I was able to do that once, but that was around 18 years ago. The topic/paper was appropriate for a higher-level literature class I was taking, but also for a basic English II course I was in at the same time.
Things may be different now. Self-plagiarism, seriously? I believe you all, but it sounds ridiculous in this particular situation. This shows efficiency on the student's part, and shows an ability to connect what is being learned in one course to what is being learned in another course.
I can see it being a problem in high school or possibly a basic English class, where the goal is to learn how to write. But the main goal of a psychology class isn't necessarily to teach you how to write. Just like I can see the reasons for "showing your work" in some math classes (especially where basics are being learned or where cheating may be quite possible), but not in later classes where students are given the freedom to solve problems as their minds work best.
It probably depends on the professor. Just explain your idea and see what he/she says is acceptable for this class.