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

A depression is a situation of self-fulfilling pessimism.

Even if the crises that are looming up are overcome and a new run of prosperity lies ahead, deeper problems will still remain. Modern capitalism has no purpose except to keep the show going.

If a rise in wages does not raise prices, a fall will not reduce them.

economics limps along with one foot in untested hypotheses and the other in untestable slogans.

Capitalism with near-full employment was an impressive spectacle. But a growth in wealth is not at all the same thing as reducing poverty. A universal paean was raised in praise of growth. Growth was going to solve all problems. No need to bother about poverty. Growth will lift up the bottom and poverty will disappear without any need to pay attention to it. The economists, who should have known better, fell in with the same cry.

Where is the pricing system that offers the consumer a fair choice between air to breathe and motor cars to drive about in?