weg/we gm gm †cvmvg - bangladesh open universitybvr‡g mvwebv f~zc~e cÖfvlk, gm gm gbp gj...

weG/we Gm Gm †cÖvMÖvg

A_©bxwZ

A_©kv‡¯¿i g~jbxwZ-2

Principles of Economics-2

†Kvm© †KvW - BEC 3302

mvgvwRK weÁvb, gvbweK I fvlv ¯‹zj

evsjv‡`k Dš§y³ wek¦we`¨vjq

MvRxcyi-1705


A_©bxwZ



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iv‡k` Avj gvngy` wZZzgxi

f~Zc~e© mnKvix Aa¨vcK, Gm Gm GBP Gj

evsjv‡`k Db¥y³ wek¦we`¨vjq

m¤úv`K

Avby gynv¤§`

Aa¨vcK, A_©bxwZ wefvM

Rvnv½xibMi wek¦we`¨vjq

bvR‡g mvwebv

f~Zc~e© cÖfvlK, Gm Gm GBP Gj


iPbv‰kjx m¤úv`K

bvR‡g mvwebv

f~Zc~e© cÖfvlK, Gm Gm GBP Gj

evsjv‡`k Dš§y³ wek¦we`¨vjq




(mKj ¯Z¡ evsjv‡`k Db¥y³ wek¦we`¨vjq KZ…©K msiw¶Z)

cÖ_g cÖKvk : Rvbyqvwi 2002

cyb: gy`ªb : Rvbyqvix 2008

cyb: gy`ªb : 2014

© Bangladesh Open University

cÖ”Q` wWRvBb

gvmy` gvngy` gwjøK

cÖ”Q` MÖvwd·

Avãyj gv‡jK

A¶i web¨vm I †cBR †gKAvc

†gvt evnvi DwÏb gRyg`vi

Gm Gm GBP Gj, evDwe

†gv: gbmyi Avjg

cÖKvkbvq

cÖKvkbv, gy`ªY I weZiY wefvM


MvRxcyi-1705

gy ªY

divwR †cÖm GÛ cvewj‡KkÝ

27/we, c¨vwi`vm †ivW

XvKv-1100|

ISBN : 984-34-1026-2

cvV wb‡ ©kbv

wcÖq wk¶v_©xMY

Avcbv‡ì‡K AvšÍwiK ï‡f”Qv Rvbvw”Q| MZ wm‡g÷v‡i A_©kv‡¯¿i g~jbxwZ-1 eBwU Avcbv‡ì †Kgb †j‡M‡Q?

Avkv Kwi `~i-wk¶‡Yi Dc‡hvMx K‡i we‡kl c×wZ‡Z iwPZ eBwU A_©kv‡¯¿i ZË¡mg~n eyS‡Z Avcbv‡ì mvnvh¨

K‡i‡Q|

eZ©gvb wm‡g÷v‡i Avcbviv A_©kv‡¯¿i g~jbxwZ-2 eBwU co‡eb| GB eBwU‡Z 11wU BDwbU Av‡Q; cÖ‡Z¨KwU BDwbU

K‡qKwU cv‡V wef³| cÖwZwU cv‡Vi ïiæ‡Z D‡Ï‡kï K_v ejv n‡q‡Q A_©vr cvV †k‡l Avcwb wK Rvb‡Z cvi‡eb

Zv GLv‡b D‡jøL Kiv n‡q‡Q| cÖwZwU cvV †k‡l c‡VvËi g~j¨vq‡b i‡q‡Q- ˆbe© w³K cÖkœ, msw¶ß I iPbvg~jK

cÖkœ| cÖwZwU cv‡Vi †k‡l _vK‡e ˆbe© w³K cÖ‡kœi DËigvjv|

GB eB‡Z mvgwóK A_©bxwZi ZË¡mg~n cvV¨cy¯ÍK KvVv‡gv‡ZB Dc¯’vcb Kiv n‡q‡Q| Z‡e GLv‡b Dc¯’vcbvi †¶‡Î

†jLK cÖ_gZ mvgwóK A_©bxwZi wfbœ wfbœ gZv`wk©K aviv m¤ú‡K© mRvM `„wó †i‡L‡Qb Ges wØZxqZ wewfbœ cÖPwjZ

ZË¡ I aviYv ch©v‡jvPbvnxbfv‡e Dc¯’vcb bv K‡i †m¸‡jv GKB m‡½ ch©v‡jvPbvi D‡`¨vM wb‡q‡Qb|

A_©kv¯¿, Ab¨ †h †Kvb kv‡¯¿i g‡ZvB wePvi, ch©v‡jvPbv ev cwieZ©‡bi E‡aŸ© bq| ZË¡‡K ÔgyL¯ÍÕ bv K‡i ch©v‡jvPbv

-I we‡k l‡Yi ¶gZv AR©bB Avgv‡ì g~j j¶¨|

†Kvm© mgšqKvix

mvwenv myjZvbv

cÖfvlK, GmGmGBPGj

evDwe

m~wPcÎ

BDwbU 1: RvZxq Avq:aviYv

cvV 1. †gvU †`kR Drcv`‡bi wewfbœ aviYv Ges m¤úK©...................................... 2

cvV 2. RvZxq Av‡qi PµvKvi cÖevn.............................................................. 10

cvV 3. cÖK…Z I Avw_©K †gvU †`kR Drcv`b ................................................... 17

cvV 4. g~j¨ m~PK .................................................................................... 24

BDwbU 2: RvZxq Avq: cwigvc

cvV 1. RvZxq Avq cwigv‡ci wewfbœ c×wZ...................................................... 30

cvV 2. RvZxq Avq cwigv‡ci ¸iæZ¡ I myweav....................................................36

cvV 3. RvZxq Avq wba©viY: fvimvg¨.............................................................40

BDwbU 3: Avq I e¨q

cvV 1. mvgwMÖK Pvwn`v Ges Drcv`‡bi fvimvg¨ ...............................................48

cvV 2. †fvM A‡c¶K Ges mvgwMÖK Pvwn`v .......................................................51

cvV 3. ¸YK..............................................................................................56

cvV 4. miKvwi LvZ ...................................................................................62

BDwbU 4: A_©, my` I Avq

cvV 1. `ª‡e¨i evRvi Ges IS †iLv..................................................................68

cvV 2. A‡_©i evRvi Ges LM †iLv................................................................76

cvV 3. IS I LM g‡W‡ji gva¨‡g fvimvg¨......................................................84

BDwbU 5: Avw_©K I ivR¯bxwZ

cvV 1. Avw_©KbxwZ .................................................................................... 89

cvV 2. ivR¯bxwZ .....................................................................................96

cvV 3. Drcv`‡bi mgšq I bxwZi wgkªY.........................................................103

BDwbU 6: mvgwMÖK Pvwn`v I †hvMvb

cvV 1. mvgwMÖK Pvwn`v..............................................................................108

cvV 2. mvgwMÖK †hvMvb............................................................................. 116

cvV 3. mvgwMÖK fvimv‡g¨i gva¨‡g wewfbœ Z‡Ë¡i iƒcvqb..................................... 122

BDwbU 7: †fvM A‡c¶K

cvV 1. †fvM A‡c¶K: e¨w³ I mvgwMÖK............. ...........................................127

cvV 2. †fvM A‡c¶‡Ki wba©viKmg~n............................................................ 136

cvV 3. †KBbmxq †fvMZË¡: cig Avq Dcwm×všÍ ............................................ 140

cvV 4. RxebPµ Dcwm×všÍ ............. ...........................................................143

cvV 5. ¯’vqx Avq Dcwm×všÍ............. ............................................................147

BDwbU 8: wewb‡qvM e¨q

cvV 1. ¯’vqx wewb‡qvM : wbI K¬ vwmKvj aviYv............. .....................................153

cvV 2. w¯’i eëmvwqK wewb‡qvM : weKí `„wófw½...............................................156

cvV 3. wewb‡qv‡Mi cÖvwšÍK `¶Zv .................................................................160

BDwbU 9: A‡_©i Pvwn`v

cvV 1. A‡_©i msÁv, †hvMvb I cwigvc............. ........................................... 167

cvV 2. A‡_©i Kvh©vejx I ¸iæZ¡, A‡_©i HwZnvwmK ¯Íimg~n..................................175

cvV 3. A‡_©i cwigvY ZË¡..........................................................................180

cvV 4. A‡_©i Pvwn`v ZË¡ ............. ............................................................ 184

BDwbU 10: gy`ªvùxwZ, gRywi I †eKviZ¡

cvV 1. gy`ªvùxwZ......................................................................................191

cvV 2. wdwjcm †iLv ............................................................................... 197

cvV 3. g~j¨ I gRywii eÜb........................................................................203

BDwbU 11: miKvwi A_© eë¯’v

cvV 1. miKvwi A_© eë¯’vi msÁv I cwiwa......................................................211

cvV 2. evRvi A_©bxwZi e¨_©Zv, miKv‡ii f~wgKv............. ................................ 214

cvV 3. MY`ªe¨: aviYv I ZË¡ ...................................................................... 219

cvV 4. K‡ii msÁv, êwkó¨ I Kvbyb ............. ............................................. 225

cvV 5. Ki eë¯’vi ZË¡mg~n, evsjv‡`‡ki Ki KvVv‡gv we‡kølY .......................... 229

cvV 6. KivNvZ, Ki mÂvcZb, evRvi I K‡ii AvcZb .................................... 241

- mgvß -

GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq

BDwbU-11 c„ôv - 1

RvZxq Avq : aviYv

National Income : Concepts

GKwU iv‡óª mvgwMÖK A_©‰bwZK Ae ’v †evSvi Rb¨ mvgwMÖK Drcv`b I Avq‡K †`Lvi †Póv Kiv nq| RvZxq Avq

aviYvi e¨envi Gfv‡eB A_©kv‡¯¿ ¸iæZ¡c~Y© n‡q D‡V‡Q| RvZxq Avq Av‡jvPbvq †h aviYv¸‡jv ¸iæZ¡c~Y© †m¸‡jv

GB BDwb‡U eY©bv Kiv n‡q‡Q|

GB BDwb‡Ui cvV¸‡jv n‡”Q :

cvV-1 : †gvU †`kR Drcv`‡bi wewfbœ aviYv Ges m¤úK ©

cvV-2 : RvZxq Av‡qi PµvKvi cÖevn

cvV-3 : cÖK…Z I Avw_©K †gvU †`kR Drcv`b

cvV-4 : g~j¨ m~PK

1

A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg


†gvU †`kR Drcv`‡bi wewfbœ aviYv Ges m¤úK©

GB cvVwU c‡o Avcwb Rvb‡Z cvi‡eb-

†gvU †`kR Drcv`b wK

wbU †`kR Drcv`b wK

e¨w³MZ Avq wK

e¨q‡hvM¨ Avq wK

gv_vwcQy Avq wK

GKwU †`‡k GKwU wbw ©ó mg‡q (mvaviYZ GK eQ‡i) †h cwigvY P‚ovšÍ `ªe¨mvgMÖx I †mev

Drcvw`Z nq Zvi PjwZ evRvi g~j¨ Z_v Avw_©K g~j¨‡K RvZxq Drcv`b ev RvZxq Avq e‡j|

RvZxq Avq n‡jv GKwU cÖevngvb aviv, hvi g‡a¨ i‡q‡Q Drcbœ mvgMÖx cÖevn ev mgv‡Ri †gvU

e¨‡qi cÖevn Ges Drcv`b Kv‡R wbhy³ DcKiY¸‡jvi Av‡qi cÖevn|

GKwU †`‡ki Drcv`b, wb‡qvM, `vg Íi wba©vi‡Yi c×wZ eyS‡Z n‡j cÖ_‡g RvZxq Av‡qi wnmve

I mswkøó aviYv¸‡jv m¤ú‡K© Rvb‡Z n‡e| RvZxq Av‡qi wnmve ej‡Z cÖavbZ †gvU RvZxq

Drcv`b (Gross National Product ev GNP)-Gi wnmve‡K †evSv‡bv nq| RvZxq Av‡qi

wnmv‡ei †¶‡Î GNP mn Av‡iv KZ¸‡jv aviYv eëüZ nq- †gvU †`kR Drcv`b (Gross Domestic Product, GDP), wbU RvZxq Drcv`b (Net National Product ev NNP), RvZxq

Avq (National Income ev NI), e¨w³MZ Avq (Personal Income ev PI) Ges e¨q‡hvM¨ Avq

(Disposable Income ev DI A_ev Disposable Personal Income ev DPI).

†gvU †`kR Drcv`b (Gross Domestic Product, GDP)

Avgiv Rvwb †h, A‡bK Drcv`b cÖwZôvb ev wkí Ges e¨w³ we‡`‡k `ªe¨ I †mevmvgMÖx Drcv`b

K‡i ev m¤úwËi gvwjK nq| Gme m¤úwË I `ªe¨mvgMÖx Drcv`b K‡i e¨w³ we‡k‡li Avq nq|

GB Avq †h‡nZz we‡`‡k AwR©Z n‡q‡Q †m‡nZz H Avq Dcv`v‡bi cvwikªwgK wnmv‡e Af¨šÍixY

Av‡qi g‡a¨ bw_fz³ Kiv nq bv| wKš‘ †gvU RvZxq Av‡qi g‡a¨ Zv MYbv Ki‡Z n‡e|

Aciw`‡K, we‡`kxivI †`‡ki Af¨šÍ‡i Drcv`b K‡i I m¤úwËi gvwjK nq| ¯fveZ GB eve`

†h Avq nq Zv GNP MYbvi mgq we‡qvM Ki‡Z n‡e| Avq Gfv‡e mgšq K‡i wbU Avq abvZ¥K

n‡j Zv GNP-i wnmv‡e Avb‡Z n‡e Ges wbU Avq FYvZ¥K n‡j Zv GNP †_‡K ev` w`‡Z n‡e|

myZivs,

GDP †_‡K Aec~wZ© e¨q ev` w`‡j wbU †`kR Drcv`b ev NDP cvIqv hvq| cÖm½Z ejv

ìKvi †h, GDP Ges NDP `y‡UvB evRvi `vg ev Dcv`vb `v‡g wnmve Kiv hvq|

GDP=GNP- we‡`k †_‡K AwR©Z m¤úwË Lv‡Z wbU Avq+†`‡k Ae ’vbKvix we‡`kx‡ì Avq

RvZxq Av‡qi wnmv‡ei

†¶‡Î GNP mn Av‡iv

KZ¸‡jv aviYv eëüZ

nq- †gvU †`kR

Drcv`b, wbU RvZxq

Drcv`b, RvZxq Avq,

e¨w³MZ Avq Ges

e¨q‡hvM¨ Avq|

cvV-1



e¨w³MZ Avq (Personal Income, PI)

RvZxq Avq e¨w³MZ Av‡qi mgwó n‡jI †`‡ki mg Í e¨w³i cÖvß Avq AwR©Z Av‡qi Zzjbvq

Kg nq| Gi KviY e¨w³‡K Zvi AwR©Z Avq †_‡K Ki w`‡Z nq| Avevi n ÍvšÍi cvIbv

(Transfer Payment) RvZxq Av‡qi AšÍfz©³ Kiv bv n‡jI Zv e¨w³MZ Av‡qi g‡a¨ cÖ‡ek

K‡i| myZivs e¨w³MZ Av‡qi cwigvc Ki‡Z n‡j RvZxq Avq †_‡K Ki eve` A_© we‡qvM w`‡Z

n‡e Ges we‡qvMd‡ji m‡½ n ÍvšÍi cvIbv †hvM Ki‡Z n‡e| D‡jøL¨, meiKg n ÍvšÍi cvIbv

e¨w³MZ Av‡qi AšÍfz©³, wKš‘ wbU RvZxq Drcv`‡bi m‡½ hy³ nq bv| myZivs e¨w³MZ

Avq=wbU RvZxq Drcv`b+n¯ÍvšÍi cvIbv - Aew›UZ gybvdv - mgwóMZ AvqKi - mvgvwRK

wbivcËvi Rb¨ Ae`vb|

GKwU Q‡Ki gva¨‡g e¨w³MZ Av‡qi wnmve †`Lv‡bv hvq|

Dcv`vb †KvwU UvKvq

1. RvZxq Avq 1700

2. we‡qvM (-)

(K) K‡c©v‡iU AvqKi 130

(L) K‡c©v‡iU gybvdvi Aew›UZ Ask 222

(M) mvgvwRK exgvi Rb cÖ Ë Ask 87

3. †hvM (+)

(K) n ÍvšÍwiZ Avq 60

(L) wbU miKvwi my` 63

e¨w³MZ Avq (PI) 1138

e¨q‡hvM¨ Avq (Disposable Income, DI)

e¨w³MZ Avq †_‡K hveZxq e¨w³MZ Ki ev cÖZ¨¶ Ki we‡qvM w`‡j Avgiv e¨q‡hvM¨ Avq cvB|

GK e¨w³ Zvi e¨q‡hvM¨ Av‡qi GKvsk mÂq Ges Acivsk †fvM K‡i| myZivs e¨q‡hvM¨ Avq

†_‡K mÂq ev` w`‡j Avgiv e¨w³MZ †fvM e¨q cvB|

aiv hvK, e¨w³MZ Avq 1100, e¨w³MZ AvqKi 130, †fvM e¨q 810, cÖ Ë my` 20 Ges

e¨w³MZ mÂq 90| Gevi Avgiv Rvbe e¨q‡hvM¨ Avq KZ?

†h‡nZz e¨w³MZ Avq †_‡K e¨w³MZ Ki ev` w`‡j e¨q‡hvM¨ Avq cvIqv hvq, †mRb¨ GLv‡b

e¨q‡hvM¨ Avq n‡e-

e¨w³MZ Avq (1100)-e¨w³MZ AvqKi (130)=970

gv_vwcQy Avq (Per Capita Income, PCI)

†Kv‡bv †`‡ki †gvU RvZxq Avq‡K RbmsL¨v w`‡q fvM Ki‡j gv_vwcQy Avq cvIqv hvq|

gv_vwcQy Avq †`‡ki RbM‡Yi evwl©K Mo Avq wn‡m‡e †`Lv‡bv nq| Rbmvavi‡Yi gv_vwcQy

Av‡qi aviYv wewfbœfv‡e cÖKvk Kiv hvq|

wbw ©ó mg‡qi †gvU †`kR Drcv`b‡K (GDP) †gvU RbmsL¨v w`‡q fvM Ki‡j gv_vwcQy †`kR

Drcv`b cvIqv hvq| wØZxqZ, wbw ©ó mg‡qi †gvU RvZxq Drcv`b (GNP)†K †gvU RbmsL¨v

w`‡q fvM K‡i gv_vwcQy RvZxq Drcv`b cÖKvk Kiv hvq| Avevi Dcv`vb `v‡g wbU RvZxq

Drcv`b †_‡K gv_vwcQy wbU Avq cvIqv hvq| †Kv‡bv †`‡ki gv_vwcQy Avq PjwZ `v‡g ev w ’i

e¨w³MZ Avq=wbU

RvZxq Drcv`b+

n ÍvšÍi cvIbv -

Aew›UZ gybvdv -

mgwóMZ AvqKi -

mvgvwRK wbivcËvi

Rb¨ Ae`vb|



`v‡g wnmve Kiv nq| gv_vwcQy Avq †`‡ki A_©‰bwZK Ae ’vi wb‡`©kK| †Kv‡bv †`‡k mylg e›Ub

eë¯’v weivRgvb n‡j gv_vwcQy Av‡qi e„w× †mB †`‡ki A_©‰bwZK Dbœqb I RbM‡Yi

RxebhvÎvi gv‡bi DbœwZi cwiPvqK|

wb‡P evsjv‡`k I Ab¨vb¨ K‡qKwU †`‡ki RbM‡Yi gv_vwcQy Av‡qi Z_¨ †`qv n‡jv-

†`k gv_vwcQy Avq (Wjvi)

evsjv‡`k

fviZ

cvwK¯Ívb

gvj‡qwkqv

Rvcvb

hy³ivR¨

hy³ivóª

382

1422

2209

9572

21930

19302

26977

m~Î : gvbe Dbœqb cÖwZ‡e`b 1998

we‡k¦i DbœZ I Dbœqbkxj †`kmg~‡ni Zzjbvq evsjv‡`‡ki RbM‡Yi gv_vwcQy Avq A‡bK Kg|

µq¶gZvi mvg¨ wfwËK wRwWwc (Purchasing power parity, PPP, based GDP)

GKwU †`‡ki wRwWwc cwigv‡c †m †`‡ki Drcvw`Z ªe¨ I †mev PjwZ `vg Íi Abyhvqx wnmve

Kiv nq| Avevi wRwWwci cÖK…Z MwZcÖK…wZ †evSvi Rb¨ wRwWwc wW‡d¬Ui eënvi Kiv nq| GKwU

wbw ©ó eQ‡ii `vg Íi‡K w ’i a‡i Zvi mv‡c‡¶ wewfbœ eQ‡ii wRwWwc wba©vi‡Yi gva¨‡g wRwWwci

cÖK…Z cÖe„w× wPwýZ Kivi †Póv nq| wKš‘ hLb Avgiv wewfbœ †`‡ki wRwWwci g‡a¨ GKwU

Zzjbvg~jK Ae ’v ch©v‡jvPbv Ki‡Z PvB ZLb Gme c×wZ h‡_ó nq bv| †Kbbv, G‡KKwU †`k

G‡KK gy`ªv eënvi Ki‡Q Ges wewfbœ †`‡ki `vg Íi wewfbœ iKg| Zvi d‡j gvwK©b hy³iv‡óªi

GKB cY¨mvgMÖx wKb‡Z †h Wjvi cÖ‡qvRb, evsjv‡`‡k Zvi PvB‡Z A‡bK Kg Wjvi w`‡q †mB

cY¨mvgMÖx †Kbv m¤¢e| GB Kvi‡Y, we‡k¦i wewfbœ †`‡ki cÖK…Z A_©‰bwZK Ae¯’vi Zzjbv Kivi

Rb¨ eZ©gv‡b µq¶gZvi mvg¨ (Purchasing power parity, PPP) aviYv eënvi Kiv nq Ges

Zvi wfwË‡Z wRwWwcI †`Lv‡bv nq| G‡Z wewfbœ †`‡ki cY¨ I †mevmg~n Zv‡ì wbR wbR evRvi

wewbgq nvi-Gi g‡a¨ mxwgZ bv †i‡L †m¸‡jv‡K Awfbœ wnmv‡ei AvIZvq Avbv nq| G‡Z †hme

†`‡k evRvi m¤úK© QvovI A‡bK A_©‰bwZK ZrciZv D‡jøL‡hvM¨ gvÎvq Pj‡Q †mme †`‡ki

Av‡q e¨vcK cwieZ©b †`Lv hvq| Gi mePvB‡Z Kvh©Ki D`vniY n‡jv Pxb| Px‡bi cÖPwjZ

wnmv‡e RvZxq Avq †`L‡j GwU n‡jv Z_vKw_Z `wi`ª ev AbybœZ †`k, wKš‘ wcwcwc w`‡q Px‡bi

wRwWwc wnmve Ki‡j †`Lv hvq GwU we‡k¦i Z…Zxq Ae ’v‡bi †`k, †Kv‡bv †Kv‡bv eQi wØZxq|

AvšÍR©vwZK A_©bxwZ †evSvi Rb¨ ZvB wcwcwc c×wZ GLb LyeB ¸iæ‡Z¡i m‡½ we‡ewPZ nq|

wb‡Pi Q‡K Avgiv cwi®‹vi †`L‡Z cvB, wb‡Ri gy`ªv w`‡q GKwU †`‡ki wRwWwc I µq¶gZvi

AvšÍR©vwZK Zzjbvi wcwcwc w`‡q RvZxq Avq cwigv‡c KZ Zdvr nq|

gv_vwcQy Avq †`‡ki

A_©‰bwZK Ae ’vi

wb‡ ©kK| †Kv‡bv

†`‡k mylg e›Ub

eë ’v weivRgvb n‡j

gv_vwcQy Av‡qi e„w×

†mB †`‡ki

A_©‰bwZK Dbœqb I

RbM‡Yi RxebhvÎvi

gv‡bi DbœwZi

cwiPvqK|

we‡k¦i wewfbœ †`‡ki

cÖK…Z A_©‰bwZK

Ae ’vi Zzjbv Kivi

Rb¨ eZ©gv‡b

µq¶gZvi mvg¨

(Purchasing power parity, PPP) aviYv

eënvi Kiv nq Ges

Zvi wfwË‡Z wRwWwcI

†`Lv‡bv nq|



evRvi wewbgq nvi I wcwcwc w`‡q wRwWwc cwigv‡ci wfbœ wPÎ, 1996

†`‡ki bvg evRvi wewbgq

nvi Abyhvqx

wRwWwc (wewjqb

Wjvi) 1994

µq¶gZvi mvg¨

wewbgq Abyhvqx

wRwWwc (wewjqb

Wjvi) 1994

evRvi wewbgq nvi

Abyhvqx gv_vwcQy

wRwWwc (Wjvi)

µq¶gZvi mvg¨

wewbgq nvi

Abyhvqx gv_vwcQy

wRwWwc (Wjvi)

hy³ivóª

Rvcvb

Pxb

Rvg©vwb

hy³ivR¨

fviZ

evsjv‡`k

6648

4591

522

2046

1017

27.60

6648

2802

2473

1558

997

158.70

26980

620

18700

340

240

26980

2920

19260

1400

1380

wb‡Pi mviYx‡Z evsjv‡`‡ki A_©‰bwZK K‡qKwU mvgwóK Dcv`v‡bi Ae¯’v †`Lv‡bv n‡q‡Q|

mviYx 1 : mvgwóK A_©bxwZi wb‡ ©wkKv, A_©eQi t 1991/92-2000/01

LvZ/DcLvZ 1991/92 1992/93 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01

(mvgwqK)

wRwWwc PjwZ evRvi g~‡j¨ (†KvwU

UvKv)

wRwWwc w ’ig~‡j¨ (†KvwU UvKv)

K

wRwWwc cÖe„w×i nvi(%) (w ’ig~‡j¨)

gv_vwcQy wRwWwc (UvKv) (PjwZ g~‡j¨)

wRwWwcÕi Zzjbvq kZKiv nvi

mÂq

Af¨šÍixY mÂq

RvZxq mÂq

†gvU wewb‡qvM

miKvwi

†emiKvwi

†fvM

ev‡RU :

