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lef"V&vFkZ'kkL=k osQ fl¼kar
uksV ifjorZu gksxkA ;fn eqnzk etnwjh dh o`f¼ nj Je mRikndrk dh o`f¼ nj ls vf/d gks rks dhersa c<+saxh vkSj
foykse'k% HkhA ysfdu ;fn Je mRikndrk nj eqnzk etnwjh njksa osQ leku c<+rh gS rks dhersa ugha c<+saxhA
LiQhfr nj vkSj csjkstxkjh nj osQ chp dk ;g fofue; (trade-off) fp=k 23-2 esa o£.kr fd;k x;k gSA ;gka LiQhfr
nj (p) dks eqnzk etnwfj;ksa esa ifjorZu dh nj (w) osQ lkFk fy;k x;k gSA eku ysa fd Je mRikndrk 2» izfro"kZ
dh nj ls c<+rh gS vkSj ;fn eqnzk etnwjh Hkh 2» izfro"kZ dh nj ls c<+rh gS rks dher&Lrj fLFkj jgsxkA bl
izdkj] PC oozQ ij B ¯cnq eqnzk etnwfj;ksa esa izfr'kr ifjorZu (M) vkSj 3 izfr'kr dh csjkstxkjh nj (N) vuqyac
v{k ij 'kwU; (0) izfr'kr LiQhfr nj (p) ij cjkcj gksrs gSaA vc eku yhft, fd vFkZO;oLFkk B ¯cnq ij dk;Z
dj jgh gSA ;fn vc leLr ekax c<+kbZ tkrh gS rks ;g csjkstxkjh nj dks OT (2») ij de djrh gS vkSj etnwjh
nj dh izfro"kZ OS (4») rd c<+krh gSA ;fn Je mRikndrk 2» izfro"kZ ij c<+rh jgrh gS rks dher&Lrj Hkh
fp=k esa OS ij 2» dh nj ls c<+sxkA vc vFkZO;oLFkk C ¯cnq ij dk;Z djrh gSA B ¯cnq C ¯cnq dks vFkZO;oLFkk
osQ ifjorZu ls csjkstxkjh T 2» ¯cnq rd de gks tkrh gSA ;fn B vkSj C ¯cnqvksa dks feyk;k tkrk gS rks PC
fiQfyIl oozQ dk fuekZ.k gksrk gSA bl izdkj] eqnzk etnwjh nj esa o`f¼ tc Je mRikndrk ls vfèkd gksxh rks
og LiQhfr yk,xhA LiQhfr dks jksdus osQ fy,] etnwjh o`f¼ dks Je mRikndrk osQ Lrj (OM) ij j[kus osQ fy,
csjkstxkjh dh ON nj lgu djuh gh iM+sxhA
uksV~l tc Je osQ fy, ek¡x de gksrh gS vkSj csjkstxkjh vfèkd rks Jfed pkyw njksa ls de ij viuh lsok,¡
nsus osQ fy, RkS;kj ugha gksrs gSaA
PC oozQ dh vko`Qfr vkxs ;g lq>ko Hkh nsrh gS fd tc csjkstxkjh dh nj 5 1 » ls de (vFkkZr~ A ¯cnq osQ ckb±
2
vksj) gS rks Je dh ekax Je dh iw£r ls vf/d gS vkSj blls eqnzk etnwjh njsa c<+rh gSaA nwljh vksj] tc csjkstxkjh
nj 5 1 » ls vf/d gS (A ¯cnq osQ nkbZ vksj) rks Je dh iw£r Je dh ekax ls vf/d gS tks etnwjh njksa dks
2
de djrh gSA rkRi;Z ;g fd csjkstxkjh dh OA nj ij tks 5 1 » izfro"kZ gS] etnwjh njsa fLFkj jgsaxhA
2
;g è;ku j[kk tkuk pkfg, fd PC ^ijaijkxr* (Conventional) ;k ewy uhps dks <ky fiQfyIl oozQ gS tks
csjkstxkjh dh nj vkSj etnwfj;ksa esa ifjorZu dh nj osQ chp ,d fLFkj vkSj foijhr laca/ dks izdV djrk gSA
Lo&ewY;kadu (Self Assessment)
fjDr LFkkuksa dh iw£r djsa (Fill in the blanks) :
---------------
1- fiQfyIl oØ csjkstxkjh dh nj rFkk ifjorZuksa dh nj esa lacaèk dk fujh{k.k djrk gSA
---------------
2- tc csjkstxkjh cgqr gksrh gS] rks eqnzk etnwjh njksa osQ c<+us dh nj gksrh gSA
23-2 izQhMeSu dk fopkj % nh?kZdkyhu fiQfyIl oozQ
(Friedman's View : The long-run Phillips Curve)
vFkZ'kkfL=k;ksa us fiQfyIl oozQ dh vkykspuk dh gS vkSj dbZ txg ij la'kks/u Hkh fd;k gSA mudk er gS fd
fiQfyIl oozQ vYidky ls laca/ j[krk gS vkSj fLFkj ugha jgrkA ;g LiQhfr dh izR;k'kkvksa esa ifjorZuksa osQ lkFk
ljd tkrk gSA nh?kZdky esa LiQhfr vkSj jkstxkj osQ chp fofue; (trade-off) ugha gksrk gSA bu erksa dh LFkkiuk
izQhMeSu rFkk iSQYIl (Friedman and Phelps) us dh gS vkSj mudk fl¼kar ¶Roj.koknh¸ (accelerationist) ;k
¶vuqowQfyr izR;k'kk,a¸ (adaptive expectations) ifjdYiuk osQ uke ls izfl¼ gSA
234 LOVELY PROFESSIONAL UNIVERSITY
