Adam Smith：The Wealth of Nations, Book I, Chapter IX, Paragraph 253

The lowest ordinary rate of profit must always be something more than what is sufficient to compensate the occasional losses to which every employment of stock is exposed. It is this surplus only which is neat or clear profit. What is called gross profit, comprehends frequently not only this surplus, but what is retained for compensating such extraordinary losses. The interest which the borrower can afford to pay is in proportion to the clear profit only. The lowest ordinary rate of interest must, in the same manner, be something more than sufficient to compensate the occasional losses to which lending, even with tolerable prudence, is exposed. Were it not, mere charity or friendship could be the only motives for lending.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book I, Chapter IX, paragraph 253 · Verified：2026-10-19 · Verification：Exact match

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