Page 14 - DECO402_MACROECONOMIC_THEORY_HINDI

lef"V&vFkZ'kkL=k osQ fl¼kar

uksV dherksa esa ekewyh o`f¼ vk£Fkd lao`f¼ esa lgk;d gksrh gSA blls fuos'k dks c<+kok feyrk gS rFkk vk£Fkd fØ;k
dk lewpk Lrj izsfjr gksrk gSA ¯drq eqnzk LiQhfr dHkh&dHkh nkSM+rh eqnzk LiQhfr (Galloping Inflation) vFkok
vfr eqnzk LiQhfr (Hyper Inflation) dk :i èkkj.k dj ysrh gSA vfr eqnzk LiQhfr dh fLFkfr esa] mRiknu osQ
lkèku egaxs gks tkrs gSaA fuos'k dh C;kt&ykxr esa fo'ks"kdj Hkkjh o`f¼ dh izo`fÙk ik;h tkrh gSA iQyLo:i
mRiknu dh ykxr eas cgqr o`f¼ gks tkrh gS rFkk O;kolkf;d izfr;ksfxrkRed (Business Competitiveness)
deh gksus yxrh gS] fo'ks"kdj fo'o osQ cktkjksa esaA tc ek¡x esa ?kVus rFkk mRiknu&ykxr esa c<+us dh izo`fÙk ikbZ
tkrh gS rc mRiknu dh fØ;k esa Li"V #dkoV mRiUu gks tkrh gSA ,slh fLFkfr esa vFkZO;oLFkk rsth ls eanh rFkk
egkeanh dh vksj c<+rh gSA

vke vkneh eqnzk LiQhfr osQ dkj.k xaHkhj :i ls ihfM+r gksrk gSA mldh Ø;&'kfDr ?kVrh gS vkSj ljdkj osQ izfr
mldk vlarks"k c<+rk gSA lkekU; vlarks"k varr% lkekftd v'kkafr dk :i èkkj.k dj ysrk gS ftlosQ dkj.k
ljdkj dh fLFkjrk dks [krjk iM+ tkrk gSA okLro esa] dher&fu;a=k.k }kjk ijksidkj djuk Hkkjr tSls ns'kksa osQ
fuokZpu ?kks"k.kk&i=kksa dk ,d Hkkx cu x;k gSA ifj.kkeLo:i] vfèkdka'k dY;k.kdkjh jkT;ksa esa eqnzk LiQhfr ij
dkcw ikus okyh j.kuhfr;ksa dks mPp izkHkfedrk nh tkrh gSA bl le; ljdkjksa osQ fy, mHkj jgh izeq[k uhfr
leL;k (Major Policy Problem) eqnzk&LiQhfr jfgr lao`f¼ (Growth without Inflation) gSA

(5) ctV lacaèkh ?kkVk rFkk jktdks"kh; uhfr (Budgetary Deficit and Fiscal Policy)

fo'o dh vFkZO;oLFkkvksa osQ futhdj.k rFkk Hkwe.Myh;dj.k osQ i'pkr~ fodkl izfØ;k esa ljdkj dh izR;{k
Hkkxhnkjh (Direct participation) (fuos'kd osQ :i esa) èkhjs&èkhjs de gksrh tk jgh gSA fiQj Hkh] dY;k.k lacaèkh
fØ;kvksa osQ foLrkj osQ dkj.k ljdkj osQ ctV lacaèkh [kpks± esa o`f¼ gksrh tk jgh gSA fo'ks"kdj izfrj{kk] vkradokn
dk lkeuk djus rFkk U;k; ,oa O;oLFkk dks cuk, j[kus osQ fy, ljdkjh [kpsZ esa o`f¼ tkjh gSA ljdkjh [kpsZ
esa o`f¼ dk ,d vU; dkj.k fdlkuksa dks nh tkus okyh vk£Fkd lgk;rk (Subsidy) gSA ;g ckr è;ku nsus ;ksX;
gS fd Hkkjr tSls ns'kksa esa ljdkjh [kpsZ dk cgqr cM+k Hkkx xSj&fodkl fØ;kvksa (Non-development Activities)
esa [kpZ gks jgk gSA bldk vFkZ ;g fudyrk gS fd ljdkjh [kpkZ oLrqvksa rFkk lsokvksa osQ miHkksx ij vfèkd rFkk
muosQ mRiknku ij de gks jgk gSA Hkkjr tSls ns'kksa esa vfèkdka'k ljdkjsa vk; osQ lkèku osQ :i esa Í.kksa
(Borrowing) ij vfèkd fuHkZj djrh gSaA ifj.kkeLo:i jktdks"kh; ?kkVk (ljdkj }kjk Í.k ysuk) Hkkjh ek=kk
esa fujarj c<+ jgk gSA ljdkj }kjk fy, x, Í.kksa esa ftruh vfèkd o`f¼ gksrh gS ns'k osQ osaQnzh; cSad (fj”koZ cSad
vkWiQ bafM;k) dh uksV Nkius dh foo'krk mruh gh vfèkd c<+ tkrh gSA blosQ iQyLo:i eqnzk LiQhfr :ih vkx
ij rsy fNM+dus dk dke iwjk gksrk gS ftldk oqQizHkko ns'k dh lao`f¼ rFkk mlosQ fodkl ij iM+rk gSA fodYi
osQ :i esa] ljdkj vk; osQ lkèku c<+kus osQ fy, vfèkd dj yxkus dk iz;kl dj ldrh gSA ¯drq ;fn ljdkj
}kjk djnkrkvksa }kjk nh xbZ eqnzk dks mRiknu dh vis{kk miHkksx lacaèkh fØ;kvksa ij [kpZ fd;k tkrk gS (og Hkh
lkèkkj.k turk dks [kq'k djus dh uhfr;ksa dks c<+kok nsus gsrq) rks blls lkekftd v'kkafr iSQyrh gS ftlls
jktuSfrd vfLFkjrk mRiUu gksrh gS rFkk ns'k dh lewph vk£Fkd fØ;k osQ fy, [krjk c<+rk gSA
ctV lacaèkh ?kkVk rFkk mlls lacafèkr jktdks"kh; uhfr lef"V&vFkZ'kkL=k dh ,d osaQnzh; leL;k gS ftl ij dM+h
n`f"V j[kuk t:jh gS rkfd vFkZO;oLFkk esa fuos'k osQ fy, vuqowQy okrkoj.k cuk;k tk losQA

(6) C;kt njsa rFkk ekSfnzd uhfr (Interest Rates and Monetary Policy)
ekSfnzd uhfr dk lacaèk mu ekSfnzd mik;ksa ls gS ftuosQ }kjk ljdkj vFkZO;oLFkk esa (i) C;kt dh nj rFkk
(ii) eqnzk dh iw£r esa ifjorZu ykrh gS ftlls fLFkjrk osQ lkFk fodkl (Growth with Stability) dks izksRlkfgr
fd;k tk losQA C;kt dh Å¡ph nj dk vFkZ gS fuos'k dh Å¡ph ykxr tks fd fodkl izfØ;k osQ fy, gkfudkjd
gSA Hkkjr tSls vYifodflr ns'kksa dh vFkZO;oLFkkvksa osQ fy;s C;kt dh Å¡ph njsa vfr laosnu'khy gksrh gSa] D;ksafd

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