forget to mention something properly. There are many ways to keep your research project organized, but here are a few of the most common: Learning Management Software , Bookmarks in your browser, index cards, and a bibliography that you can add to as you go are all excellent tools for writing.

Make Use of the library's Resources

If you still have questions about researching, don't worry—even if you're not a student performing academic or course-related research, there are many resources available to assist you. Many high school and university libraries, in reality, provide resources not only for staff and students but also for the general public. Look for research guidelines or access to specific databases on the library's website. Association of Internet Research Specialists enjoys sharing informational content such as research-related articles , research papers , specialized search engines list compiled from various sources, and contributions from our members and in-house experts.

of Conducting Research

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The role of research at universities: why it matters.

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Teaching and learning, research and discovery, synthesis and creativity, understanding and engagement, service and outreach. There are many “core elements” to the mission of a great university. Teaching would seem the most obvious, but for those outside of the university, “research” (taken to include scientific research, scholarship more broadly, as well as creative activity) may be the least well understood. This creates misunderstanding of how universities invest resources, especially those deriving from undergraduate tuition and state (or other public) support, and the misperception that those resources are being diverted away from what is believed should be the core (and sole) focus, teaching. This has led to a loss of trust, confidence, and willingness to continue to invest or otherwise support (especially our public) universities.

Why are universities engaged in the conduct of research? Who pays? Who benefits? And why does it all matter? Good questions. Let’s get to some straightforward answers. Because the academic research enterprise really is not that difficult to explain, and its impacts are profound.

So let’s demystify university-based research. And in doing so, hopefully we can begin building both better understanding and a better relationship between the public and higher education, both of which are essential to the future of US higher education.

Why are universities engaged in the conduct of research?

Universities engage in research as part of their missions around learning and discovery. This, in turn, contributes directly and indirectly to their primary mission of teaching. Universities and many colleges (the exception being those dedicated exclusively to undergraduate teaching) have as part of their mission the pursuit of scholarship. This can come in the form of fundamental or applied research (both are most common in the STEM fields, broadly defined), research-based scholarship or what often is called “scholarly activity” (most common in the social sciences and humanities), or creative activity (most common in the arts). Increasingly, these simple categorizations are being blurred, for all good reasons and to the good of the discovery of new knowledge and greater understanding of complex (transdisciplinary) challenges and the creation of increasingly interrelated fields needed to address them.

It goes without saying that the advancement of knowledge (discovery, innovation, creation) is essential to any civilization. Our nation’s research universities represent some of the most concentrated communities of scholars, facilities, and collective expertise engaged in these activities. But more importantly, this is where higher education is delivered, where students develop breadth and depth of knowledge in foundational and advanced subjects, where the skills for knowledge acquisition and understanding (including contextualization, interpretation, and inference) are honed, and where students are educated, trained, and otherwise prepared for successful careers. Part of that training and preparation derives from exposure to faculty who are engaged at the leading-edge of their fields, through their research and scholarly work. The best faculty, the teacher-scholars, seamlessly weave their teaching and research efforts together, to their mutual benefit, and in a way that excites and engages their students. In this way, the next generation of scholars (academic or otherwise) is trained, research and discovery continue to advance inter-generationally, and the cycle is perpetuated.

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University research can be expensive, particularly in laboratory-intensive fields. But the responsibility for much (indeed most) of the cost of conducting research falls to the faculty member. Faculty who are engaged in research write grants for funding (e.g., from federal and state agencies, foundations, and private companies) to support their work and the work of their students and staff. In some cases, the universities do need to invest heavily in equipment, facilities, and personnel to support select research activities. But they do so judiciously, with an eye toward both their mission, their strategic priorities, and their available resources.

Medical research, and medical education more broadly, is expensive and often requires substantial institutional investment beyond what can be covered by clinical operations or externally funded research. But universities with medical schools/medical centers have determined that the value to their educational and training missions as well as to their communities justifies the investment. And most would agree that university-based medical centers are of significant value to their communities, often providing best-in-class treatment and care in midsize and smaller communities at a level more often seen in larger metropolitan areas.

Research in the STEM fields (broadly defined) can also be expensive. Scientific (including medical) and engineering research often involves specialized facilities or pieces of equipment, advanced computing capabilities, materials requiring controlled handling and storage, and so forth. But much of this work is funded, in large part, by federal agencies such as the National Science Foundation, National Institutes of Health, US Department of Energy, US Department of Agriculture, and many others.

Research in the social sciences is often (not always) less expensive, requiring smaller amount of grant funding. As mentioned previously, however, it is now becoming common to have physical, natural, and social scientist teams pursuing large grant funding. This is an exciting and very promising trend for many reasons, not the least of which is the nature of the complex problems being studied.

