Page 144 - DECO402_MACROECONOMIC_THEORY_PUNJABI

smStI ArQSwsqr dy isDWq

È؇ 15.1 PRIfmYn dw isDWq (Friedman’s Theory)

mudrw dy pirmwx isDWq dy dubwrw pRiqpwdn iv`c PRIfmYn ny bl dyky ikhw hY ik “pirmwx isDWq pihlW mudrw
dI mMg dw iek isDWq hY[ ieh aqpwdn Aqy mudrw Awmdn jW kImq p`Dr dw isDWq nhI hY[” (The quantity
theory is in the first instance a theory of the demand for money. It is not a theory of output, or of
money income or of the price level.) AwKrI sMpiqDwrkW dI Aor qo mudrw dI mMg iek apBog syvw dI mMg
dy nwl nwl Aopcwirk rup qo smwn hY[ auh vwsqivk nkdI SySW dI rwSI M/P ƒ iek vsqU mWndw hY ijsdI
mMg kIqI jWdI hY, ikauik ieh aus ivAkqI ƒ syvw pRdwn krdI hY jyVw ausƒ Dwrx krdw hY[ ies qrW, mudrw
iek pirsMpiq Aqy pMujI vsqU hY[ iesleI mudrw dI mMg pMujI Aqy sMpiq dw AMg hY[
AwKrI sMpiq DwrkW dy leI vwsqivk rup ivc mudrw dI mMg Kws krky hyT ilKy crW dw Pln hox dI sMBwvnW
ho skdI hY –
1. kul sMpiq (Total Wealth) – kul sMpiq bjt p@iqbND (constraint) dy brwbr hY[ kul sMpiq iBn qrW dI
pirsMpiqAW iv`c v`fI jwnI cwihdI hY[ ivvhwr iv`c, kul sMpiq dy Anumwn kdy-kdwr hI aplbD huMdy hn[
iehdy bjwey, Awmdn sMpiq dy suck dw kMm kr skdI hY[ iesleI PRIfmYn dy muqwibk Awmdn sMpiq dI iek
pRiqiniD hY[
2. sMpiq dw mnu`K Aqy gYr mn`uK dy rupW iv`c ivBwjn (Division of Wealth between Human and Non-
Human Forms) – sMpiq dw mu`K sroq mnu`K dI aqpwdn krx dI Smqw hY jyVI kI mnu`K sMpiq hY[ pr
mnu`K sMpiq dw gYr mwnv sNpiq iv`c bdlwv jw iehdy ault, sMsQwink pRiqbMDW dy ADIn hY[ ieho ijhw gYr
mnu`K sMpiq ƒ vrqmwn ArjnW rwhI Kirdky Aqy gYr-mnu`K sMpiq dy pRXog qy iv`q pRbMDn rwhI dSqwvW pRwpq
krx dy leI kIqw jw skdw hY[ iesleI gYr-mnu`K sMpiq dy rup iv`c kul sMpiq dw iek hor mhqvpurx cr
hY[ PRIfmYn gYr-mnu`K qo mnu`K sMpiq dy Anupwq ƒ Aqy sMpiq qo Awmdn dy Anupwq ƒ ω (Aomygw) kihdW hY[
3. mudrw Aqy hor pirsMpiqAW qy piqPl dI pRqXwiSq dry (Expected Rates of Return on Money and
Other Assets) – ieh pRiqPl dI dry apBog mMg isDWq iv`c iek vsqU dI kImq dI, ausdy sDwnwpno dI, Aqy
purkW dI dujw rup hY[ pRiqPl dI AMikq dr jIro ho skdI hY ijvyjw Awmqor qy kryNsI qy huMdW hY, Aqy irnwqmk
ijvy ieh sdw mMg KwiqAW qy ijnW qy SuD syvW Krcy dyxy pYdy hn, Aqy Dnwqmk ijvyjy aun mMg KwiqAW qy ijnW
qy ibAwj dyxI pYdI hY Aqy Awmqor qy smy KwiqAW qy[ hor pirsMpiqAW qy AMikq pRiqPl dI dr iv`c do ihsy
swml huMdy hn – pwihlW, koeI vrqmwn iv`c Bugqwn kIqI geI pRwpiq jW lwgq; Aqy dujI , ien pirsMpiqAW
dI kImqW iv`c bdlwv jyVW AvsPIiq Aqy sPIiq dI siQiqAW qy Kwsqor qy m`hqvpurx bx jWdy hn[
4. hor cr (Other Variables) – Awmdn dy AlwvW hor cr mudrw dI syvwvW nwl sMbD apXoigqw ƒ pRBwivq
kr skdy hn, jyVw vwsqivk qrlqw ƒ inrDwirq krdy hn[ qrlqw dy Alwvw sMpiq DwrkW dI ruicAW Aqy
AiDmwn cr huMdy hY[ iek hor cr AKrI sMpiq DwrkW rwhI vrqmwn pMujI vsquAW dy ivAwpwr hn[ ieh cr
sMpiqAW dy hor qrW dy nwl mudrw dy mMg Pln ƒ vI inrDwirq krdy hn[ ieho ijhy crW ƒ PRIfmYn m (mXu)
dw nW idqw hY[

È؇√ pirmwx isDWq pihly mudrw dI mMg dw iek isDWq hY[ ieh auqpwdn Aqy mudrw Awmdn
jW kImq p`Dr dw isDWq nhI hY[

sMpiq dy pRkwr (Forms of Wealth)
PRIfmYn dy muqwibk, moty qor qy sMpiq iv`c Awmdn dy sry sroq Aqy apBog krx Xog syvwvW Swml huMdI hn[
ieh puMjIkirq (Capitalised) Awmdn hY[ Awmdn qo PRIfmYn dw mqlb “sQweI Awmdn” hY jyVI sMpiq
dy jIvnkwl dI AOsq pRqXwiSq pRwpiq hY[ sMpiq pMj iBn pRkwrW qo Dwrx kIqI jw skdI hY-mudrw, bWf,

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