This paper is devoted to the examination of two widely accepted understandings of Wicksellian cumulative process, i.e. Wicksell’s indeterminacy and disequilibrium analysis. It should be noted that these two understandings are generally based on Myrdal’s or Patinkin’s interpretations, not Wicksell’s descriptions, because it is difficult to grasp Wicksell’s thought from his vague, unclear, and confusing statements on his works. Thus, in this paper, these two understandings are examined based on Wicksell’s descriptions. In particular we shall deal only with cumulative process on the assumption of the stationary state in Wicksell (1936) while the main target of other historians of economic thought has been to elucidate Wicksell’s thought from all Wicksell’s works. This is because the natural rate of interest remains fixed in the stationary state, making it easy to point out why the process is cumulative. Moreover, after the essential theoretical characteristics of trade, price expectations, and price determination on cumulative process have been discussed, we examine whether the two understandings are found in cumulative process. As a result, it was discovered that there is a large difference between these two understandings and Wicksellian cumulative process.