Research in the arts and humanities typically requires the least amount of funding as it rarely requires the expensive items listed previously. Funding from such organizations as the National Endowment for the Arts, National Endowment for the Humanities, and private foundations may be able to support significant scholarship and creation of new knowledge or works through much more modest grants than would be required in the natural or physical sciences, for example.

Philanthropy may also be directed toward the support of research and scholarly activity at universities. Support from individual donors, family foundations, private or corporate foundations may be directed to support students, faculty, labs or other facilities, research programs, galleries, centers, and institutes.

Who benefits?

Students, both undergraduate and graduate, benefit from studying in an environment rich with research and discovery. Besides what the faculty can bring back to the classroom, there are opportunities to engage with faculty as part of their research teams and even conduct independent research under their supervision, often for credit. There are opportunities to learn about and learn on state-of-the-art equipment, in state-of-the-art laboratories, and from those working on the leading edge in a discipline. There are opportunities to co-author, present at conferences, make important connections, and explore post-graduate pathways.

The broader university benefits from active research programs. Research on timely and important topics attracts attention, which in turn leads to greater institutional visibility and reputation. As a university becomes known for its research in certain fields, they become magnets for students, faculty, grants, media coverage, and even philanthropy. Strength in research helps to define a university’s “brand” in the national and international marketplace, impacting everything from student recruitment, to faculty retention, to attracting new investments.

The community, region, and state benefits from the research activity of the university. This is especially true for public research universities. Research also contributes directly to economic development, clinical, commercial, and business opportunities. Resources brought into the university through grants and contracts support faculty, staff, and student salaries, often adding additional jobs, contributing directly to the tax base. Research universities, through their expertise, reputation, and facilities, can attract new businesses into their communities or states. They can also launch and incubate startup companies, or license and sell their technologies to other companies. Research universities often host meeting and conferences which creates revenue for local hotels, restaurants, event centers, and more. And as mentioned previously, university medical centers provide high-quality medical care, often in midsize communities that wouldn’t otherwise have such outstanding services and state-of-the-art facilities.

(Photo by Justin Sullivan/Getty Images)

And finally, why does this all matter?

Research is essential to advancing society, strengthening the economy, driving innovation, and addressing the vexing and challenging problems we face as a people, place, and planet. It’s through research, scholarship, and discovery that we learn about our history and ourselves, understand the present context in which we live, and plan for and secure our future.

Research universities are vibrant, exciting, and inspiring places to learn and to work. They offer opportunities for students that few other institutions can match – whether small liberal arts colleges, mid-size teaching universities, or community colleges – and while not right for every learner or every educator, they are right for many, if not most. The advantages simply cannot be ignored. Neither can the importance or the need for these institutions. They need not be for everyone, and everyone need not find their way to study or work at our research universities, and we stipulate that there are many outstanding options to meet and support different learning styles and provide different environments for teaching and learning. But it’s critically important that we continue to support, protect, and respect research universities for all they do for their students, their communities and states, our standing in the global scientific community, our economy, and our nation.

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8 Why Is Research Important?

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Learning Objectives

By the end of this section, you will be able to:

Explain how scientific research addresses questions about behavior
Discuss how scientific research guides public policy
Appreciate how scientific research can be important in making personal decisions

USE OF RESEARCH INFORMATION

Watch this news report to learn more about some of the controversial issues surrounding the D.A.R.E. program.

THE PROCESS OF SCIENTIFIC RESEARCH

Play this “Deal Me In” interactive card game to practice using inductive reasoning.

Visit this website to apply the scientific method and practice its steps by using them to solve a murder mystery, determine why a student is in trouble, and design an experiment to test house paint.

Review Questions

Scientific hypotheses are ________ and falsifiable.

________ are defined as observable realities.

Scientific knowledge is ________.

A major criticism of Freud’s early theories involves the fact that his theories ________.

were too limited in scope
were too outrageous
were too broad
were not testable

Critical Thinking Questions

There is probably tremendous political pressure to appear to be hard on drugs. Therefore, even though D.A.R.E. might be ineffective, it is a well-known program with which voters are familiar.

The scientific method is often described as self-correcting and cyclical. Briefly describe your understanding of the scientific method with regard to these concepts.

Personal Application Questions

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Why the research question is so important

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A research question is a sentence that defines what you will examine, within which population, and what the outcome of interest will be. Defining a clear research question is the first and most important part of the project. Though it sounds simple, writing a research question is tricky even for experienced researchers. This video will build your understanding of where to start looking for research questions, how to write them, and why it is important to work with a solid research question from the beginning of the project.

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Links to useful research papers.

