Macroeconomics Simulation

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Scenario
You have just completed your seven-year term as the chief economic policy advisor responsible for managing the economy of the nation of Econland. You are expected to create a report for the incoming administration. In this outgoing report, you will summarize your macroeconomic policy decisions and the economic outcomes for Econland. The purpose of this report is to share the lessons you’ve learned over your term and promote sound macroeconomic decision making moving forward.

Directions
First, assemble the materials that you will need to complete this assignment:

Access the Macroeconomics Simulation: Econland from Harvard Business Review and select either the Rollercoaster or Stagnation scenarios. Once you have completed your final year of your seven-year term, you can access the final reports under the Dashboard and Reports tabs at the top of the webpage. You will use these charts, graphs, and other visualizations to illustrate your report in the indicated areas of the template (for example, Table 1.1). Reach out to your instructor if you have any questions about accessing these resources.
Review and use the Project Template located in the What to Submit section.
The cover page, Table of Contents, and Introduction sections of your report are provided and should remain standard in all submissions except where indicated in the template. You should read the brief Introduction section, as it provides insight into the purpose and structure of the deliverable, and add the high-level descriptions where prompted.
There are placeholders in the template for your data visualizations (e.g., charts, graphs, tables, etc.). These placeholders are meant to give you a rough approximation of the placement of the visualizations that are required. You should replace the placeholders with the appropriate, indicated images in each case. To create an isolated image from the simulation data, it is recommended that you use a snipping tool or other image-editing software to copy and paste your data visualizations into the template. See the relevant tutorials in the Supporting Materials section for more information.
You are expected to reference any source material used in your report with appropriate citations. To support you, a References page has been added to the project template with the citation for the course’s reading already provided. Any other references you add should be cited according to APA format.
Once you have assembled the required materials listed above, you can now begin drafting your economic summary report by completing the following steps:

The first section of your report is the Introduction, in which you will personalize the provided content with the particular information related to your term (i.e., your simulation results) as the chief economic policy advisor for the nation of Econland. Follow the instructions in the template for contextualizing this section, including adding Table 3 from your simulation report to the indicated area of the template (i.e., Table 1.1). Then, add a two- to three-sentence summary specifying which underlying scenario you chose and your overall performance and approval rating.
Taxation Policies: In the Fiscal Policies: Taxation section of your report, discuss the taxation policies of Econland for the public and your successor. Within this section, you should add an image of Table 1 from your simulation results to the indicated area of the template (i.e., Table 2.1). Then, answer the following questions in the paragraphs below the table:
Explain your intent for the taxation policy decisions you made over your seven-year term. What were the macroeconomic principles or models that influenced your decision making?
Identify the impact of your changes to the income and corporate tax rates. How were consumption and investment affected by your tax-policy decisions? Explain these dynamics using specific macroeconomic principles from the course reading.
Compare and contrast the impact of your tax policy decisions with those of current or historical examples in the United States. What do these examples demonstrate about the validity of macroeconomic models? Be sure to cite your research appropriately. (See the Supporting Materials section.)

Sample Solution

Rolesia is a macroeconomic simulation game for teaching and training that can be played on a desktop, tablet, or smartphone. A 130-variable model is used to create a virtual country for each player. The model contains, among other things, a national budget, a stock market, foreign currency trade, and central banking. The teacher can pick the level of difficulty of the choices made, as well as whether or not to simulate the US economy. There are two online versions of the app. The free version includes the majority of the paid version’s features and is available for 10 days. Quantitative Easing is one of the additional complexity options and choices available in the premium edition.

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In contemporary society, students are accustomed to receiving information through interactive learning environments due to the rise of social media. Their knowledge of news and education outside of the classroom comes from informal experiences such as posts and videos on platforms such as Snapchat or Instagram. In contrast, according to Elliot Hu-Au and Joey J. Lee, a doctoral student and a lecture professor, respectively, of Columbia University, students’ education in a classroom setting comes from “transmissionist methods such as lectures, leading to passive, disengaged students”(Hu-Au and Lee 2). Because students are more accustomed to interactive learning environments, school environments are boring, leading to disengagement. A study conducted by Dorothy Lucardie, a researcher and administrator of adult education, found that in a learning environment “fun and enjoyment did provide a great motivator for participation and learning” and that it aided in a “greater absorption of the learning content” (Lucardie 6). This study shows that disengaged students who take no interest in class education, have lower absorption of content, thus leading to a worse overall learning experience. Also, an increase in student disengagement leads to “many unfavourable behaviours hindering student success, including dissatisfaction, negative experience, and dropping out of school”(Hu-Au and Lee 4). The introduction of VR to educational facilities can “provide an opportunity to boost student engagement”(Hu-Au and Lee 4). VR allows a student to have hands-on experience with all types of situations. This experience likely is new to many students, encouraging them to stay engaged with VR. Student disengagement is clearly linked to lower learning capabilities and because VR boosts student engagement, VR should be implemented into educational facilities.

Already many facilities such as The Arlington Science Focus School in Arlington, VA; the Gaelscoil Eoghain Ui Thuairisc school in Carlow, Ireland; the Drury University in Springfield, MO; and many others are seeing the advantages of education through VR implementation. They have found that the introduction of VR into educational institutes beneficially affected the way students understood a concept. Marianne Stenger, a journalist from the online education provider OpenColleges, claims that it allows students to “learn from realistic scenarios without the risk of practicing an unfamiliar skill in an uncontrol

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