Page 128 - DECO402_MACROECONOMIC_THEORY_HINDI

lef"V&vFkZ'kkL=k osQ fl¼kar

uksV gh izHkkfor ugha djrh cfYd dbZ vU; vekSfnzd rÙoksa tSls] jktuSfrd rFkk euksoSKkfud vkfn dk Hkh izHkko
iM+rk gSA bl fl¼kar esa bu rÙoksa dk vè;;u ugha fd;k x;k gSA

+ iw.kZ jkstxkj% ijaijkoknh vFkZ'kkfL=k;ksa osQ nkos] fd eqnzk dh iw£r rFkk dher Lrj esa lekuqikfrd
lacaèk gksrk gS] dh iwoZ 'krZ gS (Full Employment–a precondition of the classical assertion of one-
to-one relation between supply of money and price level)
ijaijkoknh vFkZ'kkfL=k;ksa dk ;g er Fkk fd iw.kZ jkstxkj ,d Lora=k cktkj vFkZO;oLFkk dh izkÑfrd ?kVuk
gSA mudk ;g nkok okLro esa muosQ bl fo'okl dh iwoZ&'krZ gS fd dher Lrj esa mlh vuqikr esa ifjorZu
gksrk gS ftl vuqikr esa eqnzk dh ek=kk esa ifjorZu gksrk gSA ,d ckj bl iwoZ&'krZ osQ iwjk gksus ij] eqnzk dh
ek=kk rFkk dher&Lrj esa vkuqikfrd laacaèk ,d okLrfodrk cu tkrh gS] ftls pqukSrh ugha nh tk ldrhA ¯drq
iz'u mBrk gS fd D;k iw.kZ jkstxkj Lora=k vFkZO;oLFkk esa vius vki gksus okyh ?kVuk gS\ lu~ 1930 osQ n'kd
dh egkeanh] ,d ,sfrgkfld izek.k osQ :i esa] bl er dk leFkZu ugha djrhA

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

oSQfEczt fo'ofo|ky;] baXySaM osQ dbZ vFkZ'kkfL=k;ksa tSls] ek'kZy] ihxw] jkcVZlu (vkjaHk esa osQU”k Hkh) us eqnzk
osQ ifjek.k fl¼kar osQ udn 'ks"k lehdj.k dk izfriknu fd;k gSA bls oSQfEczt lehdj.k Hkh dgk tkrk gSA

udn 'ks"k lehdj.k osQ vuqlkj eqnzk dk ewY; eqnzk dh ek¡x rFkk iw£r }kjk fuèkkZfjr gksrk gSA le; osQ ,d fuf'pr
¯cnq ij] eqnzk dh iw£r fLFkj jgrh gS] blfy, eqnzk dh ek¡x esa gksus okys ifjorZuksa dk eqnzk osQ ewY; (vFkok
dher&Lrj) ij vfèkd izHkko iM+rk gSA vr% ;g fl¼kar eqnzk dh iw£r osQ LFkku ij eqnzk dh ek¡x dks vfèkd
egÙo nsrk gSA blfy, bl fl¼kar dks eqnzk dh ek¡x dk fl¼kar (Demand Theory of Money) Hkh dgk tkrk
gSA bl lehdj.k dks iwjh rjg le>us osQ fy, eqnzk dh ek¡x rFkk iw£r lacaèkh èkkj.kkvksa dk vè;;u t:jh gSA
1- eqnzk dh iw£r (Supply of Money)µudn 'ks"k lehdj.k osQ vuqlkj] eqnzk dh iw£r ,d fuf'pr le;
¯cnq ij turk osQ ikl miyCèk uksVksa] flDdksa rFkk cSadksa esa ek¡x tek dk tksM+ gSA (Supply of money at a
particular point of time is the sum total of all the notes and coins with the public and the demand
deposits.) vr%

eqnzk dh iw£r = uksV + flDosQ + ek¡x tek,¡

;fn le; osQ ,d fuf'pr ¯cnq ij bldk fopkj fd;k tk, rks ,slk fo'okl fd;k tkrk gS fd eqnzk dh iw£r
ij pyu xfr dk dksbZ izHkko ugha iM+rk gSA

+ ,d egÙoiw.kZ voyksdu (An Important Observation)

oSQfEczt lehdj.k osQ leFkZdksa us eqnzk osQ u osQoy fofue; osQ ekè;e dk;Z vfirq ewY; osQ lap; dk;Z dks
Hkh igpkuk FkkA ¯drq eqnzk dh ek¡x dh voèkkj.kk dh O;k[;k djrs le; mUgksaus eqnzk dh ek¡x dks fofue;
osQ ekè;e osQ :i esa iz;ksx djus ;k vkikr fLFkfr ls fuiVus gsrq iz;ksx djus ij cy fn;k FkkA vU; 'kCnksa
esa] mudk eqnzk dh ek¡x ls vfHkizk; ¶ysu&nsu osQ fy, ek¡x¸ rFkk ¶lkoèkkuh osQ fy, ek¡x¸ FkkA lV~Vk mís';
osQ fy, eqnzk dh ek¡x osQ egÙo ;k eqnzk ls eqnzk dekus osQ fy, eqnzk dh ek¡x osQ egÙo dh mUgksaus vogsyuk
dh FkhA

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