Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

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Quotations

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)

Posts Tagged ‘division of labor’

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.