Page 114 - DECO402_MACROECONOMIC_THEORY_PUNJABI

smStI ArQSwsqr dy isDWq

È؇

’∆ Âπ√ƒ ‹≈‰Á∂ ‘Ø mudrw dI KirdSkqI ƒ mudrw dw mu`l ikhw jwdw hY[

12.5 mudrw dy pirmwx isDWq dy do smIkrx
(Two Equations of the Quantity Theory of Money)

mudrw dy pirmwx isDWq nwl sMbiDq do muK smIkrx ies qrW hY –
1. nkd ivvswX jW iPSr dw smIkrx (Transactions Approach of Fisher’s Equation)
2. nkd SyS jW kYmib@j smIkrx (Cash Balance or Cambridge Equation)

(1) nkd ivvswX jW iPSr dw smIkrx (Transactions Approach of Fisher’s Equation)
vry 1911 iv`c pRkwiSq AwpxI pusqk “The Purchasing Power of Money” iv`c pRo. ierivNg iPSr ny mudrw
dy pirmwx isDWq dy nkd ivvswX dirStIkox (Transactions Approach) dw pRiqpwdn kIqw hY[ iPSr dy
muqwibk, “mudrw dy pirmwx isDWq dw ieh kQn shI hY ik mudrw dy cln vyg Aqy ivAwpwr dI mwqrw dy siQr
rwihx qy kImq p`Dr dy pRqXS rup iv`c mudrw dI mwqrw iv`c hox vwly bdlwvW dy muqwibk bdlwv huMdw hY[ (The
quantity theory is correct in the sense that the level of prices varies directly with the quantity of
money in circulation provided the velocity of circulation of that money and volume of trade are
not changed. – Irving Fisher) jyVw ieh ivKwaudw hY ik mudrw dw mu`l ( jyVw ik kImq p`Dr dy ault hY)
mudrw pirmwx dy nwl ivprIq rup iv`c bdlwv huMdw hY[ Awmqor qy: iPSr dy mudrw pirmwx dy hyT ivinmX
smIkrx (Equation of exchange) dy rup iv`c pRXog kIqw jwdW hY[

PY = MV + M ‘V’

Aor

MV + M 'V'
P =
Y

( ijQy M : pRcln iv`c mudrw jW krynsI dI mwqrw; V : pRcln nwl mudrw jW krynsI dI mwqrw dI
cln giq ; M’ : bYNk mudrw jW swK mudrw dI mwqrw ; V’ : swK mudrw dI cln giq; Y : vsquAW
Aqy syvwvW dI kul mwqrw ijsdw mudrw dy miDAm nwl ivinmX huMdw hY[ ieh vwsqivk GDP ƒ
ivKwaudW hY[P : kImq p`Dr)
auqy ilKy smIkrx qo pqw cldw hY ik mudrw dy pirmwx (M + M’) ƒ ausdI cln giq (V + V’) nwl
guxw krky (MV + M’V’) qy inSicq smyviD iv`c mudrw dI kul purqI ƒ jwinAw jw skdw hY Aqy smy
dI iek insiCq AviD iv`c vsquAW Aqy syvwvW dI mwqrW (Y) ƒ kImq p`Dr (P) nwl guxw krx nwl
(PY) qy mudrw dI mMg ƒ jwinAw jw skdw hY[
iPSr dy muqwibk, iek insicq smyviD qy M’, V, V’ Aqy Y siQr rihdy hY, AMq mudrw dI mwqrw Aqy
kImq p`Dr iv`c iek pRqXS sMbD sQwipq ho jwdW hY[ dujy SbdW iv`c, mudrw dI mwqrw (M) iv`c
 1 
virDI hox nwl kImq p`Dr (P) iv`c vI virDI ho jWdI hY Aqy mudrw dw mu`l   P  ausI Anupwq iv`c

G`t ho jwdW hY[
mMn lwieey ik M = 100 ru.; V = 8;
M’ = 200 ru. V’ = 4

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