This paper contributes to reflection on economic thought, through consideration of Knut Wicksell's and Austrians' contributions according to possible solutions of macroeconomic instability and cyclical fluctuation. Particular contribution of Wicksell upon which the Austrians built their cycle theory is considered. The paper focuses on questions about causes of these fluctuations, manners and mechanism of their dispersion and propagation through the economy, and possible policy responses to these causes. All key concepts, such as cumulative process, natural rate of interest and forced saving, developed by Wicksell and Austrians are incorporated and analyzed in this paper.