Page 120 - DECO402_MACROECONOMIC_THEORY_PUNJABI

smStI ArQSwsqr dy isDWq

È؇ mu`l (Aqy kImq p`Dr) qy v`D pRBwv pYdw hY[ iesleI ieh isDWq mudrw dI purqI dy QW qy mudrw dI mMg ƒ v`D
m`hqv iddw hY[ iesleI ieh isDWq ƒ mudrw dI mMg dw isDWq (Demand Theory of Money) vI ikhw jwdW
hY[ ies smIkrx ƒ purI qrW smJx dy leI mudrw dI mMg Aqy purqI sMbDI DwrxwvW dw AiDAn jrUrI hY[
1. mudrw dI purqI (Supply of Money) – nkd SyS smIkrx dy muqwibk, mudrw dI purqI iek inSicq
smy ibNdu qy jnqw dy kol aplbD noto, isko Aqy bYNkW iv`c mMg jmw dw joV hY[(Supply of money at a par-
ticular point of time is the sum total of all the notes and coins with the public and the demand
deposits.) iesleI

mudrw dI purqI = not + isky + mMg jmwey

jykr smy dy iek inSicq ibNdu qy iehdw ivcwr kIqw jwvy qW ieho ijhw ivSvws kIqw jw skdw hY ik mudrw dI
purqI qy cln giq dw koie pRBwv nhI pYdw hY[

+ iek m`hqvpurx Avlokn (An Important Observation)
kYmib@j smIkrx dy smrQkW ny mudrw ƒ n kyvl ivinmX dw miDXm kMm Aipqu mu`l dy sMcX kMm ƒ vI
pircwinAw sI[ pr mudrw dI mMg dI AvDwrxw dI ivAwiKAw krdy vyly auhnwny mudrw dI mMg ƒ ivinmX
dy miDXm dy rup iv`c pRXog krx jw Awpwq siQiq qo inptx leI pRXog krx qy bl idqw sI[ hor Sbdw
iv`c, auhnWdw mudrw dI mMg qo Bwv “lyn dyn dy leI mMg” Aqy “ swvDwnI dy leI mMg” SI[ sttw ¿πÁ∂Ù
dy leI mudrw dI mMg dw m`hqv jW mudrw qo mudrw kmwny leI mudrw dI mNg dy mhq`v dI aunWny Avhylnw
kIqI sI[

2. mudrw dI mMg (Demand For Money) – kYmib@j smIkre dy muqwibk mudrw dI mMg qo Bwv mudrw dy nkd
SyS dy rup iv`c rKwx dI lokW dI kwmnw hY[ iPsr dy muqwibk, mudrw dI mMg auhdw kyvl, ivinmX dy miDXm
dy rup iv`c pRXog krx dy leI kIqI jWdI hY[ pr nkd SyS smIkrx dy muqwibk mudrw dI mMg n kyvl ivinmX
dy miDXm dy rup iv`c pRXog krx dy leI blik DMn dy sMcX dy audyS leI vI kIqI jWdI hY[ nkd SyS swlwnw
vwsqivk Awmdn dw auh Anupwq hY ijsƒ lok nkd mudrw dy rup iv`c rKxw cwaudy hY[ iesleI

mudrw dI mMg = nkd SyS dw joV

ies smIkrx dy muqwibk, jykr mudrw dI purqI siQr rvy qW, mudrw dI mMg jW nkd SyS iv`c virDI hox qy
kImqW G`txigAw ikauik lok AwpxI Awmdn dw v`Dw ih`sw nkd rup iv`c Awpxy kox rwKxw cwaugy Aqy vsquAW
Aqy syvwvW dy leI auhnW dI mMg G`t hovygI[ idhdy ault, jykr nkd SyS dI mMg G`tygI qW vsquAw Aqy syvwvW
dy leI mMg v`DygI ijs kwrx kImq p`Dr iv`c virDI hovygI[ qdnuswr, mudrw dI mMg jW nkd SyS dw kImq
p`Dr iv`c ault sMbD hY[
nkd SyS smIkrx dy iBn rupWqr (Different Variants of Cash Balance Equation)

nkd SyS smIkrx dy iBn rup hYN[ iedy iv`c m`hqvpurx dI ivAwiKAw ies qrW hY-
mwrSl dw smIkrx (Marshall’s Equation) – fw. mwrSl ny mudrw dy mul dI ivAwiKAw hyT ilKy smIkrx
dy rup iv`c kIqI hY –

M = kY

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