Page 123 - DECO402_MACROECONOMIC_THEORY_PUNJABI

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

igAw hY[ jd mudrw dI purqI OM qo v`Dky OM ho jWdI hY qd mudrw dw mu`l OP qo G`tky OP ho jwdw hY[ È؇
1 2 1 2
mudrw dy mu`l iv`c G`t mudrw dI purqI iv`c hox vwlI virDI dy Anupwq iv`c hY[ iesI qrW jd mudrw dI purqI
OM qo OM v`DdI hY qd mudrw dw mu`l OP qo OP G`t jwdw hY[
3
2
3
2
Pyr vI mudrw dw mu`l iv`c bdlwv dy sMdrB iv`c pIgu ny M dI ApySw K ƒ v`D m`hqv idqw hY[ Bwv mudrw dI
purqI dI ApySw mudrw dI mMg ƒ mudrw dy mu`l qo v`D m`hqvpurx inrDwrx minAw jwdw hY[
rwbrtsn dw smIkrx (Robertson’s Equation)
rwbrtsn dw smIkrx dy muqwibk
M
M = PkT Aqy P =
kT
(ieQy P : kImq p`Dr; M : mudrw dI mwqrw; T : smy dy iek insicq ibMdu qy vsquAW Aqy syvwvW dI KrIdI geI
mwqrw; k : T dw auh ih`sw ijsƒ lok nkd rup iv`c rKxw cwaudy hn)
rwbrtsn dw smIkrx ƒ pIgu dy smIkrx qo v`D cMgw smiJAw jwdw hY ikauik ieh skl hY[
Awlocnw (Criticism)

ey. sI. Al. fy. dy sbdW iv`c, “jykr pirmwx isDWq dw kYmib@j diritkox, iPSr dy diritkox qo v`D v`iDAW hY,
pr ieh Awpxy Awp iv`c iek prXwpq modirk isDWq nhI hY[ iesdI kmjorI ieh hY ik ieh AwriQk ivvsQwvW
dI jitlqw ƒ prXwpq ivcwr krx dy leI bjuq hI skl hY[” (Although the Cambridge version of the
Quantity Theory represented a big advance on the Fisher version, it is not in itself an adequate
monetary theory. Its weakness is that it is too simple to deal adequately with the complexities
of economic system. – A.C.L. Dey)
kYmib@j smIkrx dI muK AwlocnwvW ies qrW hY -

1. Avwsqivk mWnqw (Unrealistic Assumption) – ies isDWq iv`c kuJ q`q ijvy k Aqy T ƒ siQr
mMn ilAw igAw hY[ pr vwsqivk jIvn iv`c n qW ‘k’, ‘T’ Aqy n hI ‘R’ Aqy ‘O’ kdy siQr rihdy hY,
ies iv`c bdlwv huMdw rihdw hY[
2. sttw ¿πÁ∂Ù dy leI mudrw dI mMg dI Avhylnw (Ignores Speculative Demand for Money) – ieh
isDWq mudrw dI mMg dI purx ivvsQw nhI krdw[iedy muqwibk mudrw dI mMg kyvl lyn-dyn (Transac-
tion) Aqy swvDwnI adyiSAW dy leI hI kIqI jWdI hY[ ies isDWq iv`c sttw ¿πÁ∂Ù (Speculative
Motive) dy leI mudrw dI mMg dI Avhylnw kIqI geI hY[
3. ckirAw qrk (Circular Reasoning) – nkd SyS isDWq iv`c, ckirAW qrk dw doS pwieAw jwdW
hY[ ies isDWq dy muqwibk iek hor, kImq p`Dr (P) jW mudrw dw mu`l, nkd SyS (k) rwhI inrDwirq
huMdw hY pr dujI Aor, kImq p`Dr (P) jW mudrw dw mu`l, nkd SyS (k) ƒ inrDwirq krdw hY[iesleI
ieh isDWq iv`c ckirAw qrk dw doS pwieAw jwdW hY, ieQo iqkr kI, mudrw dw mu`l nkd SyS ƒ
inrDwirq krdw hY Aqy nkd SyS mudrw dy mu`l ƒ inrDirq krdw hY[ ies kwrx Aqy pirxwm (Casual
Relationship) dw sMbD sDwipq krx iv`c AsPl irAw hY[
4. Apurx isDWq (Incomplete Theory) – nkd SyS isDWq iek A5urx isDWq hY[ ieh isDWq nkd
koSo (k) dy inrDwrx iv`c kyvl iek q`q, Bwv Awmdn (R) ƒ hI mhqv iddW hY[pr vwsqv iv`c nkd
koS keI hor q`qW ijvy – kImq p`Dr, modirk AwdqW, ivvswiek FWcy Awid qy inrBr krdw hY[ isDWq
iv`c ien q`qw dI Avhylnw kIqI geI hY[
5. ibAwj dI dr dy pRBwv dI Avhylnw (It ignores the Effect of the Rate of Interest) – nkd SyS
isDWq dI ieh mWnqw glq hY ik mudrw dI mwqrw Aqy kImq p`Dr iv`j pRqXS sMbD pwieAw jwdw hY[

LOVELY PROFESSIONAL UNIVERSITY 117