†gvU ivR¯

Ki ivR¯

†gvU e¨q

mvwe©K ev‡RU NvUwZ

Avg`vwb

L

ißvwb

M

g~j¨ùxwZi nvi

N

119542

139200

5.04

10551

13.86

19.30

17.31

6.97

10.33

86.14

7.96

6.47

12.74

4.78

11.22

6.37

4.56

125369

145568

4.57

10855

12.30

17.96

17.95

6.48

11.47

87.70

8.82

7.20

13.54

4.72

12.70

7.41

2.74

135412

151514

4.08

11505

13.10

18.79

18.40

6.65

11.76

86.90

9.07

7.30

13.85

4.78

13.31

8.05

3.28

152518

158976

4.93

12720

13.13

19.12

19.12

6.74

12.38

86.87

9.32

7.24

15.13

5.81

15.50

9.21

8.87

166324

166324

4.62

13622

14.90

20.17

19.99

6.42

13.58

85.10

9.33

7.35

14.22

4.89

16.90

9.55

6.65

180701

175285

5.39

14538

15.90

21.58

20.72

7.03

13.70

84.10

9.49

7.79

13.84

4.35

16.93

10.48

2.52

200177

184448

5.23

15824

17.41

21.77

21.63

6.37

15.26

82.59

9.38

7.49

13.52

4.14

17.09

11.76

6.99

219697

193429

4.87

17150

17.71

22.31

22.19

6.72

15.47

82.29

8.97

7.22

15.11

6.14

17.54

11.65

8.91

237086

204928

5.94

18270

17.88

23.10

23.02

7.41

15.61

82.12

9.00

7.21

16.01

7.01

17.83

12.23

3.41

258068

217306

6.04

19632

18.76

23.78

23.63

7.91

15.72

81.24

9.38

7.47

16.61

7.23

--

13.08

1.59

ˆe‡`wkK gy ªvi gRy` (wgt gvwK©b

Wjvi)

O

1608 2121 2765 3070 2039 1719 1739 1523 1602 1384

Drm : evsjv‡`k cwimsL¨vb ey¨‡iv I A_© wefvM

†bvU : K. wRwWwcÕi wfwË eQi 1995/96

L. 2000/01 A_©eQ‡ii Avg`vwbi e¨‡qi j¶¨gvÎv wba©viY Kiv nqwb|

M. 2000/01 A_©eQ‡ii ißvwbi wnmve D³ eQ‡ii j¶¨gvÎv wfwËK|

N. 2000/01 A_©eQ‡ii g~j¨ùxwZi nvi RyjvB Õ00-gvP© Õ01-Gi 9 gv‡mi Mo wfwË‡Z|

O. 2000/01 A_©eQ‡ii ˆe‡`wkK gy ªvi gRy` 20.03.2001 Zvwi‡L|

wb‡Pi Q‡K 1996/97 mvj †_‡K 2000/01 ch©šÍ A_©bxwZi wewfbœ Lv‡Zi Ae ’v‡bi gva¨‡g

evsjv‡`‡ki wRwWwcÕi wPÎ I LvZIqvwi Ae`vb †`Lv hvq|



mviYx 2 : PjwZ evRvi g~‡j¨ †gvU †`kR Drcv`b (wRwWwc) I LvZIqvix Ae`vb

(†KvwU UvKvq)

LvZ/DcLvZ 1996/97 1997/98 1998/99 1999/00 2000/01

(mvgwqK)

1| K…wl I ebR

K) km¨ I kvKmewR

L) cï m¤ú`

M) ebR m¤ú`

35046

25997

5697

3352

38136

28424

6050

3662

42990

32395

6443

4152

44692

33418

6858

4417

46907

35172

7087

4648

2| grm¨ m¤ú` 9642 10874 12485 13674 14865

3| LwbR I Lbb

K) cÖvK…wZK M¨vm I Acwi‡kvwaZ ˆZj

L) Ab¨vb¨ LwbR m¤ú` I Lbb

1800

990

810

1952

1042

910

2066

1080

986

2311

1277

1034

2665

1536

1129

4| wkí (g¨vbyt)

K) e„nr I gvSvwi wkí

L) ¶z ªvqZb wkí

27060

19031

8029

31269

22175

9094

32783

2357

9256

34837

24939

9898

38402

27616

10786

5| we y¨r, M¨vm I cvwb m¤ú`

K) we y¨r

L) M¨vm

M) cvwb

2554

2159

290

105

2643

2213

310

120

2838

2388

318

132

3072

2579

343

150

3335

2790

378

167

6| wbg©vY 12169 13859 15625 17622 19913

7| cvBKvwi I LyPiv wecYb 22037 24844 27232 29204 31338

8| †nv‡Uj I †i‡ Íviuv 1033 1156 1317 1463 1603

9| cwienb, msi¶Y I †hvMv‡hvM

K) ’jc_ cwienb

L) cvwbc_ cwienb

M) AvKvkc_ cwienb

N) mn‡hvMx cwienb †mev I msi¶Y

O) WvK I Zvi †hvMv‡hvM

15584

11050

2310

239

616

1369

16741

12024

2326

280

641

1470

18041

13083

2404

320

676

1558

19743

14463

2490

373

772

1645

21988

16283

2625

422

900

1757

10| Avw_©K cÖvwZôvwbK †mev

K) e¨vsK

L) exgv

M) Ab¨vb¨

2760

2243

398

119

2992

2391

471

130

3351

2639

565

147

3648

2828

660

160

3862

2944

748

170

11| wi‡qj G‡÷U, fvov I Ab¨vb¨ eëmv 16295 17629 19584 21139 22831

12| †jvK cÖkvmb I cÖwZi¶v 4419 4137 4718 4386 5898

13| wk¶v 3610 4137 4718 4386 5898

14| ¯v ’ I mvgvwRK †mev 3942 4371 4842 4376 5767

15| KwgDwbwU, mvgvwRK I e¨w³MZ †mev 15381 17029 18497 20360 22281

Avg vwb ïé 7369 7585 7776 8325 9656

PjwZ evRvig~‡j¨ wRwWwc 180701 200177 219697 237086 258068

PjwZ evRvig~‡j¨ cÖe„w× nvi 8.64 10.78 9.75 7.91 8.85

Drm : evsjv‡`k cwimsL¨vb ey¨‡iv| 2000/01 A_©eQ‡ii cwimsL¨vb mvgwqK|

A_©bxwZwe` Ges bxwZwba©viKiv ïay A_©bxwZi e ‘MZ ªe¨ I †mev wb‡q wPšÍvfvebv K‡i bv, eis

Gme `ªe¨vwì weKí eënvi I e›Ub wel‡q Av‡jvKcvZ K‡i _v‡K| RvZxq Avq wnmve Kivi

mgq †gvU †`kR Drcv`b‡K PviwU fv‡M fvM Kiv hvq| G¸‡jv n‡jv-

†fvM (C)

wewb‡qvM (I) miKvwi e¨q (G)

wbU ißvwb (NX)

wRwWwc‡K Y ai‡j ùvovq

Y=C+I+G+NX



myZivs, wRwWwc (Y) n‡jv †fvM, wewb‡qvM, miKvwi e¨q I wbU ißvwbi †hvMdj|

GKwU cwievi wb‡Ri Rb¨ †h cwigvY e ‘MZ ªe¨ I †mev wK‡b _v‡K Zv‡K †fvM e‡j| GB

†fvM Avevi wZb fv‡M wef³| ¶Y ’vqx `ªe¨, ’vqx `ªe¨ Ges †mev| ¶Y¯’vqx `ªe¨ n‡”Q †mme

`ªe¨ †h¸‡jv Lye Kg mg‡qi Rb¨ ’vqx, †hgb Lv`¨ ªe¨ I Rvgv Kvco| ’vqx `ª‡eï `xN© mg‡qi

Rb¨ ’vwqZ¡ _v‡K, †hgb Mvwo I †Uwjwfkb| Avi †mev ªe¨ n‡”Q †m¸‡jv hv †Kv‡bv e¨w³ ev

eëmvq cÖwZôvb †fv³vi Rb¨ K‡i _v‡K| †hgb Wv³v‡ii wd, bvwc‡Zi Kv‡Q Pzj KvUv|

wewb‡qvM ej‡Z †evSvq †mme `ªe¨ †h¸‡jv fwel¨‡Z eënv‡ii Rb¨ †Kbv nq| wewb‡qvMI wZb

fv‡M wef³| eëmv‡qi ’vqx wewb‡qvM, Avevmx ’vqx wewb‡qvM Ges Bb‡f›Uwi wewb‡qvM|

eëmv‡qi ’vqx wewb‡qvM n‡jv †Kv‡bv eëmvq cÖwZôvb ev cÖwZôvb KZ…©K µxZ KjKviLvbvi

bZzb hš¿cvwZ| cwievi ev f‚-¯vgx hLb bZzb Avevm/evwo †K‡bb, ZLb Zv‡K Avevmx ’vqx

wewb‡qvM e‡j| Ab¨w`‡K aiv hvK, GKwU †`‡k †h cwigvY Drcbœ `ªe¨ cÖK…Zc‡¶ wewµ nq,

Zvi‡P‡q †ewk cwigv‡Y `ªe¨ Drcvw`Z n‡q‡Q| †h cwigvY `ªe¨ wewµ n‡jv bv (A_©vr AwewµZ

`ª‡eï gRy`) Zv Bb‡f›Uwi wewb‡qvM wn‡m‡e we‡ewPZ nq| PjwZ eQ‡ii GNP ev †gvU Drcv`b

wnmve Ki‡Z n‡j †mB eQ‡ii P‚ovšÍ `ªe¨ I †mevi weµqg~‡jï m‡½ Bb‡f›Uwi cwieZ©b mshy³

Ki‡Z n‡e A_©vr eQ‡ii ïiæ‡Z Bb‡f›Uwi I eQ‡ii †k‡l Bb‡f›Uwii g‡a¨ cv_©K¨ G‡¶‡Î hy³

n‡e|

miKvwi e¨q n‡jv ivóª, miKvi ev ’vbxq miKvi †h cwigvY e¯‘MZ ªe¨ I †mev wK‡b _v‡K|

GB fv‡M AšÍfz©³ mvgwiK hš¿ ev A¯¿, eo iv¯Ív Ges miKvwi Kg©Pvixiv †h †mev w`‡q _v‡K|

Z‡e n¯ÍvšÍi cvIbv (†eKvi fvZv, eq¯‹ fvZv) Gi AšÍfz©³ n‡e bv|

me©‡kl fvM n‡”Q wbU ißvwb hv Ab¨vb¨ †`‡ki mv‡_ evwY‡Rï wnmv‡ei mv‡_ m¤úK©hy³| GKwU

†`‡ki wbU ißvwb n‡”Q :

myZivs wbU ißvwb w`‡q cÖKvk cvq, we‡`kx ªe¨ I †mev µq eve` wbU e¨q hv †`kxq

Drcv`K‡ì Av‡qi †hvMvb wn‡m‡e MY¨ nq|

wRwWwc ebvg wRGbwc

GKwU A_©bxwZ‡Z cÖ‡Z¨‡Ki †gvU Avq‡K wRwWwc ejv nq| wKš‘ cÖK…Zc‡¶ GB ÔcÖ‡Z¨‡KiÕ g‡a¨

†K ev Kviv AšÍfz©³? †mme evsjv‡`kx hviv we‡`‡k Kg©iZ? †mme we‡`kx hviv G‡`‡k KvR

Ki‡Q?

Gme cÖ‡kœi DËi †c‡Z Avgv‡ì wRwWwci m‡½ wRGbwcÕi Zzjbv Kiv DwPZ| †hgb-

wRwWwc n‡jv †`‡ki Af¨šÍ‡i AwR©Z †gvU Avq| †`‡ki Af¨šÍ‡i we‡`kx‡ì AwR©Z Avq

wRwWwc‡Z AšÍfz©³ nq, wKš‘ †`‡ki RbM‡Yi we‡`‡k AwR©Z Avq wRwWwc‡Z †hvM n‡e bv|

wRGbwc n‡jv GKwU wbw ©ó †`‡ki RbM‡Yi (†`‡k I we‡`‡k Ae¯’vbiZ) †gvU Avq|

GLv‡b we‡`‡k DcvwR©Z †`‡k RbM‡Yi Avq AšÍfz©³ nq, wKš‘ †`‡ki Af¨šÍ‡i we‡`kx‡ì

AwR©Z Avq ev` †`qv nq|

D`vni‡Yi mvnv‡h¨ cwi®‹vifv‡e wRwWwc I wRGbwcÕi g‡a¨ cv_©K¨ †evSv hvq| g‡b Kwi,

evsjv‡`‡ki bvMwiK cÖ‡KŠkjx Rbve Avn‡g` Kwei yB eQ‡ii Rb¨ PvKwi wb‡q mshy³ Avie

wRwWwc (Y) n‡jv

†fvM, wewb‡qvM,

miKvwi e¨q I wbU

ißvwbi †hvMdj|

wbU ißvwb w`‡q

cÖKvk cvq, we‡`kx

ªe¨ I †mev µq

eve` wbU e¨q hv

†`kxq Drcv`K‡ì

Av‡qi †hvMvb wn‡m‡e

MY¨ nq|

Ab¨ †`‡k mKj e¯‘MZ `ªe¨ I we‡`kxiv †mB †`‡k †hme e¯‘MZ `ªe¨ I

†mevi ißvwbi †gvU g~j¨ †mev †`q Zvi †gvU g~j¨



Avwgiv‡Z wM‡q‡Qb| wZwb mshy³ Avie Avwgiv‡Z Ae ’vbKv‡j †h Avq Ki‡eb, †mUv H †`‡ki

†gvU †`kR Drcv`‡bi (GDP) AšÍfz©³ n‡e, †Kbbv GB Avq †`‡ki Af¨šÍ‡i AwR©Z n‡q‡Q|

wKš‘ GB Avq mshy³ Avie Avwgiv‡Zi †gvU RvZxq Drcv`‡bi (GNP) AšÍfz©³ n‡e bv, †Kbbv

Rbve Kwei mshy³ Avie Avwgiv‡Zi bvMwiK bb| GKBfv‡e mshy³ Avie Avwgiv‡Zi †Kv‡bv

bvMwiK hw` evsjv‡`‡k KvR K‡i, Zvn‡j Zvi Avq mshy³ Avie Avgxiv‡Zi †gvU RvZxq

Drcv`‡bi AšÍfz©³ n‡e, wKš‘ H †`‡ki †gvU †`kR Drcv`‡bi AšÍfz©³ n‡e bv|

G cÖm‡½ Av‡iKwU D`vniY †`qv hvq| GKRb Rvcvwb bvMwiK hy³iv‡óªi wbDBq‡K© GKwU

GcvU©‡g‡›Ui gvwjK| H evwo †_‡K wZwb †h fvov cvb †mUv hy³iv‡óªi †gvU †`kR Drcv`‡bi

(GDP) Ask, †Kbbv Zvi GB Avq GB †`‡ki Af¨šÍ‡i AwR©Z n‡q‡Q| wKš‘ H fvov hy³iv‡óªi

†gvU RvZxq Drcv`‡bi (GNP) AšÍfz©³ n‡e bv, KviY evwoi gvwjK hy³iv‡óªi bvMwiK bb|

GKBfv‡e hy³iv‡óªi †Kv‡bv bvMwi‡Ki hw` Rvcv‡b †Kv‡bv d¨v±wi _v‡K Z‡e †mB d¨v±wi †_‡K

cÖvß gybvdv hy³iv‡óªi †gvU RvZxq Drcv`‡bi AšÍfz©³ n‡e, wKš‘ †gvU †`kR Drcv`‡bi AšÍfz©³

n‡e bv|

wRwWwc wnmve ewnf©~Z welqvw`

cÖPwjZ wRwWwc wnmve c×wZ cyuwRev`x A_©bxwZ ev evRvi A_©bxwZi A‡bK ¸iæZ¡c~Y© A_©‰bwZK

ZrciZv‡K wnmv‡ei g‡a¨ AšÍfz©³ K‡i bv| †hme A_©‰bwZK ZrciZv A_©bxwZi wewb‡qvM

Kg©ms¯’vb, gybvdv, gy`ªv mieivn‡K we‡klfv‡e cÖfvweZ K‡i wKš‘ wRwWwc‡Z mivmwi AšÍfz©³ nq

bv Zvi g‡a¨ D‡jøL‡hvM¨ n‡”Q ÔKv‡jv A_©bxwZÕ e‡j cwiwPZ †Mvcb, †eAvBwb A_©bxwZ|

RvZxq Av‡qi wewfbœ aviYvi m¤úK©

†hme A_©‰bwZK

ZrciZv A_©bxwZi

wewb‡qvM, Kg©ms ’vb,

gybvdv, gy ªv

mieivn‡K

we‡klfv‡e cÖfvweZ

K‡i wKš‘ wRwWwc‡Z

mivmwi AšÍfz©³ nq

bv Zvi g‡a¨

-D‡j L‡hvM¨ n‡”Q

ÔKv‡jv A_©bxwZÕ e‡j

cwiwPZ †Mvcb,

†eAvBwb A_©bxwZ|

†gvU RvZxq Drcv`b

(-) g~ja‡bi eënvi RwbZ e¨q

= wbU RvZxq Drcv`b

(-) c‡iv¶ eëmv-Ki

(-) eëmv cÖwZôv‡bi n¯ÍvšÍi e¨q

(-) miKvwi Drcv`b cÖwZôvbmg~‡ni PjwZ DØ„Ë

+ miKvwi fZz©wK

= RvZxq Avq ev DcKiY g~‡j¨ RvZxq Avq

(-) K‡c©v‡ik‡bi Aewkó gybvdv

(-) gybvdv ev K‡c©v‡iU Ki

(-) mvgvwRK exgvi Rb¨ e¨q

(+) miKviKZ©„K cÖ Ë wbU my`

+ †fv³v‡ì cÖ Ë my`

= e¨w³MZ Avq

(-) e¨w³MZ Ki

= e¨w³MZ eënvi‡hvM¨ Avq

(-) e¨w³MZ mÂq

=e¨w³MZ †fvMe¨q



cv‡VvËi g~j¨vqb 1.1

ˆbe© w³K cÖkœ

(mwVK DËiwU wPwýZ Kiæb)

1. †gvU †`kR Drcv`‡b

K. we‡`k †_‡K AwR©Z m¤úwË Lv‡Z wbU Avq †hvM Ki‡Z n‡e|

L. †`‡k Kg©iZ we‡`kx‡ì Avq ev` w`‡Z n‡e|

M. c‡iv¶ Ki we‡qvM Ki‡Z nq|

N. †`‡k Drcvw`Z mKj `ªe¨ I †mev †hvM Ki‡Z n‡e|

2. n¯ÍvšÍi cvIbv n‡”Q :

K. †eKvi fvZv

L. Wv³v‡ii wd

M. bZzb evwo

N. Mvwo

3. gvbe Dbœqb cÖwZ‡e`b 1998 Abyhvqx evsjv‡`‡ki gv_vwcQy Avq

K. 100 Wjvi

L. 382 Wjvi

M. 300 Wjvi

N. 1000 Wjvi

msw¶ß cÖkœ

1. e¨w³MZ Avq ej‡Z wK †evSvq?

2. e¨q‡hvM¨ Avq wK? e¨w³MZ Avq 1000 UvKv, e¨w³MZ AvqKi 100 UvKv, †fvM e¨q 600

UvKv, cÖ Ë my` 30 UvKv Ges e¨w³MZ mÂq 60 UvKv| e¨q‡hvM¨ Avq KZ n‡e?

iPbvg~jK cÖkœ

1. gv_vwcQy Avq wK? evsjv‡`‡ki †cÖw¶‡Z Av‡jvPbv Kiæb|

2. wRwWwc I wRGbwc ej‡Z wK †evSvq? cv_©K¨mn e¨vL¨v Kiæb|

ˆbe© w³K cÖ‡kœi DËi

1. N 1. K 3. L

RvZxq Av‡qi wnmv‡ei †¶‡Î GNP mn Av‡iv KZ¸‡jv aviYv eëüZ nq- †gvU †`kR Drcv`b, wbU

RvZxq Drcv`b, RvZxq Avq, e¨w³MZ Avq Ges e¨q‡hvM¨ Avq| wRwWwc n‡jv †`‡ki Af¨šÍ‡i AwR©Z

†gvU Avq| †`‡ki Af¨šÍ‡i we‡`kx‡ì AwR©Z Avq wRwWwc‡Z AšÍfz©³ nq, wKš‘ †`‡ki RbM‡Yi

we‡`‡k AwR©Z Avq wRwWwc‡Z †hvM n‡e bv| wRGbwc n‡jv GKwU wbw ©ó †`‡ki RbM‡Yi (†`‡k I

we‡`‡k Ae ’vbiZ) †gvU Avq| GLv‡b we‡`‡k DcvwR©Z †`‡ki RbM‡Yi Avq AšÍfz©³ nq, wKš‘ †`‡ki

Af¨šÍ‡i we‡`kx‡ì AwR©Z Avq ev` †`qv nq| gv_vwcQy Avq †`‡ki A_©‰bwZK Ae¯’vi wb‡ ©kK|

we‡k¦i wewfbœ †`‡ki cÖK…Z A_©‰bwZK Ae ’vi Zzjbv Kivi Rb¨ eZ©gv‡b µq¶gZvi mvg¨ (Purchasing power parity, PPP) aviYv eënvi Kiv nq Ges Zvi wfwË‡Z wRwWwcI †`Lv‡bv nq|

mvims‡¶c



RvZxq Av‡qi PµvKvi cÖevn



wØLvZ wfwËK A_©bxwZ‡Z RvZxq Av‡qi PµvKvi cÖevn

wZb LvZ wfwËK A_©bxwZ‡Z RvZxq Av‡qi PµvKvi cÖevn

Pvi LvZ wfwËK A_©bxwZ‡Z RvZxq Av‡qi PµvKvi cÖevn


RvZxq Avq I RvZxq e¨q ci¯úi mgZv m~‡Î Ave×| A_©bxwZ‡Z cwievi GKwU LvZ wn‡m‡e

wPwýZ Ki‡j Ges eëmv cÖwZôvb‡K wfbœ GKwU LvZ wn‡m‡e wPwýZ Ki‡j G‡ì g‡a¨ †h Nwbô

m¤úK© _v‡K Zv †_‡K RvZxq Avq I e¨‡qi PµvKvi cÖevn cÖwµqv e¨vL¨v Kiv hvq| mvaviYZ

cwievimg~n me Dcv`v‡bi gvwjK| cwievi kªg, g~jab, f‚wg I msMV‡bi †hvMvb w`‡q _v‡K|

Gme Dcv`v‡bi eënv‡ii †¶Î eëmv cÖwZôvb (Firm)| eëmv cÖwZôvbmg~n Gme Dcv`vb

eënvi K‡i ªe¨ I †mev mvgMÖx Drcv`b K‡i| Dcv`vb eënvi Ki‡Z wM‡q eëmvq cÖwZôvb

Dcv`vb g~j¨ wn‡m‡e gRywi, my`, LvRbv, gybvdv wn‡m‡e cwievi‡K g~j¨ cÖ vb Ki‡e| Dcv`vb

evRv‡i Dcv`vbmg~n wewµ †_‡KB Dcv`vb g~j¨ m„wó nq, hv RvZxq Avq wn‡m‡e cwiwPZ| Avevi

eëmvq cÖwZôvbmg~n Zv‡ì Drcvw`Z ªe¨mg~n cwiev‡ii Kv‡Q wewµ K‡i| Gme `ªe¨ I

†mevmg~‡ni g~j¨ cwievimg~n cwi‡kva Ki‡e hv †fvM e¨q bv‡g cwiwPZ| 1.1 bs wb‡Pi wP‡Î

Ic‡ii As‡k (Upper Loop) `ªe¨ evRvi Ges wb‡Pi As‡k (Lower Loops) Dcv`vb evRvi

†`Lv‡bv n‡q‡Q| cwievimg~n Dcv`v‡bi †hvMvb †`q dv‡g©i Kv‡Q hv wb‡Pi As‡k (Lower Loops) Ic‡ii jvB‡b †`Lv‡bv n‡q‡Q| dv‡g©i Drcvw`Z ªe¨ I †mevmg~n cwiev‡ii Kv‡Q wewµ

Kiv nq hv Ic‡ii As‡k (Upper Loops), wb‡Pi jvB‡b (Lower Line) †`Lv‡bv n‡q‡Q|

wPÎ 1.1

eëmvq cÖwZôvbmg~n Dcv`vb eënv‡ii wewbg‡q cwievimg~n‡K g~j¨ cÖ vb K‡i (gRywi, my`,

LvRbv I gybvdv) hv wb‡Pi As‡k (Lower Loops) wb‡Pi jvB‡b (Lower Line) †`Lv‡bv

cvV-2



n‡q‡Q| GLv‡b †gvU RvZxq Avq nj Y=gRywi+my`+LvRbv+gybvdv| Ab¨w`‡K eëmvq

cÖwZôvbmg~n Zv‡ì Drcvw`Z ªe¨ I †mev mvgMÖx cwiev‡ii Kv‡Q wewµ K‡i hv cwievimg~n

†fvM e¨q eve` eëmvq cÖwZôvbmg~n‡K g~j¨ cÖ vb K‡i hv Ic‡ii As‡k (Upper Loops), Ic‡ii jvB‡b (Upper Line) †`Lv‡bv n‡q‡Q| wP‡Î evB‡ii jvB‡b A‡_©i cÖevn †`Lv‡bv n‡q‡Q

Ges †fZ‡ii jvB‡b cÖK…Z Dcv`vb I `ªe¨‡mevi cÖevn †`Lv‡bv n‡q‡Q|

†gvU RvZxq Drcv`b= ªe¨ I †mev `vg

AZGe, mÂq I wewb‡qvM, miKvwi e¨q, Avg`vwb I ißvwb e¨wZ‡i‡K †Kv‡bv A_©bxwZ‡Z

Aek¨B †gvU RvZxq Avq= †gvU RvZxq e¨q n‡e|

RvZxq Av‡qi PµvKvi cÖevn e¨vL¨v Kivi Av‡M K‡qKwU welq m¤ú‡K© aviYv †bqv hvK|

PµvKvi cÖevn Abyhvqx, mvgwMÖK †hvMvb n‡”Q eëmvq cÖwZôvbmg~n KZ©„K Drcvw`Z †fvM¨ ªe¨ I