Farrugia P, Petrisor BA, Farrokhyar F, Bhandari M. Research questions, hypotheses and objectives. Canadian Journal of Surgery. 2010;53(4):278-281. http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2912019/

Aslam, S., & Emmanuel, P. (2010). Formulating a researchable question: A critical step for facilitating good clinical research. Indian J Sex Transm Dis, 31(1), 47-50. https://www.ncbi.nlm.nih.gov/pubmed/21808439

Beitz, J. M. (2006). Writing the researchable question. J Wound Ostomy Continence Nurs, 33(2), 122-124. https://www.ncbi.nlm.nih.gov/pubmed/16572009

Links to useful websites

Centre for Clinical Effectivenbess

http://www.monashhealth.org/page/Resources

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https://www.cebm.net/category/ebm-resources/tools/

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https://www.swslhd.health.nsw.gov.au/ccq/library/

https://www.swslhd.health.nsw.gov.au/Fairfield/library/

https://www.swslhd.health.nsw.gov.au/bankstown/library/

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Research Impact: The What, Why, When and How

First Online: 06 October 2020

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In this opening chapter, readers will be introduced to the attainment and assessment of research impact. The traditional approach to research assessment will be described briefly and how more active and proactive means of achieving impact have developed. It is a given that researchers have not grasped the importance of impact voluntarily. Rather, various incentives encouraged them to pursue research impact from their projects. These included the emphasis that funding bodies placed on pathways to impact and the drive within universities for a third funding stream through technology and knowledge transfer. However, it was the United Kingdom’s Research Excellence Framework that concentrated the minds of researchers and university leaders on research impact. This chapter will introduce the REF structures and processes and pay specific attention to the reach and significance of impact.

We grow no food on campus, so like every poet, priest or potter…, we must explain why we have faith in the usefulness of what we do provide (Gray and Gray [ 1 ]).

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Why is modern monetary theory so important?

Posted on September 17 2024

Modern Monetary Theory (MMT) significantly alters the economic power dynamics by shifting control from banks to democratic governments, emphasising people and full employment. Critics misunderstand its implications, but MMT asserts that governments with sovereign currencies aren't dependent on financial markets because they can create currency to fund spending. Taxation plays a crucial role in controlling inflation, reshaping the focus of economic policy towards full employment and addressing inequality, ultimately empowering citizens over finance.

Some people argue that modern monetary theory is irrelevant or that it changes nothing. They're wrong. MMT fundamentally reframes the power relationships within our economy, moving power away from banking and the City and towards democratic government control whilst prioritising people and full employment instead. No wonder so many people don't like it: MMT challenges all the privileges they enjoy at cost to the rest of us.

The audio file is here:

The transcript is:

I made a video on MMT recently and explained what it is. But knowing what it is isn't sufficient to explain why I think it is so important.

Critics of MMT say that it doesn't really change anything because, as they point out, and as I agree, MMT says that a government must tax a sum broadly equal to the amount of its spending if it is to control inflation .

If so, they say, so what? Does it matter whether we think that tax comes before spend or spend comes before tax? What's the consequence, they say, when, as a matter of fact, the books will be broadly balanced inside any macroeconomic system, whether it's using the principles of MMT or not? And my point is that, oh yes, it really does matter.

Their question is naïve; it's rather like a physicist saying, “We don't need Einstein and all that nonsense about the theory of relativity and everything else. What we can do is use Newtonian physics, which is an approximation to the truth in 97 per cent of situations, and that will do well enough for us.”

Except, of course, it isn't. The three per cent of situations when Newtonian physics might well not provide a good approximation are where most of the important decisions need to be made.

And the same is true with regard to economics. It may be that MMT does really say that taxation is fundamentally important and that we must raise a great deal of it if we want to spend a large part of the national income through the government. But, understanding what MMT says makes an enormous difference to the way in which we interpret that spending and the relationships that exist within the economy.

Let me explain. First of all, understanding that the government is not beholden to financial markets, which is one of the core messages of MMT, is fundamental.

Modern monetary theory says that any government with its own sovereign currency that is internationally accepted and its own central bank can never be dependent upon the financial markets for money because it can always ask its own central bank to create the new currency that is required to enable government spending to take place.

As a matter of fact, we know this is true. It happened in the UK and in many other countries after the 2008 financial crisis, and it happened again during COVID. Quantitative easing tried to disguise that fact, but it failed in the real sense that we know that the amount of money in circulation created by the Bank of England or other central banks rose enormously.

So, that dependency on financial markets is not true. in existence, and MMT acknowledges that fact, which other theories of macroeconomics do not.

Being aware, as a consequence, that the government doesn't borrow from financial markets but does instead provide financial markets with the opportunity to save fundamentally changes the power relationship between the City of London and the government in the UK and similar relationships elsewhere.

