Adam Smith：The Wealth of Nations, Book I, Chapter X, Paragraph 305

The establishment of any new manufacture, of any new branch of commerce, or of any new practice in agriculture, is always a speculation from which the projector promises himself extraordinary profits. These profits sometimes are very great, and sometimes, more frequently, perhaps, they are quite otherwise; but, in general, they bear no regular proportion to those of other old trades in the neighbourhood. If the project succeeds, they are commonly at first very high. When the trade or practice becomes thoroughly established and well known, the competition reduces them to the level of other trades.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book I, Chapter X, paragraph 305 · Verified：2026-10-19 · Verification：Exact match

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