Page 145 - DECO402_MACROECONOMIC_THEORY_PUNJABI

iekweI–15: PRIfmYn dw mudrw dy pirmwx isDWq dw dubwrw pRiqpwdn

iekivitAW, Boiqk vsqUAW Aqy mnu`K pUNjI[ hr qrW dI sMpiq dI AwpxI AidviqX ivSySqw hY Aqy ieh iBn È؇
pRiqPl dydI hY, ijsdw hyT vrxn hY –
1. mudrw (Money) – mudrw nNU ivsqwr Bwv iv`c ilqw igAw hY ijdy iv`c kryNsI, mMg Kwqy Aqy smy Kwqy
Swml hn ijdy iv`c jmwau qy ibAwj pRwpq huMdw hY[ ies qrW mudrw iek ivlwisqw vsqU hY[ ies Dwrk
dI suivDW, suriKAwN Awid dy rup iv`c vwsqivk pRiqPl dydI hY ijsƒ Awm kImq p`Dr (P) qy mwipAw
jwdW hY[
2. bWf (Bonds) – bWfw nUM BugqwnW dI smyN Dwrw dy dwivAW dy rUp iv`c pirBwiSq kIqw igAw hY, jo mudrw
rUp (nominal) iekwieAW iv`c siQr hY[

3. iekvitAW (Equities) – iekvitAW nUM BgqwnW dI smyN Dwrw dy dwivAW dy rUp iv`c pirBwiSq kIqw
igAw hY, jo vwsqivk iekwieAW iv`c siQr hY[
4. Boiqk vsqUAW Aqy gYr-mwnu`K vsqUAW (Physical Goods or Non-human Goods) – ieh apBogqw
Aqy aqpwdk itkwa vsquvW dI mwlsucI (inventories) hY[
5. mnu`K-puMjI (Human Capital) – mn`uK-pUMjI mwnvW dI aqpwdkI SkqI hY[
ies qrW sMpiq dI hr iksm dI AwpxI AidqIX ivSySqw Aqy iBn pRiqPl jW qW spStqXw ibAwj, lwBWS,
Srm, Awmdn Awid dy rup iv`c Aqy AspStqXw kImq p`Dr (P) qy mwpI geI mudrw dI syvwvW Aqy mwlsuicAW
dy rup iv`c huMdI hY[ ieh pMj qrW dI sMpiq iv`c ien pRqXwiSq Awmdn pRvwho dw vrqmwn vttwgq mu`l sMpiq
dw cwlU mu`l bndw hY, ijsƒ hyT ilKy vWg ibAwn kIqw jw skdw hY –
W = Y/r
ijQy W kul sMpiq dw cwlU mu`l hY, Y sMpiq dI pMj iksmW iv`c pRqXwiSq Awmdn dw kul pRvwh hY, Aqy r ibAwj
dr[ ieh smIkrx ivKwaudw hY ik sMpiq pUMjIkirq Awmdn hY[

’∆ Âπ√ƒ ‹≈‰Á∂ ‘Ø kul sMpiq bjt AvroD dw smrup hY[

mudrw dw mMg Pln (Demand Function of Money)
PRIfmYn Apxy nvy AnuBvisD AiDAn Monetary Trends in the United States and the United Kingdom
(1982) ivc iek ivAkiqgq sMpiq Dwrk dy mudrw dI mMg Pln ƒ srl FMg nwl Apxy 1956 dy mul AiDAn
qo kuJ iBn hyT ilKy sNkyq icnhW qo ibAwn krdw hY:
M/P = f(Y W, R , R , R , g , m)
m b e p
ijQy W mMgI geI mudrw dw kul stw`k; P kImq p`Dr hY; Y vwsqivk Awmdn hY; W gYr- mnu`K rup iv`c sMpiq dw
AMS hY; R mudrw qy pRqXwiSq mudrw rup dI dr hY; R bWfW qy pRqXwiSq pRiqPl dI dr hY ijs iv`c ausdI kImqW
m b
qy pRqXwiSq bdlwv Swml hn; R iekvitAW qy pRqXwiSq mudrwrup pRiqPl dI dr hY ijs iv`c ausdI ikmqW iv`c
e
pRqXwiSq bdlwv Swml hY; g = (1/P)(dP/dt) vsqUAW dI kImqW iv`c hox vwly bdlwv dI pRqXwiSq dr hY Aqy
p
iesleI Boiqk pirsMpiqAW qy pRqXwiSq mudrwrup pRiqPl dI dr hY; m (mXu) Awmdn dy Alwvw hor crW dy leI jyVI
mudrw dI syvwvW dy sMbD apXoigqW ƒ pRBwivq kr skdy hn ijvy ruicAW, AiDmwn Awid[
ivvswX dw mMg Pln lgBg brwbr hI hY[ jykr kul sMpiq Aqy mnu`K sNpiq iv`c ivBwjn bhuq lwBdwiek
nhI huMdw hY, ikauik iek Prm bwjwr iv`c vyc Aqy Kird skdI hY Aqy AwpxI mrjI dy muqwbk ApnI mnu`K
sMpiq ƒ ikrwey qy dy skdI hY[ pr hor Gtk m`hqvpurx huMdy hn[ mudrw dI swrI mMg Pln ivAkiqgq mMg
PlnW dw joV hY ijdy iv`c M Aqy Y kRmS hr ivAkqI mudrw DwrxW Aqy hr ivAkqI Awmdn ƒ ibAwn krdy
hn[ Aqy W gYr mnu`K rup iv`c swrI sMpiq ƒ ibAwn krdw hY[

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