Adam Smith：The Wealth of Nations, Book I, Chapter IX, Paragraph 238

The increase of stock, which raises wages, tends to lower profit. When the stocks of many rich merchants are turned into the same trade, their mutual competition naturally tends to lower its profit; and when there is a like increase of stock in all the different trades carried on in the same society, the same competition must produce the same effect in them all.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book I, Chapter IX, paragraph 238 · Verified：2026-10-19 · Verification：Exact match

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