Page 164 - DECO402_MACROECONOMIC_THEORY_HINDI

lef"V&vFkZ'kkL=k osQ fl¼kar

uksV bl vè;k; esa bu lHkh iz'uksa dk mi;qDr mÙkj nsus dk ge iz;kl djsaxsA bl vè;k; esa okf.kfT;d cSadksa dk eqnzk
iw£r esa ;ksxnku (tks okf.kfT;d cSadksa osQ lk[k l`tu osQ uke ls tkuk tkrk gS) dh Hkh ppkZ dh xbZ gSA blosQ
vykok Hkkjr esa eqnzk iw£r dh orZeku fLFkfr dh la{ksi esa ppkZ dh xbZ gSA

16-1 eqnzk iw£r % vFkZ ,oa ifjHkk"kk (Money Supply : Meaning and Definition)

eqnzk iw£r dk vfHkizk; vFkZO;oLFkk eas miyCèk eqnzk dh ek=kk ls gSA ;g ,d LVkWd voèkkj.kk gS ftldk ,d
le; esa eki fd;k tkrk gSA ,d fu£n"V le; esa vFkZO;oLFkk esa izpfyr djsalh dh oqQy ek=kk ,oa ek¡x tek
dh ek=kk osQ oqQy tksM+ dks eqnzk iw£r dg tkrk gSA djsalh vFkZO;oLFkk esa izpfyr flDosQ ,oa dkxt eqnzk dk
oqQy tksM+ gSA ek¡x tek vFkok psd tek ml cSad tek dks dgrs gSa ftls tekdrkZ ekaxus ij cSad ls izkIr dj
ldrk gS ;k ftls psd }kjk cSad ls ys ldrk gSA ysfdu vFkZ'kkL=kh eqnzk dh lkèkkj.k ifjHkk"kk ij ,d er ugha
gSaA eqnzk iw£r osQ ckjs esa fHkUu&fHkUu er gSaA dbZ vFkZ'kkL=kh djsalh ,oa ek¡x tek dk eqnzk iw£r osQ osQoy nks la?kVd
osQ :i esa ekurs gSa tcfd nwljs vFkZ'kkL=kh le; tek dks eqnzk iw£r osQ r`rh; la?kVd osQ :i esa ekurs gSaA okLro
esa ;fn osQoy pyu esa djsalh ,oa ek¡x tek dks gh eqnzk iw£r esa 'kkfey fd;k tk,xk rks ge eqnzk dks osQoy
fofue; osQ ekè;e rd lhfer dj nsaxsA ewY; lap; dk vkèkkj Hkh eqnzk dk egÙoiw.kZ dk;Z gSA bl dk;Z dk
foospu djus ls eqnzk iw£r esa djsalh] ek¡x tek] le; tek ,oa foÙkh; midj.k dks 'kkfey djuk pkfg, tks ewY;
lap; osQ vkèkkj osQ :i esa dke djrs gSaA

feYVu ÚhMeSu osQ vuqlkj] ¶pyu esa djsalh ,oa ek¡x tek osQ vykok eqnzk iw£r esa cpr ,oa le;
tek 'kkfey gksuh pkfg,A¸ (Money Supply should also include saving and term deposits
besides currency in circulation and demand deposits.–Milton Friedman)
,MoMZ 'kkihjks osQ 'kCnksa esa ¶eqnzk iw£r mu lHkh oLrq lsokvksa dh MkWyj ek=kk gS tks lkèkkj.kr% yksxksa
osQ }kjk oLrqvksa] lsokvksa osQ fofue; osQ fy, iznku ,oa vU; ewY;oku ifjlaifÙk ,oa Í.k
vnk;xh osQ fy, xzg.k dh tkrh gSA¸ (Supply of money is the dollar amount of all those things
which are generally acceptable by the public in payment of goods, services and other valu-
able assets and for discharge of debts.–Edward Shapiro)
ts-th- xqjys ,ao bZ-,l- 'kkW osQ vuqlkj] ¶eqnzk esa mu lHkh oLrqvksa dks 'kkfey fd;k tkuk pkfg,
tks mlosQ fudVre izfrLFkkiu gSaA¸ (Money should include all those things which are its close
substitutes.–J.G. Gurley and E.S. Shaw)

+ fuf'prdkyhu tekvksa dks eqnzk dh iw£r esa D;ksa lfEefyr fd;k tkrk gS\
(Why include term Deposits in the Supply of Money?)

;s tek,¡ fuf'pr le;kofèk osQ fy, gksrh gSaA bu ij C;kt dh nj le;kuqlkj fuf'pr gksrh gSA psd }kjk
bUgsa udnh esa cnyk ugha tk ldrk] ftl dkj.k ;s tek,¡ ek¡x tekvksa ls fHkUu gksrh gSaA vr% bUgsa udnh
(Cash-in-hand) ugha dgk tkrkA iz'u mBrk gS fd ;fn ;s tek,¡ djsalh dh rjg rjy ugha gSa rks bUgsa eqnzk
dh iw£r esa lfEefyr D;ksa fd;k tkrk gS\ fu%lansg cSad }kjk tkjh fuf'prdkyhu tek dh jlhn dks orZeku
;k Hkfo"; osQ Hkqxrku gsrq fofue; osQ ekè;e osQ :i esa iz;ksx esa ugha yk;k tkrk_ rFkkfi feYVu ÚhMeSu
tSls vFkZ'kkL=kh bu jlhnksa dks eqnzk dh iw£r esa 'kkfey djus osQ i{k esa gSaA mudh nyhy ;g gS fd le;kofèk
(fuf'prdkyhu) tek dks Å¡ph cV~Vs dh nj ij ek¡x tek esa cnyk tk ldrk gSA le;kofèk tek dks ek¡x
tek esa cnyus esa mruk gh le; yxrk gS ftruk Å¡ps cV~Vs dh nj dk Hkqxrku cSad dks djus esaA vr%
fuf'prdkyhu tekvksa dks Hkh ek¡x tekvksa dh rjg eqnzk dh iw£r dk ,d Hkkx le>k tkuk pkfg,A

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