Page 122 - DECO402_MACROECONOMIC_THEORY_HINDI

lef"V&vFkZ'kkL=k osQ fl¼kar

uksV Lrj Hkh izR;{k vuqikr esa c<+rk gS rFkk eqnzk dk ewY; de gks tkrk gS ,oa blosQ foijhr Hkh gksrk
gSA¸ (Other things remaining unchanged, as the quantity of money in circulation increases
the price level increases in direct proportion and the value of money decreases and vice-
versa.–Irving Fisher)

D;k vki tkurs gSa eqnzk dh Ø'kfDr dks gh eqnzk dk ewY; dgk tkrk gSA

12-5 eqnzk osQ ifjek.k fl¼kar osQ nks lehdj.k
(Two Equations of the Quantity Theory of Money)

eqnzk osQ ifjek.k fl¼kar ls lacafèkr nks izeq[k lehdj.k bl izdkj gSaµ
(1) udn O;olk; ;k fiQ'kj dk lehdj.k (Transactions Approach of Fisher’s Equation)

(2) udn 'ks"k ;k oSQfEczt lehdj.k (Cash Balance or Cambridge Equation)

(1) udn O;olk; ;k fiQ'kj dk lehdj.k (Transactions Approach or Fisher’s Equation)

lu~ 1911 esa izdkf'kr viuh iqLrd “The Purchasing Power of Money” esa izks- bj¯ox fiQ'kj us eqnzk osQ
ifjek.k fl¼kar osQ udn O;olk; n`f"Vdks.k (Transactions Approach) dk izfriknu fd;k gSA fiQ'kj osQ
vuqlkj] ¶eqnzk osQ ifjek.k fl¼kar dk ;g dFku lR; gS fd eqnzk osQ pyu osx rFkk O;kikj dh ek=kk
osQ fLFkj jgus ij dher Lrj esa izR;{k :i ls eqnzk dh ek=kk esa gksus okys ifjorZuksa osQ vuqlkj ifjorZu
gksrs gSaA (The quantity theory is correct in the sense that the level of prices varies directly with the
quantity of money in circulation provided the velocity of circulation of that money and volume of
trade are not changed.–Irving Fisher) tks ;g n'kkZrk gS dh eqnzk dk ewY; (tks dher Lrj osQ foijhr gS)
eqnzk ifjek.k osQ lkFk foijhr :i ls ifjo£rr gksrk gSA lkèkkj.kr%] fiQ'kj osQ eqnzk ifjek.k fl¼kar dks fuEu
fofue; lehdj.k (Equation of exchange) osQ :i esa iz;ksx fd;k tkrk gSA

PY = MV + M´V´

vFkok
MV + M´V´
P =
Y
(;gk¡ M : izpyu esa eqnzk ;k djsUlh dh ek=kk_ V : izpyu esa eqnzk ;k djsUlh dh ek=kk dh pyu xfr_
M´ : cSad eqnzk ;k lk[k eqnzk dh ek=kk_ V´ : lk[k eqnzk dh pyu xfr_ Y : oLrqvksa rFkk lsokvksa dh oqQy ek=kk
ftldk eqnzk osQ ekè;e ls fofue; gksrk gSA ;g okLrfod GDP dks n'kkZrk gSA P : dher Lrj)

mijksDr lehdj.k ls Kkr gksrk gS fd eqnzk osQ ifjek.k (M + M´) dks mldh pyu xfr (V + V´) ls xq.kk
djus (MV + M´V´) ij fuf'pr le;kofèk esa eqnzk dh oqQy iw£r dks tkuk tk ldrk gS rFkk le; dh
,d fuf'pr vofèk esa oLrqvksa rFkk lsokvksa dh ek=kk (Y) dks dher Lrj (P) ls xq.kk djus (PY) ij
eqnzk dh ek¡x dks tkuk tk ldrk gSA

116 LOVELY PROFESSIONAL UNIVERSITY