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Ashwani Panesar, Lovely Professional University iekweI–9: sQweI Awmdn Aqy jIvn c`kr pirklpnw

iekweI–9: sQweI Awmdn Aqy jIvn c`kr pirklpnw È؇

(Permanent Income and Life Cycle

Hypothesis)

«ÚÙ∂ Ú√» (Contents)
¿πÁ∂Ù (Objectives)
ÍÃ√Â≈ÚÈ≈ (Introduction)
9.1 sQweI Awmdn pirklpnw (Permanent Income Hypothesis)
9.2 jIvn c`kr pirklpnw (Life Cycle Hypothesis)
9.3 √≈≈ßÙ (Summary)
9.4 ÙÏÁ’ØÙ (Keywords)
9.5 ¡«Ì¡≈√ ÍzÙÈ (Review Questions)
9.6 √Ïß«Ë Íπ√Â’ª (Further Readings)

¿πÁ∂Ù (Objectives)

ies iekweI dy AiDAn qO bwd ividAwrQI Xog hoxgy:
J sQweI Awmdn pirklpnw ƒ jwxn leI[
J jIvn c`kr pirklpnw ƒ jwnx leI[

ÍÃ√Â≈ÚÈ≈ (Introduction)

PrIfmYn sQweI Awmdn ƒ ies qrW pirBwiSq kIqw hY, “Awpxy DMn ƒ ijvy dw iqvw surSq rKdy hoey koeI
aupBogqw iekweI Awmdn dI ijs mwqrw dw apBog kr skdI hY (jW msJdI hY ik apBog kr skdI hY)[”
ieh Awmdn iksy pwirvwirk iekweI dI Kws huMdI hY jyVI kwl-iSiqj (time -horizon) Aqy durdriSqw qy
inrBr krdI hY[ iedhy AMdr ieh sb smwl huMdy hn ijvy pirvwr dw gYr mwnv (non-human) DMn-ArjkW
(earners) dy ivAkiqgq gux, ArjkW dI AwriQk kirAw dy gux ijvy ik ausdw ivvswX, AwriQk kirAw
dw QW AwdI[

9.1 sQweI Awmdn pirklpnw (Permanent Income Hypothesis)
Awnupwiqk lMmy smy Aqy gYr-Awnupwiqk QoVy smy dy apBog Pln dy iv`c pRqXS ivroD dw iek hor smwDwn
PRIfmYn (Friedman) ny AwpxI sQweI Awmdn pirklpnw dy mwiDAm rwhI pyS kIqw[ PrIfmYn ny ies mq
ƒ AsvIkwr kIqw ik “cwlU jW mwipq Awmdn” (current or measured income) aupBog Krc ƒ inrDwirq
krdI hY Aqy iedy QW qy auhny ieh mwinAw hY ik apBog Aqy Krc, donW dy hI do do ihsy hMdy hn – sQweI Aqy
AnusQweI (transitory), ijvy
Y or Y = Y + Y ...(1)
m P t
Aqy, C = C + C ...(2)
P r
ijQy p sQweI Aqy t AsQweI, Awmdn Y Aqy apBog C ƒ ibAwn krdw hY[

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