The bankers don't rule. That is one of the messages of MMT. And it's got to be understood. But no one else is saying it but MMT and, therefore, that makes modern monetary theory really important.

Secondly, tax is fundamentally important in MMT. Anybody who says it isn't is wrong. Tax is, inside modern monetary theory, the principal tool used to control inflation. There is no other tool that can do it as well as taxation. Let's be clear about it.

And what MMT says, as a consequence, is that the whole of this myth of central bank independence and the whole role of interest rates in controlling inflation, which has imposed so much pain on so many people as a consequence of unnecessary increases in interest rate over the last couple of years, is not true. Instead, tax has that role. So, this again shifts the balance of power.

The balance of power now lies with the Treasury and its decisions over taxation, including short-term changes that it can make if necessary to control inflation, like changing the basic rate of VAT, which is entirely possible at any time within any economy the central bank suddenly becomes just a regulator of banks and not a controller of the whole of economic policy, which is the status we've given it for the last 25 odd years, wholly mistakenly.

And then the role of tax is also different. Instead of tax being just about revenue raising, with the obsession being whether a particular tax is good at raising money or not, tax is seen as something much bigger in terms of the delivery of government policy.

It's about the delivery of policy to tackle inequality .

It's about the delivery of policy to change the way in which the economy runs, by providing subsidies, for example, to those things that the government wants to happen, and by charging tax on those things that it doesn't want to happen. It's about, therefore, charging tax on those things which are bad, let's call them gambling, alcohol, carbon, whatever you wish, and it's about not charging tax on things that are good, like education books and so on.

It's also about building a relationship between citizens and government because it's vital that people understand how tax works because they pay it, and that is one of the ways in which they can decide how to hold government accountable. In other words, tax is a fundamental driver of democracy.

MMT makes all these things clear.

And it also makes clear that the government need not obsess about inflation, because inflation always goes away of its own accord. That's what history tells us, since 1210, when we've got data for that period in the UK. And, instead, the focus of government economic policy should be on things that are much more important.

Things like full employment, which MMT prioritises. Or investment, or inequality, or climate change.

All of those things could become the focus of attention rather than inflation, which has become so destructive as a goal, much more destructive, in fact, than inflation itself.

So, what MMT does is fundamentally change the description of how the economy works - the government spends and its taxes. Others would argue that the government taxes and it spends. And the sums of money will not necessarily alter greatly as a consequence of MMT. But what it does do is change our understanding of the power relationships around that.

This, then, is a political economic theory, because political economy is all about power relationships. And MMT puts the power back with democratic government, the Treasury, and the choices that it has to make about how to meet the needs of people, in particular by delivering full employment.

This makes MMT powerful, radical, different, and fundamentally important because it puts people, and not money, and not bankers, and not finance, at the centre of its economic policy. And that, I believe, is what has to happen now.

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63 Responses

For me, Modern Money Theory explains:

☑️That the Government never has to “find” the money (it can always print what it needs), but it must be careful about its spending on resources ☑️The welfare state (including the NHS) is affordable and better value than private healthcare (where profits are skimmed off). ☑️Public services are affordable, and do not require public finance initiatives (PFI) schemes, nor private equity (which skim off profits) ☑️MMT lets us put people before profits. Some of the private sector engages in neoliberal predatory capitalism which puts profits before people. ☑️Taxation can always take money out of the economy what the government spends into it (taxes do not pay for government spending) ☑️Full employment is obtainable. ☑️Cost-effective energy and transport is obtainable. ☑️Underfunding deliberately causes austerity and is avoidable. Government spending grows the economy.

It’s also equally important that people should understand the macro argument where the possibility of saving money can justly be derived.

As I always say, the truths about MMT cannot be stated enough.

The worst of it is, is that using MMT sovereignty for the rich seems perfectly OK as long (as it seems), you don’t do the tax bit. And then you fall into the inflation trap.

Your example “We don’t need Einstein and all that nonsense about the theory of relativity and everything else. What we can do is use Newtonian physics, which is an approximation to the truth in 97 per cent of situations, and that will do well enough for us.” is interesting. Please can I add a little to it.

GPS is embedded in or mobile phones and many use their mobiles for route finding. In the maths, for GPS they initially used newtonian physics and it gave the wrong answers. It was only when they allowed for relativistic effects that the essential precision was obtained that is now so embedded in the world’s navigation systems. Modern life and our economies would be very different without it.

In view of MMT’s importance in expressing the truth about the economy, I think that a more appropriate physics analogy is the Copernican revolution. The government is the sun and the planets are the financial markets, not the other way around.

