Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

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Ask a physicist how long it would take a bowling ball to land if you dropped it from the roof of your house. He will happily assume that your house is located in a vacuum, and then proceed to calculate the right answer. Ask an engineer to predict the path of a billiard ball after it is struck at a certain angle. He will assume that there is no such thing as friction, and the accuracy of his prediction will give him no cause for regret. Ask an economist to predict the effects of a rise in the gasoline tax. He will assume that all people are rational and give you a pretty accurate response. — Steven E. Landsburg, The Armchair Economist (1993)

Posts Tagged ‘international economics’

International Economics
Course numbers:
UIC – ECON 333


“No nation was ever ruined by trade”

-Benjamin Franklin (1706-1790), Thoughts on Commercial Subjects

“Trade is in its nature free, finds its own channel, and best direct[s] its own course: and
all laws to give it rules and direction, and to limit and circumscribe it, may serve the
particular ends of private men, but are seldom advantageous to the public.”

-Charles d’Avenant (1656-1714), An Essay on the East India Trade


This course is intended to provide an overview of the analytical framework for the
study of international economics. Topics covered include but are not limited to: the
balance of payments; fixed and flexible exchange rates; capital flows; comparative
advantage; tariffs and quotas; the costs and benefits of international trade.

Students are expected to attend all classes. Attendance and class participation will
make up a portion of the final grade. Lectures will be crucial for understanding the
material. Students are also expected to have completed the readings before each


Essentials of International Economics, Second Edition ©2011
Robert C. Feenstra and Alan M. Taylor
Worth Publishers
ISBN-10: 1-4292-7710-6 ISBN-13: 978-1-4292-7710-5