Page 232 - DECO402_MACROECONOMIC_THEORY_HINDI

lef"V&vFkZ'kkL=k osQ fl¼kar

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uksV ykHkksa dks dekus osQ fy, mRiknd vkSj O;kikjh Hkh eqnzk dks mRiknu fØ;kvksa esa fuos'k djus dh ctk, lêð dh
fØ;kvksa esa yxs jgrs gSaA bl izdkj] LiQhfr dky eas mRiknd fo'kky ykHk izkIr djrs gSaA
([k) Í.kh vkSj Í.knkrk (Debtors and Creditors)µÍ.kh os (yksx) gSa] tks eqnzk mèkkj ysrs gSa vkSj
mldk Hkfo"; esa ml ij (vk,) C;kt osQ lkFk iquHkZqxrku djrs gSaA LiQhfr osQ ifj.kkeLo:i Í.kh ykHk mBkrs
gSa] D;ksafd eqnzk dk okLrfod ewY;] ftls os ykSVrs gSa] LiQhfr osQ dkj.k fxj tkrk gSA blosQ vykok] os LiQhfr
osQ nkSjku iquHkqZxrku }kjk oLrqvksa o lsokvksa osQ :i esa de R;kx djrs gS] D;ksafd LiQhfr eqnzk dk ewY; vkSj bLk
izdkj Ø;'kfDr fxjk nsrh gSA bls ,d ljy mnkgj.k }kjk le>k tk ldrk gSA eku yhft,] fufgr vkt 10»
iz-o- C;kt dh nj ls 100 #i, mèkkj ysrk gSA ;fn ,d o"kZ ckn] Í.k o C;kt osQ ykSVkus osQ le; vFkZO;oLFkk
esa LiQhfr gksrh gS] rks 100 #- dh ewy jkf'k rFkk 10 #- dh C;kt jkf'k nksuksa dk okLrfod ewY; fxj tkrk gSA
;fn mèkkj C;kt eqDr gksrk gS] rks Hkh 100 #- mèkkj ysus osQ le; dh vis{kk LiQhfr osQ le; de ewY;oku gksrk
gSA oLrq,a tks og mèkkj ysus osQ le; 100 #- esa [kjhn ldrk Fkk] mls 100 #- ls vfèkd dh ykxr iM+sxh]
tc LiQhfr ?kfVr gks tkrh gSA bl izdkj] c<+rs gq, ewY; Íf.k;ksa dks ykHk iznku djrs gSaA blosQ foijhr] Í.knkrk
LiQhfr osQ dkj.k gkfu mBkrs gSa] D;ksafd mUgksaus tks (jkf'k) mèkkj nh Fkh] os (mldh) vis{kk de Ø;'kfDr okil
izkIr djrs gSaA

(x) fuos'kd (Investors)µLiQhfr osQ dkj.k va'kksa (shares) osQ fuos'kd lkekU;r;k ykHk izkIr djrs gSA
LiQhfr osQ nkSjku] iQes± fo'kky ykHk mRiUu djrh gSA blfy, va'k èkkjd ,d vksj ykHkka'k v£tr djrs gSaA nwljh
vksj] va'kksa osQ ewY;ksa esa o`f¼ gksus osQ dkj.k] os iw¡thxr ykHk Hkh izkIr dj ldrs gSaA
fLFkj C;kt nsus okys ck.M (bonds) vkSj Í.ki=k (debentures) osQ fuos'kdksa dks gkfu igq¡prh gS] D;ksafd LiQhfr
osQ nkSjku ,sls fuos'k ls okLrfod vk; fxj tkrh gSA tc LiQhfr rhoz (izpaM) gksrh gS] rks eqnzk dk ewY; fxjus
osQ dkj.k dfBukbZ ls v£tr cprsa iw.kZr;k feV tkrh gSA NksVs fuos'kdksa dks lcls T;knk {kfr igq¡prh gS] tks viuh
cprsa lkofèk tekvksa (fixed deposits) vFkok cpr cSad [kkrksa] Hkfo";fufèk;ksa vkSj chek ;kstukvksa esa j[krs gSaA
;gh dkj.k gS] fd yksx miHkksDrk oLrqvksa esa [kpZ djuk vfèkd ilan djrs gSaA os cpr djus esa vfuPNqd
(reluctant) gksrs gSaA fxjh gqbZ cprksa ls] iw¡th fuekZ.k vkSj Í.k ij izfrowQy izHkko iM+rk gSA iQyLo:i] mRiknh
vk£Fkd fØ;kvksa esa fuos'k dks èkDdk (set back) lguk iM+rk gSA bldh Hkkjr tSls vYifodflr ns'k osQ vk£Fkd
fodkl ij xaHkhj izfrfØ;k gksxh] tgk¡ cprksa dk rhu pkSFkkbZ ls vfèkd Hkkx x`gLFk {ks=k esa mRiUu gksrk gSA

(?k) fLFkj vk; dekus okyk oxZ (Fixed Income Earning Class):µetnwjh] osru izkIr djus okys rFkk
fLFkj vk; okys vU; O;fDr;ksa dks LiQhfr ls xaHkhj :i ls pksV igq¡prh gSA vU; O;fDr;ksa esa isa'ku Hkksxh] fLFkj
C;kt o fdjk;k izkIr djus okys 'kkfey gksrs gSaA mudh eqnzk vk; yxHkx fLFkj jgrk gS] tcfd (mu) oLrqvksa
o lsokvksa osQ ewY;] ftUgsa os [kjhnus dk fopkj djrs gSa] cgqr rsth ls c<+ jgs gksrs gSa (1) pw¡fd mudh dekbZ
dh ozQ;'kfDr fxj tkrh gS] vr% mUgsa gkfu igq¡prh gSA ok£"kd o`f¼;ksa (annual increments) vFkok egaxkbZ vkSj
vU; HkÙkksa osQ vle;ksfpr (untimely) Hkqxrku }kjk osruksa esa o`f¼ c<+rs gq, ewY;ksa osQ lkFk dne feykus esa
vliQy jgrh gSA
fo'kky laxfBr {ks=k esa fu;qDr (employed) Jfed 'kfDr'kkyh etnwj la?kksa (trade unions) osQ tfj, izcaèk dks
etnwfj;ka c<+kus esa leFkZ gks ldrs gSaA ijarq] y?kq {ks=k esa fu;qDr Jfed ,slk djus esa vlEkFkZ gSa] D;ksafd os ;k
rks vlaxfBr vkSj vf'kf{kr gksrs gSa vFkok muosQ la?k cgqr detksj gksrs gSaA os etnwjh vuqcaèkksa (wage contracts)
o`f¼ 'krZ (escalation clause) fuf'pr djus eas vleFkZ gksrs gSa] rkfd (os) ewY; o`f¼ osQ dkj.k viuh
okLrfod vk; esa gqbZ dkV osQ fy, ekfyd (employer) dks Jfedksa dh {kfr iw£r djus osQ fy, etcwj dj
losQA

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