Heather Gorsett’s Reviews > Basic Economics: A Common Sense Guide to the Economy > Status Update
Heather Gorsett
is on page 9 of 634
Chapter 2: The Role of Prices, studies how scarce resources with alternative uses require trade-offs. Supply rises with price; demand falls. There’s no fixed “need” or “real” value—prices reflect subjective choices. Competition and prices guide efficient resource use. Unmet needs persist because resources are limited. Economics is about balancing trade-offs, not solving all problems.
— Sep 18, 2025 06:36PM
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Heather’s Previous Updates
Heather Gorsett
is on page 64 of 634
Chapter 3: Price Controls. Price controls sound fair—but history shows the real cost. Ceilings spark shortages, hoarding, and black markets; floors create wasted surpluses and inflated prices. From 16th-century Antwerp to modern Zimbabwe, interfering with prices misallocates resources, hurts the vulnerable, and fuels political favoritism.
— Jan 08, 2026 12:10PM
Heather Gorsett
is on page 9 of 634
Learning about economics over the course of three years with my high school students!
— Aug 15, 2025 03:19AM
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Sep 18, 2025 06:37PM
“So long as we respond gullibly to political rhetoric about unmet needs, we will arbitrarily choose to shift resources to whatever the featured unmet need of the day happens to be and away from other things. Then, when another politician—or perhaps even the same politician at a later time— discovers that robbing Peter to pay Paul has left Peter worse off, and now wants to help Peter meet his unmet needs, we will start shifting resources in another direction. In short, we will be like a dog chasing his tail in a circle and getting no closer, no matter how fast he runs.”
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