Page 288 - DECO402_MACROECONOMIC_THEORY_HINDI

lef"V&vFkZ'kkL=k osQ fl¼kar

uksV 3- Lofu.kZ;kRed jktdks"kh; uhfr (Discretionary Fiscal Policy)

Lofu.kZ;kRed jktdks"kh; uhfr osQ fy, ctV esa ,sls dk;ks± }kjk ,sls lksp&le>dj ifjorZu ykus dh vko';drk
gksrh gS tSls dj&njksa vFkok ljdkjh&O;; vFkok nksuksa esa ifjorZu djukA ;g lkekU; rkSj ls rhu :i ysrk gSA
(i) djks esa ifjorZu] tcfd O;; fLFkj jgrk gS_ (ii) O;; esa ifjorZu] tcfd dj fLFkj jgrs gSa_ (iii) O;; rFkk
dj nksuksa esa ,d lkFk ifjorZuA
izFke] tc djksa esa dVkSrh dh tkrh gS tcfd ljdkjh O;; esa dksbZ ifjorZu ugha fd;k tkrk] rks bl O;kikfjd
vkSj ?kjsyw {ks=k dh iz;ksT; vk; esa o`f¼ gksrh gSA blls futh O;; c<+rk gSA ijarq vk; esa o`f¼ bl ckr ij fuHkZj
djrh gS fd fdlosQ djksa esa vkSj dgk¡ rd dVkSrh gksrh gS vkSj D;k djnkrk dVkSrh dks LFkk;h ;k vLFkk;h
le>rs gSaA ;fn djksa esa dVkSrh ls ykHk izkIr djus okys mPp eè;e vk; oxZ osQ gSa rks leLr ek¡x esa vfèkd
o`f¼ gksxhA ;fn bldk lacaèk fuEu vk; oxZ ls gS rks mudh leLr ek¡x esa vfèkd o`f¼ ugha gksxhA ;fn O;kikfj;ksa
osQ ikl fuos'k djus dh dksbZ izsj.kk ugha gS rks djksa esa dVkSrh mUgsa fuos'k djus osQ fy, izsfjr ugha djsxhA var
esa] ;fn djnkrk djksa esa dVkSrh dks vLFkk;h ekurs gSa rks ;g uhfr de izHkko'kkyh gksxhA blfy, ;g uhfr djksa
esa o`f¼ djosQ LiQhfr dks jksdus esa vfèkd izHkko'kkyh gS D;ksafd djksa dh mPp njksa ls O;fDr;ksa vkSj O;olkf;;ksa
dh iz;ksT; vk; esa deh gksxh] ftlls leLr ek¡x esa deh gksxhA nwljk] voLiQhfrdkjh izo`fÙk;ksa dks jksdus osQ
fy, nwljk rjhdk vfèkd mi;ksxh gSA dj njksa osQ vifjo£rr jgrs gq, ;fn ljdkj oLrqvksa vkSj lsokvksa ij viuk
O;; c<+k nsrh gS rks leLr ek¡x ljdkjh O;; esa o`f¼ dh iw.kZ jkf'k osQ cjkcj c<+rh gSA nwljh vksj] ;fn ljdkjh
O;; dks LiQhfr osQ nkSjku de dj fn;k tk, rks ;g vfèkd izHkko'kkyh ugha gksrk D;ksafd vFkZO;oLFkk dh
O;olkf;d izR;k'kk,¡ mPp&O;kikj dh gksrh gSa ftudh izHkko'kkyh ek¡x dks de djus dh laHkkouk ugha gksrh gSA
rhljk rjhdk LiQhfrdkjh vkSj voLiQhfrdkjh izo`fÙk;ksa dks jksdus osQ fy, vU; nksuksa rjhdksa dh vis{kk dgha
vfèkd izHkko vkSj Js"B gSA LiQhfr dks jksdus osQ fy, dj c<+k fn;k tk, vkSj ljdkjh O;; ?kVk fn;k tk,A nwljh
vksj eanh dk eqdkcyk djus osQ fy, dj ?kVk, vkSj ljdkjh O;; c<+k, tk ldrs gSaA

lhek,¡ (Limitations)

Lofu.kZ;kRed jktdks"kh; uhfr mfpr le; rFkk lgh iwokZuqeku ij fuHkZj djrh gSA izFke] pØ dh ml voLFkk
dks tkuus osQ fy, lgh iwokZuqeku vko';d gS ftlesa ls vFkZO;oLFkk xqtj jgh gSA rHkh ;g laHko gS fd leqfpr
jktdks"kh; dkjZokbZ dh tk losQA xyr iwokZuqeku pØh; mrkj&p<+koksa dks ean djus dh ctk, c<+k ldrk gSA
oLrqr% lgh iwokZuqeku djus osQ fy, vFkZ'kkL=k ,d iw.kZ foKku ugha gSA ifj.kkeLo:i jktdks"kh; dkjZokbZ ges'kk
mlosQ ckn gksrh gS] tc O;kikj pØ esa eksM+ ¯cnq vk pqoQrs gSaA nwljs] lkoZtfud jktdks"kh; uhfr dh nks le;
i'prk,¡ (time lags) gSaA izFke] ¶fu.kZ; i'prk¸ gksrh gS tks leL;k osQ vè;;u vkSj fu.kZ; ysus eas tks le;
yxrk gSA mlls laca¼ gSA bl izfØ;k esa ikbZ tkus okyh i'prk cgqr yach gks ldrh gSA nwljs] tc ,d ckj fu.kZ;
ys fy;k tkrk gS rks ¶dk;kZUo;u i'prk¸ gksrh gSA blesa og O;; ik;k tkrk gS tks izksxzke osQ dk;kZUo;u osQ
fy, vkcafVr fd;k tkrk gSA ;w-,l-, tSls ns'k esa ;g nks ls Hkh vfèkd o"kZ ys ldrh gS vkSj ;w-osQ- tSls ns'k
esa ,d o"kZ ls deA rhljs] oqQN lkoZtfud ifj;kstuk,¡ bruh tfVy gksrh gSa fd mu ij lkoZtfud O;; c<+kus
;k de djus osQ mís'; ls mudks èkhek ;k rst djuk laHko ugha gksrk gSA

27-8 lkjka'k (Summary)

ckotwn dj njksa esa ifjorZuksa dh vis{kk ljdkjh O;; dk Å¡pk xq.kd izHkko gksus ij O;; dh vis{kk dj
ifjorZu vfèkd 'kh?kzrk ls dk;kZfUor fd;k tk ldrk gSA blfy, pØh; mrkjµp<+koksa dks fu;af=kr djus
osQ fy, Js"Brk jktdks"kh; mik; osQ :i esa djkèkku ij vfèkd cy fn;k tkus yxk gSA bl izdkj] tc

282 LOVELY PROFESSIONAL UNIVERSITY