†mev ev Zvi evRvi g~j¨ Ges mvgwMÖK Pvwn`v n‡jv cwievieM© KZ©„K †fvM¨`ªe¨ I †mevi †gvU

Pvwn`v| †h‡nZz

g‡b Kiæb, e¨w³eM© Zv‡ì Av‡qi GKUv Ask mÂq K‡i A_ev AvqKi Ges K‡c©v‡iU Ki

(eëmv cÖwZôv‡bi gybvdvi Ici Awc©Z Ki) wnmv‡e miKvi‡K cÖ vb K‡i| ¯úóZB G‡¶‡Î

mvgwMÖK Pvwn`v mvgwMÖK †hvMv‡bi †P‡q Kg n‡e| Gi A_© n‡”Q, Drcv`b cÖwZôvb mg~‡ni

Drcvw`Z ªe¨mvgMÖxi GKwU Ask AwewµZ †_‡K hv‡e| myZivs mÂq Ges Ki n‡”Q GK ai‡bi

wbM©gb ev leakage hv RvZxq Av‡qi fvimvg¨ webó K‡i Ges cieZ©x mg‡q RvZxq Avq n«vm

cvq| Gi Ab¨w`KI i‡q‡Q| eëmvq cÖwZôvbmg~n ev¯Í‡e ïay †fvM¨`ªe¨B Drcv`b K‡i bv,

g~jab`ªeÏ Drcv`b K‡i| GKBfv‡e, cwievieM© Zv‡ì mwÂZ A_© g~jab`ªe¨ wK‡b e¨q Ki‡Z

cv‡i| Ab¨w`‡K Kiv‡iv‡ci gva¨‡g msM„nxZ A_© miKvi eëmvq cÖwZôvbmg~nKZ©„K Drcvw`Z

`ªe¨mvgMÖx µ‡q e¨q Ki‡Z cv‡i| Kv‡RB cwievie‡M©i mwÂZ A_© g~jab `ªe¨ µ‡qi gva¨‡g

wewb‡qvM AvKv‡i Ges miKvi‡K †`q Ki miKvwi Li‡Pi AvKv‡i eëmvq cÖwZôvbmg~‡n wd‡i

Avm‡Z cv‡i| myZivs, wewb‡qvM Ges miKvwi e¨q n‡”Q GK ai‡bi AšÍtcÖevn (Injection)| Gi

d‡j RvZxq Avq e„w× cvq| myZivs wbM©gb (leakage) Ges AšÍtcÖevn (Injection) m¤‡Ü Avgiv

ej‡Z cvwi-

wØ-LvZ wfwËK A_©bxZ‡Z RvZxq Av‡qi PµvKvi cÖevn :

Avgiv wØ-LvZ ev cwievi I eëmvq cÖwZôvb wfwËK A_©bxwZ‡Z RvZxq Av‡qi PµvKvi cÖevn

e¨vL¨v K‡iwQ| cÖK…Z c‡¶ †Kv‡bv †`‡ki RbMY ïay †fvMB K‡i bv wKQyUv mÂqI K‡i| Avevi

†gvU e¨q ïay †fvM e¨qB nq bv wewb‡qvM e¨q wn‡m‡eI n‡q _v‡K|

ZvB †gvU RvZxq Avq I e¨q cÖev‡n wbM©gb (Leakage) I AšÍtcÖevn (Injection) N‡U _v‡K|

†gvU RvZxq Av‡qi wbM©gb nj mÂq Ges †gvU RvZxq e¨‡q AšÍtcÖ‡ek nj wewb‡qvM| wb‡Pi

wP‡Î welqwU †`Lv‡bv nj| j¶Yxq, †fvM e¨q m¤úbœ nIqvi ci cwievimg~‡ni Av‡qi GKvsk

wbM©gb N‡U mÂq wn‡m‡e, hv g~jab evRv‡i Z_v Avw_©K Lv‡Z A_© evRv‡i Rgv n‡e|

mÂq I wewb‡qvM,

miKvwi e¨q I

Avg`vwb I ißvwb

e¨wZ‡i‡K †Kv‡bv

A_©bxwZ‡Z Aek¨B

†gvU RvZxq Avq=

†gvU RvZxq e¨q

n‡e|

wbM©gb (leakage) n‡”Q dvg©mg~n KZ©„K e¨w³eM©‡K cÖ Ë Av‡qi †mB Ask hv cwievie‡M©i

e¨‡qi gva¨‡g dvg©mg~‡n wd‡i Av‡m bv| Aš—tcÖevn (Injection) n‡”Q dvg©mg~n KZ©„K cÖ Ë

cwievie‡M©i Av‡qi †mB Ask hv cwievieM© ev miKv‡ii e¨‡qi gva¨‡g dv‡g© wd‡i Av‡m|

fvimvg¨ RvZxq Avq : mvgwMÖK †hvMvb=mvgwMÖK Pvwn`v



GB RgvK…Z A_© wewb‡qvMKvixiv FY MÖn‡Yi gva¨‡g wewb‡qvM Ki‡e, hv A_©bxwZ‡Z AšÍtcÖevn

(Inflow) NUv‡e Ges †gvU mÂq= †gvU wewb‡qvM n‡e|

MvwYwZKfv‡e †gvU RvZxq Avq Y=C+S=w+r+i+p; †hLv‡b, C= †fvM, S=mÂq, w=gRywi,

r=LvRbv, i=my`, I=wewb‡qvM, p=gybvdv

†gvU RvZxq e¨q E=C+I Avq = e¨q k‡Z© Y=E ev, C+S=C+I ev, S=I

Gevi eëmvq cÖwZôvbmg~n hw` Avw_©K cÖwZôvb †_‡K RbM‡Yi Avgvb‡Zi †P‡q †ewk A_© msMÖn

K‡i Ges wewb‡qvM K‡i Z‡e RvZxq Avq evo‡Z _vK‡e| Ab¨w`‡K mÂ‡qi †P‡q Kg wewb‡qvM

Ki‡j RvZxq Avq Kg‡Z _vK‡e| MvwYwZKfv‡e I>S n‡j RvZxq Avq evo‡e, Avevi I<S n‡j

RvZxq Avq Kg‡e|

aiv hvK GKwU wØLvZ A_©bxwZ, eëmvq LvZ †_‡K e¨w³eM© wb‡¤œv³ cvIbv cvq : gRywi 520

UvKv, my` 30 UvKv, LvRbv 10 UvKv Ges gybvdv 80 UvKv; †fvM e¨q 550 UvKv Ges wewb‡qvM

90 UvKv| Gevi Avgiv Rvbe (K) Drcv`‡bi evRvi g~j¨ KZ? cwiev‡ii mÂq KZ? (L) mÂq

I wewb‡qv‡Mi m¤úK© wK n‡e?

(K) mKj cvIbv †hvM K‡i Avgiv Drcv`‡bi evRvi g~j¨ cvB, gRywi 52 UvKv+my` 30

UvKv+LvRbv 10 UvKv+gybvdv 80 UvKv=640 UvKv|

A_ev

†fvM 550 UvKv+wewb‡qvM 90 UvKv=640 UvKv|

cwiev‡ii mÂq nj; †gvU Drcv`b-†fvMe¨q

= (640-90) UvKv

eëmvq cÖwZôvbmg~n

hw` Avw_©K cÖwZôvb

†_‡K RbM‡Yi

Avgvb‡Zi †P‡q †ewk

A_© msMÖn K‡i Ges

wewb‡qvM K‡i Z‡e

RvZxq Avq evo‡Z

_vK‡e| Ab¨w`‡K

mÂ‡qi †P‡q Kg

wewb‡qvM Ki‡j

RvZxq Avq Kg‡Z

_vK‡e|



= 550 UvKv|

(L) Avgiv Rvwb, wewb‡qvM 90 UvKv

mÂq 90 UvKv|

myZivs mÂq I wewb‡qvM mgvb| GKwU wØLvZ A_©bxwZ‡Z GUv mZ¨, KviY GLv‡b AšÍtcÖevn

(Injection) Ges wbM©gb (leakage) memgq mgvb n‡e|

wZb LvZ wewkó A_©bxwZ‡Z RvZxq Avq I e¨‡qi PµvKvi cÖevn :

wØ-LvZ wewkó A_©bxwZ‡Z (cwievi I eëmvq cÖwZôvb) Avgiv RvZxq Avq I e¨‡qi PµvKvi

cÖevn e¨vL¨v K‡iwQ| †hLv‡b miKvwi n¯Í‡¶c we‡ePbv Kiv nqwb| miKvi A_©bxwZ‡Z n Í‡¶c

Ki‡j Zv‡K wZb LvZ wewkó A_©bxwZ (cwievi, eëmvq cÖwZôvb, miKvi) ejv nq| ê‡`wkK

evwYR¨ Av‡jvPbv ewnf©~Z A_©bxwZ‡Z RvZxq Avq I e¨‡qi PµvKvi cÖevn wb‡P †`Lv‡bv nj|

wP‡Î j¶Yxq †h miKvi eëmvq cÖwZôv‡bi Av‡qi Ici Ki Av‡ivc K‡i hv miKvwi Lv‡Z ev

†UªRvwi‡Z Rgv nq| GKBfv‡e cwievimg~n miKvi‡K †h Ki cÖ vb K‡i (AvqKi I ªe¨ Ki)

hv wbM©gb wn‡m‡e miKvwi †UªRvwi‡Z Rgv nq| miKvi cwievi †_‡K Ki eve` cÖvß A_©mg~n

cwievi‡K n ÍvšÍi cvIbv wn‡m‡e I mgvR‡mevg~jK Lv‡Z e¨q K‡i hv AšÍtcÖevn wn‡m‡e

cwievi Lv‡Z Av‡m| GKBfv‡e miKvi eëmvq cÖwZôv‡bi Drcvw`Z ªe¨ I †mevi g~j¨

cwi‡kva Kiv hv AšÍtcÖevn wn‡m‡e eëmvq cÖwZôv‡bi Avq wnmv‡e Rgv nq|

AZGe GNP=C+I+G (e¨‡qi cÖev‡n) Ges GNP=C+S+T (Av‡qi cÖev‡n) E=Y k‡Z©

C+I+G=C+S+T ev, I+G=S+T n‡e| miKvi hw` cÖvß Ki m¤ú~Y© e¨q bv K‡i Z‡e RvZxq Avq

n«vm cv‡e| Avevi K‡ii †P‡q †ewk A_© e¨q Ki‡j (NvUwZ ev‡RU bxwZ) RvZxq Avq evo‡Z

_vK‡e|

miKvi hw` cÖvß Ki

m¤ú~Y© e¨q bv K‡i

Z‡e RvZxq Avq n«vm

cv‡e| Avevi K‡ii

†P‡q †ewk A_© e¨q

Ki‡j (NvUwZ ev‡RU

bxwZ) RvZxq Avq

evo‡Z _vK‡e|



Pvi LvZ wewkó A_©bxwZ‡Z RvZxq Av‡qi PµvKvi cÖevn :

Db¥y³ A_©bxwZ‡Z †gvU RvZxq Avq I e¨‡qi cÖev‡n Avg`vwb I ißvwb PµvKvi cÖev‡n hy³ n‡e|

cwievimg~‡ni †gvU Avq †_‡K Avg`vwb e¨q wbM©gb n‡e Ges we‡`kx e¨w³ I miKvi KZ©„K

cwievimg~n‡K cÖ‡`q n ÍvšÍi cvIbv I we‡`k †_‡K cÖ‡`q n ÍvšÍi e¨‡qi wbU dj AšÍtcªevn

NU‡e| Abyiƒcfv‡e eëmvq cÖwZôvbmg~n we‡`kx cY¨ I †mev µq eve` A_© e¨q K‡i hv wbM©gb

wn‡m‡e wPwýZ|

Ab¨w`‡K eëmvq cÖwZôvbmg~n we‡`‡k cY¨ ißvwb K‡i Ges n¯ÍvšÍi cvIbv †c‡Z cv‡i hv

Av‡qi AšÍtcÖevn wn‡m‡e wPwýZ n‡e| Pvi LvZ wfwËK A_©bxwZ‡Z AvšÍR©vwZK evwYR¨ we‡ePbv

Kiv nq| Db¥y³ A_©bxwZ‡Z †`‡ki cwievieM© we‡`kx cY¨ I †mev µq K‡i| Avevi we‡`k

†_‡K wewfbœ iKg n ÍvšÍi cvIbv MÖnY K‡i| GLv‡b cwiev‡ii Avg`vwb e¨q nj wbM©gb

(Leakage) Ges n¯ÍvšÍi cvIbv nj AšÍtcÖevn (Inflow)| Ab¨w`‡K eëmv cÖwZôvbmg~n we‡`kx

cY¨ I †mev µq K‡i †h A_© cÖ vb K‡i Zv RvZxq Drcv`b †_‡K wbM©gb N‡U| Avevi eëmvq

cÖwZôvbmg~n Zv‡ì Drcvw`Z cY¨ wek¦ evRv‡i wewµ K‡i ißvwb Avq †c‡q _v‡K hv RvZxq

Drcv`‡b AšÍtcÖevn N‡U| Abyiƒcfv‡e eëmvq cÖwZôvbmg~n we‡`kx miKvi ev RbM‡Yi KvQ

†_‡K n ÍvšÍi cvIbv †c‡Z cv‡i, hv RvZxq Av‡q AšÍtcÖevn wn‡m‡e wPwýZ| †`kxq miKvi I

eëmvq cÖwZôvbmg~n

we‡`kx miKvi ev

RbM‡Yi KvQ †_‡K

n ÍvšÍi cvIbv †c‡Z

cv‡i, hv RvZxq Av‡q

AšÍtcÖevn wn‡m‡e

wPwýZ| †`kxq

miKvi I RbMY

we‡`kx miKvi I

RbMY‡K n ÍvšÍi

cvIbv eve` A_©

cÖ vb K‡i hv RvZxq

Drcv`‡b wbM©gb

wb‡ ©k K‡i|



RbMY we‡`kx miKvi I RbMY‡K n ÍvšÍi cvIbv eve` A_© cÖ`vb K‡i| hv RvZxq Drcv`‡b

wbM©gb wb‡`©k K‡i| 1.4 bs wP‡Îi wb‡Pi Ask †_‡K wb‡Pi jvB‡b j¶Yxq evwYR¨ Lv‡Z dv‡g©i

Avg`vwb e¨q Ges cwiev‡ii Avg`vwb e¨q I n ÍvšÍi cvIbv evwYR¨ Lv‡Z wbM©gb nq| Avevi

dv‡g©i Drcvw`Z c‡Yï ißvwb Avq Ges we‡`kx n ÍvšÍi cvIbv h_vµ‡g eëmvq cÖwZôvb I

cwiev‡i AšÍtcÖevn N‡U|

ms‡¶‡c meai‡bi ê‡`wkK AšÍtcÖevn (Inflow) Øviv Ges meai‡bi ê‡`wkK wbM©gb

(Leakages) Øviv cÖKvk Ki‡j-

†gvU RvZxq Avq = C+S+T+Rpf; †hLv‡b Rpf n‡jv cwievieM© KZ©„K we‡`kx‡ì cÖ Ë n¯ÍvšÍi cvIbv| Ab¨w`‡K

†gvU RvZxq Drcv`b = C+Id+(X-M)+G †hLv‡b X=ißvwb, M=Avg`vwb

†hLv‡b Id n‡jv †`kxq wewb‡qvM| AZGe PµvKvi cÖev‡n Av‡qi cÖevn I e¨‡qi cÖev‡n mgZv

¯’vwcZ n‡e-

C+S+T+Rpf=C+Id+(X-M)+G GLv‡b X-M>0 n‡j RvZxq Avq evo‡e Ges X-M<0 n‡j RvZxq Avq Kg‡e|


ˆbe© w³K cÖkœ


1. RvZxq Av‡qi mij PµvKvi cÖev‡n

K. miKvi‡K AšÍfz©³ Kiv nq

L. ewnwe©k¦ AšÍfz©³ Kiv nq

M. miKvi I ewnwe©k¦ LvZ‡K AšÍfz©³ Kiv nq bv

N. Dc‡ii †Kv‡bvwUB bq

mÂq I wewb‡qvM, miKvwi e¨q I Avg`vwb I ißvwb e¨wZ‡i‡K †Kv‡bv A_©bxwZ‡Z Aek¨B †gvU RvZxq

Avq= †gvU RvZxq e¨q n‡e| wØ-LvZ wewkó A_©bxwZ‡Z dvg© mg~n hw` Avw_©K cÖwZôvb †_‡K RbM‡Yi

Avgvb‡Zi †P‡q †ewk A_© msMÖn K‡i Ges wewb‡qvM K‡i Z‡e RvZxq Avq evo‡Z _vK‡e| Ab¨w`‡K

mÂ‡qi †P‡q Kg wewb‡qvM Ki‡j RvZxq Avq Kg‡Z _vK‡e| wZbLvZ wewkó A_©bxwZ‡Z miKvi hw`

cÖvß Ki m¤ú~Y© e¨q bv K‡i Z‡e RvZxq Avq n«vm cv‡e| Avevi K‡ii †P‡q †ewk A_© e¨q Ki‡j

(NvUwZ ev‡RU bxwZ) RvZxq Avq evo‡Z _vK‡e| PviLvZ wewkó A_©bxwZ‡Z dvg©mg~n we‡`kx miKvi ev

RbM‡Yi KvQ †_‡K n ÍvšÍi cvIbv †c‡Z cv‡i, hv RvZxq Av‡q AšÍtcÖevn wn‡m‡e wPwýZ| †`kxq

miKvi I RbMY we‡`kx miKvi I RbMY‡K n ÍvšÍi cvIbv eve` A_© cÖ vb K‡i| hv RvZxq Drcv`‡b

wbM©gb wb‡ ©k K‡i|

mvims‡¶c



2. GKwU e× A_©bxwZ‡Z, wZb LvZwewkó g‡W‡j-

K. cwiev‡ii mÂq wbU wewb‡qv‡Mi mgvb

L. cwiev‡ii mÂq †gvU wewb‡qv‡Mi mgvb

M. cwiev‡ii mÂq Ges Ae¶qRwbZ Li‡Pi †hvMdj n‡”Q †gvU wewb‡qvM Ges miKvwi

e¨‡qi †hvMd‡ji mgvb|

N. cwiev‡ii mÂq, Ki Ges Ae¶qRwbZ Li‡Pi †hvMdj n‡”Q †gvU wewb‡qvM Ges

miKvwi e¨‡qi †hvMd‡ji mgvb|

3. †KvbwU Av‡qi ewnM©gb wb‡`©k K‡i-

K. mÂq

L. gRywi

M. wewb‡qvM


msw¶ß cÖkœ

1. AšÍtcÖevn I wbM©gb ej‡Z wK †evSvq?

iPbvg~jK cÖkœ

1. RvZxq Av‡qi PµvKvi cÖevn we‡kølY Kiæb|

2. GKwU †`‡ki K‡qKwU mvgwóK A_©‰bwZK Z_¨ (wgwjqb UvKvq) wb¤œiƒc-

kªwgK‡`i †eZb 3000

f‚cwZ‡`i Avq 1500

my` 600

gybvdv 200

mÂq 600

AvqKi 200

wewb‡qvM 700

miKvwi e¨q 500

Avg`vwb e¨q 200

ißvwb Avq 300

†fvM e¨q 2000

K. Dchy©³ cÖevn¸‡jv RvZxq Av‡qi PµvKvi cÖev‡ni mvnv‡h¨ †`Lvq-

L. Avq cÖev‡ni †gvU cwigvY KZ?

M. Av‡qi AvMg‡bi †gvU cwigvY KZ?

N. Av‡qi ewnM©gb KZ?

O. Av‡qi AvMgb I ewnM©g‡bi g‡a¨ Zzjbv Kiæb|


1. M 2. N 3. N



cÖK…Z I Avw_©K †gvU †`kR Drcv`b


cÖK…Z †gvU †`kR Drcv`b wK

Avw_©K †gvU †`kR Drcv`b wK

evsjv‡`‡ki †cÖw¶‡Z cÖK…Z I Avw_©K †gvU †`kR Drcv`b

†gvU †`kR Drcv`b GKwU A_©bxwZi me `ªe¨mvgMÖx I †mevi g~j¨‡K †evSvq| g‡b Kwi, †Kv‡bv

†`k GKwUgvÎ ªe¨ †hgb cvDiæwU Drcv`b K‡i| GB A_©bxwZ‡Z †gvU †`kR Drcv`b n‡”Q

Drcvw`Z cvDiæwUi †gvU g~j¨| A_©vr

†gvU †`kR Drcv`b = cvDiæwUi `vg cvDiæwUi msL¨v

g~j¨ ev `ª‡eï cwigv‡Yi n«vm-e„w×i mv‡_ †gvU †`kR Drcv`‡bi n«vm-e„w× n‡Z cv‡i| †gvU

†`kR Drcv`b †hfv‡e wnmve Kiv nq, †mUv A_©‰bwZK Kj¨v‡Yi fv‡jv cwigvcK bq| A_©vr

A_©bxwZ cwievi, cªwZôvb Ges miKv‡ii Pvwn`v‡K c~iY Ki‡Z cvi‡Q wKbv A_ev wKfv‡e

cvi‡Q, G¸‡jv GB cwigvc‡Ki gva¨‡g mwVKfv‡e cÖwZdwjZ nq bv| `ª‡eï cwigv‡Yi †Kv‡bv

cwieZ©b Qvov hw` `vg wØ¸Y nq Z‡e †gvU †`kR Drcv`bI wØ¸Y n‡Z cv‡i| GB cwieZ©b

†_‡K GUv g‡b Kiv fzj n‡e †h, mvgwMÖK A_©bxwZi Pvwn`v c~i‡Yi ¶gZv wØ¸Y e„w× †c‡q‡Q|

KviY ª‡eï Drcvw`Z ª‡eï cwigvY GKB Av‡Q| PjwZ evRvig~‡j¨ cÖKvwkZ ªe¨mvgMÖx I

†mevi cwigvY‡K Avw_©K †gvU †`kR Drcv`b e‡j|

A_©‰bwZK Kj¨v‡Yi GKwU fv‡jv cwigvcK ª‡eï `v‡gi cwieZ©b Øviv cÖfvweZ n‡e bv| G

Kvi‡Y, A_©bxwZweìv A_©‰bwZK Kj¨vY wbY©‡q cÖK…Z GDP eënvi K‡i _v‡Kb| cÖK…Z GDP

ej‡Z w ’i evRvig~‡j¨ cÖKvwkZ ªe¨mvgMÖx I †mevi cwigvY‡K †evSvq| aiv hvK 1992 mv‡j

Drcvw`Z cvDiæwUi msL¨v 500wU Ges cÖwZwU cvDiæwUi `vg 20 UvKv| myZivs 1998 mv‡ji

†mB †`‡ki cÖK…Z GDP n‡jv-

cÖK…Z GDP = (cvDiæwUi `vg cvDiæwUi Drcv`b)

= 20 500 = 10,000 UvKv|

GLb g‡b Kwi, 1998 mv‡j cvDiæwUi `v‡gi †Kv‡bv cwieZ©b nqwb, cvDiæwUi Drcv`b †e‡o‡Q

600wU| 1992 mv‡ji evRvi g~‡j¨ 1998 mv‡ji cÖK…Z GDP n‡jv-

cÖK…Z GDP = (1992 mv‡ji cvDiæwUi `vg 1998 mv‡ji cvDiæwUi Drcv`b)

= 20600

= 12,000 UvKv|

g~j¨ w ’i a‡i ïay Drcv`‡bi cwieZ©b n‡j cÖK…Z GDP-i cwieZ©b n‡e| †h‡nZz GKwU

A_©bxwZ‡Z ªe¨mvgMÖx I †mevi Drcv`‡bi cwigv‡Yi Ici Rbmvavi‡Yi A_©‰bwZK mš‘wó wbf©i

K‡i, †m‡nZz Avw_©K GDP †_‡K cÖK…Z GDP A_©‰bwZK MwZcÖK…wZ †evSvi Rb¨ AwaKZi DrK…ó

cwigvcK|

cvV-3

PjwZ evRvig~‡j¨

cÖKvwkZ ªe¨mvgMÖx I

†mevi cwigvY‡K

Avw_©K †gvU †`kR

Drcv`b e‡j|

cÖK…Z GDP ej‡Z

w ’i evRvig~‡j¨

cÖKvwkZ ªe¨mvgMÖx I

†mevi cwigvY‡K

†evSvq|

†h‡nZz GKwU

A_©bxwZ‡Z ªe¨mvgMÖx

I †mevi Drcv`‡bi

cwigv‡Yi Ici

Rbmvavi‡Yi

A_©‰bwZK mš‘wó

wbf©i K‡i, †m‡nZz

Avw_©K GDP †_‡K

cÖK…Z GDP

A_©‰bwZK MwZcÖK…wZ

†evSvi Rb¨ AwaKZi

DrK…ó cwigvcK|



1.5 bs wP‡Î hy³iv‡óªi 1966-1996 mv‡ji cÖK…Z wRwWwc †`Lv‡bv n‡q‡Q| 1992 mv‡ji w ’i

g~‡j¨ wRwWwc †_‡K `v‡gi cwieZ©‡bi cÖfve‡K D‡c¶v Kiv n‡q‡Q| 1992 mv‡ji wnmv‡e

1966 mv‡ji cÖK…Z wRwWwc 3060.2 wewjqb Wjvi †_‡K e„w× †c‡q 1996 mv‡j 6993.3

wewjqb Wjvi n‡qwQj| A_©vr G mg‡q †gvU Drcv`b wØ¸Y n‡q‡Q| GB e„w×‡Z Ggb mgqI

AšÍfz©³ Av‡Q hLb

Drcv`b K‡g

wM‡qwQj| mvgwóK

A_©bxwZi y‡Uv

¸iæZ¡c~Y© welq n‡jv-

A_©‰bwZK cÖe„w× Ges

g›`v| A_©‰bwZK

cÖe„w× n‡jv cÖK…Z

Drcv`‡bi e„w× Ges

g›`v n‡jv cÖK…Z

wRwWwci n«vm, hv

gv‡S gv‡S N‡U|

wPÎ 1.5 : hy³iv‡óªi cÖK…Z †gvU †`kR Drcv`b

Av‡M Avgiv D‡jøL K‡iwQ †h A_©‰bwZK cÖe„w× n‡jv mg‡qi m‡½ cÖK…Z wRwWwci e„w×| GKwU