I like this comparison. MMT, for me, is just the simplest way to explain the observed world. In its most basic formulation I have never found anyone in finance that disagrees. Of course, some folk feel that MMT means no government bonds or a job guarantee but these are policies made possible by seeing the world through the MMT lens…. not central to MMT.

Nigel Clayton- I used that analogy in my first attempt at macro blog-writing for the lay-reader in 2019. https://thepoundinyourpocket.org/2019/08/30/but-how-will-you-pay-for-it/

With regards to the Copernicus heliocentric model, it reminds me of Galileo and his row with the Catholic Church. He was investigated by the Roman Inquisition in 1615, which concluded that his opinions contradicted accepted Biblical interpretations. His books were banned from Catholic countries after upsetting Pope Urban VIII and the Jesuits. He reportedly recanted on his death bed but this may be apocryphal. The ban on his books was lifted in 1833 nearly 200 years after his death. A metaphor for the obstinacy of the current establishment maybe?

“MMT says that a government must tax a sum broadly equal to the amount of its spending if it is to control inflation.” Question 1: some gov spending has an economic multiplier effect (e.g. spending on health) – does this carry with it the implication of tax > spending (due to increased eco activity) Question 2: if the gov invested in assets such as renewable generation this usually has an asset value >> than the original investment i.e. it has a RoI – how to tax? The questions are not intended to undermine the “spend & tax” statement – but rather to show that gov spending has returns – mostly overlooked by the tax n spend/usual suspects

Broadly equal ≠ equal

So, if the spend will generate more tax revebue by itself and there is resource in the economy to permit it to take place then over time the invetsment should allow other taxes to fall or boradly equal may become equal, and that will rarely be desired.

It seems to me that if you tax (destroy) money that is in the hands of the lower income deciles of a population, (where it is needed mostly to buy essentials within their local economy) it has a very different effect than if you tax (destroy) money that is in the hands (and savings) of the top deciles of the population (who already have the essentials of life) and have difficulty thinking of things to spend it on. (A sort of mirror “tax multiplier effect” to the public spending multiplier idea.)

PSR recently raised a question I had been wondering about. If we adopted MMT, would we be able to re-join the the Single Market, let alone the EU? Are there any people in Europe advocating MMT?

Yes, we could

We would have to commity to joining the euro, buit without ever saying when

Look at Sweden

if we introduced it and it was a success, then the EU might move away from the Bundesbank mentality.

We don’t have to adopt MMT or believe in it. Any more than we need to adopt or believe in general relativity or Copernican heliocentrism. It is just a description of how the world works. And as it happens it is a better description than others that have come before.

But perhaps we should explore the conclusions that follow from it.

And thank you

Those who think the Government is beholden to the financials in the City when the Government “needs to borrow” might like to tell us where they think those £££’s which the City will “lend” came from in the first place.

@ Geejay. Try putting that question to the arrogant and ignorant Labour politicians in the House Of Lords they’ll simply ignore you!

https://billmitchell.org/blog/?p=61999#view_comments

The UK badly needs a new political party that recognises we need greater emphasis on innovation but not at the expense of collective well-being. The Labour Party is not this party! It has become the scamming party. Even if you ignore the lies over the last five years Keir Starmer, for example, has received more value in gifts per year than the new state pension of £11,502 and getting close to the minimum wage of £22,011 for a 37 hour week both of which are inadequate for many :-

https://www.theguardian.com/politics/2024/sep/18/keir-starmer-100000-in-tickets-and-gifts-more-than-any-other-recent-party-leader

With at least one exception – Prem Sikka!

I am off-thread here, and I know everyone appears committed to the BBC, as far as I can see, for political reasons, or because they think the programmes they like watching forgive anything; but I simply do not believe the excuses are good enough. The Huw Edwards debacle was, for me illustrated by the roger Bolton interview, C4 News last night. Bolton was anxious to excuse the corporate BBC, and pass the buck to the ‘industry’, or society, or worse; to internal reviews. Bolton said this: “Who was looking after the staff?”. And this “It is a power issue”. And this “How does [the BBC] monitor staff like Huw Edwards?”. And this “Stars are too powerful”. And this “There is always a review”. There is. so why are we here again. Bolton recited what should happen, but that is what all the reviews were for; and here we are again. Déjà vu, all over again, and again, and again. Clearly something very, very critical isn’t happening. The Corporate BBC simply doesn’t work.

