Throughout the rest of 1934 and all of 1935 Keynes's activities were centred on two major projects, the completion of his General Theory, and the Arts Theatre, Cambridge. Not that he gave up all outside activities, for he was still involved in lecturing, bursaring for King's, his two insurance companies, the Economic Advisory Council and other areas. His published output was small, however, even if it was varied.

On his return from the United States, Keynes found the Committee on Economic Information concerned with ‘the co-ordination of different agricultural and industrial considerations in formulating trade policies’. This charge from the Government was a result of the desire of the Minister of Agriculture for an extension to other foodstuffs of the ‘levy-subsidy’ scheme adopted for wheat in 1932, whereby British growers received a subsidy on output financed out of proceeds of a levy on imports. The Committee asked each member to write a note on the factors that should be borne in mind in writing the report. Keynes replied as follows.