A_©bxwZi Drcv`b Kivi ¶gZv e„w× cv‡e ZLbB hLb g~jabxKiY Ges cÖhyw³i cwieZ©b n‡e

hv kª‡gi Drcv`bkxjZv‡K Z¡ivwšZ Ki‡e| A_©‰bwZK cÖe„w× ¸iæZ¡c~Y© welq G Kvi‡Y †h GUv

A_©‰bwZK mg„w×‡K cÖZ¨¶fv‡e cÖfvweZ K‡i| GQvov A_©‰bwZK cÖe„w× ïay kª‡g wb‡qvwRZ

e¨w³e‡M©i RxebhvÎvi gvb e„w×B K‡i bv, eis mgv‡R emevmKvix hviv KvR Ki‡Z A¶g

Zv‡`i wb‡R‡`i †`Lvïbvi Ae¯’v m„wó K‡i|

1.6 bs wP‡Î 1959-

1995 mv‡ji

hy³iv‡óªi gv_vwcQy

cÖK…Z wRwWwc

†`Lv‡bv n‡q‡Q|

D‡jøL¨ gv_vwcQy

cÖK…Z wRwWwc n‡jv

cÖK…Z wRwWwc w`‡q

†Kv‡bv †`‡ki

RbmsL¨vi fvMdj|

†h‡nZz gv_vwcQy

cÖK…Z wRwWwc e¨w³i

DbœwZi cwigvcK,

†m‡nZz gv_vwcQy

cÖK…Z wRwWwci

gva¨‡g cÖe„w×‡K cÖKvk Kiv hvq| wP‡Î †`Lv hv‡”Q 1959 †_‡K 1995 mv‡ji g‡a¨ gv_vwcQy

cÖK…Z wRwWwc wØ¸‡YiI †ewk †e‡o‡Q| †hgb, 1959 mv‡j 12,441 Wjvi †_‡K †e‡o 1995

mv‡j 25,763 Wjvi n‡q‡Q| gv_vwcQy cÖK…Z wRwWwci GB e„w× hy³iv‡óªi cÖ‡Z¨K e¨w³i Avw_©K

m½wZ‡K wØ¸Y K‡iwb, wKš‘ AwaKvsk RbmsL¨vi RxebhvÎvi gv‡bi mvgwMÖK Dbœqb G‡bwQj|



w ’ig~‡j¨ 1995/96 A_©eQ‡ii wfwË‡Z evsjv‡`‡ki wRwWwcÕi LvZIqvix cÖe„w× nvi mviYx 3-G

cwi‡ewkZ n‡q‡Q| 2000/01 A_©eQ‡i K…wlLv‡Zi cÖe„w× 3.99% cÖv°jb Kiv n‡q‡Q| c~e©eZ©x

1999/00 I 1998/99 A_©eQ‡i G cÖe„w×i nvi wQj h_vµ‡g 6.92% I 3.24%| fqven

eb¨vq e¨vcK ¶q-¶wZ nIqvq AvDk I Avgb †gŠmy‡gi Drcv`b e„w× cvq| d‡j 1998/99

A_©eQ‡i km¨ DcLv‡Z cÖe„w×i nvi uvovq 3.11% hv 1997/98 A_©eQ‡i wQj 1.05%| AbyK‚j

cÖvK…wZK cwi‡ek Ges miKv‡ii M„nxZ Kg©m~wPi Rb¨ 2000/01 A_©eQ‡ii Avgb I †ev‡ivi

dmj Drcv`b Avkvbyiƒc n‡q‡Q Ges AvDk †gŠmy‡gi dmjI Avkvbyiƒc n‡e e‡j AbywgZ

n‡”Q| 2000/01 A_©eQ‡i dmjLv‡Z cÖe„w×i nvi 4.10%-Gi Zzjbvq 1998/99 A_©eQ‡i

ebRm¤ú` I cïm¤ú` DcLvZmg~‡niI cÖe„w×i nvi e„w× cvq|

mviYx 3 : †gvU †`kR Drcv`b (wRwWwc)-Gi LvZIqvwi cªe„w×i nvi (%)

LvZ/DcLvZ 1996/97 1997/98 1998/99 1999/00 2000/01

(mvgwqK)

1| K…wl I ebR

K) km¨ I kvKmewR

L) cï m¤ú`

M) ebR m¤ú`

5.57

6.44

2.58

4.03

1.63

1.05

2.64

4.51

3.24

3.11

2.69

5.16

6.92

8.10

2.74

4.94

3.99

4.10

2.80

5.07

2| grm¨ m¤ú` 7.60 8.98 9.96 8.87 8.40

3| LwbR I Lbb

K) cÖvK…wZK M¨vm I Acwi‡kvwaZ

ˆZj


3.56

-0.99

10.23

5.76

8.80

7.02

1.32

-2.46

6.18

9.48

14.55

3.47

10.55

15.74

3.76

4| wkí (g¨vbyt)


L) ¶z ªvqZb wkí

5.05

3.97

7.75

8.54

9.28

6.77

3.19

4.19

0.75

4.76

4.35

5.80

9.10

9.75

7.46


K) we y¨r

L) M¨vm

M) cvwb

1.93

1.98

1.39

2.49

2.01

1.30

5.30

7.20

6.00

6.75

0.63

6.44

6.78

6.87

5.61

8.06

7.02

7.06

6.44

6.57

6| wbg©vY 4.64 9.48 8.92 8.48 7.93

7| cvBKvix I LyPiv wecYb 5.48 5.98 6.51 7.30 6.25

8| †nv‡Uj I †i‡ Íviuv


K) ’jc_ cwienb

L) cvwbc_ cwienb

M) AvKvkc_ cwienb



5.50

5.44

-0.84

-10.68

0.72

25.57

5.61

6.75

-0.92

16.89

3.36

7.42

5.90

6.62

1.60

14.46

4.24

5.96

6.08

6.32

1.78

16.80

13.15

5.57

6.25

6.37

1.90

12.53

13.92

6.81


K) e¨vsK

L) exgv

M) Ab¨vb¨

5.14

2.34

13.28

45.34

5.27

3.49

14.95

6.50

5.40

3.85

13.05

6.20

5.50

3.87

13.59

5.54

5.68

3.92

13.10

6.12

11| wi‡qj G‡÷U, fvov I Ab¨vb¨ e¨emv 3.54 3.80 3.02 3.83 3.85

12| †jvK cÖkvmb I cÖwZi¶v 5.50 5.90 5.70 5.97 6.04

13| wk¶v 4.77 8.10 7.70 7.74 7.10

14| ¯v ’ I mvgvwRK †mev 3.90 4.59 4.60 4.80 4.91

15| KwgDwbwU, mvgvwRK I e¨w³MZ †mev 2.79 2.85 2.95 3.06 3.09

Avg vwb ïé 9.63 2.57 1.97 1.55 10.24

w ’i g~‡j¨ wRwWwcÕi cÖe„w×i nvi (%) 5.39 5.23 4.87 5.94 6.04

Drm : evsjv‡`k cwimsL¨vb ey¨‡iv



grm¨Lv‡Z 2000/01 A_©eQ‡i cÖe„w× nvi 8.40%-G `vuvov‡e e‡j AbywgZ n‡”Q hv 1999/00

I 1998/99 A_©eQ‡i wQj h_vµ‡g 8.87% I 9.96%| K…wl, grm¨LvZ, we y¨r I M¨vmLvZ,

cvBKvwi I LyPiv evwYR¨, e¨vsK I exgvLvZ e¨ZxZ eb¨vi Kvi‡Y 1998/99 A_©eQ‡i Ab¨vb¨

me Lv‡Zi cÖe„w×i nvi 1997/98 A_©eQ‡ii Zzjbvq Kg n‡q‡Q| Z‡e 1999/00 A_©eQ‡i G

me Lv‡Z cÖe„w×i nvi e„w× †c‡q‡Q| 2000/01 A_©eQ‡i AviI e„w× cv‡e e‡j AbywgZ n‡”Q|

eb¨vi Kvi‡Y 1998/99 A_©eQ‡i wkíLv‡Zi e„n`vqZb I ¶z`ªvqZb DcLv‡Zi cÖe„w×i nvi n«vm

†c‡q uvovq h_vµ‡g 4.19% I 0.75% hv 1997/98 A_©eQ‡i wQj h_vµ‡g 9.28% I

6.77%| 1999/00 A_©eQ‡i G DcLvZmg~‡ni cÖe„w×i nvi e„w× †c‡q uvovq h_vµ‡g 4.35%

I 5.80%| 2000/01 A_©eQ‡i G DcLv‡Z cÖe„w× nvi e„w× †c‡q h_vµ‡g 9.75% I 7.46%

`uvov‡e e‡j AbywgZ n‡”Q|

mviYx 4 : †gvU †`kR Drcv`b (wRwWwc)-G LvZIqvwi Ae`v‡bi nvi (%)

(1995/96 mv‡ji g~‡j¨)

LvZ/DcLvZ 1996/97 1997/98 1998/99 1999/00 2000/01

(mvgwqK)

1| K…wl I ebR

K) km¨ I kvKmewR

L) cï m¤ú`

M) ebR m¤ú`

20.39

15.21

3.27

1.91

19.67

14.59

3.19

1.89

19.35

14.33

3.12

1.90

19.49

14.59

3.02

1.88

19.11

14.32

2.93

1.86

2| grm¨ m¤ú` 5.48 5.67 5.93 6.09 6.22

3| LwbR I Lbb

K) cÖvK…wZK M¨vm I Acwi‡kvwaZ ˆZj


1.03

0.58

0.45

1.03

0.58

0.45

1.00

0.54

0.46

1.03

0.58

0.45

1.07

0.64

0.44

4| wkí (g¨vbyt)


L) ¶z ªvqZb wkí

15.41

10.88

4.53

15.88

11.29

4.59

15.60

11.20

4.40

15.40

11.01

4.39

15.84

11.39

4.45


K) we y¨r

L) M¨vm

M) cvwb

1.46

1.23

0.27

0.06

1.41

1.18

0.17

0.06

1.42

1.20

0.16

0.06

1.43

1.21

0.16

0.06

1.45

1.22

0.16

0.06

6| wbg©vY 7.12 7.39 7.67 7.84 7.98

7| cvBKvwi I LyPiv wecYb 12.94 13.02 13.21 13.35 13.38

8| †nv‡Uj I †i‡ Íviuv 0.61 0.62 0.63 0.63 0.64


K) ’jc_ cwienb

L) cvwbc_ cwienb

M) AvKvk c_ cwienb



9.10

6.45

1.35

0.13

0.35

0.82

9.13

6.54

1.27

0.15

0.34

0.83

9.21

6.64

1.23

0.16

0.34

0.84

9.20

6.65

1.18

0.18

0.36

0.83

9.22

6.67

1.13

0.19

0.39

0.84


K) e¨vsK

L) exgv

M) Ab¨vb¨

1.58

1.28

0.23

0.07

1.57

1.26

0.25

0.07

1.58

1.24

0.27

0.07

1.57

1.22

0.28

0.07

1.57

1.19

0.30

0.07

11| wi‡qj G‡÷U, fvov I Ab¨vb¨ e¨emv 9.31 9.18 9.07 8.88 8.69

12| †jvK cÖkvmb I cÖwZi¶v 2.52 2.54 2.55 2.55 2.55

13| wk¶v 2.06 2.12 2.17 2.20 2.22

14| ¯v ’ I mvgvwRK †mev 2.25 2.23 2.23 2.20 2.17

15| KwgDwbwU, mvgvwRK I e¨w³MZ †mev 8.75 8.54 8.37 8.13 7.90

wRwWwc 100.00 100.00 100.00 100.00 100.00




mviYx 4-G wRwWwc LvZIqvwi kZKiv Ae`vb cwi‡ewkZ n‡q‡Q| j¶¨ Ki‡j †`Lv hv‡e †h,

LvZIqvwi Ae`v‡bi KvVv‡gvMZ weeZ©‡bi aviv Ae¨vnZ Av‡Q| 2000/01 A_©eQ‡i K…wl Lv‡Zi

Ae`vb `uvwo‡q‡Q 19.11% hv c~e©eZ©x 1999/00 I 1998/99 A_©eQ‡i wQj h_vµ‡g 19.49%

I 19.35%| cvBKvwi I LyPiv evwYR¨ Lv‡Z 2000/01 A_©eQ‡i e„w× †c‡q uvov‡e 13.38%

hv 1999/00 I 1998/99 A_©eQ‡i wQj h_vµ‡g 13.35% I 13.21%| cwienb I

†hvMv‡hvM Lv‡ZI Ae`vb µgk e„w× cv‡”Q| Z‡e eb¨vi Kvi‡Y wkí Drcv`b Lv‡Zi Ae`vb

1997/98 DËi n«vm †c‡jI 2000/01 A_©eQ‡i 15.48% uvov‡e e‡j AbywgZ n‡”Q|

mviYx 5-G 1990/91 †_‡K 2000/01 A_©eQi ch©šÍ eQiIqvwi †`kR I RvZxq mÂ‡qi

cwiw ’wZ Zz‡j aiv n‡q‡Q| 1990/91 A_©eQ‡i †`kR mÂq I RvZxq mÂq wQj h_vµ‡g

14.57% I 19.66%| 1999/00 A_©eQi ch©šÍ †`kR mÂq I RvZxq mÂq µgk e„w× †c‡q

`uvovq h_vµ‡g wRwWwci 17.88% I 23.10%| mvgwqK cÖv°j‡bi wnmv‡e †`Lv hvq †h,

2000/01 A_©eQ‡i †`kR mÂq I RvZxq mÂ‡qi nvi h_vµ‡g wRwWwci 18.76% I

23.78%-G uvov‡e| 1998 mv‡ji eb¨vq e¨vcK ¶q-¶wZ we‡klZ wRwWwci cÖe„w×i nvi n«vm,

Lv`¨-km¨ Avg`vwb‡Z AwZwi³ e¨q, miKv‡ii ivR¯ Avq cÖv°jb Abyhvqx AwR©Z bv nIqvq

Ges cybe©vmb e¨‡qi Rb¨ miKvwi I †emiKvwiLv‡Z mÂ‡qi nvi 1998/99 I 1999/00

A_©eQ‡i cÖZ¨vkv Abyiƒc e„w× cvqwb| evsjv‡`‡ki †`kR I RvZxq mÂ‡qi nvi we‡k¦i

Dbœqbkxj †`k¸‡jvi Zzjbvq GLbI wb‡¤œ| D”PgvÎvq wRwWwcÕi cÖe„w×i nvi AR©‡b cieZ©x

A_©eQimg~‡n †`kR I RvZxq mÂ‡qi nvi e„w×i Rb¨ ev ÍegyLx ivR¯ I gy`ªvbxwZ MÖnY Kiv

n‡q‡Q|

mviYx 5 : †gvU †`kR Drcv‡b (wRwWwc) mÂ‡qi kZKiv nvi

eQi †`kR mÂq

wRwWwcÕi kZKiv nvi

RvZxq mÂq

wRwWwcÕi kZKiv nvi

1990/01 14.57 19.66

1991/92 13.86 19.30

1992/93 12.30 17.96

1993/94 13.10 18.79

1994/95 13.13 19.12

1995/96 14.90 20.17

1996/97 15.90 21.58

1997/98 17.41 21.77

1998/99 17.71 22.31

1999/00 17.88 23.10

2000/01 18.76 23.78


†bvU : 2000/01 A_©eQ‡ii mÂq wnmve mvgwqK

†gvU †`kR Drcv`‡b (wRwWwc) wewb‡qv‡Mi kZKiv nvi (1990/91 †_‡K 2000/01 ch©šÍ

miKvwi, †emiKvwi I mvgwMÖK) mviYx 6-G cÖ wk©Z n‡q‡Q| 1990/91 A_©eQ‡i †gvU

wewb‡qv‡Mi nvi wQj wRwWwci 16.90%| Gi g‡a¨ miKvwi I †emiKvwiLv‡Zi wewb‡qv‡Mi nvi

wQj h_vµ‡g 6.63% I 10.27%| 1990/91 A_©eQi †_‡K RvZxq wewb‡qvM nvi µgk e„w×

†c‡q 1998/99 A_©eQ‡i wRwWwcÕi 22.19%-G DbœxZ nq| Gi g‡a¨ miKvwi I

†emiKvwiLv‡Zi Ae`vb wQj h_vµ‡g 6.72% I 15.47%| RvZxq A_©bxwZ †emiKvwigyLx



ms¯‹vi nIqvq ˆe‡`wkK cÖZ¨¶ wewb‡qvMmn ¯’vbxq A_©vqb e„w× cvIqvq †emiKvwiLv‡Z

wewb‡qvM µgk e„w× cv‡”Q| 1998 mv‡ji eb¨vi e¨vcK ¶q-¶wZi Rb¨ wRwWwcÕi cÖe„w×i nvi

n«vm I cybe©vmb e¨‡qi Rb¨ miKvwi I †emiKvwiLv‡Zi mÂ‡qi nvi j¶¨gvÎv Abyhvqx e„w×

cvqwb| Zv m‡Ë¡I 1999/00 A_©eQ‡i RvZxq wewb‡qvM nvi e„w× †c‡q uvovq 23.02%| Gi

g‡a¨ miKvwi I †emiKvwiLv‡Zi Ae`vb h_vµ‡g 7.41% I 15.61%| mvgwqK cÖv°j‡bi

wn‡m‡e 2000/01 A_©eQ‡i RvZxq wewb‡qvM nvi e„w× †c‡q 23.63% Ges miKvwi I

†emiKvwiLv‡Zi Ae`vb h_vµ‡g 7.91% I 15.72% n‡e e‡j AbywgZ n‡”Q| we‡k¦i

Dbœqbkxj †`k¸‡jvi Zzjbvq evsjv‡`‡ki miKvwi I †emiKvwiLv‡Z wewb‡qvM nvi GLbI

wb‡¤œ| cieZ©x A_©eQimg~n wRwWwcÕi cÖe„w×i nvi AR©‡bi wbwg‡Ë RvZxq wewb‡qv‡Mi nvi e„w×i

Rb¨ Kvh©Kix I mnbkxj c`‡¶c MÖnY Kiv n‡q‡Q|

mviYx 6 : †gvU †`kR Drcv`‡b (wRwWwc) wewb‡qv‡Mi kZKiv nvi

eQi †gvU wewb‡qvM

(wRwWwcÕi %)

miKvwi wewb‡qvM

(wRwWwcÕi %)

†emiKvwi wewb‡qvM

(wRwWwcÕi %)

1990/01 16.90 6.63 10.27

1991/92 17.31 6.97 10.33

1992/93 17.95 6.48 11.47

1993/94 18.40 6.65 11.76

1994/95 19.12 6.74 12.38

1995/96 19.99 6.42 13.58

1996/97 20.72 7.03 13.70

1997/98 21.63 6.37 14.26

1998/99 22.19 6.72 15.47

1999/00 23.02 7.41 15.61

2000/01 23.63 7.91 15.72


†bvU : 2000/01 A_©eQ‡ii mÂq wnmve mvgwqK

PjwZ evRvig~‡j¨ cÖKvwkZ ªe¨mvgMÖx I †mevi cwigvY‡K Avw_©K †gvU †`kR Drcv`b e‡j|

cÖK…Z GDP ej‡Z w¯’i evRvig~‡j¨ cÖKvwkZ `ªe¨mvgMÖx I †mevi cwigvY‡K †evSvq| †h‡nZz

GKwU A_©bxwZ‡Z `ªe¨mvgMÖx I †mevi Drcv`‡bi cwigv‡Yi Ici Rbmvavi‡Yi A_©‰bwZK

mš‘wó wbf©i K‡i, †m‡nZz Avw_©K GDP †_‡K cÖK…Z GDP A_©‰bwZK MwZcÖK…wZ †evSvi Rb¨

AwaKZi DrK…ó cwigvcK|

mvims‡¶c




ˆbe© w³K cÖkœ


1. RvZxq Avq n‡jv PjwZ evRvi g~‡j¨ cÖKvwkZ P‚ovšÍ `ªe¨mvgMÖx I †mevi cwigvY-

mZ¨/wg_¨v

2. Avw_©K RvZxq Avq evo‡j cÖK…Z RvZxq Avq GKB nv‡i evo‡e- mZ¨/wg_¨v

msw¶ß cÖkœ

1. cÖK…Z wRwWwc ej‡Z wK †evSvq?

iPbvg~jK cÖkœ

1. evsjv‡`‡k †gvU †`kR Drcv`‡bi LvZIqvwi cÖe„w×i nvi I Ae`v‡bi nvi we‡kølY Kiæb|


1. mZ¨ 2. wg_¨v



g~j¨ m~PK


†fv³vi `vg m~PK wK

Drcv`‡Ki `vg m~PK wK

wRwWwc wW‡d¬Ui wK

†fv³vi `vg m~PK (The Consumer Price Index, CPI ) †Kv‡bv GKwU `ª‡eï ¸”Q µ‡qi †¶‡Î †h e¨q nq, Zv cwigvc Kiv nq †fv³vi `vg m~PK Øviv|

gy ªvùxwZ m¤ú‡K© aviYv cvIqvi Rb¨ †fv³vi `vg m~PK eëüZ n‡q _v‡K| GB m~P‡K

A‡c¶vK…Z AwaK ª‡eï (cÖvq me `ª‡eï) `vg we‡ePbv Kiv nq| GB m~P‡K ª‡eï cwigvY

GKB _v‡K, GLv‡b Avg`vwb `ª‡eï `vg AšÍfz©³ nq|

wb‡Pi mviYx wZbwU‡Z h_vµ‡g evsjv‡`‡ki RvZxq †fv³v g~j¨ m~PK, mgMÖ bMi GjvKvi †fv³v

g~j¨ m~PK I mgMÖ MÖvgxY GjvKvi †fv³v g~j¨ m~PK †`Lv‡bv n‡q‡Q-

mviYx 7 : RvZxq (National) †fv³v g~j¨ m~PK

(wfwË eQi : 1985/86=100)

LvZmg~n fvi

(%)

88/89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00

mvaviY

100.00 131.30 136.37 147.70 154.44 158.67 163.87 178.40 190.27 195.07 208.70 227.29 235.13

Lv`¨

64.47 133.66 137.04 148.11 154.30 157.17 161.80 176.77 189.13 191.85 205.85 229.72 239.13

Lv`¨ ewnfz©Z

35.53 127.02 135.15 146.95 154.69 161.38 167.69 181.38 191.86 200.99 214.46 223.10 228.95

e„w×i kZKiv

nvi

mvaviY

8.40 3.86 8.31 4.56 2.74 3.28 8.87 6.65 2.52 7.0 8.9 3.4

Lv`¨

8.33 2.53 8.08 4.18 1.86 2.95 9.25 6.99 1.84 7.1 11.8 4.1

Lv`¨ ewnf©~Z

8.54 6.40 8.73 5.27 4.32 3.91 8.16 5.78 4.76 6.7 4.0 2.6

Drm : evsjv‡`k cwimsL¨vb ey¨‡iv|

mviYx 8 : mgMÖ bMi GjvKvi (All Urban) †fv³v g~j¨ m~PK

(wfwË eQi : 1985/86=100)

LvZmg~n fvi

(%)

88/89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00

mvaviY

100.00 131.49 137.11 146.05 153.24 157.74 162.70 175.26 185.96 191.27 204.41 222.59 229.88

Lv`¨

57.27 32.32 137.75 146.36 153.95 158.25 162.88 175.27 188.22 191.36 206.57 233.22 242.65

Lv`¨ ewnf©~Z

42.73 130.38 136.25 145.64 152.28 157.06 162.46 175.25 182.93 191.17 201.52 208.33 212.77

e„w×i kZKiv

nvi

mvaviY

9.73 4.27 6.52 4.92 2.94 3.14 7.72 6.11 2.86 6.7 8.9 3.3

Lv`¨

8.65 8.10 6.25 5.19 2.79 2.93 7.61 7.39 1.69 7.9 12.9 4.0

Lv`¨ ewnf©~Z

11.25 4.50 6.89 4.56 3.14 3.44 7.83 4.38 4.50 5.4 3.4 2.1


cvV-4

†Kv‡bv GKwU ª‡eï

¸”Q µ‡qi †¶‡Î †h

e¨q nq, Zv cwigvc

Kiv nq †fv³vi `vg

m~PK Øviv|



mviYx 9 : mgMÖ MÖvgxY GjvKvi (All Rural) †fv³v g~j¨ m~PK

(wfwË eQi : 1985/86=100)

LvZmg~n fvi

(%)

88/89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00

mvaviY

100.00 131.37 135.94 148.02 154.47 158.10 163.66 1793.06 191.50 196.35 210.15 228.88 236.79

Lv`¨

66.90 134.11 136.80 148.70 154.42 156.80 161.43 177.36 189.60 192.31 205.84 229.26 237.94

Lv`¨ ewnf©~Z

33.10 125.83 134.20 146.64 154.56 161.78 168.16 182.48 195.34 204.44 218.87 228.10 234.46

e„w×i kZKiv

nvi

mvaviY

8.00 3.48 8.89 4.36 2.35 3.52 9.41 6.95 2.53 7.0 8.9 3.5

Lv`¨

8.22 2.01 8.70 3.85 1.54 2.95 9.87 6.90 1.43 7.0 11.4 3.8

Lv`¨ ewnf©~Z

7.51 6.65 9.27 5.40 4.67 3.94 8.52 7.06 4.65 7.1 4.2 2.8


Drcv`‡Ki `vg m~PK (The Producer Price Index, PPI) : cÖv_wgK Ae ’vq evwYwR¨K

†jb‡`b ch©v‡q †h `vg we‡ewPZ nq, †mB `v‡gi wfwË‡Z Drcv`‡Ki `vg m~PK wnmve Kiv n‡q

_v‡K| GB m~P‡K gaëZ©x `ª‡eï `vgI we‡ePbv Kiv nq| bxwZwba©viKM‡Yi Kv‡Q evwYR¨ P‡µi

