Page 287 - DECO402_MACROECONOMIC_THEORY_HINDI

bdkbZµ27% ekSfnzd uhfr

ljdkj dks pkfg, fd cpr dk ctV cukdj vkSj djksa dks c<+kdj vius O;; ?kVk, rkfd iw.kZ jkstxkj Lrj uksV
ij vFkZO;oLFkk fLFkj cukbZ tk losQA {kfriwjd jktdks"kh; uhfr osQ nks ekxZ gSa% (i) vkH;arfjd fLFkjhdkjd
(Built-in-Stabilisers); vkSj (ii) Lofu.kZ;kRed dk;Z (discretionary action)A
(1) vkH;arfjd fLFkjhdkjd (Built-in Stabilisers)µvkH;arfjd ;k fLFkjhdkjd dk vFkZ gksrk gS ljdkj
dh vksj ls fdlh ;kstuk osQ fcuk vFkZO;oLFkk osQ Hkhrj pØh; mrkj&p<+koksa dh izfrfØ;k esa O;;ksa rFkk djksa
dk vius vki lek;kstu gksukA bl O;oLFkk osQ varxZr ctV esa vius&vki ifjorZu gksrs gSa] blfy, bls
Lopkfyr fLFkjhdj.k dh rduhd Hkh dgk tkrk gSA fofoèk Lopkfyr (automatic) fLFkjhdkjd ;s gSaµfuxfer
ykHk dj] vk; dj] mRiknu dj] o`¼koLFkk (survivors) rFkk csjkstxkjh chek vkSj csjkstxkjh jkgr HkqxrkuA
Lopkfyr fLFkjhdj.k osQ lkèkuksa osQ :Ik esa dj rFkk O;; jk"Vªh; vk; ls lacaèk gSaA dj&njksa dk vifjo£rr <kapk
fn;k gksus ij] dj izkfIr;k¡] jk"Vªh; vk; esa xfr;ksa osQ lkFk] lh/s rkSj ls ifjo£rr djrh gSa] tcfd ljdkjh O;;
jk"Vªh; vk; esa ifjorZuksa osQ lkFk myV rkSj ls cnyrs gSaA O;kikj&pØ dh vèkksxkeh voLFkk (downward
phase) esa tc jk"Vªh; vk; fxjrh gS rks dj] tks jk"Vªh; vk; dh izfr'krrk ij vkèkkfjr gSa] vius vki ?kV tkrs
gSa vkSj ifj.kkeLo:i dj&vk; de gks tkrh gSA blosQ lkFk] csjkstxkjh jkgr rFkk lkekftd lqj{kk fgrksa ij
ljdkjh O;; vius vki c<+ tkrs gSaA ctV esa vius vki ?kkVk gksxk] tks voLiQhfrdkjh izo`fÙk;ksa dh jksdFkke
djsxkA nwljh vksj] O;kikj&pØ dh ÅèoZxkeh voLFkk (upward phase) esa tc jk"Vªh; vk; rsth ls c<+rh gS]
rks dj&njksa esa o`f¼ gksus ij dj&izkfIr vius vki c<+ tk,xhA lkFk&gh&lkFk] csjkstxkjh jkgr rFkk lkekftd
lqj{kk fgrksa ij ljdkjh O;; vius vki ?kV tk,¡xsA ;s nksuksa 'kfDr;k¡ vius vki cpr dk ctV fu£er djsaxh
vkSj bl izdkj LiQhfrdkjh izo`fÙk;k¡ vius vki fu;af=kr gks tk,¡xhA

ykHk (Merits)

jktdks"kh; mik; osQ :i esa vkH;arfjd fLFkjhdkjdksa osQ dbZ ykHk gSaA izFke] tc futh Ø;&'kfDr fxjrh gS rks
vkH;arfjd fLFkjd mlosQ fy, xís dk dke djrs gSa vkSj voLIkQhfrdkjh vofèk osQ nkSjku yksxksa dh dfBukb;ksa
dks de djrs gSaA nwljs] os jk"Vª vk; rFkk miHkksx O;; dks uhps Lrj ij fxjus ls jksdrs gSaA rhljs] bl mik;
esa ctVh; ifjorZu Lopkfyr gksrs jgrs gSa vkSj iz'kklfud fu.kZ; ysus esa nsj ugha gksrhA pkSFks] jktdks"kh; mik;ksa
osQ xyr iwokZuqeku rFkk le; dh xyfr;ksa dks Lopkfyr fLFkjd U;wure cuk nsrs gSaaA vafre] os vYidkyhu rFkk
nh?kZdkyhu jktdks"kh; uhfr;ksa dk ,dhdj.k djrs gSaA

lhek,¡ (Limitations)
ij Lopkfyr {kfriwjd mik; osQ :i esa vkH;arfjd fLFkjhdkjd dh izHkko'khyrk dj&izkfIr;ksa dh yksp] djksa
osQ Lrj rFkk lktZtfud O;;ksa osQ yphysiu ij fuHkZj djrh gSA dj&izkfIr;ksa dh yksp ftruh vfèkd gksxh]
LiQhfrdkjh rFkk voLiQhfrdkjh izo`fÙk;ksa dks fu;af=kr djus esa Lopkfyr fLFkjd mrus gh vfèkd izHkko'kkyh gksaxsA
ijarq dj&izkfIr;ksa dh yksp bruh vfèkd ugha gksrh fd vejhdk tSls mUur ns'kksa esa Hkh ;g Lopkfyr fLFkjd
dk dke dj losQ nwljs] tc djksa dk Lrj uhpk gks rks vèkksxfr (downswing) osQ nkSjku Lopkfyr fLFkjd osQ
:i esa dj&izkfIr;ksa dh Å¡ph yksp Hkh cgqr egRo ugha j[krhA rhljs] vkH;arfjd fLFkjhdkjd dj nsus osQ ckn]
O;kikj&vk; fLFkjdksa osQ vkSj O;kikj&izR;k'kkvksa ij miHkksx O;; osQ f}rh;d izHkkoksa ij ugha fopkj djrs gSaA
pkSFks] ;g mik; LFkkuh; fudk;ksa] jkT; ljdkjksa rFkk vFkZO;oLFkk osQ futh {ks=k osQ fLFkjhdkjh izHkko osQ lacaèk
esa ekSu jgrhA ik¡posa] os O;kikj&pØksa dks lekIr ugha dj ldrs gSaA os osQoy mudh mxzrk dks de dj ldrs
gSaA NBs] muosQ lqLrh ls iqu#RFkku (recovery) osQ nkSjku izHkko vuqowQYk ugha gksrs gSaA blfy, vFkZ'kkfL=k;ksa us
lq>ko fn;k gS fd jktdks"kh; uhfr dh Lofu.kZ;kRed jktdks"kh; uhfr ls vkH;arfjd fLFkjdksa dks vuqiw£r dh
tk,A

LOVELY PROFESSIONAL UNIVERSITY 281