Page 119 - DECO402_MACROECONOMIC_THEORY_PUNJABI

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

ies isDWq dI Dwrxw glq hY ik mudrw dI mwqrw Aqy kImq p`Dr iv`c pRqXS sMbD huMdw hY[ vwsqv È؇
iv`c mudrw dI mwqrw iv`c hox vwlw bdlwv ibAwj dI dr ƒ pRBwivq krdw hY Aqy ibAwj dI dr iv`c
hox vwlw bdlwv kImq p`Dr iv`c bdlwv pYdw krdw hY[ iesleI mudrw dI mwqrw Aqy kImq p`Dr dy
proS n kI pRqXS sMbD pwieAw jwdW hY-

mudrw dI ibAwj dI invyS dI Awmdn Aqy aqpwdn dI
mwqrw iv`c  dr iv`c  mwqrw iv`c  rojgwr iv`c  lwgq iv`c  kImqW iv`c
bdlwv bdlwv bdlwv bdlwv bdlwv bdlwv

SRImqI jwn roibnsn dy muqwibk, “mudrw dI mwqrw iv`c hox vwlw bdlwv dw bhuq hI ijAwdw mhqv
hY[ auhnW dw m`hqv ibAwj dI dr qy auhnW dy pYx vwly pRBwv qy inrBr krdw hY[ pr mudrw dw isDWq,
jyVw ibAwj dI dr dw vrxn nhI krdw, mudrw dw isDWq khlWx dy Xog nhI hY[”(Changes in the
quantity of money are of great significance. Their importance lies in their effect on the rate
of interest. But a theory of money that makes no mention of rate of interest is not worthy
of being called money theory. – Mrs. Joan Robinson)[
10. cln giq ƒ mwpxw muSkl hY (Difficult to Measure Velocity) – iPSr dy smIkrx iv`c mudrw dI
cln giq nUM mwpxw AiqAMq kiTn hY[mudrw dI iek iekweI iek inSicq smyN iv`c ikMny h`QW iv`c jWdI
hY iesdI gxnw krnw sMBv nhI rY iesdy ielwvw mu`drw dI ku`l mwqrw jwnx dy leI injI koSW iv`c
sMicq mu`drw dw jwnxw jrUrI hY[ Bwrq ijhy dyS iv`c kwlw Dn (Black Money) vI cln iv`c pwieAw
jWdw hY[ ieho ijhI mudrw dI kul mwqrw Aqy iesdI cln giq ƒ mwpxw muSikl hY[ iehdy Alwvw
QoVy ssy dI cln giq ƒ siQr mwinAw jw skdw hY pr lMmy smy iv`c ies iv`c bdlwv jrur huMdw hY[
11. Amodirk q`qW dy pRBwv dI Avhylnw (It Ignores the Effect of Non-Monetary Factors) – ieh
isDWq kImq p`Dr dI Amodirk q`qW dy pRBwv dI Avhylnw krdw hY[ kImq p`Dr ƒ kyvl mudrw dI
mwqrw hI pRBwivq nhI krdI blik keI hor Amodirk q`qW ijvy, rwjnYiqk Aqy mnoivigAwnI Awid dw
vI pRBwv pYdw hY[ ieh isDWq iv`c ien q`qW dw AiDAn nhI kIqw igAw hY[

+ purx rojgwr : prNprwvwdI ArQ-SwSqirAw dy dwvy, ik mudrw dI purqI Aqy kImq p`Dr iv`c
smwnupwiqk sMbD huMdw hY, dI purv Srq hY (Full Employment – a precondition of the classical
assertion of one-to-one relation between supply of money and price level)

prMprwvwdI ArQ-SwSqirAW dw ieh mq hY ik purx rojgwr iek svqMqr bwjwr ArQ-ivvsQw dI pRwkiriqk
Gtxw hY[ auhnw dw ieh dwvw hikk`q iv`c auhwnW dy ies ivSvws dI purv-Srq hY ik kImq p`Dr iv`c
ausI Anupwq iv`c bdlwv huMdw hY ijs Anupwq iv`c mudrw dI mwqrw iv`c bdlwv huMdw hY[ iek vwr ies
purv-Srq ƒ purw hox qy, mudrw dI mwqrw Aqy kImq-p`Dr iv`c Awnupwiqk SMbD iek vwsqivkqw bx
jWdI hY, ijsƒ cunoqI nhI idqI jw skdI[ pr pRSn auTdw hY ik kI purx rojgwr svqMqr ArQ-ivvsQw
iv`c Awpxy Awp hox vwlI Gtxw hY? swl 1930 dy dSk dI mhwmMdI, iek ieiqhwisk pRmwx dy rup iv`c,
ies mq dw smrQn nhI krdI[

nkd SyS jW kYmibRj smIkrx (Cash Balance or Cambridge Equation)
kYmibRj ivSvivDwlX, ieglYNf dy keI ArQSwSqirAw ijvy, mwrSl, pIgU, rwbrtsn (SUru iv`c kynj vI) ny
mudrw dy pirmwx isDWq dy nkd SyS smIkrx dw pRiqpwdn kIqw hY[ iesƒ kYimbRj smIkrx vI kIhw jwdW hY[
nkd SyS smIkrx dy muqwibk mudrw dw mul mudrw dI mMg Aqy purqI rwhI inrDwirq hMudw hY[ smy dy iek
inSicq ibNdu qy, mudrw dI purqI siQr rihdI hY, iesleI mudrw dI mMg iv`c hox vwly bdlwvW dw mudrw dy

LOVELY PROFESSIONAL UNIVERSITY 113