Page 112 - DECO402_MACROECONOMIC_THEORY_PUNJABI

smStI ArQSwsqr dy isDWq

È؇ hn, auh hI aus dw mu`l hY[ rwbrtsn dy muqbwk, “mudrw dy mu`l qoN Bwv vsquAW dI aus mwqrw qoN hY jo swDwrx
rUp nwl mud`rw dI iek iekweI dy bdly iv`c pRwpq huMdI hY[”(By the value of money we mean the amount
of things in general which will be given in exchange for a unit of money. – Robertson)

√ÚÀ ÓπÒª’‰ (Self Assessment)

irkq QwvW ƒ Bro (Fill in the blanks):
1. mudrw dI Kird SkqI ƒ hI mudrw dw ………… ikhw jwdW hY[
2. mdrw dy mu`l Aqy vsquAw Aqy syvwvW dy Awm kImq p`Dr iv`c …………… sMbD huMdw hY[

3. jd Awm kImq p`Dr G`tdw hY qd mudrw dw mu`l …………… hY[

12.2 mudrw dw mu`l Aqy kImq p`Dr (Value of Money and Price Level)

iBn vsquAw Aq syvwvW dw mu`l mudrw dy rup iv`c ibAwn kIqw jw skdw hY, pr mudrw dw Apxw mu`l mudrw dy
rup iv`c ibAwn nhI kIqw jw skdw[ jykr mudrw dw mu`l vsquAw Aqy syvwvW dy rup i`c ibAwn kIqw jwvygw
qW mudrw dy lwKW mu`l ho jwxgy ikauik sMswr iv`c lwKW hI vsquAW Aqy syvwvW peI jWdI hY[ ies kiTnweI ƒ
dur krx dy leI AsI mudrw dw swmuihk mu`l k`f lYNdw hW[ iehdy leI AsI kuJ iehojI vsquAW Aqy syvwvW ƒ
cuMndy hY injWdw AsI hr hor Awpxy jIvn iv`c apXog krdy hY[ ijnW dw Aosq mu`l k`f lIqw jwdW hY, ausƒ
Awm kImq p`Dr (General Price Level) ikhw jwdW hY[ mudrw dy mu`l, vsquvW Aqy syvwvW dy Awm kImq p`Dr
dy ault (Inverse) sMbD huMdw hY[ jd Awm kImq p`Dr G`tdw hY qd mudrw dw mu`l v`Ddw hY[

1
mudrw dw mu`l (Value of Money) =
kImq p`Dr ( P)

(ieQy P kImq p`Dr)
ierivNg iPSr dy SbdW iv`c, “mudrw dI Kird SkqI kImq p`Dr dy TIk auLt huMdI hY, AMq iehdw AiDAn
kImq p`Dr dy AiDAn dy smwn hI huMdw hY[” (The purchasing power of money is the reciprocal of
the level of prices, so that the study of purchasing power of money is identical with the study of
price level. – Irving Fisher)

È؇√ iBn vsquAW Aqy syvwvW dw mu`l mudrw dy rup iv`c ibAwn kIqw jwdW hY, pr mudrw dw
Apxw mu`l mudrw dy rup iv`c ibAwn nhI kIqw jw skdw[

12.3 mudrw dy mu`l dw isDWq (Theories of Value of Money)

mudrw dy mu`l sMbDI isDWqW iv`c ies g`l dw iDAwn riKAw jwdW hY ik ikvy mudrw dw mu`l kImq p`Dr dy ault
inrDwirq huMdw hY[ ies sMdrB iv`c do mhqvpurx isDWq ies qrW hn – (i) mudrw pirmwx isDWq (Quantity
Theory of Money) Aqy (ii) mudrw dw kynijXn isDWq (Keynesian Theory of Money) ies AiDAn iv`c
dovy isDWqW dw ivsqwrpurvk AiDAn kIqw jwvygw[

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