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RUNNING THE BRITISH ECONOMY

Wednesday 17 October: 1:30pm - 5:15pm
Thursday 18 October: 1:30pm - 5:15pm

Faculty of Economics, Meade Room, Austin Robinson Building Sidgwick Avenue, CB3 9DD

Reflecting this year’s theme of Extremes, the Economics Faculty’s popular interactive simulation game ‘Running the British Economy’ returns to the Festival of Ideas looking in particular at:
• Income and wealth inequalities
• Extreme monetary policy (Quantitative Easing)
• Brexit – an economic shock?
If you are at school in Years 12 or 13 and are studying Economics and/or related subjects, ‘Running the British Economy’ is designed for you.

Together with your co-students, in teams of 4 or 5, you will run the British economy for 10 ‘years’. You will take decisions on:
• Government spending
• Income tax and Value-Added tax rates
• Interest rates and monetary policy
You have to steer a careful economic voyage between an inflationary boom on the one side, and recession on the other. You will find out just how difficult this can be.

After you have set your economic policies for the forthcoming year, your decisions will inform our computable model of the British economy. The results will tell you how well – or how badly – you have done. And that will set the scene for your next round of decisions.

Your team will score points if the output of the economy grows alongside high levels of employment but without strongly rising prices. But you will lose points if the economy goes into recession, jobs are lost and government borrowing has to be increased. At the end of the game, the winning team members get a (small) prize.

Before you start to play, Professor Tony Cockerill will update you on the outlook for the (real) British economy, review the extreme issues, and guide you on how to play the game.

Schools interested in joining us this year should contact in the first instance:
Research Administration, Faculty of Economics, University of Cambridge, Austin Robinson Building, Sidgwick Avenue, Cambridge CB3 9DD.
e-mail: research-admin@econ.cam.ac.uk

Booking Information

Booking email address: research-admin@econ.cam.ac.uk

Booking required

Additional Information

Age: 15+, Workshop, Arrive on time, Free