Adam Smith：The Wealth of Nations, Book IV, Chapter VII, Paragraph 1409

Our merchants frequently complain of the high wages of British labour, as the cause of their manufactures being undersold in foreign markets; but they are silent about the high profits of stock. They complain of the extravagant gain of other people; but they say nothing of their own. The high profits of British stock, however, may contribute towards raising the price of British manufactures, in many cases, as much, and in some perhaps more, than the high wages of British labour.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book IV, Chapter VII, paragraph 1409 · Verified：2026-10-19 · Verification：Exact match

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