EconomyX

Fiscal Policy Simulator

EconomyX (Fiscal Policy Simulator) is an interactive Python application developed to simulate the impact of fiscal policy changes on an economy's GDP and price level. This project was created using the Numpy library and the Matplotlib library for data visualization.

Features

• Analyze the effects of changing tax rates and government spending on the economy's performance.
• User-friendly interface for inputting base and future tax rates, as well as government spending parameters.
• Real-time plotting of GDP and price level shifts based on user inputs.
• Identification of contractionary and expansionary fiscal policies depending on the simulated outcomes.
• Visual representation of economic scenarios to facilitate understanding and decision-making.

How to Use

1. Clone the repository to your local machine.

2. Make sure you have Python installed along with the required libraries and a suitable IDE (Integrated development environment).

   You need to install Numpy and Matplotlib in your machine inorder for the simulator's code to function. The method on how to install Numpy and Matplotlib is given below :

   Windows

    Numpy - https://www.geeksforgeeks.org/how-to-install-numpy-on-windows/
   
    Matplotlib - https://www.scaler.com/topics/matplotlib/install-matplotlib/
   

   MacOs

    Numpy - https://www.geeksforgeeks.org/how-to-install-numpy-on-macos/
   
    Matplotlib - https://www.scaler.com/topics/matplotlib/install-matplotlib/
   

3. Run the EconomicSimulator.py file.

4. Input base and future tax rates, and government spending to observe the simulated economic impact.

5. The application will dynamically plot the changes in GDP and price level and indicate the fiscal policy type.

Team Collaboration

This project was a collaborative effort involving Arshnoor Bhutani, Arshiya Mahajan, Aman and Akshadha Bhutani. Each team member contributed to various aspects, including User Interface(UI), calculation logic, economic explanation and testing.