Adam Smith：The Wealth of Nations, Book II, Chapter I, Paragraph 701

No fixed capital can yield any revenue but by means of a circulating capital. The most useful machines and instruments of trade will produce nothing, without the circulating capital, which affords the materials they are employed upon, and the maintenance of the workmen who employ them. Land, however improved, will yield no revenue without a circulating capital, which maintains the labourers who cultivate and collect its produce.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book II, Chapter I, paragraph 701 · Verified：2026-10-19 · Verification：Exact match

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