Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

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Adam Smith long ago taught us the difference between being pro-business and pro-free-market. Pro-business or corporatism means easy money, protection from competition, and bailouts at taxpayer expense. Pro-free-market means businesses are on their own in a competitive environment trying to serve consumers. We need to reject corporatism and embrace the free market. — Sheldon Richman, The Most Dangerous Derivative (2011)

Behavioral Economics

Behavioral Economics
Course Numbers:
UIC – ECON 390


“Non decipitur qui scit se decipi: he is not deceived who knows himself to be deceived.”

-Maxim of Roman Law
(from The Student’s Law Lexicon: A Dictionary of Legal Words and Phrases by William Cox Cochran)

“Homo economicus is dead, but whose Homo behavioralis will replace him?”

- Ken Binmore, University College London


This course will discuss recent developments in behavioral economics. The focus will be on economic behavior, heuristics, and experimental economics.


Nudge: Improving Decisions About Health, Wealth, and Happiness
Richard Thaler and Cass R. Sunstein
Publisher: Yale University Press
ISBN: 0300122233

Thinking, Fast and Slow
Daniel Kahneman
Publisher: Farrar, Strauss and Giroux
ISBN: 978-0374275631

Predictably Irrational: The Hidden Forces That Shape Our Decisions
Dan Ariely
Publisher: HarperCollins
ISBN: 006135323X

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