Page 117 - DECO402_MACROECONOMIC_THEORY_PUNJABI

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

(2) mudrw dI mMg (Demand for Money) È؇
mudrw dI mMg iesleI kI jWdI hY ikauik ieh ivinmX dy mwiDXm dw kMm krdI hY[ AMq iksy iek
smy, mudrw dI mMg smwj iv`c ikqy jwx vwly ivinmX dI mwqrw qy inrBr krdI hY[ ivinmX dI
mwqrw do g`lW qy inrBr krdI hY –
(i) ivAwpirk sody (Trade Transactions - Y) – ivAwpirk soidAW nwl Bwv iek insicq smy dy dorwx
mudrw dy rup iv`c ivAwpirk soidAw iv`c vycI jwx vwlI vsquAW Aqy syvwvW dI kul Boiqk mwqrw hY[
iek vsqu inSicq smy dy dorwx ijnI vwr vycI jwvygI auswƒ ivAwpirk soidAW iv`c igixAw jwdW hY[
(ii) kImw p`Dr (P) (Price Level) – iek inSicq smy iv`c ‘Y’ dI hr iekweI dI Aosq kImq hI (P) kIhw
jwdW hY[ ivsqwr iv`c iehƒ Awm kImq p`Dr (General Price Level) kIhw jwdW hY[
ies leI mudrw dI mMg (Demand for Money) = kImq p`Dr (P) × ivAwpirk sody (Y) (P’)[

kImq iek inskirAw pYrwmItr dy rup iv`c
iPSr dw ieh mq hY ik kImq (P) iek inSikirA pYrwmItr hY[ kImq mudrw dI purqI rwhI inrDwirq
huMdI hY, pr ieh Awp ArQ-ivvsQw dy aqpwdn dw mu`l, Awmdn Aqy rojgwr ƒ inrDwirq nhI krdI,
ienW swirAw dI pRkriq purx rojgwr dy p`Dr qy siQr ho jwx dI huMdI hY[ iesleI iPSr dy smIkrx iv`c
Y pYrwmItr qy (P) pYrwmItr iv`c hox vwly bdlwvW dw koeI pRBwv nhI pYdW[

mudrw dy pirmwx isDWq dI mwinAwqwvW (Assumptions of Quantity Theory of Money)
mudrw dy pirmwx isDWq hyT ilKI mwinAwqwvW qy AwDwirq hY -
1. krynsI Aqy bYNk mudrw dI cln giq dI siQiq (Constant V and V’) – ieh mn ilqw jwdW hY ik
krynsI dI cln giq (V) Aqy swK mudrw Aor bYNk dI cln giq (V’) siQr rihdI hY[
2. ArQ-ivvsQw iv`c sdw purx rojgwr (Full Employment) – dI siQiq peI jWdI hY[
3. ivAwpwr dI siQr mwqrw (Constant Trade Transactions) – purx rojgwr dI siQiq dy kwrx
iPSr dI ieh mwnqw vI hY ik iek inSicq smy iv`c ivAwpwr dI mwqrw (Y) Bwv vsquAW, syvwvW Aqy
pRiqBuiqAW dI mwqrw siQr rihdI hY[
4. bYNk mudrw Aqy krynsI dw Anupwq siQr rihxw (Constant Proportion between M and M’) –
ieh isDWq ieh mwinAqw qy AwDirq hY ik bYNk dI mwqrw (M’) iv`c bdlwv krynsI dI mwqrw (M) dy
Anupwq iv`c hI rihdW hY[ jd krynsI dI mwqrw iv`c ivsqwr huMdw hY qd bYNk mudrw iv`c vI ausI Anupwq
iv`c ivsqwr huMdw hY[ iehdy ault jd krynsI dw sMkucn huMdw hY qd bYNk mudrw iv`c vI smwnupwq iv`c
sMkucn hMudw hY ikauik lok AwpxI bYNk iv`c jmw rwSI ƒ k`fvw lYdy hn[ pirxwmsvrup, bYNk mudrw dI
mwqrw iv`c G`t ho skdI hY[

Awlocnw (Criticism)
kynj Aqy kynjoqr ArQSwSqirAW ijvy, kRwqQr, hHw`m Awid ny iPSr dy smIkrx dI hyT iliKAw AwlocnwvW
kIqIAw hn -
1. iek Awm sc jW smwnwrQk Dwrxw (A Simple Truism or Tautological) – kynj dy SbdW iv`c,
“mudrw dw pirmwx isDWq iek svXNisd sc hY, jyVw swirAw pirsiQiqAW qy lwgu hovygw, jykr iehdw
koie m`hqv nhI hY[”(The quantity theory is a truism which holds in all circumstances though
without significance. - Keynes) mudrw dw pirmwx isDWq iek swDwrx sc jW svXNisd sc (Tru-
ism) hY[ ieh koeI ieho ijhI g`l nhI d`sdw ijsƒ lok pwihlW qo nhI jWxdy[ ieh isDWq swƒ dsdw
hY ik kRyqwvW dI kul modirk Krc dI mwqrw KirdxvwilAw dI kul modirk Awmdn dy brwbr huMdI hY[
dujy SbdW iv`c ijnI vsquAW Aqy syvwvW bwjwr iv`c vycI jWdI hY aunI KirdI vI jWdI hY[ ieh iek ieho

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