Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

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Quotations

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

Principles of Microeconomics

Principles of Microeconomics
Course numbers:
UIC – ECON 120
NEIU – ECON 217

FULL SYLLABUS (.pdf)

“A planted seed has value long before it becomes a tree. The potential benefits are enough to give it value. Teaching is the planting of seeds. Knowledge, or even better, wisdom, is an investment like a tree that goes on and on producing fruit. But unlike a fruit tree, you have no idea when the fruit will come or what kind it will be.”

- Russell Roberts, The Price of Everything p. 168

INTRODUCTION

This course is an introduction to microeconomics. We will be looking at some general beliefs about how firms, individuals, and households respond to changes in incentives.

REQUIRED TEXT

Modern Principles: Microeconomics, First Edition
Tyler Cowen and Alex Tabarrok
Publisher: Worth
ISBN: 1-4292-4638-3

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