- Cafe Hayek - https://cafehayek.com -

Quotation of the Day…

Tweet [1]

… is from page 314 of UCLA economist William Allen’s 1989 collection of the transcripts of his insightful and still-germane radio addresses, The Midnight Economist [2]; specifically, it’s from Allen’s April 1988 radio address titled “Untruths About the Balance of Payments” (original emphasis):

bpIt is not true that the balance of payments is unbalanced.  The [U.S.] balance of payments is a double-entry accounting record of transactions of United States residents with the rest of the world.  Since each transaction is balanced, then over any period the total of transactions necessarily balances.

Comments