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

Fundamentals of Business Economics

Fundamentals of Business Economics
Course number:


“The curious task of economics is to demonstrate to men how little they really know
about what they imagine they can design.”

- F.A. Hayek, The Fatal Conceit

“The ideas of economists and political philosophers, both when they are right and
when they are wrong, are more powerful than is commonly understood. Indeed the
world is ruled by little else. Practical men, who believe themselves to be quite
exempt from any intellectual influence, are usually the slaves of some defunct

- John Maynard Keynes, The General Theory of Employment, Interest, and Money


Fundamentals of Business Economics is directed to MBA students who need
a survey of basic economic theory in order to succeed in the graduate study of
business. Throughout the course, the basic theoretical concepts and tools of
microeconomics and macroeconomics are introduced and used to analyze
contemporary business and economic issues and problems.
The course has six sections: markets and prices, industry and commerce,
work and pay, time and risk, the national economy, and the international economy.
Students are expected to attend all classes and complete all work. Late work will
not be accepted without prior consent.


Economics in One Lesson
Henry Hazlitt
ISBN: 0-930073-19-3

Basic Economics: A Common Sense Guide to the Economy
Thomas Sowell
ISBN: 978-0-465-02252-6

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