Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

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Quotations

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)

This section is the home for videos I have created or use in my lectures.

Here I briefly explain what my latest research project is about and where it is headed.

Prof. Adam Martin explains how the drug war has altered incentives for both drug buyers and sellers, leading them to favor higher potency drugs. This is what economists call the potency effect.

Prof. Angela Dills discusses the economics of drug prohibition.

It takes an entire civilization to build a toaster. Designer Thomas Thwaites found out the hard way, by attempting to build one from scratch: mining ore for steel, deriving plastic from oil … it’s frankly amazing he got as far as he got. A parable of our interconnected society, for designers and consumers alike.

In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis.

Hans Rosling’s famous lectures combine enormous quantities of public data with a sport’s commentator’s style to reveal the story of the world’s past, present and future development. Now he explores stats in a way he has never done before – using augmented reality animation.

Sheldon Richman, the Editor of The Freeman Magazine, lectures on the Most Dangerous Derivative: Power & Privilege in the Corporate State.

When Elizabeth Warren stresses the urgency of Wall Street reform, Jon wants to make out with her. From January 26th, 2010

A look at some kids asked to endure the pain that is patience.