Page 146 - DECO402_MACROECONOMIC_THEORY_PUNJABI

smStI ArQSwsqr dy isDWq

È؇ mudrw dw mMg Pln ies nqIjy qy phuMcdI hY ik v`K-v`K 5irsNpiqvW kI pRiqAwiSq pRwpqIAw (pRqIPlW) iv`c
viriD hox nwl iek sMpiqDwrk dI mudrw dI mMg G`t ho jWdI hY Aqy sMpiq iv`c viriD iv`c mudrw dI mMg v`D
jWdI hY[ Awmdn jyVI nkdI SySW (M/P) dy nwl smwXoijq kIqI jWdI hY, auh Awmdn dI pRiqAwSq dIgrk-
wiln p`Dr hY, nw kI pRwpq ho rhI cwlU Awmdn[ AnuBvisD sbUq dsdy hn ik ik mudrw mMg dI Awmdn loc
iekweI qo v`D huMdI hY, ijsdw Bwv ieh hY ik lMmy smy dy Awmdn vyg (velocity) ifg rwhI huMdI hY[ iesdw
mqlb ieh hY ik lMmy smy dw mMg Pln siQr hY[ dUjy SbdW iv`c, mudrw dy lMmy smy mMg Pln dI ibAwj loc
ngn (negligible) hY[
PRIfmYn ny mudrw dy pirmwx isDWq dy dubwrw hwijr krx nwl mudrw dy purqI sudrw dI mMg qo Azwd hY[ mu-
drw AiDkwirAW dy kMm dy kwrx mudrw dI purqI AsiQr huMdI hY[ dujy pwsy, mudrw dI mMg siQr hihdI hY[
iesdw mqlb ieh hY ik auh mudrw ijsƒ lok nkdI jW bYNk jmw dy rup iv`c r`Kxw cwhuMdy hn siQr rup iv`c
ausdI sQweI Awmdn nwl sMbiDq rihdI hY[ jykr kyNdrI bNYk pRqI|UiqAW KrIdky mudrw dI purqI v`Dw dydw
hY, qW jyVy lok prqIBUiqAW vycxgy auh vyKxgy ik ausdI Awmdn dy Anupwq iv`c ausdI mudrw dy Dwrx v`D gey
hn[iesleI auh Apxy mudrw dy ijAwdw (excess) DwrxW ƒ AWiSk rup iv`c pirsMpiqAW qy Aqy AWiSMk rup
iv`c aupBogqw Aqy syvwvW qy Krc krxgy[ ies Krc nwl ausdy mudrw SyS G`t jwxgy Aqy nwl hI mudrwrup
(nominal) Awmdn v`D jwvygI[ dUjy pwsy jd kyNdrI bYNk pRiqBUiqAW vycky mudrw dI purqI G`tw dyxgy, qW
pRiqBUiqAW KrIdx vwilAw ƒ mudrw dy Dwrx ausdI sQweI Awmdn dy Anupwq qy G`t ho jwvygI[ iesleI auh
AWiSk rup iv`c pirsMpiqAW ƒ vycky Aqy AWiSk rup iv`c vsqUAW Aqy syvwvW qy Awpxw EpBog Krc krky
Apxy mudrw DwrxW ƒ vDwxgy[ ies nwl mudrw Awmdn G`tny lgxgy[ ies qrW dovy qirikAW nwl mudrw dI
mMg siQr rhdI hY[ PRIfmYn dy muqwbk, jykr mudrw dy stw`k iv`c bdlwv huMdw hY, qW aus iv`c kImq p`Dr iv`c
jW Awmdn iv`c jW kImq p`Dr Aqy Awmdn donW iv`c smwnupwqI bdlwv huMdw hY[ mudrw dI mMg dI hox qy,
kul Krc Aqy Awmdn qy mudrw dI purqI iv`c bdlwv dy pRBwvW dw pihlw qo Anumwn lgwauxw sMBv hY[ jykr
ArQ-ivvsQw purx rojgwr qy G`t p`Dr qy hovy qW mudrw purqI iv`c viriD kul Krc v`Dx nwl aqpwdn Aqy
rojgwr iv`c viriD kr dyvygI[ pr ieh kyvl QoVy smy leI hI sMBv hY[ PRIfmYn dw mudrw pirmwx isDWq icqr
15.1 dy rwhI smJwieAW igAw hY ijQy Awmdn (Y) AnulMb AkS qy mwpI geI hY Aqy mudrw dI mMg Aqy purqI
Syiqj AkS qy[ M mudrw dI mMg vkr hY jyVW Awmdn dy nwl bdlwv huMdw hY[M mudrw purqI vkr hY jyVI
D S
Awmdn dy bdlwvW dy nwl purI qrW byloc hY[ dovy vkr iek dujy nwl E qy kwtdy hn Aqy OY sMquln Awmdn
inrDwirq krdy hY[ jykr mudrw purqI v`DdI hY qW MS vkr s`jyy Aor htky M S ho jwdw hY[ pirxwmsvrup,
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mudrw-purqI mudrw dI mMg qo v`D ho jWdI hY jyVw kul Awmdn dw qd q`k v`DdI hY jd q`k M Aqy M S vkrW
D 1 1
qy nvw sMquln E ibMdU qy sQwipq nhI ho jwdW hY[ ies qrW, Awmdn vI v`Dky OY ho jWdI hY[
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nqIjy (Conclusion) – nqIjy rwhI, PRIfmYn pirmwx isDWq ƒ mudrw dI mMg isDWq dy rup iv`c pyS krdw
hY Aqy mudrw dI mMg pirsMpiq kImqW jW swpyS pRiqPl Aqy sMpiq Aqy Awmdn qy inrBr krdw hY[ ieh
ivKwaudw hY mudrw dI siQr mMg ikvy kImqW Aqy aqpwdn dw isDWq bxdIAw hn[mMgI geI mudrw dI
mudrwrup mqrw Aqy Awpuirq (supplied) mudrw dI mudrwrup mqrw iv`c AMqr Kws qor qy koiSs kIqy gey
Krc ƒ pyS hovygw[ jd mudrw dI mMg Apxy inrDwrkW iv`c bdlwv dy pRiqikRXw iv`c bdldw hY, qW iehdy
pirxwmsvrup kImqW jW mudrwrup Awmdn qo prXwpq bdlwv lgBg sdw mudrw dI purqI iv`c bdlwvW
dy kwrx huMdy hn[

Awlocnw (Criticism)
mudrw dy pirmwx isDWq dw PRIfmYn dy dubwrw pRiqpwdn nyy v`d vwd-ivvwd pYdw kIqw hY Aqy kynjvwidAW Aqy
mudrwvwidAW dI Aor qo AnuBvisD jWc hoeI hY[ PRIfmYn dy isDWq dy ivroD lgwey gey doSW dI crcw hyT ilKI hY-
1. mudrw dI pirBwSw bhuq ivAwpk (Very Broad Definition of Money) – PRIfmYn qy lgwieAw igAw
iek ieljwm ieh hY ik mudrw dI ieho ijhI pirBwSW dw pRXog kIqw hY ijny n kyvl krynsI Aqy mMg jmw (M )
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Aipqu kmriSXl bYNkW dy smy jmw (M ) vI Swml hn[ ies ivAwpk pirBwSw qo spSt nqIjw ieh inkldw
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