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.

When the money supply increased exogenously, Marshall's vs. Wicksell's versions of short run inflation transmission are shown to be different because of their ideas on money demand. During the approach to monetary equilibrium, the implication was that the demand for transactions cash balances...

The difference between profit and interest was never clarified by the early classicalists, but J. S. Mill provided a partial answer: It was based on his two concepts of "abstinence". Interest was the reward for anonymous or "contract" personal saving without ownership--savings' financial...