Page 147 - DECO402_MACROECONOMIC_THEORY_PUNJABI

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

hY ik mudrw dI mMg dI ibAwj loc ngn huMdI hY[ jykr smy jmw qy È؇
ibAwj dI dr v`DdI hY qW auhnW (M ) dI mMg v`D jWdI hY[ pr
2
kryNsI Aqy mMg jmw (M ) dI mMg ifg jWdI hY iesleI mudrw dI
1
mMg qy kul imlky jyVw pRBwv pvygw, auh nhI dy brwbr hovygw[ pr
PRIfmYn dy ivSlySx dI kmjorI ieh hY ik lMmy smy dy Aqy QoVy smy
dy ibAwj drW iv`c AMdr nhI krdw[ hikk`q iv`c jykr mMg jmw
(M ) ƒ kMm qy lwieAw jwvy qW AlpkwlIn dr ƒ pRwQimkqw dyxI
1
cwihdI hY, jdik smy jmw (M ) dy leI lMmy smy dI dr v`iDAw hY[
2
ieh jrUrI hY ik ies qrW dI ibAwj dr dw FWcw mudrw dI mMg ƒ
pRBwivq kry[
2. mudrw ivlws dI vsqU nhI (Money not a Luxury Goods) –
ikauik PRIfmYn ny mudrw dy smy jmwAy Swml kr ilqI hn, iesleI icqr 15.1
auh mudrw ƒ ivlws dI vsqU mwndw hY[ ies AwDwr qy ausdw ieh nqIjw hY ik Amyirkw iv`c Awmdn dI bjwey
mudrw dI purqI dI pRvirqI dr v`d aucI huMdI hY[ pr ieglYf dy leI ies qrW dw koeI ‘ivlws pRBwv’ (luxury
effect) aplbD nhI hoieAw[
3. sMpiq crW dw v`D m`hqv (Much Importance to Wealth Variables) – PRIfmYn ny mudrw dI mMg dy
Pln iv`c, Awmdn dI bjwey sMpiq crW ƒ v`D m`hqv dy Xog mwinAw jW sMpiq Aqy Awmdn dy crW ƒ ieko vwr
pircwilq hoxw, qrksMgq pRqIq nhI huMdw[ ijvyjw johnsn ny lkS kIqw hY, sMpiq qy jyVw pRiqPl imldw hY,
auhI Awmdn hY Aqy Awmdn dy vrqmwn mu`l dI sMpiq hY[ mudrw dI mMg Pln qy ibAwj dI dr Aqy ien crW
iv`co qo iek dw ivDmwn rihxw dujy ƒ inrQk pRqIq hovygw[
4. mudrw-purqI bihrjwq nhI (Money Supply not Exogenous) – PRIfmYn ny mudrw ƒ AwsiQr mwinAw
hY[ PRIfmYn dI ivAwiKAw iv`c mudrw ƒ mudrw dy auc AiDkwrI bihrjwq FMg nwl bdwlv krdy hn[ pr
Amyirkw iv`c mudrw purqI aun bYNk jmw qo bxdI hY ijnW ƒ bYNkW ny aDwrdwn dy rwhI bdlwv kr bxwieAw hY[
bYNk aDwr dwn AMgy aun AwriSq iniDAW qy AwDwirq huMdw hY jyVw qd v`DdI jw G`tdI hY jd (k) ivqIA ib-
coilAw krynsI jmw krdy hn Aqy inklvwdy hn; (K) sMGIX irjrv ivvsQw qy kmriSXl bYNk auDwr ildy hn;
(g) ivdySW qo mudrw dw Awxw Aqy ivdySW iv`c mudrw dw jwxw huMdw hY; Aqy (G) sMGIX irjrv ivvsQw pRiqBuiqXo
dw KrId Aqy vyc krdw hY[ pihlI iqn mdyN mudrw dI purqI ƒ inSicq rup iv`c AMqrjwq q`q pRdwn krdI
hY[ ies qrW mudrw dI purqI purI qrW bihrjwq nhI hY, jdik PRIfmYn dI mwinAwqw ausƒ bihrjwq mndI
hY[ mudrw dI purqI ijAwdwqr AMqrjwq huMdI hY[
5. mudrw purqI qy hor crW qy pRBwv dI apySw (Ignores the Effect of Other Variables on Money
Supply) – PRIfmYn mudrw purqI qy hor crW ijvy kImqW, aqpwdn jW ibAwj dr dy pRBwv dI aupySw krdw
hY[ pr prXwpq AnuBvisD nqIjy hn ik mudrw purqI auqy ivKwey gey crW dy Pln dy rup iv`c ibAwn nhI
kIqI jw skdI[
6. smy Gtk qy ivcwr nhI (Does not Consider Time Factor) – PRIfmYn smwXojn dI giq Aqy smy
inrDwrx dy vwry iv`c jW smy dI AviD ijdy iv`c ieh isDWq lwgu nhI huMdw dy bwry iv`c kuC nhI d`sdw hY[
7. mudrw purqI Aqy mudrw GNP iv`c DMnwqmk sMbD nhI (No Positive Relation between Money Sup-
ply and Money GNP) – PRIfmYn dy niqijAW qo pwieAw jwdW hY ik mudrw purqI Aqy mudrw GNP DMnwqmk
rup iv`c sihsbMiDq rMihdy hn[ pr kwlfr (Kaldor) dw mq hY ik ibRtyn iv`c srvoqkirSt shsMbD pbilk
rwhI noto Aqy isko qy Dwirq nkd rwiS iv`c hox vwly iqmwhI bdlwv Aqy bwjwr kImqW dw vYXkqk apBog dy
Anurup bdlwv dy iv`c huMdw hY, n kI mudrw purqI Aqy mudrw GNP dy iv`c[
nqIjy (Conclusion) – pr ieh AlocnwvW dy bwvjud “PRIfmYn rwhI puMjI isDWq dy AwDwrBuq inXm ƒ mudrw
isDWq qy lwgu kIqw jwxw Bwv puMjI dw pRiqPl Aqy Awmdn dw vrqmwn mu`l puMjI sMBvq mudrw isDWq qy kynj
dy Awm isDWq dy bwd sb qo ijAwdw m`hqvpurq ivkws hY[ iesdw sYDWiqk m`hqr ies g`l qy inihq hY ik
ieh ivvhwr dy pRBwvW dy rup iv`c sMpiq Aqy Awmdn dw Dwrxwqmk iekIkrx krdw hY[”

LOVELY PROFESSIONAL UNIVERSITY 141