Newton's first law states that a body at rest or moving at a constant velocity experiences no net external force, which can be interpreted as either having no forces acting on it or having balanced forces. The discussion highlights that both interpretations are valid and lead to the same conclusions in Newtonian mechanics. It emphasizes the importance of inertial reference frames, where the first law applies, allowing for a consistent understanding of motion. The conversation also touches on the historical context of Newton's work and the evolution of physics, suggesting that modern interpretations should not contradict the foundational principles laid out by Newton. Ultimately, the nuances in wording do not affect the quantitative predictions of Newtonian physics.