“When profit diminishes, merchants are very apt to complain that trade decays; though the diminution of profit is the natural effect of its prosperity, or of a greater stock being employed in it than before.”

Source: (1776), Book I, Chapter IX

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Scottish moral philosopher and political economist 1723–1790

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Source: (1776), Book I, Chapter X, Part I, p. 136 (tendency of the rate of profit to fall).

“When profit diminishes, merchants are very apt to complain that trade decays; though the diminution of profit is the natural effect of its prosperity, or of a greater stock being employed in it than before.”

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