Mike Bird is the Wall Street editor for The Economist magazine and is the author of The Land Trap: A New History of the World's Oldest Asset. Mike returns to the show to discuss the conclusion of Abenomics, the origins of land as an asset, the surge in housing prices during the COVID-19 Pandemic, the unsuspecting story of Wolf Ladejinsky, how housing impacted Japan's lost decade, the modern history of land in China, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on November 4th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow Mike on X: @Birdyword

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel

Timestamps

00:00:00 - Intro

00:01:27 - Abenomics

00:04:32 - Motivations for The Land Trap

00:7:58 - Land as a Different Kind of Asset

00:14:55 - COVID-19 Housing Prices

00:20:42 - Land as an Enduringly Important Asset

00:24:34 - Wolf Ladejinsky

00:37:14 - Japan from 1980s Onward

00:47:28 - Land in China

00:56:36 - Henry George

01:00:42 - Outro