IVv-bvgvi wb‡`©kK wn‡m‡e GB m~PK AwaK MÖnY‡hvM¨|

wb‡Pi mviYx‡Z wZbwU ªe¨ X, Y I Z-Gi cuvP eQie¨vcx `vg m¤úwK©Z Z_¨ †`qv Av‡Q| GLb

Avgiv Rvbe cÖ_g eQi‡K wfwË a‡i X `ª‡eï `vgm~PK (Price Index)

mviYx : (g~j¨ UvKvq)

`ªe¨ 1g eQi 2q eQi 3q eQi 4_© eQi 5g eQi

X 10.00 10.80 11.68 12.56 12.56

Y 18.00 19.60 19.60 19.60 21.36

Z 10.00 10.80 11.68 10.80 10.80

`vgm~PK (P) w`‡q wbe©vwPZ wfwË eQ‡ii `vg Ges we‡eP¨ eQ‡ii `vg, GB y‡qi g‡a¨ m¤úK©

wb‡ ©k K‡i| PjwZ eQ‡ii `vg (Pc)†K wfwË eQ‡ii `vg (Pb) w`‡q fvM K‡i Ges 100 w`‡q

¸Y K‡i `vgm~PK cvIqv hvq|

P= PcPb 100

myZivs cÖ_g eQi‡K wfwË eQi a‡i X `ª‡e¨ `vgm~PK n‡e-

eQi `vg m~PK = (Pc/Pb) = 100

1

(10.00/10.00) 100

= 100

2

(10.80/10.00) 100

= 108

3

(11.68/10.00) 100

= 116.8

4

(12.56/10.00) 100

= 125.6

5

(12.56/10.00) 100

= 125.6

wb‡Pi mviYx‡Z GKwU †`‡ki wewfbœ eQ‡ii †fv³vi `vg m~PK (Consumer Price Index, CPI) I wRGbwc wW‡d¬Ui-Gi Z_¨ †`qv Av‡Q| Avgiv Gevi Rvbe; CPI I wRGbwc wW‡d¬Ui-Gi

wfwË‡Z evwl©K gy ªvùxwZi nvi wKfv‡e wbY©q Kiv nq|

cÖv_wgK Ae ’vq

evwYwR¨K †jb‡`b

ch©v‡q †h `vg

we‡ewPZ nq, †mB

`v‡gi wfwË‡Z

Drcv`‡Ki `vg m~PK

wnmve Kiv n‡q

_v‡K|



eQi

CPI GNP wW‡d¬Ui 1g

2q

3q

4_©

5g

6ô

250.6

295.4

322.4

390.8

434.8

492.8

200.00

229.8

251.6

300.8

326.8

357.2

CPI I GNP wW‡d¬Ui Dfq †¶‡Î eZ©gvb m~PK †_‡K Av‡Mi eQ‡ii m~PK we‡qvM K‡i

we‡qvMdj‡K Av‡Mi eQ‡ii m~PK w`‡q fvM K‡i Ges 100 w`‡q ¸Y K‡i g~j¨ùxwZi nvi

cvIqv hvq| Gfv‡e Avgiv cvB-

evwl©K gy`ªvùxwZi nvi

eQi Øviv cwigvcK…Z wW‡d¬Ui Øviv cwigvcK…Z

1g

2q

3q

4_©

5g

[(295.4-250.6)/250.6]100=17.9%

[(322.4-295.4)/295.4]100=9%

[390.8-322.4)/322.4]100=21.2%

[(434.8-390.8)/390.8]100=11.3%

[(492.8-434.8)/434.8]100=13.3%

[(229.8-200)/200]100=14.9%

[(251.6-229.8)/229.8]100=9.5%

[(300.8-251.6)/251.6]100=19.5%

[(326.8-300.8)/300.8]100=8.6%

[(357.2-326.8)/326.8]100=9.3%

wRwWwc wW‡d¬Ui (GDP deflator) : Avw_©K I cÖK…Z †gvU †`kR Drcv`b †_‡K Avgiv wRwWwc

wW‡d¬Ui cwigvc Ki‡Z cvwi| GwU A_©bxwZi GKwU Mo `vg ¯Íi ev Avw_©K GDP I cÖK…Z

GDP-i AbycvZ, A_©vr

GDP wW‡d¬Ui =

GDPGDP

cÖKZ

Avw_K

Avw_©K I cÖK…Z wRwWwc Ges GDP wW‡d¬Ui eyS‡Z n‡j Avgiv Ggb GKwU A_©bxwZ‡K we‡ePbv

Kwi †hLv‡b GKwU gvÎ ªe¨ Drcv`b nq wPwb| †h †Kv‡bv GKwU wbw`©ó mg‡q Avw_©K †gvU †`kR

Drcv`b n‡”Q P‚ovšÍ ch©v‡q Drcvw`Z wPwbi g~j¨| Ab¨w`‡K cÖK…Z †gvU †`kR Drcv`‡b wfwË

eQ‡ii g~‡j¨ wPwbi eZ©gvb Drcbœ g~j¨| wRwWwc wW‡d¬Ui n‡jv †Kv‡bv eQ‡ii wPwbi †h `vg ivLv

nq Zvi m‡½ wfwË eQ‡ii `v‡gi AbycvZ| cÖK…Zc‡¶ GKwU A_©bxwZ‡Z GKvwaK ªe¨ Drcvw`Z

nq| Avw_©K I cÖK…Z †`kR Drcv`b I wRwWwc wW‡d¬Ui wewfbœ iKg `vg I cwigv‡Yi mgwó|

Ggb GKwU A_©bxwZ‡Z we‡ePbv Kwi †hLv‡b Avg I Kjv Drcvw`Z nq| g‡b Kwi P I Q n‡jv

h_vµ‡g `vg I cwigvY Ges Õ99 n‡jv wfwË eQi 1999, wRwWwc wW‡d¬Ui n‡jv-

wRwWwc wW‡d¬Ui =�(P Avg Q Avg)+( P Kjv Q Kjv)

(P

Ô

99

Avg Q

99

Avg)+(P

99Kjv Q

99

Kjv)

Dc‡ii mgxKi‡Y jmv¸ Avw_©K RvZxq Drcv`b I Mmv¸ cÖK…Z RvZxq Drcv`b‡K cÖKvk K‡i|

Avw_©K I cÖK…Z RvZxq Drcv`b DfqB eZ©gv‡b Drcvw`Z Avg I Kjvi g~‡jï cÖKvk|

Ab¨w`‡K wRwWwc wW‡d¬Ui eZ©gvb g~‡jï Avg I Kjvi cwigv‡Yi m‡½ wfwË eQ‡ii g~‡jï

Zzjbv‡K †evSvq| D‡jøL¨, wfwË eQi n‡jv †mB eQi †h eQi Liv, eb¨v, Ab¨vb¨ cÖvK…wZK

`y‡h©v‡M I ivR‰bwZKfv‡e w ’wZkxj wQj|



wRwWwc wW‡d¬Ui gy`ªvùxwZi nv‡ii m‡½ m¤úwK©Z| gy`ªvùxwZi nvi nj wRwWwc wW‡d¬U‡ii

cwieZ©‡bi nvi| gy`ªvùxwZi nvi wnmv‡ei Rb¨ wRwWwc wW‡d¬U‡ii kZvsk cwieZ©‡bi nvi

cwigvc Ki‡Z n‡e| D`vniY¯iƒc 1996 mv‡ji GDP wW‡d¬Ui n‡jv 1.00 Ges 1997 mv‡ji

wRwWwc wW‡d¬Ui n‡jv 1.04 nq, Zvn‡jv 1996 I 1997 mv‡ji gy ªvùxwZi nvi n‡e-

1997 mv‡ji wRwWwc wW‡d¬Ui-1996 mv‡ji wRwWwc wW‡d¬Ui

1996 mv‡ji wRwWwc wW‡d¬Ui

=

1.04-1.00

1.00

=.04

kZKiv nv‡i cÖKvk Ki‡j .041.00=4%

hw` wRwWwc wW‡d¬Ui evo‡Z _v‡K Z‡e gy ªvùxwZi nvi abvZ¥K n‡e| hLb wRwWwc wW‡d¬Ui

AcwiewZ©Z _v‡K, ZLb gy`ªvùxwZi nvi n‡e k~b¨| Avi wRwWwc wW‡d¬Ui Kg‡Z _vK‡j

gy ªvùxwZi nvi n‡e FYvZ¥K| hLb gy`ªvùxwZi nvi FYvZ¥K n‡e, ZLb A_©bxwZ‡Z gy`ªvùxwZ

†`Lv hv‡e, wRwWwc wW‡d¬Ui evo‡Z _vK‡e| gy`ªvùxwZi nvi FYvZ¥K n‡j A_©bxwZ‡Z

gy ªvms‡KvPb †`Lv †`‡e Ges wRwWwc wW‡d¬Ui Kg‡Z _vK‡e|

hw` wRwWwc wW‡d¬Ui

evo‡Z _v‡K Z‡e

gy ªvùxwZi nvi

abvZ¥K n‡e| hLb

wRwWwc wW‡d¬Ui

AcwiewZ©Z _v‡K,

Z‡e gy ªvùxwZi nvi

n‡e k~b¨| Avi

wRwWwc wW‡d¬Ui

Kg‡Z _vK‡j

gy ªvùxwZi nvi n‡e

FYvZ¥K|

†Kv‡bv GKwU ª‡e¨i ¸”Q µ‡qi †¶‡Î †h e¨q nq, Zv cwigvc Kiv nq †fv³vi `vg m~PK Øviv|

cÖv_wgK Ae ’vq evwYwR¨K †jb‡`b ch©v‡q †h `vg we‡ewPZ nq, †mB `v‡gi wfwË‡Z Drcv`‡Ki `vg

m~PK wnmve Kiv n‡q _v‡K| wRwWwc wW‡d¬Ui n‡jv Avw_©K GDP I cÖK…Z GDP-Gi AbycvZ| hw`

wRwWwc wW‡d¬Ui evo‡Z _v‡K Z‡e gy`ªvùxwZi nvi abvZ¥K n‡e| hLb wRwWwc wW‡d¬Ui AcwiewZ©Z

_v‡K, ZLb gy`ªvùxwZi nvi n‡e k~b¨| Avi wRwWwc wW‡d¬Ui Kg‡Z _vK‡j gy`ªvùxwZi nvi n‡e

FYvZ¥K|

mvims‡¶c




ˆbe© w³K cÖkœ


1. †fv³vi `vg m~P‡K Avg`vwb `ª‡e¨i `vg AšÍfz©³ nq- mZ¨/wg_¨v

2. Avw_©K I cÖK…Z RvZxq Av‡qi AbycvZ‡K ejv nq

K. RvZxq Avq wW‡d¬Ui

L. gy ªvùxwZ

M. K I L DfqB


msw¶ß cÖkœ

1. †fv³vi `vg m~PK ej‡Z wK †evSvq?

2. Drcv`‡Ki `vg m~P‡Ki msÁv w`b|

iPbvg~jK cÖkœ

1. RvZxq Avq wW‡d¬Ui wK? Avw_©K RvZxq Av‡q Gi cÖ‡qvRbxqZv Av‡jvPbv Kiæb|

2. K. wb‡Pi mviYx †_‡K 1992†K wfwË eQi (base year) we‡ePbv K‡i `vg m~PK

(Price index) wbY©q Kiæb|

(UvKvq)

eQi (Year) `vg (Price) `vg m~PK (Price index)

1984

1988

1992

1996

2000

40

32

45

58

60

L. wb‡Pi mviYx‡Z PjwZ `v‡g GNP Ges wfwË eQ‡ii `v‡g GNP-Gi Z_¨ †`qv Av‡Q| GB

Z_¨ †_‡K 1990†K wfwË eQi we‡ePbv K‡i `vgm~PK wbY©q Kiæb|


1. mZ¨ 2. K



RvZxq Avq : cwigvc

National Income : Measurement

mvgwóK A_©‰bwZK we‡køl‡Y RvZxq Avq GKwU ¸iæZ¡c~Y© f‚wgKv cvjb K‡i| RvZxq Avq cwigv‡ci wewfbœ c×wZ

i‡q‡Q| Gme c×wZi myweav I Amyweav `y‡UvB Av‡Q| GB BDwb‡U RvZxq Avq cwigvc m¤ú‡K© we ÍvwiZ eY©bv

Kiv n‡q‡Q| GQvov wKfv‡e RvZxq Av‡qi fvimvg¨ wba©viY Kiv nq Zv Av‡jvwPZ n‡q‡Q|


cvV-1 : RvZxq Avq cwigv‡ci c×wZmg~n

cvV-2 : RvZxq Avq cwigv‡ci ¸iæZ¡ I myweav

cvV-3 : RvZxq Avq wba©viY : fvimvg¨

2



RvZxq Avq cwigv‡ci wewfbœ c×wZ

GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-

RvZxq Avq cwigv‡ci wZbwU c×wZ

g~j¨ ms‡hvM c×wZ

evsjv‡`‡k RvZxq Avq cwigvc c×wZ

RvZxq Avq cwigv‡ci wZbwU c×wZ Av‡Q| G¸‡jv n‡jv- K. ªe¨ cÖevn wnmve (Flow of final goods); L. Avq ev e¨q cÖevn wnmve (Income or cost approach); M. Drcv`b c×wZ|

Av‡jvPbvi myweavi Rb¨ Avgiv a‡i wbw”Q †h Av‡jvP¨ †`‡k ê‡`wkK evwYR¨ †bB| †KejgvÎ

Db¥y³ A_© eë¯’vq ê‡`wkK †jb‡`‡bi wnmve RvZxq Av‡qi g‡a¨ AšÍfz©³ Kiv nq| Avgiv

GLv‡b e× A_© eë¯’vq RvZxq Av‡qi cwigvc Kie|

K. ªe¨ cÖevn wnmve

RvZxq Avq cwigv‡ci GB c×wZwU RvZxq Drcv`‡bi aviYvi Ici wfwË K‡i M‡o D‡V‡Q| GB

c×wZ‡Z GKwU †`‡k mvaviYZ GKwU eQ‡i †h cwigvY m¤ú~Y© `ªe¨ I †mevmvgMÖx Drcvw`Z nq,

Zv‡ì Avw_©K g~‡jï mgwó wnmve Kiv nq| Gfv‡e Avgiv †gvU RvZxq Drcv`b cvB| †gvU

RvZxq Drcv`b wnmve Kivi mgq Drcvw`Z ªe¨ I †mevmvgMÖxi e¯‘MZ cwigvY †hvM †`qv m¤¢e

bq| †hgb 1000 MR Kvco + 2000 wjUvi mqvweb †Zj + 500 †KwR Pv‡ji mgwó KLbB

†gvU RvZxq Drcv`‡bi cwigvY cÖKvk Ki‡Z cv‡i bv| GB me¸‡jv `ª‡eï Drcv`‡bi

cwigvY‡K evRvi `vg w`‡q ¸Y K‡i Avgiv †gvU RvZxq Drcv`b cvB| A_©vr †gvU RvZxq

Drcv`b = Kvc‡oi cÖwZ MR `vg 1000 MR Kvco+mqvweb †Z‡ji cÖwZ wjUvi `vg

2000 wjUvi mqvweb †Zj + Pv‡ji cÖwZ †KwRi `vg 500 †KwR Pvj| ªe¨ cÖevn wnmv‡e

†mev Qvov `ªe¨¸‡jvi g‡a¨ P‚ovšÍ `ªe¨¸‡jvB eënvi Kiv nq, †m wnmv‡e P‚ovšÍ `ªe¨¸‡jvi m‡½

Zvi evRvi `vg ¸Y K‡iB wnmve ùvo Kiv‡bv nq|

GLv‡b, Y=wRwWwc, C= †gvU †fvM, I=†gvU wewb‡qvM, G= †gvU miKvwi ªe¨ I †mev µq, (X-M)= wbU ißvwb|

L. Avq ev e¨q cÖevn wnmve

GB c×wZ Abymv‡i RvZxq Avq n‡jv †Kv‡bv wbw ©ó eQ‡i †`‡k Drcv`‡bi DcKiY¸‡jv I

eëmvq cÖwZôvb¸‡jv †h cwigvY Avq DcvR©b K‡i, Zv‡ì mgwó| Drcv`‡bi Dcv`vbmg~‡ni

Avq nj LvRbv (r), gRywi (w), my` (i) I gybvdv ()| AZGe,

A_©vr (Y=r+w+i+)| n ÍvšÍi Avq ev n¯ÍvšÍi cvIbv (transfer earnings or transfer payments) RvZxq Av‡qi wnmv‡ei g‡a¨ †`Lv‡bv nq bv|

cvV-1

GKwU †`‡k mvaviYZ

GKwU eQ‡i †h

cwigvY m¤ú~Y© ªe¨ I

†mevmvgMÖx Drcvw`Z

nq, Zv‡ì Avw_©K

g~‡jï mgwó wnmve

Kiv nq|

GB c×wZ Abymv‡i

RvZxq Avq n‡jv

†Kv‡bv wbw ©ó eQ‡ii

†`‡k Drcv`‡bi

DcKiY¸‡jv I

eëmvq cÖwZôvb¸‡jv

†h cwigvY Avq

DcvR©b K‡i, Zv‡ì

mgwó|

GNP=C+I+G+X-M

RvZxq Avq = LvRbv+gRywi+my`+gybvdv|



Avq c×wZ‡Z cwigvcK…Z RvZxq Avq n‡”Q GK ai‡bi wbU RvZxq Avq, hv ïay DcvR©b ev

Av‡qi m‡½ m¤úwK©Z welqmg~n (Income items) we‡ePbv K‡i| A-DcvR©b ev Avq wnmv‡e MY¨

bq Ggb welqmg~n (Non-Income items) Avq c×wZ‡Z we‡eP¨ bq| G ai‡bi `y‡Uv welq n‡”Q

g~ja‡bi AePq ev eënviRwbZ e¨q (Depreciation or Capital Consumption Allowance) Ges eëmv cÖwZôv‡bi c‡iv¶ Ki| c‡iv¶ Ki n‡”Q miKvi KZ©„K eëmv-cÖwZôv‡bi Ici

Av‡ivwcZ mvaviY weµq Ki (Sales Taxes), AveMvwi Ki (Excise Taxes) Ges Avg`vwb I

ißvwb ïé (Custom Duties)|

G¸‡jv c‡iv¶ Ki| KviY eëmvq cÖwZôv‡bi Ici Gme Ki mivmwi Av‡ivc Kiv nq bv eis

cÖ ‘ZK…Z `ªe¨mvgMÖx I †mevi Ici G Ki Av‡ivc Kiv nq| c‡iv¶ Kimg~n Drcv`b cÖwZôv‡bi

Drcv`b LiP wn‡m‡e we‡eP¨| Kv‡RB †gvU RvZxq Drcv`‡bi (GNP) wnmve †c‡Z n‡j

DcKiYmg~‡ni Av‡qi m‡½ g~ja‡bi eënviRwbZ e¨q I c‡iv¶ Ki †hvM Ki‡Z n‡e|

M. Drcv`b c×wZ

Drcv`b c×wZ‡Z RvZxq Avq n‡jv GKwU wbw ©ó eQ‡i GKwU A_©bxwZ‡Z Drcvw`Z P‚ovšÍ `ªe¨ I

†mevi evRvi g~j¨| Avgiv Rvwb, GKwU †`k †Kv‡bv GKwU wbw`©ó eQ‡i P‚ovšÍ `ªe¨ I †mevi

evRvi g~j¨| GQvovI †`kwU H wbw ©ó eQ‡i gva¨wgK ªeÏ Drcv`b K‡i _v‡K| myZivs RvZxq

Avq cwigv‡ci mgq AZ¨šÍ mZK©Zvi m‡½ gva¨wgK ªe¨mvgMÖx‡K (Intermediate goods) wnmve

†_‡K ev` w`‡Z n‡e| Ab¨_vq, GKB `ª‡eï g~j¨ GKvwaKevi wnmve Kiv †h‡Z cv‡i| GUv‡K

ˆØZ MYbvi mgm¨v ejv nq|

Dchy©³ †`‡ki GK eQ‡ii †gvU †fvM e¨q I mÂq (ev wewb‡qvM) †hvM K‡i RvZxq Av‡qi Z_v

†gvU e¨‡qi cwigvY Rvbv †h‡Z cv‡i| A_©vr RvZxq e¨q = †fvM e¨q + mÂq (wewb‡qvM e¨q)|

Z‡e, mgv‡Ri †gvU †fvM e¨q I mÂ‡qi mwVK wnmve cvIqv hvq bv e‡j GB c×wZwU we‡kl

eëüZ nq bv|

GKwU eQ‡i †h cwigvY ªe¨ I †mevg~jK Kvh©vw` Drcbœ nq Zvi Avw_©K g~j¨B nj †gvU RvZxq

Drcv`b H mg Í ªe¨vw` Drcv`‡b †hme Dcv`vbmg~n wb‡qvwRZ Av‡Q Zv‡ì cvwikªwgK †gvU

RvZxq Drcv`b †_‡K †`qv nq| AZGe, †gvU RvZxq Drcv`b RvZxq Av‡qi mgvb| myZivs

RvZxq Avq RvZxq e¨‡qi mgvb| AZGe †`Lv hvq †h, †gvU RvZxq Drcv`b = RvZxq Avq =

RvZxq e¨q|

g~j¨ ms‡hvM c×wZ (Value added approach)

†gvU RvZxq Drcv`b MYbvi mgq Avgiv ïay m¤ú~Y© Drcvw`Z ªe¨ I †mevmvgMÖxi wnmve wb‡q

_vwK| †h mg¯Í `ªe¨ I †mevmvgMÖx Drcv`‡bi P‚ovšÍ ch©v‡q †cuŠQvqwb †m ai‡bi `ªe¨‡K AšÍfz©³

Kiv n‡j †`‡ki †gvU RvZxq Drcv`‡bi †h wPÎ cvIqv hvq, †mUv ev¯Íe Ae¯’vi m‡½ m½wZc~Y©

n‡e bv| G¸‡jv AšÍfz©³ n‡j RvZxq Avq GKvwaKevi MYbvi (Double or multiple counting)

†`v‡l `yó n‡e| †mRb¨ ïay me©‡kl ¯Í‡ii Drcvw`Z ª‡eï wnmve Ki‡Z n‡e| GB wnmve

c×wZ‡K g~j¨ ms‡hvM c×wZ (Value added approach) e‡j|

†gvU RvZxq Drcv`b = (gRywi+my`+LvRbv+gybvdv)

+g~ja‡bi eënviRwbZ e¨q+c‡iv¶ Ki

= DcKiY e¨‡q RvZxq Avq

+g~ja‡bi eënviRwbZ e¨q+c‡iv¶ Ki

†h mg Í ªe¨ I

†mevmvgMÖx

Drcv`‡bi P‚ovšÍ

ch©v‡q †cuŠQvqwb †mB

ai‡bi ªe¨‡K

AšÍfz©³ Kiv n‡j

†`‡ki †gvU RvZxq

Drcv`‡bi †h wPÎ

cvIqv hvq, †mUv

ev Íe Ae ’vi m‡½

m½wZc~Y© n‡e bv|

G¸‡jv AšÍfz©³ n‡j

RvZxq Avq

GKvwaKevi MYbvi

(Double or multiple counting) †`v‡l yó

n‡e|



Drcv`b cÖwZôv‡bi Drcv`‡bi cÖwZwU Í‡i Drcvw`Z ª‡eï Avw_©K g~j¨ †_‡K H ªe¨ Drcv`‡b

wb‡qvwRZ DcKi‡Yi `vg we‡qvM Ki‡j g~j¨ ms‡hvM cvIqv hvq| g‡b Kwi, †Kv‡bv Pvlx 10

UvKv g~‡jï Mg wgj gvwjK‡K wewµ Kij| wgj gvwjK cvDiæwU ˆZwii KviLvbv‡K 15 UvKv

g~‡j¨ gq`v wewµ Kij| G‡¶‡Î wgj gvwjK AwZwi³ UvKv †hvM Ki‡Q| cvDiæwU KviLvbvi

gvwjK 20 UvKv `v‡g cvDiæwU wewµ K‡i ªe¨wUi g~‡j¨ AwZwi³ 5 UvKv †hvM Ki‡Q| cvDiæwU

Drcv`‡bi cÖwZwU Í‡ii AwZwi³ g~j¨ †hvM K‡i (10+5+5) cvDiæwUi `vg (20 UvKv) cvIqv

†Mj|

GLb hw` cvDiæwU Drcv`‡bi cÖwZwU ¯Í‡ii ev gaëZ©x ¯Í‡ii Drcvw`Z `ª‡eï `vg wnmve Kiv

nq Zvn‡j †gvU RvZxq Drc‡bœi cwigvY (10+15+20= 45 UvKv) cÖK…Z Ae¯’vi m‡½

Am½wZc~Y©| ZvB g~j¨ ms‡hvM c×wZ eënvi K‡i GKvwaKevi MYbvi nvZ †_‡K i¶v cvIqv

hv‡e| g~j¨ ms‡hvM c×wZ‡Z ïay me©‡kl ¯Í‡ii Drcvw`Z ª‡eï wnmve Kiv nq| †h mg Í ªe¨ I

