FET #76: Moses Sternstein on the housing shortage myth, demographics, and debt

2026-05-31

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Moses Sterstein runs the terrific Random Walk substack. I stumbled across his creative insights a couple of years ago when someone sent me an article he wrote about the mythical housing shortage. Since then, I have kept track of his views on evolving macro-economic and demographic trends. This conversation was a chance for me to see how his independent analysis had led him to some similar views to mine on housing markets, but also test where we differ on the likely social, economic and political effects of long-term...

Moses Sterstein runs the terrific Random Walk substack. I stumbled across his creative insights a couple of years ago when someone sent me an article he wrote about the mythical housing shortage.

Since then, I have kept track of his views on evolving macro-economic and demographic trends.

This conversation was a chance for me to see how his independent analysis had led him to some similar views to mine on housing markets, but also test where we differ on the likely social, economic and political effects of long-term demographic trends.

It was a surprise to hear that we have both arrived at a similar view on the application of monetary policy being too broad for many of the industry-specific inflation concerns we have today.

Enjoy this conversation and find Moses on Twitter here and at his Random Walk Substack below.

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Theme: Happy Swing by Serge Quadrado Music—Creative Commons Licence CC BY-NC 4.0

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