Page 92 - DECO402_MACROECONOMIC_THEORY_PUNJABI

smStI ArQSwsqr dy isDWq

È؇ mwl qwilkwvW (ijvy k`cw mwl, Aivkirq apBog vsquAw) iv`c pirvrqn dw alyK krdw hY[ skl invyS ƒ
sWkyiqk rup qy ies qrW pyS kIqw jw skdw hY -
∆k Aqy I = k – K
t t t o
ijQy ∆K iek insicq smy t dy puMjIgq stw`k iv`c bdlwv hY, K dw Bwv hY AviD t dy AwKr iv`c pMujIgq stw`k
1
t
hY Aqy K AwvDI dy suruAq iv`c puMjIgq stw`k hY[ iehƒ AviQ t dy AMq iv`c skwl invyS ikhw jw skdw hY[
t
ArQ-ivvsQw iv`c kIqw igAw skl invyS, AwvSXk nhI ik puMjIgq stw`k iv`c suD virDI hovy, ikaik nvI
puMjI dw iek ihsw AvmuilXq (depreciated) puMjIgq stw`k dw pRiqsQwpn krx dy leI lox hovygI[ swl dy
dorwx AvmuilXq puMjI dy pRiqsQwpn qy auTweiAw igAw Krc pRiqsQwpn invyS (replacement investment)
khlwdw hY[ ieQy vrqmwn stw`k ƒ bnwey rKwx dy leI jrurI hY[ iesleI, skl invyS iv`co dI pRiqsQwpn
invyS Aqy puMjI aupBog ƒ G`twkr, suD invyS pRwpq kIqw jw skdw hY[ dujy sbdW iv`c suD invyS ƒ pRwpq krx
dy leI skl invyS iv`co dI AviD dy aqpwdn ƒ aqpwidq krx iv`c Krc kIqI (used up) vrqmwn kul
(structures) Aqy aqpwdkW ƒ itkwa apskr (equipment) dI rwiS ƒ G`twkr idqw jwdW hY[ sNSyp iv`c,

suD invyS = skl invyS – pRiqsQwpn invyS

Aqy skl invyS = sUD invyS + pRiqsQwpn invyS[
jd puMjIgq stw`k ƒ Aivkl (intact) rKwx dy leI skl invyS mwqr prXwpq huMdw hY, qW suD invyS jIro dy
brwbr hMdw hY[ ieQy skl invyS AviD dy dorwx Krc kIqI geI puMjI dI rwiS dy smwn hn[ pr jd ArQ-
ivvsQw mMdI dI pkV iv`c huMdI hY, nvy invyS dy lSx bhuq inrwSwvwdI huMdy hn[ ies mMdI dy vqwvrx iv`c
n vycI geI vsquAW dw stw`k jmW ho jWdw hY, Aqy invySk AvmuilXq puMjIgq apskr ƒ pRiqsQwipq krx
dy leI Krc aTwx ƒ vI AincCuk ho jWdy hn[ jd sNklp invyS pRiqsQwpn loxw qo G`t huMdw hY, auhnW
dw AMqr irxwqmk suD invyS (disinvestment) huMdw hY[ ies puMjI dy stw`k iv`c kMmI ƒ ivKwaudw hY[ suD
invyS qd sMBv hovygw, jd skl invyS pRiqsQwpn invyS qo v`D huMdw hY[suD invyS iv`c kMmI n kyvq ivkws
dy leI gMBIr rukwvt hY, blik ieh ArQ-ivvsQw ƒ mMdI dy jwl iv`c pw skdI hY, ijdy nwl lokW ƒ BwrI
(tremendous strain) nukswn phucdI hY[

2. iviqA invyS Aqy vwsqivk invyS (Financial Investment and Real Investment)
iviqA invyS qo Bwv kyvl iek ivAkqI qo dujy ƒ AiDkwr dw hsqWqrx hY[ iedy nwl ArQ-ivvsQw dw puMjI stw`k
nhI v`Ddw hY[ adwhrx dy leI, bYNk iv`c invyS (deposits), iek ivAkqI rwhI mkwn, vrqmwn AMSpqr (shares),
irxpqr (debentures), bwnf (bonds) dI KrId, kuJ vI nvw pYdw nhI krdI[ iedy iv`c isrP iek ivAkqI qo
dujy ƒ mwlkx dw AiDkwr dw hsqWqrx swml hY, pr ArQ-ivvsQw dI kul pujI iv`c koeI bdlwv nhI huMdw hY[
jd iek kryqw invyS kr irhw huMdw hY, qW dujw (vycx vwlw) ivinvyS (disinvests) kr irhw huMdw hY[invySk ƒ ies
invyS nwl kuJ pRiqPl imldw hY[ pr, ArQ-ivvsQw dI nzr nwl koeI vI invyS nhI huMdw[

È؇√ jd puMjIgq stw`k ƒ Aivkl rKx dy leI skl invyS mwqr prXwpq huMdw hY, qW suD
invyS ijro dy brwbr hMudw hY[

iehdy dujI Aor, vwsqivk invyS ArQ-ivvsQw iv`c vwDU aqpwdI Smqw pYdw krdw hY[ iek nvy kwrKwny Aqy
kwrX iSvr (workshop) dw inrmwx vwsqivk invyS dw iek adwhrx hY[ invyS dw ieh kMm n kyvl auhnW
dy leI hY iehdy nwl nwl ArQ-ivvsQw dy leI vI mhqvpurx hY[ kIns ny rwStrI Awmdn ivSlySx iv`c
ies invyS dw pRXog kIqw hY[ ieh iDAwn dyxw mhqvpurx hY ik jd iek ivAkqI iek kMpnI dy nvy AMSpqr
KrIddW hY, qW ivqIAw invyS vwsqivk invyS dw pircwXk hovygw[

86 LOVELY PROFESSIONAL UNIVERSITY