†mevmvgMÖx Drcv`‡bi P‚ovšÍ ch©v‡q †cuŠQvqwb, †mme `ªe¨‡K AšÍfz©³ Kiv nq bv|

evsjv‡`‡k RvZxq Avq cwigvc c×wZ

RvZxq Avq wnmv‡ei wbwgË 1999/00 A_©eQ‡i bZzb wnmve c×wZ Pvjy Kiv nq| cyivZb I

bZzb c×wZi g‡a¨ ywU cv_©K¨ i‡q‡Q| cÖ_gZ, cyivZb c×wZ‡Z LvZIqvwi †kªYxweb¨vm wQj

11wU, bZzb c×wZ‡Z LvZIqvwi †kªYxweb¨vm 15wU| wØZxqZ, bZzb c×wZ‡Z wfwË eQi n‡jv

1995/96 A_©eQi hv cyivZb c×wZ‡Z 1984/85 wQj| bZzb wnmve c×wZ Abyhvqx 1997/98

A_©eQ‡i wRwWwcÕi cÖe„w× nvi wQj 5.23% Ges RvZxq mÂq I wewb‡qv‡Mi nvi uvovq h_vµ‡g

wRwWwcÕi 21.77% Ges 21.63%| wKš‘ 1998/99 A_©eQ‡ii ïiæ‡ZB RyjvB- †m‡Þ¤i ch©šÍ

cÖvq wZb gvme¨vcx eb¨vq K…wl I AK…wl Dfq Lv‡ZiB Drcv`b e¨vnZ nq| d‡j GB A_©eQ‡ii

miKvwi I †emiKvwi mÂq I wewb‡qvM Ges m‡e©vcwi Drcv`‡bi Ici Gi cÖfve c‡o|

1998/99 A_©eQ‡i wRwWwcÕi cÖe„w×i nvi uvovq 4.87%| 1999/00 A_©eQ‡i K…wlLv‡Z

Drcv`b cwiw ’wZi DbœwZ N‡U Ges wRwWwcÕi cÖe„w×i nvi ùvovq 5.94%|

evsjv‡`k cwimsL¨vb ey¨‡iv (Bangladesh Bureau of Statistics, BBS) †gvU RvZxq Drcv`b

wbY©‡q cÖavbZ g~j¨ ms‡hvRb c×wZ eënvi K‡i _v‡K| evsjv‡`‡k †gvU RvZxq Drcv`b 11wU

LvZ †_‡K Av‡m hv †gvU g~j¨ ms‡hvRb| LvZ¸‡jv n‡jv- K…wl, LwbR, wkí, wbg©vY, we y¨r, M¨vm,

cvwb I cqtcÖYvjx †mev, †hvMv‡hvM, ¸`vgRvZKiY, evm¯’vb, Avw_©K cÖvwZôvwbK †mev I Ab¨vb¨

†mev| evsjv‡`k cwimsL¨vb ey¨‡iv RvZxq Avq MYbvq RvwZms‡Ni M„nxZ c×wZ MÖnY K‡i

_v‡K| RvZxq Avq cwigv‡c BBS Drcv`b c×wZ, Avq c×wZ I e¨q c×wZ Aej¤b K‡i|

cÖv_wgK DcKiY, Drcv`‡bi cwigvY I g~j¨ cwigv‡c Drcv`b c×wZ Aej¤b Kiv nq| Ab¨vb¨

†¶‡Î Avq I e¨q c×wZ Aej¤b Kiv nq| K…wl, wkí, LwbR I M¨vm Lv‡Z g~j¨ cwigv‡c

Drcv`b c×wZ Aej¤b Kiv nq|

evsjv‡`‡k LvZIqvwi RvZxq Avq wKfv‡e cwigvc Kiv nq, †mUv wb‡P Av‡jvPbv Kiv n‡jv-

K…wl : K…wl Lv‡Zi AšÍfz©³ km¨ DcLv‡Z BBS PjwZ Drcv`‡bi Rwic cwiPvjbv K‡i Ges

†Rjv ch©v‡qi 3/4 mßv‡ni Mo `vg‡K we‡ePbv K‡i| GLv‡b Avq cwigv‡c K¬v÷vi ch©‡e¶‡Y

I mve‡RKwUf c×wZi mvnv‡h¨ RvZxq Avq cwigvc K‡i| ªe¨g~‡jï Rb¨ BBS K…wl evRvi

cwi`ß‡ii Ici wbf©i K‡i| Dcv`v‡bi cwigvY fZz©wK Ges weµqg~‡jï Z_¨mg~n BADC

†_‡K Ges c~‡e© 1977 mv‡ji K…wl ïgvwii Ici wbf©i KiZ| eZ©gv‡b 1983-84 mv‡ji K…wl

cïm¤ú` ïgvwii Ici wbf©i K‡i cÖwZ eQ‡ii cÖe„w×i nv‡ii mv‡c‡¶ cï DcLv‡Zi Avq wnmve

Kiv nq| grm¨ DcLv‡Zi Avq cwigv‡c cï Lv‡Zi g‡Zv 1981 mv‡ji grm¨RvZ ª‡eï Rb¨

g~j¨ ms‡hvM c×wZ‡Z

ïay me©‡kl Í‡ii

Drcvw`Z ª‡eï

wnmve Kiv nq| †h

mg Í ªe¨ I

†mevmvgMÖx

Drcv`‡bi P‚ovšÍ

ch©v‡q †cuŠQvqwb,

†mme ªe¨‡K AšÍfz©³

Kiv nq bv|

evsjv‡`k cwimsL¨vb

ey¨‡iv RvZxq Avq

MYbvq RvwZms‡Ni

M„nxZ c×wZ MÖnY

K‡i _v‡K| RvZxq

Avq cwigv‡c BBS

Drcv`b c×wZ, Avq

c×wZ I e¨q c×wZ

Aej¤b K‡i|

cÖv_wgK DcKiY,

Drcv`‡bi cwigvY I

g~j¨ cwigv‡c

Drcv`b c×wZ

Aej¤b Kiv nq|

Ab¨vb¨ †¶‡Î Avq I

e¨q c×wZ Aej¤b

Kiv nq| K…wl, wkí,

LwbR I M¨vm Lv‡Z

g~j¨ cwigv‡c

Drcv`b c×wZ

Aej¤b Kiv nq|



GKwU we‡kl AbycvZ wb‡q †bqv nq| Gici miKvwi Ges A-ebvÂ‡ji ebR m¤ú‡ì g~j¨

cwigvc Kiv nq| hv mvaviYZ GDP-i kZKiv 3 fv‡Mi mgvb nq| cÖKZc‡¶ K…wl Avq

cwigvc h‡_ó Kómva¨ I wKQyUv Abygvb wfwËKI e‡U|

LwbR : GB Lv‡Z g~j¨ ms‡hvRb c×wZ‡Z RvZxq Avq wnmve Kiv nq hv evsjv‡`k LwbR I

†c‡Uªvwjqvg Dbœqb K‡c©v‡ikb †_‡K cÖvß Z‡_ï wfwË‡Z wbY©xZ nq| PjwZ evRvi g~‡j¨ GB

Lv‡Zi Avq cwigvc Kiv nq, hv cvBKvwi g~j¨m~PK w`‡q wW‡d¬U Kiv nq|

wkí : GB LvZwUi y‡Uv DcLvZ Av‡Q| 1) e„nr wkí, 2) ¶z`ª I KzwUi wkí| wkí ïgvwi †_‡K

BBS e„nr wkíLv‡Zi g~j¨ ms‡hvRb DcvË msMÖn K‡i| ¶z`ª I KzwUi wkímg~‡ni RvZxq Avq

cwigv‡c †Rjv ch©v‡qi ïgvwi cÖwZ‡e`b Ges BBS mv‡f© 1976 eënvi Kiv nq|

wbg©vY : GB Lv‡Zi Avq cwigv‡c B¯úvZ, KvV, euvk, wm‡g›U BZ¨vw` DcKiYmg~‡ni g~j¨ ’vbxq

evRvi Ges Avg`vwb m~Î †_‡K msMÖn Kiv nq| G Lv‡ZI g~j¨ ms‡hvRb c×wZ eëüZ n‡q

_v‡K| Gme Z_¨ ÎvY I cybe©vmb gš¿Yvjq I †RjvwfwËK e¨‡qi Z‡_ï Ici wfwË K‡i c‡iv¶

c×wZ wbY©q Kiv nq| 1971 mv‡j evm¯’vb ïgvwiI GLv‡b mnvqZv K‡i|

we y¨r, M¨vm, cvwb I cqtcÖYvjx mvwf©m : we y¨r Dbœqb †evW©, †c‡Uªvevsjv, M¨vm †Kv¤úvwb Ges

wewfbœ wnmve †_‡K G Lv‡Zi Avq cwigvc Kiv nq| gš¿Yvjq evrmwiK ev‡R‡U Gme cÖwZôv‡bi

g~j¨ ms‡hvRb cwigvc K‡i| †Rjv wfwË‡Z G Lv‡Zi Avq cwigvc Kiv nq|

†hvMv‡hvM, ¸`vgRvZKiY I cwienb : GB Lv‡Zi wewfbœ DcLvZ †ij, moK, Rjc_, wegvb,

†Uwj‡dvb, WvK BZ¨vw`‡Z Avq cwigv‡c †iwRw÷ªK…Z BDwbUmg~‡ni Av‡qi †¶‡Î Ôg~j¨

ms‡hvR‡bi Rb¨Õ wbw ©ó mnM eënvi Kiv nq| GKB mv‡_ †Rjv ch©vq †_‡KI wnmvemg~n

†ewi‡q Av‡m|

e¨vswKs I exgv : cÖ‡Z¨KwU Avw_©K cÖwZôv‡bi AvqKi wnmve †_‡K e›Ub †kqvi c×wZi Ici

wfwË K‡i g~j¨ ms‡hvRb †ei Kiv nq| GQvov †Rjv ch©v‡qI GB Lv‡Zi Avq cwigvc Kiv nq

hv RvZxq Avq wnmv‡e eënvi Kiv nq|

eëmvq evwYR¨ : evsjv‡`‡ki mKj K…wl, wkí I ê‡`wkK evwY‡Rï P‚ovšÍ Drcv`b mnM wb‡q

mvaviYZ GB Lv‡Zi g~j¨ ms‡hvRb cwigvc Kiv nq| GQvov †RjvwfwËK g~j¨ ms‡hvRbI wnmve

Kiv nq|

†ckvRxex I Ab¨vb¨ †mev : GB Lv‡Zi Avq wba©vi‡Y †ckvRxex I kªwgK‡ì Avq cwigvc Kiv

nq| G ai‡bi Avq miKvwi I †emiKvwi cÖwZ‡e`b †_‡K cvIqv hvq| GQvov †RjvIqvwi wnmve

†_‡K GB dj cvIqv hvq|

evm¯’vb LvZ : 1973-74 mv‡j BBS cvwievwiK ev‡RU Rwic m¤úbœ K‡i hv MÖvgxY evm¯’v‡bi

e¨q Ges BBS msM„nxZ kn‡i evm¯’vb fvov wnmve K‡i g~j¨ ms‡hvRb †ei Kiv nq|




ˆbe© w³K cÖkœ


1. Avq c×wZ‡Z RvZxq Avq wnmv‡ei mgq

K. ïay income items we‡ePbv Kiv nq

L. ïay non-income items we‡ePbv Kiv nq

M. K I L DfqB


2. ˆØZMYbvi mgm¨v †`Lv †`q

K. Drcv`b c×wZ‡Z RvZxq Avq wnmv‡ei †¶‡Î

L. Avq c×wZ‡Z RvZxq Avq wnmv‡ei †¶‡Î

M. e¨q c×wZ‡Z RvZxq Avq wnmv‡ei †¶‡Î

N. Dc‡ii mKj †¶‡Î

3. evsjv‡`‡k RvZxq Avq wnmv‡ei bZzb c×wZ wfwË eQi n‡jv-

K. 1984/85

L. 1995/96

M. 1973/74

N. 1997/98

GKwU †`‡k mvaviYZ GKwU eQ‡i †h cwigvY m¤ú~Y© `ªe¨ I †mevmvgMÖx Drcvw`Z nq, Zv‡ì Avw_©K

g~‡jï mgwó wnmve Kiv nq| GB c×wZ Abymv‡i RvZxq Avq n‡jv †Kv‡bv wbw ©ó eQ‡ii †`‡k

Drcv`‡bi DcKiY¸‡jv I eëmvq cÖwZôvb¸‡jv †h cwigvY Avq DcvR©b K‡i, Zv‡ì mgwó| †h mg Í

`ªe¨ I †mevmvgMÖx Drcv`‡bi P‚ovšÍ ch©v‡q †cuŠQvqwb †mB ai‡bi ªe¨‡K AšÍfz©³ Kiv n‡j †`‡ki †gvU

RvZxq Drcv`‡bi †h wPÎ cvIqv hvq, †mUv ev Íe Ae¯’vi m‡½ m½wZc~Y© n‡e bv| G¸‡jv AšÍfz©³ n‡j

RvZxq Avq GKvwaKevi MYbvi (Double or multiple counting) †`v‡l `yó n‡e| g~j¨ ms‡hvM c×wZ‡Z

ïay me©‡kl Í‡ii Drcvw`Z `ª‡eï wnmve Kiv nq| †h mg Í `ªe¨ I †mevmvgMÖx Drcv`‡bi P‚ovšÍ ch©v‡q

†cuŠQvqwb, †mme `ªe¨‡K AšÍfz©³ Kiv nq bv| evsjv‡`k cwimsL¨vb ey¨‡iv (BBS) RvZxq Avq MYbvq

RvwZms‡Ni M„nxZ c×wZ MÖnY K‡i _v‡K| RvZxq Avq cwigv‡c BBS Drcv`b c×wZ, Avq c×wZ I

e¨q c×wZ Aej¤b K‡i| cÖv_wgK DcKiY, Drcv`‡bi cwigvY I g~j¨ cwigv‡c Drcv`b c×wZ

Aej¤b Kiv nq| Ab¨vb¨ †¶‡Î Avq I e¨q c×wZ Aej¤b Kiv nq| K…wl, wkí, LwbR I M¨vm Lv‡Z

g~j¨ cwigv‡c Drcv`b c×wZ Aej¤b Kiv nq|

mvims‡¶c



msw¶ß cÖkœ

1. g~j¨ ms‡hvRb c×wZ e¨vL¨v Kiæb|

iPbvg~jK cÖkœ

1. RvZxq Avq cwigv‡ci c×wZ¸‡jv wK?

2. evsjv‡`‡k RvZxq Avq cwigv‡ci c×wZ Av‡jvPbv Kiæb|

3. wb‡Pi mviYx‡Z Drcv`‡bi wZbwU ch©vq Av‡Q| (i) cÖv_wgK ch©vq (1g); (ii) ga¨eZ©x

ch©vq (2q); (iii) P‚ovšÍ ch©vq (3q)| G wZbwU ch©v‡qi g‡a¨-

K. cÖwZwU ch©v‡qi †gvU evRvi g~j¨ KZ?

L. cÖwZwU ch©v‡qi g~j¨ ms‡hvRb KZ?

M. †gvU g~j¨ ms‡hvRb ev P‚ovšÍ Drcv`vb g~j¨ KZ?

N. Avq c×wZ I g~j¨ ms‡hvRb c×wZi g‡a¨ †Kv‡bv cv_©K¨ Av‡Q wK?

ch©vq gRywi (W) LvRbv (r) my` (i) gybvdv ()

1g ch©vq

2q ch©vq

3q ch©vq

8.5

1.5

3.5

4.5

2.5

1.0

2.5

1.4

0.5

3.5

2.6

2.0

4. Avq ev e¨q cÖevn wnmve Ges Drcv`b c×wZ‡Z RvZxq Avq wK GK nq? wb‡Pi mviYx

†_‡K welqwU Av‡jvPbv Kiæb|

`ªe¨ Avq P‚ovšÍ `ªe¨ (evwl©K Drcv`b)

gRywi LvRbv my` gybvdv GKK evRvi g~j¨

K

L

M

50

70

68

4.5

3.5

4.0

7.0

6.5

8.0

10.5

15.0

20.0

24

19

25

3.00

5.00

4.00


1. K 2. K 3. L



RvZxq Avq cwigv‡ci ¸iæZ¡ I myweav


RvZxq Avq cwigv‡ci ¸iæZ¡

RvZxq Avq cwigv‡ci Amyweav

evsjv‡`‡k RvZxq Avq cwigv‡ci mgm¨vejx

RvZxq Avq cwigv‡ci ¸iæZ¡

GKwU †`‡ki mvwe©K Ae¯’v we‡kølY Kivi Rb¨ †m †`‡ki RvZxq Avq m¤ú‡K© aviYv _vKv

cÖ‡qvRb| RvZxq Avq aviYvi ¸iæZ¡ wbf©i K‡i MYbv c×wZi mwVKZv Ges cÖPwjZ e›Ub

c×wZi DrKl©Zvi Ici| wb¤œwjwLZ Kvi‡Y RvZxq Avq cwigvc ¸iæZ¡c~Y©|

A_©‰bwZK Kvh©µg m¤ú‡K© aviYv : †Kv‡bv †`‡ki mvgwMÖKfv‡e A_©‰bwZK Kvh©µg mwVKfv‡e

cwiPvwjZ n‡”Q wKbv Zv †evSv hvq RvZxq Av‡qi wnmve †_‡K| RvZxq Av‡qi e„w× A_©‰bwZK

Kvh©µ‡gi m‡šÍvlRbK Ae¯’vi wPÎ Zz‡j a‡i| ZvQvov RvZxq Avq †_‡K wewfbœ Lv‡Zi ¸iæZ¡

m¤‡Ü †hgb aviYv cvIqv hvq, †Zgwb wewfbœ ai‡bi A_©‰bwZK Kvh©vejx †_‡K †h Avq Av‡m †m

m¤ú‡K© aviYv cvIqv hvq|

A_©‰bwZK cÖe„w×i m~PK : RvZxq Avq we‡kølY †Kv‡bv †`‡ki A_©‰bwZK cÖe„w× n‡”Q wKbv Zv

e¨vL¨v K‡i| RvZxq Avq w ’i, ea©gvb, n«vmgvb- G w`‡qB A_©‰bwZK cÖe„w× hvPvB Kiv hvq|

Rxeb I wewfbœ †`‡ki g‡a¨ Zzjbv : RvZxq Avq we‡kølY †Kv‡bv †`‡ki gvby‡li RxebhvÎvi gvb

wba©viY K‡i| †h †`‡k RvZxq Avq †ewk, gv_vwcQy Avq †ewk, †m †`‡k RbM‡Yi µq¶gZv

†ewk| d‡j †fvM¨c‡Yï Pvwn`v †ewk nq, wkívqb N‡U| Gfv‡e RbM‡Yi RxebhvÎvi gvbI

DbœZ nq| Avevi wewfbœ †`‡ki RvZxq Av‡qi Zzjbvg~jK wnmv‡ei gva¨‡g †mme †`‡ki

RxebhvÎvi Zzjbvg~jK wPÎI cvIqv hvq|

cwiKíbv cÖYqb : RvZxq Avq MYbvq eZ©gv‡b Dcv`vb Drcv`b we‡køl‡Yi mvnvh¨ †bqv nq|

G‡¶‡Î cÖwZwU Lv‡Zi ¸iæZ¡ KZUzKz Zv ¯úó n‡q I‡V| cwiKíbvwe`MY AvšÍtLv‡Zi fvimvg¨

weav‡bi eë¯’v †bb| mvgwMÖK fvimvg¨ e¨vL¨vq RvZxq Av‡qi we‡kølY mvnvh¨ K‡i|

bxwZ wba©vi‡Y : A_©bxwZ‡K w ’wZkxj ivL‡Z ivR¯bxwZ, evwYR¨bxwZ I Avw_©K bxwZ ¸iæZ¡c~Y©

f‚wgKv cvjb K‡i| †mRb¨ RvZxq Av‡qi KvVv‡gvMZ Ae ’v, gy`ªvùxwZ, gy ªvms‡KvPb wbqš¿Ymn

ê‡`wkK evwYR¨, wewb‡qvM Gme †¶‡Î bxwZ-wba©viK‡ì mvnvh¨ K‡i|

RvZxq Avq cwigv‡ci Amyweav

RvZxq Av‡qi gva¨‡g †Kv‡bv RvwZi A_©‰bwZK Kvh©Kjv‡ci aviYvMZ cwigvc Kiv †M‡jI

eënvwiK RM‡Z RvZxq Avq cwigv‡ci KZ¸‡jv Amyweav Av‡Q| GB Amyweav¸‡jv wb¤œiƒc-

wbf©i‡hvM¨ Z_¨vwì Afve : evsjv‡`‡ki b¨vq ¯‡ívbœZ †`k¸‡jv‡Z wbf©i‡hvM¨ I wbfz©j Z_¨

cvIqv `y®‹i e‡j RvZxq Avq cwigv‡ci GKwU weivU Amyweav †`Lv †`q| Ggb A‡bK A_©‰bwZK

cvV-2

RvZxq Avq aviYvi

¸iæZ¡ wbf©i K‡i

MYbv c×wZi

mwVKZv Ges cÖPwjZ

e›Ub c×wZi

DrKl©Zvi Ici|



†¶Î Av‡Q (†hgb- †QvU †QvU Drcv`K) †hLv‡b Drcvw`Z ªe¨ ev †mevmvgMÖxi cwigvY I `vg

m¤‡Ü †Kv‡bv Z_¨ cvIqv hvq bv| ïay Abygv‡bi wfwË‡Z Gme †¶‡Îi Drcv`b I Av‡qi wnmve

Kiv nq|

GKvwaK MYbvi mgm¨v : †gvU RvZxq Drcv`‡bi cwigvY wba©vi‡Yi mgq †`L‡Z n‡e †h, GKB

`ªe¨ †hb GKvwaKevi MYbv bv Kiv nq| Aek¨ g~j¨ ms‡hvM c×wZ MÖnY Ki‡j G mgm¨v Gov‡bv

m¤¢eci|

n ÍvšÍi Av‡qi mgm¨v : RvZxq Avq cwigv‡ci mgq n ÍvšÍi Avq ev` †`qv DwPZ| g‡b Kwi,

†Kv‡bv e¨w³ miKv‡ii KvQ †_‡K gvwmK 1000 UvKvi eva©K¨ fvZv cvq| †h‡nZz e¨w³ †Kv‡bv

Drcv`bkxj Kv‡Ri cvwikªwgK wnmv‡e GB Avq DcvR©b K‡iwb, †m‡nZz GB Avq n ÍvšÍi Avq

Qvov wKQyB bq| ZvB †h‡Kv‡bv cÖKv‡ii n ÍvšÍi Avq ev n ÍvšÍi cvIbv RvZxq Avq †_‡K ev`

†`qv nq|

evRvi ewnf©~Z `ª‡eï AšÍfz©w³i mgm¨v : ¯vgx, mšÍvbvwì †mevg~jK Kvh©vejxi `vg wba©viY Kiv

m¤¢e bq e‡j G¸‡jvi g~j¨ †gvU RvZxq Drcv`‡b AšÍfz©³ Kiv nq bv| wKš‘, Dchy©³ Kvh©vejxi

Rb¨ hw` †Kv‡bv e¨w³‡K wb‡qvM Kiv nq, Zvn‡j H e¨w³i Avq RvZxq Av‡qi AšÍfz©³ n‡e|

A_©‰bwZK Kg©KvÛ wb‡ ©k K‡i bv Ggb †jb‡`‡bi c„_KxKiY mgm¨v : †h‡Kv‡bv A_©bxwZ‡Z Ggb wKQy

†jb‡`b nq hv A_©‰bwZK KvR wb‡ ©k K‡i bv| ïay m¤ú` ev Av‡qi n ÍvšÍi wb‡ ©k K‡i|

miKvi Ges eëmv-cÖwZôv‡bi n ÍvšÍi cÖ vb (Transfer Payments), e¨w³MZ n¯ÍvšÍi cvIbv,

†hgb- cwiev‡ii m`m¨‡ì m‡½ Av‡qi fvMvfvwM, wk¶v cÖwZôvb KZ©„K e„wË, g~jab-jvf

(Capital gains), †eAvBwb KvRKg© BZ¨vw` RvZxq Avq cwigv‡ci wnmve †_‡K ev` w`‡Z nq|

KviY G¸‡jv †Kv‡bv cÖKvi bZzb `ªe¨mvgMÖx m„wó †evSvq bv A_©vr Gme Av‡qi Rb¨ †Kv‡bv cÖKvi

kªg cÖ vb Ki‡Z nq bv|

`ª‡eï DrKl© e„w×i mgm¨v : eZ©gvb `ªe¨ I †mevmvgMÖxi ¸YMZ DrKl©Zv A‡bK †e‡o‡Q| Gi d‡j

Gme `ªe¨ †hgb- †iwd«Rv‡iUi, Mvwo BZ¨vwì `vg †e‡o‡Q| Avevi, wek eQi Av‡Mi wPwKrmv

eë¯’vi m‡½ eZ©gvb wPwKrmv eë¯’v Zzjbv Ki‡j †`Lv hvq †h, eZ©gv‡b G ai‡bi †mevg~jK

Kv‡Ri Rb¨ †ewk A_© e¨q Ki‡Z nq| wPwKrmv weÁv‡bi DbœwZi Rb¨B eZ©gv‡b GB †mevg~jK

Kv‡Ri `vg †ewk| †gvU Drcv`b AcwiewZ©Z _vK‡jI †h‡nZz †gvU RvZxq Drcv`b Avw_©K g~‡j¨

cÖKvk Kiv nq †m‡nZz AZx‡Zi Zzjbvq eZ©gvb †gvU RvZxq Drcv`b †ewk n‡e| †gvU RvZxq

Drcv`b e„w×i KviY nj ªe¨ I †mevmvgMÖxi ¸YMZ DrKl©Zv e„w×| wKš‘ RvZxq Avq MYbvi

mgq ªe¨ I †mevmvgMÖxi ¸YMZ DrKl©Zvi w`K wePvi Kiv nq bv| KviY, RvZxq Avq

Drcv`‡bi g‡a¨ `ªe¨vwì ¸YMZ w`K ms‡kvab ev mgšq Kivi RwUjZv Kg bq|

`vg Í‡ii mgm¨v : ªe¨ I †mevmvgMÖxi ¸YMZ w`K QvovI gy`ªvùxwZi ìæb ªe¨mvgMÖxi `v‡g

EaŸ©gyLx cÖeYZv †`Lv †`q| Drcv`b e„w× bv nIqv m‡Ë¡I `vg Íi †e‡o †M‡j †gvU RvZxq

Drcv`b †e‡o hv‡e| ZvB PjwZ ev eZ©gvb eQ‡ii `v‡gi wfwË‡Z RvZxq Av‡qi e„w× cÖK…Z

Drcv`b e„w×i wb‡ ©kK bq| G Kvi‡Y RvZxq Avq cwigv‡ci wnmvei¶Kiv `vg Í‡ii cwieZ©b

Abyhvqx RvZxq Av‡qi wnmv‡ei ms‡kvab K‡ib| djkÖæwZ‡Z Avgiv w ’i `v‡g †gvU RvZxq

Drcv`b ev cÖK…Z †gvU RvZxq Drcv`b cvB|

A_©‰bwZK Kj¨v‡Yi gvcKvwVi mgm¨v : eZ©gv‡b A‡bK A_©bxwZwe` RvZxq Drcv`‡bi cwigvY

e„w×‡KB A_©‰bwZK Kj¨v‡Yi h_vh_ gvcKvwV e‡j g‡b K‡ib bv| Ab¨ fvlvq, RvZxq

Drcv`‡bi cwigvYMZ w`K Qvov ¸YMZ w`K wnmv‡ei g‡a¨ G‡b †gvU RvZxq Drcv`‡bi

ms‡kvab Kiv DwPZ|

†gvU RvZxq Drcv`b

e„w×i KviY nj ªe¨

I †mevmvgMÖxi

¸YMZ DrKl©Zv

e„w×| wKš‘ RvZxq

Avq MYbvi mgq ªe¨

I †mevmvgMÖxi

¸YMZ DrKl©Zvi

w`K wePvi Kiv nq

bv| KviY, RvZxq

Avq Drcv`‡bi g‡a¨

ªe¨vwì ¸YMZ w`K

ms‡kvab ev mgšq

Kivi RwUjZv Kg

bq|



evsjv‡`‡k RvZxq Avq cwigv‡ci mgm¨v

Dchy©³ mgm¨v¸‡jvi me¸‡jv evsjv‡`‡ki †¶‡Î cÖ‡hvR¨| evsjv‡`‡ki A_©bxwZi GKwU

D‡jøL‡hvM¨ Ask ÔAvw_©KvwqZÕ (monetised) bq| RbmsL¨vi †ewkifvM Aa©wkw¶Z e‡j

Drcv`b I Av‡qi mwVK wnmve iv‡L bv| m‡e©vcwi, evsjv‡`‡ki cwimsL¨vb msMÖn c×wZ mg„×

