Page 113 - DECO402_MACROECONOMIC_THEORY_PUNJABI

iekweI–12: mudrw dI mMg : mudrw dw pirmwx isDWq

√ÚÀ ÓπÒª’‰ (Self Assessment) È؇
bhuivklpIAw pRSn (Multiple Choice Questions):
4. mudrw dI Kird SkqI kImq p`drw qo TIk huMdI hY-
(a) ault (A) AnukUl
(e) ivlom (s) iedy iv`co koeI nhI[
5. mudrw dy pirmwx Aqy mudrw dy mu`l dy iv`c …………… sMbD hY[
(a) AgwD (A) dubrw invyS
(e) smwnupwiqk (s) iedy iv`co koeI nhI[
6. pRo. imltn PRIfmyn ny AwDuink …………… isDWq pRsquq kIqw hY[
(a) pirmwx (A) lwgq
(e) vkr (s) iedy iv`co koeI nhI[

12.4 mudrw dw pirmwx isDWq (Quantity Theory of Money)

mudrw dw pirmwx isDWq mudrw dy mu`l dy inrDwrx dw sb qo purwxw isDWq hY[ iehdw pRiqpwdn swl 1566 iv`c
PRNyc ArQ-SwStrI jIn bodI (Jean Bodin) ny kIqw sI[ swl 1588 iv`c ietlI dy ArQ-SwSqrI dwvnjqI
(Davanzatti) swl 1691 iv`c AMgryj ArQ-SwStrI jw`n lw`k (John Locke) Aqy swl 1752 iv`c fyivf hUm
(David Hume) ny ies isDWq dI v`D spSt ivAwiKAw kIqI sI[ vIhvIN sdI iv`c ies isDWq dI ivsqirq
ivAwiKAw ierivNg iPSr, mwrSl, pIgu, rwbrtn Awid ArQ-SwStirAw ny kIqI hY[ pRo. imltn PRIfmyn
(Milton Friedman) ny AwDuink pirmwx isDWq (Modern Quantity Theory) pyS kIqw hY[
mudrw dy pirmwx isDWq dyy muqwbk mudrw dy pirmwx Aqy Awm kImq p`Dr iv`c iek pRqXS Aqy Awnupwiqk
sMbD hY Aqy mudrw dy pirmwx Aqy mudrw dy mu`l iv`c ault Awnupwiqk sMbD hY[ (The Quantity Theory of
Money states that there is a direct and proportionate relation between quantity of money and
general price-level and an inverse proportionate relation between quantity of money and valve
of money.) ies isDWq dy muqwbk, mudrw dy pirmwx iv`c virDI hox nwl kImq p`Dr iv`c ausI Anupwq iv`c
virDI ho jWdI hY Aqy mudrw dy pirmwx iv`c kMmI hox nwl kImq p`Dr iv`c ausI Anupwq iv`c kMmI ho jWdI hY[
J jy. As, iml dy muqbwk, “jykr hor g`lW smwn rhy qW, mudrw dw mu`l ausdI mwqrw dI ault idSw iv`c
bdlwv huMdw hY[ mudrw dI mwqrw dI hr virDI mudrw dy mu`l ƒ ausI Anupwq iv`c G`tdI hY Aqy mudrw dI
mwqrw dy hr kMmI mudrw dy mu`l ƒ ausI Anupwq iv`c v`DwdI hY[”(The value of money, other things
being the same, varies inversely with its quantity; every increase of quantity lowers the
value and every diminution raising it in a ratio exactly equivalent – J.S. Mill)
J pRo. ey. sI. Al. fy dy SbdW iv`c, “mudrw dy pirmwx isDWq qo pqw cldw hY ik kImq p`Dr iv`c mudrw
dI mwqrw iv`c hox vwly bdlwv nwl pRqXS Anupwq iv`c bdlwv huMdw hY[ jykr mudrw dI mwqrw do guxI
ho jWdI hY qW kImq p`Dr vI do guxw ho jwdw hY[ iesI qrW ieh dovy nwl nwl hovxgyY[” (The quantity
theory of money states that the price level varies in direct proportion to the quantity of
money. If the quantity of money doubles so will be the price-level. Similarly, they will fall
together. – Prof. A.C.L. Dey)
J iPSr dy Sbdw iv`c, “hog g`lw siQr rihx qy, jd cln iv`c mudrw dw pirmwx v`Ddw hY qW kImq
p`Dr iv pRqXS Anupwq iv`c v`Ddw hY Aqy mudrw dw mu`l G`t ho jwdw hY Aqy iehdy ault vI huMdw hY[”
(Other things remaining unchanged, as the quantity of money in circulation increases
the price level increases in direct proportion and the value of money decreases and
vice-versa. – Irving Fisher)

LOVELY PROFESSIONAL UNIVERSITY 107