Investors love companies that have increasing returns to scale.

投资者喜欢那些规模回报不断增长的公司。

And it comes down to a key economic concept, which is increasing returns to scale.

这归结为一个关键的经济概念，即规模收益递增。

Ethan Wu: And yet companies that in the past have looked like they're going to have increasing returns to scale forever have turned up to naught.

吴伊森：然而，过去那些看上去将永远实现规模收益递增的公司却最终一事无成。