Who was looking after the staff, or monitoring staff? It is a “power” issue. That was what the Dame Janet Smith Report was supposed to correct. In my view control over “the talent” was always the problem (or choosing the talent in the first place); but it seems nobody really has a grip on this; and given the history, that is unacceptable. The background to all this is the Dame Janet Smith Report, on Savile (but remember, there were also Rolf Harris and Stuart Hall – there is a very troubling history here), and so it goes on, and on; or in out of control journalism, Bashir etc. The Dame Janet Smith Report provided recommendations; you know, the point of all the work to stop this happening, that in Britain we almost never implement, or bother auditing, or checking on; until it happens again. Dame Janet Smith recommended regular public audits on progress in the BBC to make sure “the talent” was not out of control; and I do not recall seeing these regular public audit reports. What happened? We have been here far, far too often; going round the same circle.

It seems clear to be we are all in Britain superficial triflers; give us the show, the tinsel, the glamour, the gossip, the entertainment; just never, ever peel back the veil and disappoint us with what actually lies behind. That will never do.

@John S Warren

Most times your off-topic posts annoy me – although I always read them – simply because they are off-topic, no matter how well-researched and written they are.

This one, though, in my opinion is off-topic but totally relevant to the tenor of Professor Murphy’s story arc in all his posts: there is a moral duty on all of us to protect the weak, the vulnerable, the power-less. And we must never let it sleep.

Thank you for highlighting where we have “dozed away” our responsibility – because “it was easier” that way.

Thank you. That is probably the nicest ‘back-handed’ compliment I can recall receiving.

Also off-topic. I’m afraid, but it seems to me that with reference to the ‘Huw Edwards’ debacle that ‘mental health’ is carrying a very heavy load if it includes the loss of self-esteem by going to Cardiff University rather than Oxford………

I am certainly not committed to the BBC, although my memory might be. Never has such a cultural icon fallen from grace so badly in my time at least. I can only concur with you that far from being a bastion, the BBC is no better than most institutions in post-Soviet Britain.

Bill Mitchell’s latest blog piece outlines the current state of the discussion within MMT on the euro – https://billmitchell.org/blog/?p=62001 – which is clearly somewhere in between a sovereign currency with its own central bank, and countries using a foreign currency (since the euro’s fiscal rules that restrict government actions can’t be changed without treaty renegotiation – but can be changed in due course). I wonder what thoughts you have on this discussion ?

No, except to say that Bill has a spectacular record of getting most things about Europe very wrong, which is why I rarely read him

Richard…. there is a whole community here now that ‘gets it’,in large part thanks to your efforts. We all of us, I’m sure, disseminate the message every chance we get and I for one would happily pay for my close family to attend the Mile End Economists roadshow.

Good idea. Let’s start a crowdfunder and donate to Starmer and Reeves so they can afford to attend as well, because I know money must be tight when you need an “angel” to pay for your wife’s clothes and have to ask pensioners to pay for your “maxed out credit card.”

” This makes MMT powerful, radical, different, and fundamentally important because it puts people, and not money, and not bankers, and not finance, at the centre of its economic policy. And that, I believe, is what has to happen now.”

It is difficult to avoid being put into a particular box in these debates – a box that one might not want to be in.

It seems much more comfortable to be ‘MMT influenced’ than fully signed up to it.

Focussing on the practicalities – how it can or cannot help us rebuild the NHS, getting the nearly 8 million waiting list down, and rebuilding all the other public services which are crying out for investment – seems to be the most valuable way of exploring and using MMT insights. Mazzucato, Jim Neil, Wreen Lewis etc etc had an FT letter urging nging massibe public investment..

And showing how MMT ideas can show how to implement the Green New Deal , getting Water, Railways, Energy back into public hands without paying over the odds to global corporates/ monopolies/off shore private equity etc etc .

And how can we get as much community ownership of local wind, solar as possible?

We all want a ‘mixed economy’ but the secular trend – as Piketty suggests – seems to be ever greater inequality, where most peoplel are having less and less control, less autonomy – owning less and less – and renting more and more. A handful of companies globally producing/ distributing food, technology, energy, pharmaceuticals etc etc.

How far does MMT alone explain this – I’m not sure , I dont know enough – wikipedia seems to try to help . https://en.wikipedia.org/wiki/Modern_monetary_theory

and also useful to look at marx-influenced discussion of MMT … ttps://developingeconomics.org/2021/03/17/monetary-policy-is-ultimately-based-on-a-theory-of-money-a-marxist-critique-of-mmt/

MMT explains how money works in the macro economy

That’s it

It then permits a differewnt undertsanding of that economy

That’s also it

It can’t dop more than that

But in itself that’s a big deal

Hey Richard, I am always pleaed to learn more about MMT. It would be interesting to understand, or see acknowledged and/or disputed, the criticisms of MMT…

Can I suggest you start with Stephanie Kelton’s ‘The Deficit Myth’ and then google its critics?

