Page 234 - DECO402_MACROECONOMIC_THEORY_PUNJABI

smStI ArQSwsqr dy isDWq

È؇ 6. Bvn sMbiD ckrW dw smy bhuq ijAwdw huMdw hY -
(a) AinXimq (A) inXimq
(e) lMmW (s) Cotw[

24.4 hwtry dw ivAwpwr-ckr dw mudrw isDWq
(Hawtrey’s Monetary Theory of the Trade Cycle)

pRo. Awr. jI. hwtRy (R.G. Hawtrey) dy Anuswr, “ vpwr ck`r iek inqWq modirk smisAw hY[” ieh vpwirAW
dy vloN mudrw dI mNNg pRvwh ivc hox vwly pirvrqn hn ijnW dy pirxwmsrUp ArQ ivvsQw ivc smirDI Aqy
mMdI AWaudI hY[ auhnW dw m`q hY ik hVqwl , h`V , BUkMp, sUKw, XuD Awid gYr –modirk kwrx, bhuq hoieAw
qW, AWiSk mMdI qW ilAw skdy hn, cVwv ilAwauNdy hn, ijs nwl A`gy, aqpwdkW Aqy vpwirAW dy vlON mudrw
dI mMg dy pRvwh ivc pirvrqn huMdy hn[ A`j dy Xug ivc bYNk swK hI Bugqwn dw pRmu`K swDn hY[ bYNikg-pRxwlI
hI ibAwj dI dr ƒU G`tw jW vD`W ky Aqy pRiqBUiqAW nUM KrIdky jW sodwgrW dy h`Q vycky swK nUM vDwaNdI jW
G`twaNdI hY[ ies nwl ArQivvsQw ivc mudrw dw pRvwh v`D jW G`t jWdw hY Aqy ies qrW ArQivvsQw ivc
smirDI Aqy mMdI Aw jWdI hY[
vpwr ck`r dI pRswr AvsQw audoN SUru huMdI hY jdoN bYNk aDwr-suivDWvW nUM vD`W idMdw hY[ ibAwz dI aDwr dyx
dI dr G`twky jW pRiqBUiqAW KrIdky ieh aDwr-suivDwvW pRdwn kIqIAW jWdIAW hn[iehnW qoN sodwgrW Aqy
aqpwdkW nUM aDwr lYx nUM pRoqswhn imldw hY[ iesdw kwrx ieh hY ik auh ibAwj dr ivc pirvrqnw dy pRiq
bhuq scyq huMdy hn ies leI krz ssqI dr qy imlx lgdw hY, qW auh Awpxw stok jW mwl vDwaux leI bYNkW qoN
aDwr lYdy hn[ies dy leI auh aqpwdkW nUM v`fy Awrfr idMdy hn jo A`gy auh vDI hoeI mMg nUM pUrw krx dy leI
aqpwdn dy v~D swDn kMm ivc lgwauNdy hn[ pirxwmsrUp aqpwdn dy swDnW dy svwimAW dI modirk Awmdn
v`D jWdI hY ijs nwl vsquAW qy Krc v`D jWdw hY[ sodwgr vyKdy hn ik ahnW dw stwk Kqm huMdw jw irhw hY[
auh aqpwdkW nUM v`D Awrfr idMdy hn[ ies nwl aqpwdk skirXqw, Awmdn, pirKrc, mMg ivc virDI huMdI
hY Aqy sodwgrW dw stwk hor G`t ho jWdw hY[ hwtRy dy Anuswr, “ v`D rhI skirAqw dw mqlb hY v`D rhI mMg
Aqy v`D rhI mMg dw mqlb hY v`D rhI skirAqw[ duSckr, aqpwdk skirAqw dw prswr SUru ho jWdw hY[”
ijvyN-ijvyN prswr dI sMcXI pRikirAw cldI hY,iqvyN-iqvyN aqpwdk kImqW vDwaux lgdy hn[aucIAW kImqW
qoN vpwirAW nUM v`D aDwr lYx dI pRyrxw imldI hY, qW ik auh v`D lwB kmwaux dy leI hor vI v`D stwk rok
skx[ ies qrW, AwSwvwdIqw aDwr lYx nUM pRoqswhn idMdI hY, aDwr lYx nwl ivkrX vD`dy hn Aqy ivkryX
nwl AwSwvwidqw v`DdI hY[
hwtRy dw kihxw hY ik smirDI inrMqr nhI cldI irh skdI[ jdoN bYNk krz dw prswr rok idMdy hn qW smirDI
smwpq ho jWdI hY[ bYNk hor aDwr dyx qoN ies leI ienkwr kr idMdy hn ik ahnW kol nkdI koS irkq ho jWdy
hn Aqy jo mudrw pircln ivc huMdI hY ausnUM apBokqw nkdI DwrxW dy rUp ivc Kpw lYNdy hn[ dujw kwrx ieh
hY ik jdoN Grylu vsquAW dIAW kImqW v`D jWdIAW hn ijnW dy pirxwm srUp inirXwq dI qulnw ivc AwXwq
v`D jWdy hn, qW ivdySW nUM sonW inirXwq krnw pYNdw hY[ iehnW kwrxw qo ivvS ho ky bYNkW nUM ibAwz dIAW drW
vD`wxIAW pYNdIAW hn Aqy auh auDwr dyx qoN ienkwr kr idMdy hn[ blik auh vpwrI smudwXy nUM krzw cukwaux
dy leI kihMdy hn[ ies nwl vpwirk mMdI dI jrUrq SUru ho jWdI hY[
bYNkW dw krzw cukwaux dy leI ivAwpwrI Awpxw mwl vycx lgdy hn[ ies nwl kImqW dy ifg`x dI pRikirAw
SUru ho jWdI hY[ ivAwpwrI lok aqpwdkW nUM id`qy hoey Awpxy Awrfr vI kYNsl kr idMdy hn[ mMg if`g jwx dy
kwrx , aqpwdk AwpxI aqpwdn skirAqw G`tw idMdy hn[ ies nwl A`gy, aqpwdn dy swDnW dI mMg if`g
jWdI hY[ byrojgwrI PYldI hY[ Awmdn if`g jWdI hY[igrdI hoeI mMg, kImqW Aqy Awmdn- ieh swry mMdI dy
suck hn[ bYNkW dw krzw cukwaux ivc AsmrQ kuJ PrmW idvwilAw ho jWdIAW hn Aqy ies qrW bYNkW nUM
mjbUr kr idMdI hY ik auh AwpxI swK ivc hor sMkucn krx[ ies qrW smsq pRikirAw sNcXI bx jWdI hY
Aqy ArQ ivvsQw nUM mMdI ivc D`kyl idMdI hY[
hwtRy dy Anuswr, punrUQwn dI pRikirAw bhuq holI Aqy rUk-ruk ky cldI hY[ jdoN mMdI cldI rihMdI hY qW jo vI

228 LOVELY PROFESSIONAL UNIVERSITY