Income from property is not the reward of waiting, it is the reward of employing a good stockbroker. - Joan Robinson

At any moment there is certainly not balanced trade between the various areas of the habitable globe that happens to be under separate national governments — there is an ever-changing pattern of deficits and surpluses.

But once we bring historical time into the argument, it is not so easy to present the free play of the market as an ideal mechanism for maximizing welfare and securing social justice.

Progress is slow partly from mere intellectual inertia. In a subject where there is no agreed procedure for knocking out errors, doctrines have a long life. A professor teaches what he was taught, and his pupils, with a proper respect and reverence for teachers, set up a resistance against his critics for no other reason than that it was he whose pupils they were.