The first additional material directly relating to the composition of the General Theory, other than the one additional ‘Circus’ document reprinted above (p. 12), concerns Keynes's lectures in the spring of 1932. On 11 February, he reported to Lydia that he was discussing their contents with Richard Kahn. When he gave his first lecture on 25 April, he reported that Kahn, Piero Sraffa and Joan and Austin Robinson were there to ‘spy’ on him. This first lecture, which Keynes thought had ‘passed off comfortably’ appears to have derived from the following materials.

Typed and handwritten fragments from which Keynes appears to have lectured, 25 April 1932.

NOTES ON FUNDAMENTAL TERMINOLOGY

The difficulty of choosing convenient terminology is partly due to the circumstance that so many useful economic expressions are strongly tinged with the implications of long-period equilibrium economics. It is, therefore, a difficult question for the modern student of short-period economics how far he shall use the familiar expressions, endeavouring to break down their present long-period associations. The object of the terminology proposed below does not differ from the object of the slightly different terminology which I employed in my Treatise. I have been led to adopt it partly as the result of experience as to what the reader in fact finds troublesome and partly out of a resolve to use language which is more unequivocally adapted to short-period problems.