I mgwšZ bq|

evsjv‡`‡ki RvZxq Avq cwigv‡ci †¶‡Î Drcv`b c×wZ, Avq I e¨q c×wZ myweavgZfv‡e

eënvi Kiv nq| GB cwigvcmg~n Avevi wZb ai‡bi j¶¨ Kiv hvq|

1) c×wZMZ

2) †kªYx wefvRb

3) KvVv‡gvMZ

Ab¨w`‡K KvwiMwi mgm¨v‡KI Avevi wZb fv‡M fvM Kiv hvq-

1) mgqwfwËK

2) GjvKvwfwËK

3) DcvË mgm¨v

mgm¨v¸‡jv wb‡P Av‡jvPbv Kiv n‡jv :

aviYvMZ mgm¨v

1. c×wZMZ mgm¨v : RvZxq Avq cwigv‡c †Kvb c×wZ Aej¤b Kiv n‡e Zv GKwU D‡jøL‡hvM¨

mgm¨v| evsjv‡`‡k cyuwRev`x mgvRZvwš¿K y‡UvB Av‡Q? Gfv‡e ejv wVK bq| ejv hvq miKvwi

I †emiKvwi me †`‡kB Av‡Q| †Kvb Lv‡Z Drcv`b, Avq ev e¨q c×wZ Aej¤b Kiv n‡e Zv

wb‡q m‡›`n _vKvq GKwU AvbygvwbK cÖwµqv MÖnY Kiv nq| GQvov BBS wnmveK…Z RvZxq Avq

Ges cwiKíbv Kwgkb †_‡K msM„nxZ Av‡qi g‡a¨ eëavb j¶¨ Kiv hvq|

2. †kªYxwefvRb mgm¨v : RvwZms‡Ni wb‡ ©wkZ KvVv‡gvMZ LvZmg~n evsjv‡`‡k eënvi Kiv nq|

wKš‘ evsjv‡`‡ki wewfbœ kªwgK‡ì A_©‰bwZK †kªYxwefvM Kiv nqwb| d‡j we‡k¦i Ab¨vb¨ †`‡ki

m‡½ Zzjbv Kiv hvq bv| ÔA-K…wl Kg©Õ-Gi g~j¨ ms‡hvRb BBS wbY©q Ki‡Z cv‡iwb| G †`‡ki

wk¶K, Wv³vi, DwKj, Awf‡bZv‡ì‡K cÖkvmwbK Lv‡Z †`Lv‡bv nq hv g~jZ †ckvRxex Lv‡Z

hvIqvi K_v| Giƒc A‡bK †kªYxwefvRb mgm¨v j¶¨ Kiv hvq|

3. KvVv‡gvMZ mgm¨v : RvZxq Avq cwigv‡c cÖvqB gva¨wgK Z_¨ eënvi Kiv nq †h¸‡jvi wfwË

†Zgb k³ bq| RvZxq Avq wnmve GKwU ¸iæZ¡c~Y© welq e‡j GKwU wbf©i‡hvM¨, `vwqZ¡evb I

Revew`wng~jK wfbœ msMVb _vKv cÖ‡qvRb hv BBS-Gi m¤ú~iK msMVb wn‡m‡e KvR Ki‡e|

KvwiMwi mgm¨v

1. mgq wba©viY mgm¨v : evsjv‡`‡ki A_©bxwZ †gŠmygwfwËK cÖfv‡e cÖfvevwšZ| †mRb¨ †gŠmyg

wfwË‡Z Z_¨ msMÖn Kiv cÖ‡qvRb, hv Kiv nq bv|

2. GjvKvwfwËK mgm¨v : evsjv‡`‡ki RvZxq Avq cwigv‡c GjvKvwfwËK mgm¨v j¶¨ Kiv hvq|

†`‡ki †Kv‡bv Ask wewfbœ AvenvIqvMZ Kvi‡Y †Kv‡bv eQi wech©¯Í n‡Z cv‡i, hv RvZxq Avq

MYbvq mgm¨vq †d‡j| G Ae¯’vq mwVK †Kv‡bv c×wZ Aej¤b Kiv hvq bv|

3. DcvË mgm¨v : wRGbwc, wRwWwc I RvZxq Avq cwigv‡c evsjv‡`‡ki †h DcvË msMÖn Kiv nq

Zv wbf©i‡hvM¨ bq| †Kbbv GK eQ‡ii Dcv‡Ëi wfwË‡Z Ab¨vb¨ eQ‡ii Avq cwigvc Kiv nq hv

RvZxq Avq wnmve

GKU ¸iæZ¡c~Y© welq

e‡j GKwU

wbf©i‡hvM¨, `vwqZ¡evb

I Revew`wng~jK wfbœ

msMVb _vKv cÖ‡qvRb

hv BBS-Gi m¤ú~iK

msMVb wn‡m‡e KvR

Ki‡e|



m¤ú~Y© fzj c×wZ| DcvË cÖwZ eQiB msM„nxZ n‡Z cv‡i hv Kiv nq bv| GRb¨ evRvi `vg I

miKv‡ii evRvi `v‡g cv_©K¨ j¶¨ Kiv hvq|


ˆbe© w³K cÖkœ


1. evsjv‡`‡ki RvZxq Av‡q A_©bxwZi mKj Lv‡Zi Ae`vb D‡jøL _v‡K| mZ¨/ wg_¨v

2. evsjv‡`k GKwU m¤ú~Y© Avw_©KvwqZ A_©bxwZ| mZ¨/wg_¨v

3. wb‡Pi †KvbwU RvZxq Av‡qi wnmv‡e AšÍfz©³ n‡e bv-

K. cvDiæwU

L. Mvn© ’ kªg

M. bv‡m©i †mev

N. Mvwo

iPbvg~jK cÖkœ

1. RvZxq Avq cwigv‡ci ¸iæZ¡ Av‡jvPbv Kiæb|

2. evsjv‡`‡ki †cÖw¶‡Z RvZxq Avq cwigv‡ci mgm¨v¸‡jv wPwýZ Kiæb|


1. wg_¨v 2. wg_¨v 3. L

RvZxq Avq aviYvi ¸iæZ¡ wbf©i K‡i MYbv c×wZi mwVKZv Ges cÖPwjZ e›Ub c×wZi

DrKl©Zvi Ici| †gvU RvZxq Drcv`b e„w×i KviY nj ªe¨ I †mevmvgMÖxi ¸YMZ DrKl©Zv

e„w×| wKš‘ RvZxq Avq MYbvi mgq `ªe¨ I †mevmvgMÖxi ¸YMZ DrKl©Zvi w`K wePvi Kiv nq

bv| KviY, RvZxq Avq Drcv`‡bi g‡a¨ ªe¨vw`i ¸YMZ w`K ms‡kvab ev mgšq Kivi RwUjZv

Kg bq| RvZxq Avq wnmve GKwU ¸iæZ¡c~Y© welq e‡j GKwU wbf©i‡hvM¨, `vwqZ¡evb I

Revew`wng~jK wfbœ msMVb _vKv cÖ‡qvRb hv evsjv‡`k cwimsL¨vb ey¨‡iv (BBS)-Gi m¤ú~iK

msMVb wn‡m‡e KvR Ki‡e|

mvims‡¶c



RvZxq Avq wba©viY : fvimvg¨


mvgwMÖK Pvwn`v I †hvMv‡bi gva¨‡g RvZxq Avq wba©viY

wZb LvZ I Pvi LvZ wewkó A_©bxwZ‡Z RvZxq Avq wbY©q

Ki we`¨gvb Ae ’vq RvZxq Avq wba©viY

n¯ÍvšÍi e¨q Ae¯’vq RvZxq Avq wba©viY

GKwU wØLvZ hy³ A_©bxwZ‡Z †fvM I wewb‡qvM _vK‡e, miKvwi n Í‡¶c ev ê‡`wkK evwYR¨

_vK‡e bv| ZvB P‚ovšÍ Drcv`b `ywU As‡k wef³- †fvM¨ e¨q Ges wewb‡qvM e¨q| GLv‡b

wewb‡qvM e¨q g~jZ wbU wewb‡qvM wb‡ ©k K‡i| †h‡nZz miKvwi n¯Í‡¶c †bB, ZvB RvZxq Avq

g~jZ NNP-Gi mgvb n‡e| GB A_©bxwZ‡Z hw` K‡c©v‡iU eëmvq cÖwZôvb bv _v‡K Zvn‡j

†Kv‡bv AewÈZ gybvdvI _vK‡e bv| ZvB NNP =e¨q‡hvM¨ Avq = e¨w³MZ Avq n‡e| †h‡nZz

miKvi †bB ZvB Ki, n ÍvšÍi e¨q, miKvwi e¨q †bB| G Ae¯’vq cy‡iv e¨q‡hvM¨ Avq †fvM

A_ev mÂq n‡e| Ab¨w`‡K NNP n‡e †fvM I wewb‡qv‡Mi mgwó| kZ©vbymv‡i e¨q‡hvM¨ e¨w³MZ

Avq = NNP

ZvB-

YN = C + I ................................. NNP Yd = C + S ..................................e¨q‡hvM¨ e¨w³MZ Avq

YN = Yd ...................................... kZ©vbymv‡i

C + I = C + S I = S Avgiv NNP †K e¨q ev mvgwMÖK Pvwn`v wn‡m‡e we‡ePbv Ki‡Z cvwi| GLv‡b cwievi †h cwigvY

†fvM Ki‡Z Pvq Ges eëmvq cÖwZôvbmg~n †h cwigvY wewb‡qvM Ki‡Z Pvq Zvi mgwó nj

mvgwMÖK Pvwn`v|

E C + I ................... RvZxq e¨q

AD C I ................ mvgwMÖK Pvwn`v (AD)

Ab¨w`‡K cwiev‡ii †gvU Avq `yÕfv‡M wef³ nq| †fvM Ges mÂq ZvB

Y = C + S .................. RvZxq Avq

AS = C + S ................mvgwMÖK †hvMvb (AS)

RvZxq A_©bxwZ‡Z e¨q = Avq ev,

mvgwMÖK Pvwn`v = mvgwMÖK †hvMvb n‡j fvimvg¨ AwR©Z n‡e|

E C + I .......e¨q

Y C + S ....... Avq

E Y ........ kZ©

C + I C + S I S ........................... fvimvg¨ Ae ’vq

Ab¨fv‡e

AD C + I

cvV-3

cwievi †h cwigvY

†fvM Ki‡Z Pvq Ges

dvg©mg~n †h cwigvY

wewb‡qvM Ki‡Z Pvq

Zvi mgwó nj

mvgwMÖK Pvwn`v|



AS C + S AD AS C + I C + S I S .................................... fvimvg¨

fvimvg¨ cvIqvi Rb¨ AbywgZ kZ©mg~n-

1| `vg Íi w ’i _vK‡e

2| Avw_©K gRywi w ’i _vK‡e

3| †fvM A‡c¶K w ’wZkxj n‡e †hLv‡b o<MPC<1. 4| ¯q¤¢‚Z wewb‡qvM we‡eP¨|

5| ¯íKvj we‡eP¨|

Ic‡ii AbywgZ k‡Z©i †cÖw¶‡Z Avgiv yÕfv‡e RvZxq Avq wba©viY Ki‡Z cvwi-

1. mvgwMÖK Pvwn`v I mvgwMÖK †hvMv‡bi mgZv|

2. wewb‡qvM I mÂ‡qi mgZv|

mvgwMÖK Pvwn`v I †hvMv‡bi gva¨‡g RvZxq Avq wba©viY :

`ªe¨ evRv‡ii fvimvg¨ ZLbB

wba©vwiZ n‡e hLb cÖPwjZ

`v‡g mvgwMÖK Pvwn`v I

mvgwMÖK †hvMvb ci¯úi mgvb

n‡e| mvgwMÖK Pvwn`vi

¸iæZ¡c~Y© Ask n‡jv †fvM hv

Av‡qi Ici wbf©ikxj| Avq

evo‡j †fvM ev‡o wKš‘ Avq

†h nv‡i ev‡o †fvM Zvi‡P‡q

Kg nv‡i ev‡o| d‡j †fvM

†iLv Wvbw`‡K EaŸ©Mvgx n‡e,

Z‡e Zvi Xvj n‡e GK‡Ki

†P‡q Kg|

2.1 bs wP‡Î j¤ A‡¶ †fvM

Ges wewb‡qvM, f‚wg A‡¶

Avq we‡eP¨| wP‡Î †fvM (C)

†iLv A¼b Kiv n‡q‡Q|

Gevi I cwigvY ¯q¤¢‚Z

wewb‡qvM †hvM n‡j mvgwMÖK

Pvwn`v †iLv n‡e C+I|

Avgiv mvgwMÖK †hvMvb ev

RvZxq Avq f‚wg A‡¶

cwigvc Ki‡Z cvwi| Avq = C+S we‡ePbv Ki‡j †h

†iLvwU n‡e Zv 45

0

†KvY

wewkó †iLvi mv‡_ wg‡k hv‡e| †hLv‡b RvZxq Avq = e¨q kZ© cvwjZ n‡e| 45

0

†iLvi Ae ’v‡b

j¤ I f‚wg AbycvZ n‡e G‡Ki mgvb|

ªe¨ evRv‡ii

fvimvg¨ ZLbB

wba©vwiZ n‡e hLb

cÖPwjZ `v‡g mvgwMÖK

Pvwn`v I mvgwMÖK

†hvMvb ci¯úi mgvb

n‡e| mvgwMÖK

Pvwn`vi ¸iæZ¡c~Y©

Ask nj †fvM hv

Av‡qi Ici

wbf©ikxj|

2.1 : mvgwMÖK Pvwn`v I †hvMv‡bi gva¨‡g RvZxq Avq wba©viY



wP‡Î y = C + I k‡Z© RvZxq Avq wba©vwiZ n‡e Oy0 †hLv‡b Oy0 = y0e [e¨q = Avq]

Q‡Ki gva¨‡g e¨vL¨v : y1 Av‡q AD (Y1f) > AS (y1g) d‡j Avq evo‡e| Avevi y2 Av‡q AD (y2h) < AS (y2i) d‡j

Avq Kg‡e| y0 Avq n‡j fvimvg¨ AwR©Z nq|

Drcv`b/

Avq

wewb‡qvM

†fvM = C=0.7y

AD=C+I AwewµZ cY¨

y-AD

cÖZ¨vwkZ

Bb‡f›Uwi

Drcv`b

300 300 210 510 -210

K‡g evo‡e

800 300 560 860 -60

K‡g evo‡e

1000 300 700 1000 0

w ’i w ’i

1200 300 840 1140 +60

ev‡o Kg‡e

1500 300 1050 1300 +100

ev‡o Kg‡e

Y0=C+I Y0=a+bY0+I [C=a+bY0] Y0bY0=a+I Y0(1-b)=a+I Y0=a+1/1-b...................... fvimvg¨ Avq|

MvwYwZK D`vniY Øviv RvZxq Avq wba©viY :

aiv hvK †Kv‡bv A_©bxwZ‡Z †fvM I wewb‡qv‡Mi Z_¨ wb¤œiƒc :

C=100+0.8y, I=200 AZGe fvimvg¨ RvZxq Avq = Y=C+I Y=100+0.8y+200 y-0.8y=300 y(1-0.8)=300 y=300/0.2=1500 †KvwU UvKv

mvgwMÖK Pvwn`v I mvgwMÖK

†hvMv‡bi mgZvi mv‡_

wewb‡qvM mÂ‡qi mgZvi

gva¨‡g RvZxq Avq wba©viY :

Avgiv Rvwb,

yC+S EC+I Ey ......... fvimvg¨

Ae¯’v

ev, C+IC+S I S ......... fvimvg¨

Ae¯’v

2.2 wP‡Îi Ic‡ii As‡k Avqk~b¨

Ae¯’vq ¯q¤¢‚Z †fvM Oa, cwigvY

ev FYvZ¡K mÂq (-s0) hv wb‡Pi

wP‡Î †`Lv‡bv n‡q‡Q| Avq hLb y0 ZLb Avq I †fvM mgvb| Gi ci Avq †e‡o y1 n‡j mÂq

n‡e y-c=s1 cwigvY| wb‡Pi wP‡Î Gi mv‡c‡¶ mÂq †iLv AvuKv n‡q‡Q| Dc‡ii wP‡Î I cwigvY



wewb‡qvM n‡j wb‡Pi wP‡Î I cwigvY wewb‡qvM Ges (s1) mÂ‡qi mgZv ev I=S mv‡c‡¶ y0 Avq

wba©vwiZ nq| †hLv‡b I=S Ges AD=AS ev y=E kZ© GB Av‡q cvwjZ nq|

y C=100+.75 S I AD AS y-AD I, S AD, AS 700 175 -75 250 100 FYvZ¡K I>S AD>AS 200 250 -50 300 200 FYvZ¡K I>S AD>AS 300 325 -25 375 300 FYvZ¡K I>S AD>AS 400 400 0 450 400 FYvZ¡K I>S AD>AS 500 475 25 80 525 500 FYvZ¡K I>S AD>AS 600 550 50 50=I=S 600 600 AD=AS I>S AD= AS 700 625 75 80 675 700 FYvZ¡K I<S AD<AS 800 700 100 80 725 800 FYvZ¡K I<S AD<AS

Dc‡ii Q‡K j¶Yxq hLb I=S nq, ZLb AD=AS ev y=E kZ© cvwjZ nq|

wZb LvZ wewkó A_©bxwZ‡Z RvZxq Avq wba©viY :

wZb LvZ wewkó A_©bxwZ‡Z _v‡K-

1| cwievi LvZ

2| eëmv LvZ

3| miKvi

Giƒc A_©bxwZ‡Z mvgwMÖK Pvwn`v n‡e

E=AD=C+I+G Ges mvgwMÖK †hvMvb n‡e

y=C+S+T AS=C+S+T fvimvg¨ Ae¯’vq

AD=AS kZ© cvwjZ n‡e

C+I+G=C+S+T I+G=S+T †gvU wewb‡qvM = RvZxq mÂq

ev, y=C+I+G. Giƒc A_©bxwZi fvimvg¨ n‡e

2.3 wP‡Î C+I+G=Y k‡Z© Y0

Avq wba©vwiZ nq| GKB mv‡_

wb‡Pi As‡k I+G=S+T k‡Z©

Avq wba©vwiZ nq|

Pvi LvZ wewkó A_©bxwZ‡Z

RvZxq Avq wbY©q :

cwievi, eëmv LvZ, miKvwi

LvZ Ges ê‡`wkK evwYR¨ LvZ

wewkó A_©bxwZ‡Z mvgwMÖK

Pvwn`vi mv‡_ m¤ú„³ n‡e wbU

ißvwb Avq (X-M)|



ZvB y=C+I+G+X-M

2.4 wP‡Îi gva¨‡g cÖKvk

Ki‡j --wP‡Î X>M

nIqvq RvZxq Avq

†e‡o‡Q y0y1 cwigvY|

ZvB X=M n‡j RvZxq

Avq w ’i _vK‡e, X<M n‡j RvZxq Avq K‡g

hv‡e|

wP‡Î wZb LvZ hy³

A_©bxwZi Avq wQj y0,

Gici ˆe‡`wkK Lv‡Z

NvUwZ m„wó nIqvq Avq K‡g y1-G †b‡g Av‡m|

mvgwMÖK †hvMvb bq, mvgwMÖK Pvwn`vB gyL¨ :

K¬vwmK¨vj A_©bxwZwe`‡`i g‡a¨ Say e‡j‡Qb Supply always creats its own demand hvi wfwË

1930 mv‡j wek¦e¨vcx mÂq åvšÍ e‡j cÖZxqgvb nq| G Ae¯’vq †KBb‡mi a¨vb-aviYv weKwkZ

nq| †KBb‡mi mvgwMÖK †hvMvb evwo‡q A_©bxwZ‡Z Avq evov‡bv m¤¢e bq| eis mvgwMÖK Pvwn`v

evwo‡q mn‡RB Avq

evov‡bv m¤¢e Ges Ac~Y©

wb‡qvM †_‡K c~Y©

wb‡qv‡M †cuŠQv m¤¢e|

2.5 wP‡Î y=C+I k‡Z©

OY0 Avq wba©vwiZ nq|

Gici I cwigvY

wewb‡qvM evo‡j,

mvgwMÖK Pvwn`v evo‡j

Zv Aek¨B Avq evov‡e

Y0YF cwigvY|

A_©bxwZ c~Y© wb‡qv‡M

†cuŠQ‡e| ZvB mvgwMÖK

†hvMvb Pvwn`vB gyL¨|

Ki we`¨gvb Ae ’vq RvZxq Avq :

¯q¤¢‚Z Ki ev Poll Tax-Gi cwieZ©b RvZxq A_©bxwZ‡Z weiƒc cÖwZwµqv m„wó K‡i| K‡ii

cwigvY evo‡j gvby‡li µq ¶gZv K‡g hvq, hv RvZxq Avq n«vm K‡i| Avq evo‡j †fvM ev‡o,

Z‡e Avq †h nv‡i ev‡o †fvM Zvi‡P‡q Kg nv‡i ev‡o| d‡j Avq Kg‡jI †fvM Kg‡e, Z‡e

Avq Kgvi nv‡ii †P‡q †fvM Kg nv‡i Kg‡e|

Avgiv Rvwb,

C=a+by



Ki Av‡ivc Ki‡j e¨q‡hvM¨ Avq (y0) K‡g hv‡e Z_v yd=Y-T n‡e| d‡j †fvM e¨q Kg‡e Z‡e

K‡ii mgnv‡i bq|

C=a+b(Y-T) =a+by-bT

G Ae¯’vq RvZxq Avq n‡e

Y=C+I Y=a+b(Y-T)+I Y=a+bY-bT+I Y-bY=a-bT+I Y(I-b)=a-bT+I

Y0=a-bT+I

I-b

2.6 wP‡Î C+I=Y k‡Z© Y0 Avq

wba©vwiZ nq| Gici t nv‡i AvqKi

Av‡ivwcZ n‡j †fvM †iLv

AvbycvwZKfv‡e wb‡P ’vbvšÍwiZ n‡q

C'+I=Y k‡Z© Avq Kg n‡e|

n¯ÍvšÍi e¨q Ae¯’vq RvZxq Avq wba©viY :

miKvwi e¨‡qi GKwU we‡kl iƒc nj n¯ÍvšÍi e¨q| n¯ÍvšÍi e¨q ej‡Z-

1| miKvwi ÎvY mvnvh¨|

2| miKvwi F‡Yi my`|

3| miKvwi wiwjd|

4| miKvwi Kg©Pvix‡`i †cbkb, MÖ vPz‡qwU|

5| eva©K¨ fvZv, †eKvi fvZv|

A_©vr miKvi †h mg Í e¨‡qi wecix‡Z †Kv‡bv `vwe Ki‡Z cv‡i bv Ges GB e¨‡qi wecix‡Z

†Kv‡bv Drcv`b m„wó nq bv Zv‡KB n¯ÍvšÍi e¨q e‡j|

G ai‡bi n ÍvšÍi e¨‡qi d‡j RbM‡Yi µq¶gZv e„w× cvq, Z‡e †h nv‡i n ÍvšÍi e¨q ev‡o

†mB nv‡i †fvM e¨q ev µq¶gZv ev‡o bv, Zvi †P‡q Kg nv‡i ev‡o| G †¶‡Î G e¨q‡hvM¨ Avq

n‡e Yd=Y+R †hLv‡b Yd e¨q‡hvM¨ Avq| Y= Avq R= n¯ÍvšÍi e¨q|

Avgiv Rvwb,

C=f(Yd) C=a+b.Yd =a+b(Y+R) Y=C+I+G Y=a+bY+bR+I+G Y-bY=a+bR+I+G Y(I-b)=a+bR+I+G

RvZxq Avq Y0=a+bR+I+G

I-b

2.7 wP‡Îi gva¨‡g n ÍvšÍi e¨q Ae¯’vq RvZxq Avq wba©viY Kiv nj :



wP‡Î f‚wg A‡¶ Avq Ges

j¤ A‡¶ e¨q we‡eP¨|

cÖv_wgK Ae¯’vq n ÍvšÍi

e¨q hy³ A_©bxwZ‡Z

Y=C+I+G k‡Z© a we› y‡Z

fvimvg¨ wba©vwiZ nq

†hLv‡b Avq nj Y0|

Gici I cwigvY wewb‡qvM

e¨q evo‡j RvZxq Av‡qi

mgxKiY n‡e Y=a+bY+I Ges RvZxq e¨q n‡e Y1|

miKvwi e¨q _vK‡j RvZxq

Avq n‡e Y=a+bY+I+G ev Y2 Gevi n¯ÍvšÍi e¨q

evo‡j Av‡qi mgxKiY n‡e

Y=C©+I+G| E we› y‡Z

fvimvg¨ wba©vwiZ n‡e| Avq wba©vwiZ n‡e OY3 cwigvY|


ˆbe© w³K cÖkœ


1. fvimvg¨ Ae¯’vq-

K. `vg Íi w ’i _vK‡e

L. Avw_©K gRywi cwiewZ©Z n‡e|

M. `vg Íi I Avw_©K gRywi DfqB cwiewZ©Z n‡e|

N. †fvM A‡c¶K Aw ’wZkxj _vK‡e|

msw¶ß cÖkœ

1. ÔmvgwMÖK †hvMvb bq, mvgwMÖK Pvwn`vB gyL¨Õ- e¨vL¨v Kiæb|

iPbvg~jK cÖkœ

1. mvgwMÖK Pvwn`v I mvgwMÖK †hvMv‡bi mgZvi wfwË‡Z wKfv‡e RvZxq Avq wba©viY Kiv hvq,

