Some of you reading this message may be just beginning to take your first economics course at a high school, college, or university.  Others may be in the middle of a semester and will have already learned some things about macro and micro economics in your classes.  A few of you may be nearing completion of an undergraduate or graduate degree in economics, business, or international studies.  Whether you are a novice or a veteran economics student, it doesn't take you long to see that economics is an important element in world affairs and that economics is a powerful and influential discipline.  Knowledge of economics gives you a unique perspective of the world community and is an essential tool for good decision making.  Economic ideas and principles are used by world leaders and corporate executives to make decisions that change the course of human history.  This is the main reason that the Bank of Sweden awards a Nobel Prize each year to economists who have significantly contributed ideas to the science.

Recent world trends have made the study of economics more relevant and significant than ever before.  Globalization is linking commercial and political relations between countries at a pace and on a scale never before experienced by the world community of nations.  World trade has expanded dramatically as more and more countries have opened their markets to foreign products.  The foreign trade sector is the fastest growing component of most economies, and trade in services is the most rapidly growing category.  Billions of dollars worth of foreign exchange and mutual funds are moved from country to country on a daily basis via electronic transfer over the internet.  Stock markets are no longer the exclusive purview of a few rich nations.  An economic crisis in one nation has the potential to significantly alter the direction and economic performance of many others.  Government policy makers are constantly monitoring the economic performance of their countries and adjusting their fiscal, monetary, and trade policies to correct for an undesirable economic imbalance.  The standards of living and quality of life for millions of households are affected by these decisions.

The Global Economics Game has attempted to capture these exciting events in a game format.  It is a CD-ROM computer simulation of macroeconomic activity in a global context.  It is educational, interactive, and fun to play.  Players are the chief economic advisers to the president, congress, and central bank of their country.  The objective is to achieve balanced growth without too much pollution and full employment without too much inflation.  You can play against other players or against up to six other computer managed (or laissez faire) countries.  The newer edition includes a simulation of 20th century economic history.

By itself, the game will not teach you all of the nuances and intricacies of macroeconomics.  Learning economics thoroughly requires a good teacher, books, and many years of study; and you will never completely master it.  However, the game gives you a unique visual perspective of global events and policies.  It will help you become more familiar with the vocabulary and principles of macroeconomics; and it will help you understand and appreciate more about what you are learning in your classes.

One of the most significant recent developments in the globlal economy is the increasing degree to which more and more countries are relying on free market forces to determine economic outcomes.  During and immediately following World War II, governments controlled and regulated much of economic activity.  They owned a relatively large share of the world's production facilities and played a commanding role in determining how the world's scarce resources would be allocated.  Government expenditures (especially social transfers) as a per cent of GDP increased in most countries throughout the post war period.  More recently, however, a trend toward privitization and greater reliance on market forces has emerged.  Many economies are currently in transition from closed, centrally planned systems to open, market oriented economies.  Private enterprise, flexible exchange rate markets, and freer trade have become dominant forces in the modern global economy.

Whether governments or markets are predominately driving the global economy, all economic decisions are based on information.  And information processing is the fastest growing industry in the world.  Your role as young professional economists in this new age of global markets will be to gather information, process it, analyze it, and proffer advice to government leaders and corporate managers regarding policy decisions.  The better informed you are, the better your advice will be.  You will play an important role in shaping world destiny.

To help you get started with your research and gathering of information, we have selected some the best sites on the internet that pertain to economics.  If you are preparing a report, writing a speech, participating in a debate forum,  publishing a paper or thesis, or looking for a job,  you will find the following links excellent places to begin your research.
 

http://www.bls.gov/ooh/Life-Physical-and-Social-Science/Economists.htm  If you are interested in learning about what economists do, how they do it, and how much they get paid for doing it, then follow this BLS Occupational Outlook Handbook link.

Tutor2U (http://www.tutor2u.com)  Geoff Riley's award winning British based site is designed to maximize the examination performance of students by providing high quality learning resources and online community for economics students.  It has an excellent listing of global economics links.

About.com/Economics (http://economics.about.com)   John S. Irons, Professor of Economics at Amherst, acts as your economics guide to a potpourri of economics web sites at about.com -- named as one of the top five web sites in economics.

The Board of Governors of the Federal Reserve System (http://www.federalreserve.gov)  The Federal Reserve Board's home page for announcements, data, and links to foreign central banks.

The Nobel Prize for Economics (http://nobelprize.org/nobel_prizes/economics/laureates)  The Bank of Sweden Prize in Economics Sciences is the world's most prestigious award for contributions to the field of economics.  This site lists the Nobel Laureates from 1969 to the present.

Return to Home Page       Overview/Feedback/AwardsHow to Play/Features    Scholarship Contest

                                                Information for Educators     World Economics News    Exchange Rates