Saturday, October 17, 2015
Virtual Chancellor Simulation
1. How well did you manage the economy?
While I was quite satisfied with my macroeconomic goals, boosting the GDP by a huge amount, tearing apart inflation, and lowering government debt (at a cost to things like exchange rate which I feel don't matter as much), my families struggled massively. I used very socialist policies, putting large taxes on the rich, lowering regressive, consumption-based taxes, and increasing pocket money, which helped my employed singles, but hurt poor families and pensioners, which I feel isn't worth at all, not to mention that devastating chunk of income I took out of the rich.
2. What were some of the consequences of your actions?
Like I mentioned above, the primary damage of my actions was to families, most importantly poor families with children and old pensioners. My economy as a whole did fairly well, but I did go into an account deficit and hurt my exchange rate index quite a bit.
3. How much influence do you feel policy makers have on how the economy performs?
I feel policy makers have a massive impact on an economy's performance; they can't "control it", but their actions can definitely have huge consequences on an economy, as demonstrated by the massive shifts in macroeconomic goals and family wealth that occurred as a result of a few of my changes.
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