1. I show that ABCT is based in reality by showing that it is both logically coherent (chapter 3) and consistent with the facts of reality (chapters 5–9). For an example of an economist who claims ABCT does not explain the contraction, see Maurice W. Lee, Macroeconomic Fluctuations, Growth, and Stability, 5th ed. (Homewood, IL: Richard D. Irwin, Inc., 1971), pp. 223–227. For an example of an economist who claims the theory is not based in reality, see
2. Robert A. Gordon, Business Fluctuations, 2nd ed. (New York: Harper and Row, 1961), pp. 358–363.
3. For an example of a criticism that has no intellectual content, see Leland B. Yeager, “The Significance of Monetary Disequilibrium,” Cato Journal vol. 6, no. 2 (Fall 1986), pp. 369–420. See p. 378. For examples of incoherent arguments, see
4. Gordon Tullock, “Why the Austrians Are Wrong about Depressions,” The Review of Austrian Economics vol. 2, no. 1 (1988), pp. 73–78 and
5. Gordon Tullock, “Reply to Comment by Joseph T. Salerno,” The Review of Austrian Economics vol. 3, no. 1 (1989), pp. 147–149.