Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

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Quotations

If all men were equal in interest and in endowment, natural or artificial, there would be no organized economic activity to explain. Each man would be a Crusoe. Economic theory thus explains why men co-operate through trade. They do so because they are different. — James Buchanan and Gordon Tullock, The Calculus of Consent (1962)

Industrial Organization

Industrial Organization
Course number:
NEIU – ECON 332

FULL SYLLABUS (.pdf)

“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

INTRODUCTION

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.

REQUIRED TEXTS

Modern Industrial Organization
Carlton and Perloff
ISBN: 0312180232

The Winner’s Curse
Richard Thaler
ISBN: 0691019347

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