Alfred Marshall made famous the concept of "normal profits" in his Principles. After showing how Marshall described it there in a micro-context, this paper will illustrate how he extended the idea to the macro-content in parliamentary testimony, by discussing greater-than-normal profits as the main cause of an upward cycle. Such profits will be shown to be caused by a positive differential between what may be regarded as the "natural" interest rate, but what Marshall called "average interest," and the "discount" rate. This positive interest-differential was also on what Wicksell later focused as the cause of an inflationary "cumulative process" in the short period. Therefore, there was a direct connection between Marshall's ideas on profits in the Principles, his public statements, and Wicksellian macro-economics.