To the builders go the spoils

10 counties hoovered up all the people, reports of Meta's death are greatly exaggerated, and what happens if you split the difference between the .Com Bubble and the Great Recession?

Random Walk knows inflation is super high and food and fertilizer are uncomfortably scarce. But there are more important things, like digital advertising and venture capital, so that’s where Random Walk takes us.

Things we think

To the builders go the spoils

People moving and people procreating are two phenomena Random Walk observes (keeps track of?) with interest. They’re important because they are both growth drivers, although the former is zero-sum, whereas the latter is not—i.e., one immigrant gained is another emigrant lost, but there is no comparable P&L when it comes to babies.

As a country, we’re trending in the wrong direction when it comes to population growth. That trend is not, however, borne equally by every part of the country—particularly when it comes to migration, there are some clear winners and losers. The most prominent losers have been the largest cities (particularly on the coasts)—population outflows weren’t great before the pandemic, but the pandemic made them su…