Virtual Economy Home Page
Welcome to the Biz/ed / Institute for Fiscal Studies (IFS) Virtual Economy. This has been produced with the generous support of a grant from the Nuffield Foundation. At the heart of the Virtual Economy are sophisticated computer models which are very similar to those the Chancellor and his advisers use to prepare the Budget and to keep the economy on track.
The model is based around No.11 Downing St. - the Chancellor's house and office. Use the right-hand panel or the top navigation bar to navigate around. On each floor, you'll find various rooms with a wide variety of resources. Just click on the room you want.
- Ground floor (this floor) - Chancellor's office with an introduction to the Virtual Economy and an information bureau with teachers' guides, student guides and details of the model.
- 1st floor - Case Studies - this floor has case studies about the impact of changes in the economy on people, business and governments.
- 2nd floor - Economic Policy - a whole floor dedicated to the different economic variables in the model. Here you'll find advice, explanations, worksheets and relevant economic theories about everything in the Virtual Economy.
- 3rd floor - Library - you can browse here for all sorts of help. There are details on famous economists, all types of economic theory and a full glossary of all terms in the Virtual Economy.
- 4th floor - The Model - on this floor is the model itself. Try changing anything you like and see the effect on the economy.
There are further details available of the development of the Virtual Economy and the groups involved in its preparation. There is also a teachers' guide and a students' guide in the information room on this floor. To get an overall view, why not look at the site map?
Please note: The Virtual Economy model has been updated to reflect changes made in the April 2002 Budget.