What about all these complex financial instruments that the US and UK financial services industries have created which in the GFC and the Liz Truss fiasco seemed to mean that we were beholden to bailing them out else our whole financial edifice would have come crashing down. Can we really tough it out with the bond markets?

Thanks for the important post.

MMT matters for very simple reasons:

1. Unlike most macro teaching it presents an accurate description of the workings of a modern monetary system

2. It explains why macro policy in most advanced nations is flawed from its foundations

The problem with MMT

3. Despite (1) less than 5% of the population understand MMT and of that probably only 50% believe it and only 25% can explain it properly

4. Because of (3) it played no part in our elections nor will it play a part in the forthcoming US elections where false arguments about the level of US debt and it’s so-called sustainability will be centre stage. This was/is a catastrophe

5. The MMT community spends too much time fighting among itself (See Keen being disinvited from MMT conference etc) and being rude to others who disagree with them.

The danger is that it remains largely a side show with a group of largely angry old men (Kelton aside) arguing with each other and with others who hold different views. In that case, we all suffer.

Given how entrenched (incorrect) macro thinking is, it takes a great deal of effort for most people to get their heads around MMT. I had to read Randall Wray three times before it started to make sense.

MMT needs new spokespeople along with Kelton. People who can help people who struggle with this change in thinking and understanding. They seem far and few between at the moment and hence MMT remains a side show, albeit an important one.

Richard, nobody astute and rational can seriously quarrel with this outstanding post, imo. I may reproduce it, if I may.

Fascinating. However, you say with MMT we are not dependent on financial markets but I find that very difficult to accept, given the world we live in. Look what happened to Liz Truss.

Liz Truss did nit create the crisis of September 2022

The Bank of England did by announcing £80 billion of QT which threatened LDI trades

The House of Lords Report ‘National debt: it’s time for tough decisions’ is an atrocious piece of hack economics in order to build up the new Single Transferable Party’s obsession with defunct economics and absurd paranoia about Deficits and the National Debt. It provides in ‘Appendix 4: Japan – a brief case study in debt’; a disgracefully cobbled polemic, in less than two pages, clearly designed to trash Japanese monetary policy. It objects to Japan’s Debt-to-GDP Ratio: 252%. It completely fails to demonstrate the problem; except to beg the debt question, emphasise how bleak the picture is, without proof; and cite evidence almost solely over the serious problem of an ageing population. Britain has an ageing population, and a declining birth rate; it is just on a slightly different point on the same ageing curve. This bleak picture of Japan is painted in Para.2 (there are only 4 paragraphs in the case study).

Para.3/4 effectively contradicts the muddled criticism in Para.2: “[3] Japanese governments have nonetheless been able to attract the requisite levels of funding over an extended period of time thanks to a number of factors. These include, inter alia, a comparatively healthy overall balance sheet and a prolonged era of low interest rates. Japan has substantial assets which include, for example, a social security fund valued at around 55 per cent of GDP. As such, as of Q3 2022, assets totalling 134 per cent of GDP help to yield a somewhat smaller net debt figure of 119 per cent. Moreover, unlike the UK, Japan is also a large net lender internationally and has a structural current account surplus. Japanese government bonds also have a relatively long average maturity and are mostly held domestically (85.5 per cent as of December 2023) which facilitates debt roll-over.[4] The country’s low interest rates have also meant that roll-over funding costs have for some time been close to zero. In fact, on 19 March 2024, the Bank of Japan ended an eight-year period of negative interest rates with the first increase in its benchmark rate for 17 years.357 The willingness of Japanese households to lend to government via banks at comparatively low rates is in part based on the need for higher precautionary savings due to (comparatively) low outlays for social security and an undeveloped private pension system.” Para.4 finishes with a gloomy outlook filled with negative opinion, but almost bereft of substantive evidence.

This is all really based on the current obsession over the Debt-to-GDP Ratio; which is an abstraction, and a flawed measure. On both issues, here is the Federal Reserve of St.Louis on both the Ratio, and Japan (November, 2023).

“Looking at Japan’s Debt Burden:

Some economists have turned to Japan as an example to address this concern [the US National Debt]. Why? For more than two decades, Japan’s national debt has floated above 100% of its GDP. In fact, as of the second quarter of 2022, Japan’s debt-to-GDP ratio was 226%. In other words, Japan has been able to maintain a very high level of debt for decades. Researchers have also pointed out similarities in the fiscal problems faced by the U.S. today and Japan 20 years ago. Due to Japan’s rapidly aging population, economists predicted that the heavy burden of social security expenses would result in a large fiscal deficit, which could then lead to a public debt crisis. However, a crisis has yet to occur. When examining Japan’s debt-to-GDP, it may therefore seem fair to assume that concerns regarding the U.S.’s high level of debt are overstated. In this blog post, we show that, while simple, a comparison based solely on the debt-to-GDP ratio overlooks several other key factors. A more comprehensive view of the debt issue necessitates an examination of the public sector’s balance sheet as a whole, the level of net liability and the revenue from its asset returns”.

