The Macroeconomics Simulation: Econland brings economics to life by getting students to make monetary and fiscal policy decisions for a fictional country, with the aim of maximizing the economic well-being of the country’s citizens.
In Econland, learners manage the economy of a country for a period of 7 years. Players make monetary and fiscal policy decisions in order to make the population happy about the economy, including:
Each year, players receive information on developments in the global economy, the Consumer Confidence Index and other key economic data.
The simulation can be played under three scenarios for the development of the world economy, enabling students to replay the game under different conditions.
Understand the tradeoffs of monetary and fiscal policy decisions. Decisions that may benefit one area of results may worsen performance in another results area.
Adapt economic policy decisions to the changing state of the economy of a country, as well as to global economic conditions.
Recognize that economic models can be useful tools to understand the impact of policy decisions on economic outcomes; however, realize that no economic model is perfectly accurate or 100% complete.
"I have used the Econland in my past three MBA Economics classes. The positive impact on student interest and understanding of macroeconomics has been eye-opening. I have seen a clear improvement in student understanding.”
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