{"id":138829,"date":"2024-07-17T14:22:13","date_gmt":"2024-07-17T14:22:13","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=138829"},"modified":"2024-07-17T14:22:13","modified_gmt":"2024-07-17T14:22:13","slug":"economy-psychology-politics-and-us-by-nisal-rukshan-2","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/economy-psychology-politics-and-us-by-nisal-rukshan-2\/","title":{"rendered":"Economy, Psychology, Politics and Us &#8211; By Nisal Rukshan"},"content":{"rendered":"<h2 style=\"text-align: center;\"><span style=\"color: #800080;\"><strong>Economy, Psychology, Politics and Us &#8211; By Nisal Rukshan<\/strong><\/span><\/h2>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-138830 size-full\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2024\/07\/Economy-Psychology-Politics-and-Us-By-Nisal-Rukshan-e1721225858453.jpeg\" alt=\"Economy, Psychology, Politics and Us - By Nisal Rukshan\" width=\"600\" height=\"900\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-132478 alignleft\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2024\/03\/Nisal-Rukshan.jpg\" alt=\"Nisal Rukshan\" width=\"160\" height=\"190\" \/>The Economy of a country has a profound impact on the effective functioning of all other sectors. To measure the economic perspectives, many standardized factors such as Gross Domestic Product (GDP) &#8211; the total gross value added by all domestic producers in the economy, Gross National Income &#8211; per capita (GNI), Exports and imports of goods and services, have to be considered.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">In psychology, thoughts, feelings, and behaviors are considered to provide a better understanding of human activities. These human activities vary according to social, economic, political, and scientific factors.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The behavioural economics reveals how human behaviours are consistent with economic perspectives. It further explains beyond the neo-classical definitions of rational or optimal decision-making. By deriving the foundations of questioning and through researching on these fields, behavioural economists further elaborate that \u201cpeople as human beings who are subject to emotion and impulsivity and influenced by their environments and circumstances\u201d.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">According to the Central Bank data, Sri Lanka&#8217;s GDP growth was 1.6% in the 3rd quarter of 2023 and 4.5% in the 4th quarter of 2023. It is apparently a positive achievement, when comparing to the data in year 2022, having a minus growth of GDP for six consecutive negative quarters; i.e. Quarter 1 (Q) = &#8211; 0.6, 2022 Q2 = -5.3, 2022 Q3 = -11.2, 2022 Q4= -12.4, 2023 Q1= -10.7 and 2023 Q2 = -3.0.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">According to the World Bank data, reconsidering conditions of the GNI per capita, Sri Lanka had -7.7 in 2022 and it was decreased up to -2.3 in 2023.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">It is obvious there\u2019s a relative change in certain data comparisons due to the improving economy with the socio-economic situations of the country. But can economic growth be constant only from an economic perspective?<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Models of psychology, such as Bio Psychosocial model, Maslow&#8217;s Hierarchy of Needs and Vroom\u2019s Expectancy Theory, explain different dimensions human behaviors that underlie economic activity. \u00a0That&#8217;s where we need to integrate psychology into economics (behavioral economics) to better understand these scenarios<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Simultaneously, the definition of \u2018Political Economy\u2019 by\u202f Harvard&#8217;s Jeff Frieden \u201cPolitical economy is the study of how politics affects the economy and how the economy in turn shapes politics. Training in political economy can help students understand how societies work; a useful skill whether they seek to become better policy analysts or more effective social reformers\u201d<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Hence, what is finally needed for economic stability in a country are political stability, healthy financial policies, an opposition with constructive criticisms, and surveys and follow-ups on similar successful as well as failed case studies. It must be supported by effective and efficient government services, new economic concepts, traditional agriculture modified with sustainable practices, and the production of necessary infrastructure without corruption.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">As citizens in a country like Sri Lanka, understanding the reality (psychologically) and utilizing democracy effectively and efficiently will help create a better political atmosphere, ultimately leading to a country free from bankruptcy. Then, understand your own psychology and that of others, learn about politics and behavior, and be effective and efficient with foresight to become a responsible citizen in the country.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>\u00a0<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>Nisal Rukshan, MHRM, B.A. (Defence), BSc (Hons.) Counselling Psychology, DCPsy<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\"><strong>Email: <a href=\"mailto:rukshan4slsr@gmail.com\" target=\"_blank\" rel=\"noopener\">rukshan4slsr@gmail.com<\/a><\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<div style=\"text-align: center;\"><span style=\"font-size: 16px; color: #800000;\"><em><span style=\"text-decoration: underline;\"><a style=\"color: #800000;\" href=\"https:\/\/websitedesigns.com.au\/elankanew\/elanka-newsletter-sign-up\/\" target=\"_blank\" rel=\"noopener\"><strong>Click here to receive your free copy of the eLanka Newsletter twice a week delivered directly\u00a0to\u00a0your\u00a0inbox!<\/strong><\/a><\/span><\/em><\/span><\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economy, Psychology, Politics and Us &#8211; By Nisal Rukshan The Economy of a country has a profound impact on the effective functioning of all other sectors. To measure the economic perspectives, many standardized factors such as Gross Domestic Product (GDP) &#8211; the total gross value added by all domestic producers in the economy, Gross National [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":138830,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20],"tags":[66848,38515,66850,35792,66847,58709,1109,38240,687,66849,66846],"class_list":{"0":"post-138829","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"tag-central-bank-data","9":"tag-economy","10":"tag-gni-per-capita","11":"tag-gross-domestic-product","12":"tag-gross-national-income-per-capita","13":"tag-nisal-rukshan","14":"tag-politics","15":"tag-psychology","16":"tag-sri-lanka","17":"tag-sri-lankas-gdp-growth","18":"tag-the-economy-of-a-country","19":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Economy, Psychology, Politics and Us - By Nisal Rukshan - eLanka<\/title>\n<meta name=\"description\" content=\"Economy, Psychology, Politics and Us - By Nisal Rukshan The Economy of a country has a profound impact on the effective functioning of all\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy, Psychology, Politics and Us - By Nisal Rukshan\" \/>\n<meta property=\"og:description\" content=\"Economy, Psychology, Politics and Us - By Nisal Rukshan The Economy of a country has a profound impact on the effective functioning of all\" \/>\n<meta property=\"og:url\" content=\"https:\/\/websitedesigns.com.au\/elankanew\/economy-psychology-politics-and-us-by-nisal-rukshan-2\/\" \/>\n<meta property=\"og:site_name\" content=\"eLanka\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/eLanka.com.au\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-17T14:22:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2024\/07\/Economy-Psychology-Politics-and-Us-By-Nisal-Rukshan-e1721225858453.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"eLanka admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"eLanka admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/websitedesigns.com.au\/elankanew\/economy-psychology-politics-and-us-by-nisal-rukshan-2\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/websitedesigns.com.au\/elankanew\/economy-psychology-politics-and-us-by-nisal-rukshan-2\/\"},\"author\":{\"name\":\"eLanka admin\",\"@id\":\"https:\/\/websitedesigns.com.au\/elankanew\/#\/schema\/person\/f6e635b74ab35ef88a68a9973cacc5bd\"},\"headline\":\"Economy, Psychology, Politics and Us &#8211; 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