Adam Smith：The Wealth of Nations, Book II, Chapter V, Paragraph 886

The capital of the retailer replaces, together with its profits, that of the merchant of whom he purchases goods, and thereby enables him to continue his business. The retailer himself is the only productive labourer whom it immediately employs. In his profit consists the whole value which its employment adds to the annual produce of the land and labour of the society.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book II, Chapter V, paragraph 886 · Verified：2026-10-19 · Verification：Exact match

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