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Any one country can be in any of four possible disequilibrium situations. It can be (1) a surplus country with a domestic slump, (2) a surplus country with a domestic boom, (3) a deficit country with a domestic slump, or (4) a deficit country with a domestic boom.

— James Meade

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[The same transactions are not always] entered in the same category for receiving and paying country.

We shall talk as if the objective of internal balance were simply that of maintaining a level of total demand for all the country’s products sufficiently high to maintain full employment, but not so high as to lead to a continuing inflation of money prices and costs.

The frontiers of knowledge in the various fields of our subject are expanding at such a rate that, work as hard as one can, one finds oneself further and further away from an understanding of the whole.

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Quote text and notes from Wikiquote: James Meade (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.