Did Adam Smith Write This?

ANDREW C. REVKIN posts in Dot Earth (HERE):

‘The Endless Pursuit of Unnecessary Things’

“Adam Smith, the father of economics, 250 years ago, said: “An investment is by all right-minded people to be commended, because it brings comforts and necessities to the citizenry. But, if continued indefinitely, it will lead to the endless pursuit of unnecessary things.”

Comment
I am not aware of where Adam Smith made such a pronouncement (or, at least have not found it yet) and would appreciate any help from readers of Lost Legacy to locate it in Smith’ works.

It sounds in part as something Smith could have said, but has a modern ring to it as well. It may be a paraphrase at best or simply invented by somebody with a modern axe to grind.

It is now reappearing on other Blogs, which is to be expected, and has received at least one rebuttal from Ronald Bailley at Reason.com HERE:'Decrying the "Pursuit of Unnecessary Things"
Are we overconsuming our way to doomsday?'

Any light that readers can shine on it would be appreciated.