Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

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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 (2008)

International Economics

International Economics
Course numbers:
UIC – ECON 333


“No nation was ever ruined by trade”

-Benjamin Franklin (1706-1790), Thoughts on Commercial Subjects

“Trade is in its nature free, finds its own channel, and best direct[s] its own course: and
all laws to give it rules and direction, and to limit and circumscribe it, may serve the
particular ends of private men, but are seldom advantageous to the public.”

-Charles d’Avenant (1656-1714), An Essay on the East India Trade


This course is intended to provide an overview of the analytical framework for the
study of international economics. Topics covered include but are not limited to: the
balance of payments; fixed and flexible exchange rates; capital flows; comparative
advantage; tariffs and quotas; the costs and benefits of international trade.

Students are expected to attend all classes. Attendance and class participation will
make up a portion of the final grade. Lectures will be crucial for understanding the
material. Students are also expected to have completed the readings before each


Essentials of International Economics, Second Edition ©2011
Robert C. Feenstra and Alan M. Taylor
Worth Publishers
ISBN-10: 1-4292-7710-6 ISBN-13: 978-1-4292-7710-5

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