Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

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As a skeptic, I reject a sole time series of the past as an indication of future performance; I need a lot more than data. My major reason for this is the rare event, but I have others. On the surface, my statement here may seem to contradict earlier discussions, where I blame people from not learning enough from history. The problem is that we read too much into shallow recent history, with statements like ‘this has never happened before,’ but not from history in general… [H]istory teaches us that things that never happened before do happen. — Nassim Nicholas Taleb

Mathematical Economics

Introduction to Mathematical Economics
Course number:
UIC – ECON 345


“As far as the laws of mathematics refer to reality, they are not certain; and as far as they are certain, they do not refer to reality.”

- Einstein, Albert (1923) from Sidelights on Relativity (Geometry and Experience)


This class focuses on the mathematical analysis of microeconomic theory, specifically the mathematical treatment of price theory and the behavior of consumers and firms. Students in this course should have taken and understood both Finite Mathematics for Business and Intermediate Microeconomics.


Mathematics for Economics, Third Edition (March 4, 2011)
Michael Hoy et al.
Publisher: The MIT Press
ISBN-13: 978-0262015073

Schaum’s Outlines: Introduction to Mathematical Economics, Third Edition (August 30, 2000)
Edward Dowling
Publisher: McGraw-Hill
ISBN-13: 978-0071358965

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