Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

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Quotations

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

Labor Economics

Labor Economics
Course number:
NEIU – ECON 306D

FULL SYLLABUS (.pdf)

“Everything in the world is purchased by labour”

- David Hume (1711 – 1776), Essays, Of Commerce

“The property which every man has in his own labour; as it is the original foundation of all other property, so it is the most sacred and inviolable…”

- Adam Smith (1723 – 1790), An Inquiry into the Nature and Causes of the Wealth of Nations

INTRODUCTION

This course is a more intricate study of labor markets than is offered in the standard microeconomics courses. We will be applying economic theory to labor markets and related economic phenomena including but not limited to: earnings, employment, unemployment, worker mobility, and discrimination.

REQUIRED TEXT

Labor Economics, Fifth Edition
George J. Borjas
Publisher: McGraw-Hill
ISBN: 0073511366

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