I appreciate George’s clarifications, which help push our conversation into more interesting realms. I am a great admirer of his work on monetary economics, believing he has made major contributions. I certainly did not intend to misrepresent George’s views. Nor do I have any fully developed business cycle theory of my own to offer as an alternative to his. I consider this to be the great unresolved issue in macoeconomics. While I believe, as I said before, that Austrian theory offers some penetrating insights, I do not find any of its variants to be entirely satisfactory.