A theory for the current and light pulses of positive glow corona from a point in air is presented; this phenomenon was first observed as an apparently continuous glow by Michael Faraday. Results are obtained, in concentric sphere geometry, for air at atmospheric pressure, by solving the continuity equations for electrons, positive ions, negative ions and metastable oxygen molecules, coupled with Poisson's equation. A series of `saw-toothed' current pulses of period about is predicted with a DC current level. Accompanying the current peaks are discrete pulses of light 30 ns wide. Successive `shells' of positive ions, from successive current pulses, carry 96% of the mean current. The mean current - voltage relationship has the classic square-law form. The seed electrons required for successive pulses are detached from negative ions by metastable oxygen molecules. Photo-ionization is crucial for the discharge at the anode and for the formation of negative ions throughout the gap. The pulse frequency varies with applied voltage and is found to be approximately proportional to the positive-ion mobility. The surface electric field at the central electrode remains close to Peek's onset field. The origin of onset streamers is explained and sub-microsecond voltage pulses are found to produce streamers. The results for concentric-cylinder electrodes are described briefly.