Wicksell’s cumulative process (CP) was a ‘real’, not simply a monetary theory. Interest and Prices and later writings described two CP’S, one with constant real income, the cumulative inflationary process (CIP) and one with falling real income, the cumulative deflationary process (CDP)....

A review essay on James C. W., Ahiakpor Classical Macroeconomics: Some Modern Variations and Distortions, London, Routledge, 2003, pp. 254.