Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

Find me on:



The state — or, to make matters more concrete, the government — consists of a gang of men exactly like you and me. They have, taking one with another, no special talent for the business of government; they have only a talent for getting and holding office. Their principal device to that end is to search out groups who pant and pine for something they can’t get, and to promise to give it to them. Nine times out of ten that promise is worth nothing. The tenth time it is made good by looting ‘A’ to satisfy ‘B’. In other words, government is a broker in pillage, and every election is a sort of advanced auction on stolen goods. — Henry Louis Mencken, Prejudices, First Series (1919)

Industrial Organization

Industrial Organization
Course number:


“It is not enough to prove that a given industry is not competitive. The crucial question is: how far do the conditions in the industry depart from competition? In many and perhaps most cases the answer is that the departures are not large.”

- George Stigler, The Theory of Price, 1946


Industrial Organization studies market structures, how concentrated industries are, to what extent firms can exercise monopoly power, mergers and takeovers. We will also study the impact of industry structures on consumers: price discrimination, product differentiation, advertising, research and development. Understanding industrial organization brings economic reasoning to cases for which the analyses of extremes of perfect competition or monopoly are not sufficient.


Modern Industrial Organization
Carlton and Perloff
ISBN: 0312180232

The Winner’s Curse
Richard Thaler
ISBN: 0691019347

Comments are closed.