Page 223 - DECO402_MACROECONOMIC_THEORY_PUNJABI

iekweI-23: iPilps vkr ivSlySx

sMBv hY jdo q`k ik Srimk sPIiq dr dw G`t jW v`D Anumwn lgwdy hn[ lMmy smy iv`c ArQ-ivvsQW kudrwqI È؇
byrojgwrI dr qy sQwipq hox dy leI bwD hovygI[
iesleI, QoVy smy iv`c isrP byrojgwrI Aqy sPIiq dy iv`c ivinmX nhI huMdw hY[ iehdw kwrx ieh hY ik
sPIiqkwrI pRqXwSwey Bugqwn iv`c sPIiq iv`c kI hoieAW hY, iehdy muqwbk sMSoiDq kI jWdI hY[ iesleI jdo
sPIiq dI vwsqivk dr icqr 23.2 iv`c 4 pRiqSq q`k v`DdI hY Srimk kuJ smy q`k 2 pRiqSq dI kwmnW
lgwey rKdy hn Aqy lMmy smy iv`c auh 2 pRiqSq qo au`qy 4 pRiqSq q`k ApxI pRqXwSwvW sMSoiDq krdy hn[
ikauik auh Apxy ƒ pRqXwSwvW dy AnukUl krdy hn iesleI iesƒ AnukUilq pRqXwSw pirklpnw (adaptive
expectations hypothesis) vI ikhw jwdW hY[ ies pirkppnw dy muqwbk sPIiq dI pRqXwiSq dr sdw
vwsqivk dr dy pICy rh jWdI hY[ pr jykr vwsqivk dr siQr rihdI hY qW pRqXwiSq dr AwKr iv`c iehdy
brwbr hovygI[ iehdy nwl ieh nqIjw inkldw hY ik sPIiq Aqy byrojgwrI dy iv`c QoVy smy dw ivinmX huMdw hY
pr donW dy iv`c lMmy smy ivinmX nhI huMdw hY jdo q`k ik ien inrMqr v`DdI sPIiq dr shn nhI kIqI jWdI hY[

AwlocnwvW (Criticisms)
hyT AwDwrW qy PRIfmYn dI qvrxvwdI pirkpnw dI AwlocnwvW dI geI hY[

1. AnulMb lMmy smy iv`c iPilps vkr sPIiq dI sqq (steady) dr nwl sMbiDq dr hY[ pr ieh TIk
ivcwr nhI hY ikauik ibnw sqq AvsQw ƒ phucx dI pRviriq dy , ArQivvsQw sdw AsMquilq siQiqAW
dI SryixAW qo hokr hujrdI hY[ ieho ijhI AvsQW iv`c, pRqXwSwvW swl hrswl ivPl ho jWdI hY[
2. PRIfmYn koeI nvw isDWq nhI dydW hY ik pRqXwSwvW ikvy bnweI jWdI hY jyVI sYDWiqk Aqy sWiKXkIX
pSpwqW qo Awjwd hovygI[ iehdy nwl ausdI siQiq AspSt rhdI hY[

3. AnulMb lMmy smy iPilps vkr qo Bwv hY ik swirAW pRqXwSwvW sMquSt hY Aqy lok B`ivK dI sPIiq drW
dw TIk-TIk Anumwn krdy hn[ AwlockW dw mq hY ik lok sPIiq drW dw TIk-TIk Anumwn nhI kr
pwdy hn, ivSyS rup qo, jdo kuJ kImqW dw duijAW qo v`D qyjI nwl v`Dxw lgBg inSicq huMdw hY[ B`ivK
dI AinsicqqwvW dy kwrx purqI Aqy mMg dy iv`c AsMquln hoxw Aqy byrojgwrI dI dr iv`c viriD hoxw
inSicq huMdw hY[ byrojgwrI ƒ Kqm krx qw dUr dI g`l hY QoVI ijhI iesqo byhd Krwb siQiq iv`c
puMj skdw hY[

4. Apxy iek lyK iv`c PRIfmYn Awp ies sMBwvnw ƒ mndw hY ik lMmy smy dw iPilps vkr iblkul AnulMb
nhI ho skdw, blik sPIiq dI v`DdI mwqrwvW dy nwl Qly s`jy pwsy Jukdw ho skdw hY jyVw v`DdI hoeI
byrojgwrI lwvygw[
5. kuJ ArQSwSqirAW dw kihxw hY ik byrojgwrI dI au`cI dr qy mjdUrI dr nhI v`DdI hY[

6. ieh ivSvwk kIqw jwdW hY ik mjdUrW iv`c mudrw-BRWiq (money illusion) huMdI hY[ auh ApxI vwsqivk
mjdUrI drW dI bjwey ApxI mudrw mjdUrI drW iv`c viriD qy v`D icNiqq rihdy hY[

7. kuJ ArQswSqrI smJdy hn ik byrojgwrI dI kudrwqI dr iek Clwvw mwqr hY ikauik PRIfmYn ny ausdI
koeI spSt pirBwsw dyx dw Xqn nhI kIqw hY[

8. sw`l hwiesn (Saul Hyman) dy Anumwn lieAW hY ik lMmysmy dw iPilps vkr AnulMb nhI huMdw blik
irxwqmk rup nwl Fwl huMdw hY[ hwiesn dw mq hY ik jykr AsI sPIiq dr iv`c viriD ƒ mn lYdy hW
qW byrojgwrI dI dr sQweI rup qy G`tweI jw skdI hY[

’∆ Âπ√ƒ ‹≈‰Á∂ ‘Ø sPIiq Aqy byrojgwrI dy iv`c QoVy smy dw ivinmX huMdw hY[

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