Page 137 - DECO402_MACROECONOMIC_THEORY_PUNJABI

iekweI-14: boml Aqy toibn dw Xogdwn

dyxI pYdI hY[ iesleI ausƒ v`DI igxqI iv`c bWf krIdx qy hox vwly Krc dy mukwbly G`t bWf KrIdx qy hox È؇
vwlI Awmdn dI k`mI ƒ sNquilq krxw pYdW hY[ ieh PslW bWfW qy imlx vwly ibAwj dr qy inrBr krdw hY[
ibAwj dr ijnI v`D hovygI, Prm bWf KrIdx qy aunW hI v`D Krc Kpw skygI[ ies inrxX ƒ inrDwirq krx
vwlw iek hor vI m`hqvpurx kwrx mudrw dI auh rwSI hY jyVI lyn-dyn dy leI rKI jWdI hY ikauik bWf KrIdx
Aqy vycx dI dlwlI ijAwdwqr siQr rihNdI hY Aqy lyn-dyn dI rwSI dI bjwey v`D nhI bdldI[ jd lyn-dyn
dy leI mudrw v`D hovygI, qW dlwlI lwgqy ijAwdwqr G`t hovygI[ “ieh hzwr fw`lr dy bWf krIdx qy G`t-qo
G`t dlwlI mhgI pvygI[ ds hzwr fw`lr dy bWf KrIdx qy dlwlI ngxX (negligible) hovygI[iesleI kul
lyn-dyn dI rwiSAW ijnI vI v`D hovygI, dlwlI dI lwgqy aunI hI G`t hovygI Aqy aunI hI vwr ieStqm inkws
kIqy jwxgy[” ieho ijhw nkdI pRbMD jW mudrw dy pRXog iv`c pYmwny dI bcqW dy kwrx huMdw hY[
iehdw mqlb ieh hY ik Awmdn qo v`D aucy p`DrW qy lyn-dyn dI Aosq lwgq Bwv dlwlI ijAwdwqr G`t
huMdI hY[ ijvy-ijvy Awmdn v`DdI jWdI hY, auvy-auvy mudrw dI lyn-dyn mMg vI v`DdI jWdI hY pr ieh viriD
Awmdn iv`c viriD dI bjwey G`t mwqrw iv`c huMdI hY[ jykr Awmdn cwr huxw v`DdI hY, qW ieStqm lyn-dyn
SyS kyvl dugxy huMdy hn[ ikauik boml mudrw mMg dI Awmdn-loc 1/2 (AwDI) mwndw hY, iesleI ijs Anupwq
iv`c Awmdn v`DygI, mudrw dI mMg ausI Anupwq iv`c nhI v`dygI[ ieho ijhw pYmwny dI bcqW dy kwrx huMdw hY[
Awmdn iv`c viriD hox dy kwrx jd lyn-dyn iv`c lgweI geI mudrw dI rwSI ApykSwkirq v`D hMudI hY qd
pYmwny dI bcqW bWfW qo v`D invyS ƒ pRoqswhn dyNdI hY[ mudrw dI mMg iv`c ies stw`k isDWq iv`c boml ies
g`l qy vI jor iddW hY ik mudrw dI mMg vwsqivk SySW dy leI mMg huMdI hY, ikauik swl Br AYsq nkdI DwrxW
dw mu`l K/2 hY, iesleI lyn-dyn dy leI vwsqivk SySW dI mMg ieh hovygI:

M D = K 2bY
P 2 r

12bY
M D = P …(3)
2 r

ijQy M mudrw dI mMg hY Aqy kImq p`Dr hY[ smIkrx (3) iv`c ieh pqw cldw hY ik lyn-dyn SySW dI mMg
D
“lyn-dyn dI mwqrw dy vrgmul dy smwnupwqI Aqy ibAwj dI dr dy vrgmul dy pRqIpwnupwqI (inverse) huMdI
hY[” iehdw mqlb ieh hY ik p`Dr iv`c bdlwv Aqy mudrw dy lyn-dyn mMg dy iv`c pRqxS hor smwnupwiqk sMbD
huMdw hY[ jykr Prm dy KrIdx dw FWcw iv`c bdlwv nhI huMdw, qW iestqm nkdI SyS (Y) TIk ausI Anupwq
iv`c vDygI ijs Anupwq iv`c kImq p`Dr (P) v`Dygw[ jykr kImq p`Dr do guxw ho jwvygw, qW Prm dy lyn-dyn
dI mudrw mu`l vI do guxw ho jwvygw[ jd swirAW kImqW do guxI ho jwvygI, qW dlwlI (b) vI doguxI ho jwvygI[
“pirxwmq: invySW Aqy inkwso Aqy auhnW dI dlwlI lwgqW qo bcx dy leI v`D nkdI SyS rKxw vwCnIX
hovygw[ ies qrW dy mudrw mu`l Aqy dlwlI v`D jwx qy mudrw dI ieStqm mMg TIk ausI Anupwq iv`c v`D jWdI
hY ijs Anupwq iv`c kImq p`Dr v`Ddw hY[ ies qrW boml rwhI pRsquq vwsqivk SySW dI mMg dy ivSlySx dw
mqlb hY ik lyn-dyn dy leI mudrw dI mMg iv`c mudrw BRNwiq nhI huMdI hY[
klwiskI Aqy kynijXn mqW dI qulnw iv`c boml isDWq dI SrySTqw
(Its Superiority over the Classical and Keynesian Approaches)

boml dw mudrw dI lyn-dyn mMg sMbDI stw`k sYDWiqk mq klwiskI Aqy kynijXn mqW qo hyT iliKAW g`lW qo
SryST hY–
(i) mudrw dw nkdI SyS pirmwx isDWq ieh mwinAqw lykr cldw hY ik lyn-dyn mMg Aqy Awmdn p`Dr iv`c
ryKIX Aqy smwnupwiqk sMBD huMdw hY[ boml ny spSt kIqw hY ik ieh sMbD mnxw TIk nhI hY[ iedy
iv`c koeI Sk nhI ik jdy Awmdn v`DdI hY , qW lyn-dyn mMg vI v`DdI hY pr nkdI pRbND iv`c pYmwny
dI bcqW dy kwrx ieh mNMg Awmdn dI bjwey G`t Anupwq iv`c v`DdI hY[

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