Practice of economic policy – macroeconomic simulation

For several semesters now a model has been used in the "Practice of economic policy" subject area at the Bonn-Rhein-Sieg University of Applied Sciences as an analysis and forecasting tool to back up and supplement the economics lectures/tutorials. Macroeconomic interrelationships and economic policy spheres of activity are represented in a practically-oriented manner in a model which shows how economic policy levers actually operate in practice.

The simulation gives students the opportunity to assimilate and consolidate the knowledge of economics that has just been imparted in the lectures or tutorials, and to use it in a dynamic group environment. It has been found that the simulation is a good way of improving the understanding of complex economic data and decisions in the light of current economic policies. In addition, the simulation contributes to the identification of the practical relevance of economic issues and aspects in everyday business management and helps to expand them into an indispensable element of comprehensive management knowledge.