Why is this simulation revolutionary for the student of economics?
- The participant may work with economic policies and concepts to attain understandable results over many years.
- The Gross Domestic Product is a direct result of the behavior of firms and industries in the microeconomy - including the wages paid to labor
- The profits and costs of the firms are available annually and cumulatively
- Unemployment is calculated annually, not ignored or assumed away
- A price index measures real magnitude changes over extended periods
- The simulated economy generates annual results which create a business cycle of up to 200 years
- An innovative grading method allows judgement of the strength of a business cycle over time
- A validity check is available, so when an overall starting point is adequately tested, the range of annual change in GDP, prices, and unemployment is generally within the standard pattern for developed economies
- Variable manipulation may provide a billion outcomes; escape the whiteboard models - experimentation is possible, welcome and encouraged