on of
articles previously produced at home. The capital thus set free, finds
its most convenient seat to be Paris, since the business to which it
must turn is the production of articles to be unproductively consumed by
the sojourners.

The great trading towns of France would undoubtedly be more flourishing,
if France were not frequented by foreigners.

Rome and Naples are perhaps purely benefited by the foreigners
sojourning there: for they have so little external trade, that their
case may resemble that of the village in our hypothesis.

Absenteeism, therefore, (except as shown in the first Essay,) is a
local, not a national evil; and the resort of foreigners, in so far as
they purchase for unproductive consumption, is not, in any commercial
country, a national, though it may be a local good.

From the considerations which we have now adduced, it is obvious what
is meant by such phrases as a _brisk demand_, and a rapid circulation.
There is a brisk demand and a rapid circulation, when goods, generally
speaking, are sold as fast as they can be produced. There is slackness,
on the contrary, and stagnation, when goods, which have been produced,
remain for a long time unsold. In the former case, the capital which has
been locked up in production is disengaged as soon as the production is
completed; and can be immediately employed in further production. In the
latter case, a large portion of the productive capital of the country is
lying in temporary inactivity.

From what has been already said, it is obvious that periods of "brisk
demand" are also the periods of greatest production: the national
capital is never called into full employment but at those periods. This,
however, is no reason for desiring such times; it is not desirable that
the whole capital of the country should be in full employment. For, the
calculations of producers and traders being of necessity imperfect,
there are always some commodities which are more or less in excess, as
there are always some which are in deficiency. If, therefore, the whole
truth were known, there would always be some classes of producers
contracting, not extending, their operations. If _all_ are endeavouring
to extend them, it is a certain proof that some general delusion is
afloat. The commonest cause of such delusion is some general, or very
extensive, rise of prices (whether caused by speculation or by the
currency) which persuades all dealers that they are growing rich. A