Britain, buried in decades of abject economic and monetary failure has the audacity to criticise Japan. The proposition is farcical. Nobody, simply no nation with the least common sense would set the last twenty years of British Economic and Monetary policy performance as a paradigm, or as more than a national embarrassment; a case study in abject failure.

It is time for everyone outside Parliament and the Westminster Bubble say to the House of Lords, The BoE, The Treasury and the Single Transferable Party what is required of them, in three words:

PHYSICIAN HEAL THYSELF.

There is a blog coming on this report….when I finish it

By my reckoning four members of that fourteen member committe can be classed as Labour politicians and ought in theory to have a filed a minority report. Also notable in the background information found in Wikipedia on these members many come from wealthy backgrounds having attended private schools.

These discussions make me think there is a major theme for the Mile End gang; Labour: if we could put together a proposal to end poverty and nationalise essential services with a funding model that kept the economy in balance with the budget would you be prepared to hear it? And of course they will say no, or if they do, it means they show their true colours. Headlines: Labour refuses to hear professors explain how to fund socialist policies.

[…] By Richard Murphy, part-time Professor of Accounting Practice at Sheffield University Management School, director of the Corporate Accountability Network, member of Finance for the Future LLP, and director of Tax Research LLP. Originally published at Fund the Future […]

I’d like to see more about how the tax system would operate in its role in controlling money supply. Is it flexible enough in terms of targeting, timing and the effects on inflation ( ref increases in VAT) I’m a supporter of MMT but worry that the management of taxation is not getting enough attention.

Fair comment

I will get to it, but not today

MileEnd omnibus passenger back again. Another great video to bookmark, and I think I understood most of it! I wrote to my Labour Junior Minister MP, critiquing Reeves’ economics on the basis of where spending comes from, and didn’t forget to acknowledge the role of taxation within MMT, and I got a patronising reply which basically blanked me on all the MMT stuff, and threw “Liz Truss & the Markets” at me, quoting all the things her mini-budget “caused” at me (market turmoil, fall in sterling, dramatic impact on mortgage market, borrowing cost on bonds reaching 5 yr high, traders selling off UK assets, withdrawal of mortgage products due to fears on interest rates, all supposedly justification for Labour’s “fiscal responsibility”).

I realise that was all based on classic BoE/monetarist theory, and I realise that MMT has a different explanation of what Truss/ Kwarteng, and their predecessors, and the BoE did wrong, and that MMT differs from what all the standard pundits said, and I think it has a lot to do with a reliance on BoE interest rates rather than taxation, to control inflation, BUT: I don’t feel at all able to put it all together in a way that would inform a conversation on the REAL Mile End Omnibus travelling from my council estate. WERE the markets spooked by the mini-budget, or by longer term issues, or were they being mischievous? HOW would an MMT-committed government manage to, in Thatcher’s terms, “buck” the market? How do I answer my MP? (not that they will pay any attention). I need an answer to the “Look what happened to Liz Truss” that will work with fellow Omnibus passengers. I really appreciate what you are doing & the well informed contributors who comment.

Appreciated

I think the most important part of MMT is that it reminds us that we can do this again https://prospect.org/health/way-won-america-s-economic-breakthrough-world-war-ii/

Richard does MMT add anything to the legacy of Keynes Adler Minsky? The Einsteins of your analogy If feel that this great report on the economic miracle of WW2 proved them right, and is the evidence for the Kelton, Wray, Keen crowd too https://prospect.org/health/way-won-america-s-economic-breakthrough-world-war-ii/

It develops those legacies. All things must develop.

Right you are Richard. Though you used the word radical, I would suggest MMT has not developed enough. MMTer Hudson is more radical and I think has great insight which simplify achieving your goals 1. His concluding sentence – https://youtu.be/O_btd7wuslc?t=5839 2. His explanation of his position – https://www.youtube.com/watch?v=O_btd7wuslc&t=5754s

Yes all things should develop, however the famous historian tells about a time when monetary and fiscal policy worked better than they do eight years later!!

https://prospect.org/health/way-won-america-s-economic-breakthrough-world-war-ii/

[…] Cross-posted from Richard Murphy’s blog […]

two thumbs up!!!

BTW I meant EIGHTY years later 🙂 Yes all things should develop, however the famous historian tells about a time when monetary and fiscal policy worked better than they do eight years later!!

Richard Murphy

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