Very dense economically, which is necessary, of course, to understand the current housing crisis and to begin to be able to think about ways out of the mess we are in. I felt myself getting a bit lost in the soup from time to time, and would have appreciated a high-level summary of the five equilibria.

I was excited to read Murray’s proposed solution as well as being offput to reflect on the power of what he calls “the housing cheer squad” – i.e. the vested interests that are protecting the status quo. As always, I cannot help but think the problem is too big and too politically messy for a solution as brave and necessary as Murray advocates.