Av‡jvPbv Kiæb|


1. K

cwievi †h cwigvY †fvM Ki‡Z Pvq Ges dvg©mg~n †h cwigvY wewb‡qvM Ki‡Z Pvq Zvi mgwó nj

mvgwMÖK Pvwn`v| `ªe¨ evRv‡ii fvimvg¨ ZLbB wba©vwiZ n‡e hLb cÖPwjZ `v‡g mvgwMÖK Pvwn`v I

mvgwMÖK †hvMvb ci¯úi mgvb n‡e| mvgwMÖK Pvwn`vi ¸iæZ¡c~Y© Ask nj †fvM hv Av‡qi Ici

wbf©ikxj| wewfbœ A_©bxwZ‡Z RvZxq Avq wewfbœfv‡e wba©vwiZ nq|

mvims‡¶c



Avq I e¨q

Income and Spending

mvgwóK A_©bxwZi Ab¨Zg cÖavb cÖkœ n‡jv Drcv`b †Kb GKwU wbw`©ó ’v‡b w¯’i _v‡K bv| mvgwMÖK Pvwn`v GB

we‡køl‡Y GKwU ¸iæZ¡c~Y© f‚wgKv iv‡L| Avi mvgwMÖK Pvwn`v m¤ú‡K© aviYv jvf Ki‡Z n‡j Gi wewfbœ Dcv`vb

m¤ú‡K© Rvbv cÖ‡qvRb| Ô†fvMÕ I Ô¸YKÕ n‡”Q mvgwMÖK Pvwn`vi Ab¨Zg Dcv`vb| G BDwb‡U †fvM A‡c¶K, ¸YK

ZË¡ I miKvwi LvZ m¤ú‡K© Av‡jvPbv Kiv n‡q‡Q|


cvV -1 : mvgwMÖK Pvwn`v Ges Drcv`‡bi fvimvg¨

cvV-2 : †fvM A‡c¶K Ges mvgwMÖK Pvwn`v

cvV-3 : ¸YK

3



cvV-4 : miKvwi LvZ

mvgwMÖK Pvwn`v Ges Drcv`‡bi fvimvg¨


Drcv`b fvimv‡gï mv‡_ mvgwMÖK Pvwn`vi m¤úK©

Drcv`b fvimvg¨ wK

Drcv`b fvimv‡gï mv‡_ RvZxq Av‡qi m¤úK©

mvgwMÖK Pvwn`v ej‡Z A_©bxwZ‡Z mKj ª‡eï Pvwn`v †evSvq| GLb `ª‡eï Pvwn`vi Rb¨ aiv

hvK †fvM n‡jv C, wewb‡qvM I, gva¨g wn‡m‡e miKvi G Ges †gvUvgywU ißvwb NX n‡j,

†m‡¶‡Î mvgwMÖK Pvwn`v AD †K cÖKvk Kiv hvq Gfv‡e-

cv‡ki wP‡Î AD jvBb‡K mvgwMÖK

Pvwn`v †evSv‡bv n‡q‡Q Ges aiv

hvK GwU 6 †KvwU UvKvi mgvb|

Drcv`b fvimvg¨ Ae¯’vq _v‡K

ZLbB hLb Drcv`b mvgwMÖK

Pvwn`vi mgvb nq, ¯vfvweKfv‡eB

6 †KvwU UvKvi mgvb| wP‡Î E

we› ywU‡K fvimvg¨ we› y wn‡m‡e

wPwýZ Kiv n‡q‡Q| Ab¨ †h †Kv‡bv

we› y‡Z GB gvb mgvb cvIqv hvq

bv|

mvaviYZ †h †Kv‡bv `ª‡eï

cwigv‡Yi Pvwn`v A_ev Gi

mvgwMÖK Pvwn`v, Av‡qi Ici

wbf©ikxj| wKš‘ GLb Avgiv a‡i

†be †h, GKwU wbw`©ó cwigvY ª‡eï Pvwn`v me mgq w¯’i Ges ¯fveZB GwU Av‡qi Ici

wbf©ikxj bq, g~jZ ¯vaxb|

Dchy©³ wP‡Î mgvšÍivj jvBb AD Øviv mvgwMÖK Pvwn`v †evSv‡bv n‡q‡Q| wP‡Î aiv n‡q‡Q

mvgwMÖK Pvwn`v 6 †KvwU UvKvi mgvb| Gi gva¨‡g Avgiv eyS‡Z cvwi †h, GKwU wbw ©ó cwigvY

`ª‡eï Pvwn`v 6 †KvwU UvKv, †hLv‡b Av‡qi Ici wbf©ikxj bq, m¤ú~Y© ¯vaxb| GLb hw` GKwU

wbw ©ó cwigvY ª‡eï Pvwn`v me© v w ’i nq Ges Av‡qi IciI wbf©ikxj bv n‡q ¯vaxb nq

†m‡¶‡Î Avgiv mwVK Avq wKfv‡e wba©viY Kie? GRb¨ Avgv‡ì GB aviYv cwieZ©b K‡i

Drcv`‡bi fvimvg¨ aviYvq KvR Ki‡Z n‡e|

Drcv`‡bi fvimvg¨

cvV-1

wPÎ 3-1 Drcv`‡bi fvimv‡gï mv‡_ mvgwMÖK Pvwn`vi m¤úK©|

Drcv`‡bi fvimvg¨

ej‡Z †evSvq GKwU

wbw ©ó cwigvY ª‡eï

Drcv`b hLb Zvi

Pvwn`vi mgvb nq,

fvimvg¨ Ae ’vq

_vKvKv‡j Ab¨ †h

†Kv‡bv kw³ Gi

Ae ’vi cwieZ©b

Ki‡Z cv‡i bv|



Drcv`‡bi fvimvg¨ ej‡Z †evSvq- GKwU wbw ©ó cwigvY ª‡eï Drcv`b hLb Zvi Pvwn`vi

mgvb nq, fvimvg¨ Ae¯’vq _vKvKv‡j Ab¨ †h †Kv‡bv kw³ Gi Ae¯’vi cwieZ©b Ki‡Z cv‡i

bv| GLb Avgiv e¨vL¨v Kie †h, †Kb Drcv`b fvimvg¨ Ae¯’v Gi mvgwMÖK Pvwn`vi mgvb nq|

Dchy©³ wP‡Î Avgiv Drcv`‡bi gvÎv Avbyf‚wgK A¶ †iLv †_‡K †Kv_vq Ae ’vb K‡i †mUvB

†`Lve| GLv‡b 45

0

†Kv‡Y †h jvBbwU Av‡Q †mwU‡K †idv‡iÝ jvBb wn‡m‡e †evSv‡bv n‡q‡Q

Ges GB jvBb †_‡K †h †Kv‡bv Avbyf‚wgK ~iZ¡ Gi j¤ ~i‡Z¡i mgvb n‡e| G Rb¨B 45

0

†Kv‡Yi jvBbwU‡K ADZY wn‡m‡e wPwýZ Kiv n‡q‡Q Ges GLv‡b mvgwMÖK Pvwn`vi gvÎv me© vB

Drcv`b gvÎvi mgvb nq| E we› y‡Z Df‡qB Drcv`b Ges mvgwMÖK Pvwn`v mgvb Ges

¯^vfvweKfv‡eB GwU 6 †KvwU UvKvi mgvb|

GLb E we› ywUB Drcv`‡bi fvimvg¨ we› y| †hLv‡b †h cwigvY `ª‡eï Drcv`b nq, wVK †mB

cwigvY ª‡eï Pvwn`vI _v‡K| GLb aiv hvK, GKwU cÖwZôvb wbw ©ó cwigvY ªe¨ Drcv`b

Ki‡Q| hvi cwigvY awi 8 BDwbU| ¯fveZB GwU Pvwn`v‡K AwZµg K‡i hv‡e| cÖwZôvbwU

ZLb Zvi AwZwi³ ªe¨¸‡jv wewµ Ki‡Z cvi‡e bv, d‡j Zv‡ì ¸`vgNi AwewµZ ª‡e¨ fwZ©

n‡Z _vK‡e| G Ae ’v †_‡K gy³ n‡Z n‡j ª‡eï Drcv`b Kgv‡Z n‡e| wP‡Î Avbyf‚wgK Zxi

wPý (euv‡q) w`‡q †evSv‡bv n‡q‡Q| Abyiƒcfv‡e Drcv`b hw` 6-Gi Kg A_©vr 4 nq ZLb

cÖwZôvbwUi me ªe¨B wewµ n‡q hv‡e Ges GK mgq †`Lv hv‡e Pvwn`v Av‡Q ªe¨ †bB| G‡¶‡Î

`ª‡eï Drcv`b evov‡Z n‡e| wP‡Î Avbyf‚wgK Zxi wPý (Wv‡b) w`‡q †evSv‡bv n‡q‡Q|

Ae‡k‡l E we›`ywUB n‡jv Drcv`‡bi fvimvg¨ we› y, †hLv‡b cÖwZôvb hZ Drcv`b K‡i wVK

ZZB wewµ K‡i Ges GLv‡b Drcv`b gvÎv cwieZ©b nIqvi †Kv‡bviƒc m¤¢vebv _v‡K bv|

Drcv`‡bi fvimvg¨ Ges RvZxq Av‡qi wgj

Avgiv Drcv`‡bi fvimvg¨‡K msÁvwqZ Kie wVK Gfv‡e- †hLv‡b GKwU `ª‡eï Drcv`‡bi gvÎv

Zvi mvgwMÖK Pvwn`vi mgvb nq|

AD(=C+I+G+NX)=Y

RvZxq Av‡qi †hme avivYv¸‡jv AmvgÄm¨fv‡e Avgiv †c‡qwQ, GLb Zvi GKUv mwVK eë ’v

Kie| c~‡e©i Aa¨v‡q Avgiv Drcv`b gvÎv msÁvwqZ K‡iwQ, †hLv‡b Y n‡jv (C+I+G+NX)-Gi

mgvb Ges GLv‡b g‡b ivL‡Z n‡e, Drcv`b me© v mvgwMÖK Pvwn`vi mgvb| hvi d‡j Avgiv

eySe Pvwn`v me© vB Drcv`‡bi †h †Kv‡bv gvÎvi mgvb|

Avm‡j RbMY †h cwigvY `ªe¨ wKb‡Z Pvq †mUvB n‡jv mvgwMÖK Pvwn`v| †hLv‡b RvZxq Av‡qi

g~j¨ wn‡m‡e wewb‡qvM Ges †fvM n‡jv mwZ¨Kvi A‡_© †h cwigvY wK‡b| GLb Avgiv mvgwMÖK

Pvwn`v‡K e¨vL¨v Kie ywU aviYvq- GKwU n‡jv g~j¨ wePv‡i, Ab¨wU A_©bxwZi wPšÍv avivq| †h

wPšÍvaviv¸‡jv n‡jv B”Qv, DwÏó BZ¨vw`|

RvZxq Av‡qi g~j¨ wn‡m‡e mwVK mvgwMÖK Pvwn`v (C+I+G+NX) n‡jv mwVK Drcv`b gvÎvi

mgvb| GLb hw` †Kv‡bv cÖwZôvb, miKvi Ges we‡`kx‡ì Pvwn`v mwVKfv‡e wba©viY bv Ki‡Z

cv‡i Z‡e KLbB miKvi KZ©„K cwiKwíZ mvgwMÖK Pvwn`v mwZ¨Kvi mvgwMÖK Pvwn`vi mgvb n‡e

bv| g‡b Kwi †mB cÖwZôvbwUi †h cwigvY Pvwn`v Zvi †P‡qI †ewk g~j¨ wePvi Kij| wPÎ †_‡K

aiv hvK, cÖwZôvbwU wVK Kij Zv‡ì Drcv`b 8 BDwbU ch©šÍ Ki‡e Ges Avkv Ki‡Q mg Í

BDwbUB wewµ Ki‡e| hvB †nvK, †mLv‡b mvgwMÖK Pvwn`v n‡jv 6| hvi d‡j KwgwU Zv‡ì

Drcv`‡bi 6 BDwbU wewµ K‡i| evwK 2 BDwbU AwewµZ Ae¯’vq _v‡K| RvZxq Av‡qi g~j¨

E we› ywUB n‡jv

Drcv`‡bi fvimvg¨

we› y, †hLv‡b cÖwZôvb

hZ Drcv`b K‡i wVK

ZZB wewµ K‡i Ges

GLv‡b Drcv`b gvÎv

cwieZ©b nIqvi

†Kv‡bviƒc m¤¢vebv

_v‡K bv|

RbMY †h cwigvY

ªe¨ wKb‡Z Pvq

†mUvB n‡jv mvgwMÖK

Pvwn`v|



we‡ePbvq G AwewµZ BDwbU GLb wewb‡qvM wn‡m‡e KvR Ki‡e| Aek¨ GLv‡b cwiKwíZ A_ev

wbR B”Qvq wewb‡qvM K‡i bv, wKš‘ GUv mwZ¨Kv‡ii wewb‡qvM wn‡m‡e MYbv Kiv nq bv| RvZxq

Av‡qi g~j¨ wn‡m‡e Avgiv hw` A_©bxwZ †`wL Z‡e Avgiv †`Le Drcv`b 8-Gi mgvb| hvB

†nvK, GUv KLbB †evSv‡e bv †h, 8 Drcv`b fvimv‡gï mgvb| KviY GLv‡b 2 BDwbU

Awb”Qvq wewb‡qvM Kiv Av‡Q|

hLb mvgwMÖK Pvwn`v- †h cwigvY ªe¨ RbMY wKb‡Z Pvq †hUv Drcv`‡bi mgvb bq ZLbB

wewb‡qvM AcwiKwíZfv‡e nq| Avgiv hw` GUv Gfv‡e e¨vL¨v Kwi-

IU=Y-AD.....(2)

†hLv‡b, IU n‡jv AcwiKwíZ ZvwjKvfz³ AwZwi³ wewb‡qvM| wP‡Î AcwiKwíZ ZvwjKvfz³

wewb‡qvM‡K j¤ Zxi Øviv wPwýZ Kiv n‡q‡Q| hLb Drcv`b 6†K AwZµg Ki‡e ZLbB

AcwiKwíZ ZvwjKvfz³ wewb‡qvM eë ’v n‡e| hLb Drcv`b 6-Gi wb‡P ZLb AcwiKwíZ

ZvwjKvfz³ n«vm cv‡e| ZvB Av‡qi fvimvg¨ Abyhvqx wP‡Î 6B n‡jv Av‡qi GKgvÎ gvÎv †hLv‡b

mvgwMÖK Pvwn`v A_ev cwiKwíZ LiP mwZ¨Kvi Drcv`‡bi mgvb|

Av‡qi fvimv‡gï gvÎv n‡jv †mB gvÎvi Avq (A_ev Drcv`b) †hLv‡b cwiKwíZ LiP me© v

mwZ¨Kvi Drcv`‡bi mgvb nq, hvi d‡j GLv‡b Awb”QvK…Z †Kv‡bv `ªe¨ ZvwjKvfz³ K‡i cywÄZ

ev AweK…Z ivLv nq bv| Drcv`b ZLbB fvimvg¨ gvÎvq †cuŠQv‡e hLb-

Y-AD.....(3)


ˆbe© w³K cÖkœ


1. RbMY †h cwigvY ªe¨ wKb‡Z Pvq †mUvB n‡jv mvgwMÖK Pvwn`v- mZ¨/wg_¨v

2. RvZxq Av‡qi g~j¨ we‡ePbvq AwewµZ BDwbU †fvM wnmv‡e KvR K‡i| mZ¨/wg_¨v

msw¶ß cÖkœ

1. Drcv`‡bi fvimvg¨ ej‡Z wK †evSvq?

iPbvg~jK cÖkœ

1. Drcv`b fvimv‡gï m‡½ mvgwMÖK Pvwn`v I RvZxq Av‡qi m¤úK© Av‡jvPbv Ki|


Av‡qi fvimv‡gï

gvÎv n‡jv †mB gvÎvi

Avq (A_ev Drcv`b)

†hLv‡b cwiKwíZ

LiP me© v mwZ¨Kvi

Drcv`‡bi mgvb nq,

hvi d‡j GLv‡b

Awb”QvK…Z †Kv‡bv

ªe¨ ZvwjKvfz³ K‡i

cywÄZ ev AweK…Z

ivLv nq bv|

Drcv`‡bi fvimvg¨ ej‡Z †evSvq GKwU wbw ©ó cwigvY ª‡eï Drcv`b hLb Zvi Pvwn`vi mgvb nq,

fvimvg¨ Ae ’vq _vKvKv‡j Ab¨ †h †Kv‡bv kw³ Gi Ae ’vi cwieZ©b Ki‡Z cv‡i bv| RbMY †h

cwigvY ªe¨ wKb‡Z Pvq †mUvB n‡jv mvgwMÖK Pvwn`v| Av‡qi fvimv‡gï gvÎv n‡jv †mB gvÎvi Avq

(A_ev Drcv`b) †hLv‡b cwiKwíZ LiP me© v mwZ¨Kvi Drcv`‡bi mgvb nq, hvi d‡j GLv‡b

Awb”QvK…Z †Kv‡bv `ªe¨ ZvwjKvfz³ K‡i cywÄZ ev AweK…Z ivLv nq bv|

mvims‡¶c



1. mZ¨ 2. wg_¨v



†fvM A‡c¶K Ges mvgwMÖK Pvwn`v


†fvM A‡c¶K wK

†fvM Ges mÂ‡qi m¤úK©

cwiKwíZ wewb‡qvM Ges mvgwMÖK Pvwn`vi m¤úK©

fvimvg¨ Avq I Drcv`‡bi m¤úK©

mÂq I wewb‡qv‡Mi m¤úK©

Drcv`b fvimv‡gï aviYv †_‡K Avgiv Gevi mvgwMÖK Pvwn`vi DcKiY¸‡jv Av‡jvKcvZ Kie,

we‡kl K‡i †fvM Pvwn`v| ¯vfvweKfv‡e Avgiv miKvi Ges we‡`kx eëmvqx‡ì ev` †è,

Zvn‡j G Ges NX Df‡qiB gvb k~b¨ n‡e|

†fvM ª‡eï Pvwn`v w ’i nq bv, wKš‘ Av‡qi mv‡_ mv‡_ evo‡Z _v‡K| †h me cwiev‡ii Avq

†ewk Zv‡ì †fvM ¯í Av‡qi cwiev‡ii †P‡q †ewk Ges †hme †`‡ki Avq †ewk ¯vfvweKfv‡eB

†mme †`‡ki me©‡gvU †fv‡Mi cwigvY †ewk| †fvM Ges Av‡qi †h m¤úK© Zv †fvM A‡c¶K-G

eY©bv Kiv nj|

†fvM A‡c¶K

Avgiv a‡i †be †h, †fv‡Mi Pvwn`v Av‡qi mv‡_ evo‡Z _v‡K-

C=C- +cY; C- >0 0<c<1..... (4)

wPÎ 3-2-G †fvM A‡c¶K‡K jvj jvBb Øviv wPwýZ Kiv n‡q‡Q| cwieZ©bkxj C- †Q`K hv

†fv‡Mi gvÎv cÖKvk K‡i †hLv‡b Av‡qi cwigvY k~b¨| cÖwZ GK UvKv Avq‡K e„w× K‡i, mv‡_

mv‡_ †fv‡Mi gvÎvI e„w× cvq| D`vniY ¯iƒc ejv hvq, hw` C-Gi gvb 9 nq Zvn‡j cÖwZ 1

UvKv Avq‡K e„w× K‡i Ges †fvM e„w× †c‡q 90 UvKv nq| †fvM A‡c¶K Xvj n‡jv ÔcÕ| †fvM

A‡c¶‡K †fv‡Mi cwigvY Av‡qi mv‡_ e„w× cvq| mnM ÔcÕ w`‡q cÖvwšÍK †fvM cÖeYZv

(marginal propensity to consume) †evSvq| Avq evovi mv‡_ GK GKK †fvM e„w× cvIqv‡K

cÖvwšÍK †fvM cÖeYZv e‡j| GLv‡b cÖvwšÍK †fvM cÖeYZv Ô1Õ-Gi Kg|

†fvM Ges mÂq

Avq †_‡K cÖvß mg Í UvKv †fv‡Mi Rb¨ hw` †kl bv nq, Z‡e Av‡qi fMœvsk (I-C) UvKv wK Kiv

hvq? hw` GB UvKv LiP bv nq, Z‡e Aek¨B Avgiv GwU mÂq Kie| Av‡qi UvKv Aek¨B LiP

A_ev Rgv Ki‡Z n‡e, Ab¨_vq Gi eënv‡ii Avi †Kv‡bv Dcvq †bB|

Avgiv hw` GLb wb‡¤œi mgxKi‡Yi w`‡K j¶¨ Kwi Z‡e †`Le †h, Avq †_‡K cÖvß mg Í UvKv

†fv‡Mi Rb¨ LiP bv n‡q wKQyUv Rgv n‡q‡Q| Zvn‡j-

SY-C ….(5) Dchy©³ mgxKiY †_‡K Avgiv ej‡Z cvwi †h, mÂq nj Avq Ges †fv‡Mi we‡qvMdj|

cvV-2

Avq evovi mv‡_ GK

GKK †fvM e„w×

cvIqv‡K cÖvwš—K

†fvM cÖeYZv e‡j|



†fvM A‡c¶K mgxKiY (4) Ges

ev‡RU mgxKiY (5)†K GKwÎZ

Ki‡j mÂq A‡c¶K‡K wb‡ ©k

K‡i| mÂq A‡c¶K g~jZ mÂq

gvÎvi mv‡_ m¤úwK©Z, hv wKbv

Av‡qi gvÎvi Ici wbf©ikxj|

mgxKiY (4) †_‡K †fvM

A‡c¶K‡K ev` w`‡q (5) bs

mgxKi‡Yi mv‡_ mshy³ Ki‡j

mÂq A‡c¶K-

SY-C=Y-C- -cY=-C

- +(1-c)Y.... (6)

mgxKiY (6) †_‡K Avgiv ej‡Z

cvwi †h, mÂq g~jZ Av‡qi

gvÎvi e„w×cÖvß A‡c¶K| KviY

mÂq Kivi b~¨bZg cÖeYZv _v‡K

hLb S=1-C cwRwUf nq|

Ab¨ K_vq, mÂq Av‡qi mv‡_ evo‡Z _v‡K| ¯vfvweKfv‡eB awi, †fv‡Mi cÖwZ b~¨bZg †SuvK, C

nj Ô9Õ| G‡Z †evSv hv‡”Q †h cÖwZ AwZwi³ 1 UvKvq 90 cqmv †fv‡Mi Kv‡R e¨q n‡q‡Q|

ZLb b~¨bZg mÂq S n‡e 1| G‡Z †evSv‡”Q †h, Aewkó 10 cqmv cÖwZ AwZwi³ 1 UvKv Avq

†_‡K mÂq n‡q‡Q|

cwiKwíZ wewb‡qvM Ges mvgwMÖK Pvwn`v

Avgiv GLb mvgwMÖK Pvwn`vi GKwU Ask‡K wPwýZ Kie †hUv n‡jv †fvM Pvwn`v| wewb‡qv‡Mi

LiP‡K A_ev wewb‡qvM A‡c¶K‡K Aek¨B Avgv‡ì ¸iæZ¡ w`‡Z n‡e| I-Gi gvÎvq, cwiKwíZ

wewb‡qvM LiP‡K w ’i a‡i Avgv‡ì eZ©gvb Av‡jvPbv‡K msw¶ß Ki‡Z n‡e|

miKvwi LiP Ges †gvU ißvwb‡K a‡i wb‡Z n‡e †h Gi gvb cÖvq k~b¨, mvgwMÖK Pvwn`v n‡jv †fvM

Ges wewb‡qvM Pvwn`vi †hvMdj|

AD=C+I-

=C- +I- +cY ...(7)

= A- +cY Dchy©³ 7 bs mgxKi‡Y mvgwMÖK Pvwn`v wPÎ 3-2-G †`Lv‡bv n‡”Q, mvgwMÖK Pvwn`vi GKwU

Ask| A- =C- +I- n‡jv Av‡qi gvÎvi Ici ¯vaxb| wKš‘ mvgwMÖK Pvwn`v Av‡qi gvÎvi Ici

wbf©ikxj| GwU Av‡qi gvÎvi mv‡_ evo‡Z _v‡K, KviY †fvM Pvwn`v Av‡qi mv‡_ evo‡Z _v‡K|

wewb‡qvM Pvwn`v Ges †fvM Pvwn`v mvgwMÖK Pvwn`vi mv‡_ †hvM Ki‡Z n‡e|

fvimvg¨ Avq Ges Drcv`b

cieZ©x avc n‡jv mvgwMÖK Pvwn`vi A‡c¶K AD (wPÎ 3-2)†K eënvi Kiv Ges fvimvg¨

gvÎvq Drcv`b I Avq‡K wba©viY Ki‡Z n‡e mgxKiY 7 Øviv| Avgiv G¸‡jv Kie wPÎ 3.3-

G|

mvgwMÖK Pvwn`v

Av‡qi gvÎvi Ici

wbf©ikxj| GwU

Av‡qi gvÎvi mv‡_

evo‡Z _v‡K, KviY

†fvM Pvwn`v Av‡qi

mv‡_ evo‡Z _v‡K|

wewb‡qvM Pvwn`v Ges

†fvM Pvwn`v mvgwMÖK

Pvwn`vi mv‡_ †hvM

Ki‡Z n‡e|

wPÎ 3.2 †fvM A‡c¶K Ges mvgwMÖK Pvwn`v



Avgiv hw` GB Aa¨v‡qi c~‡e©i †gŠwjK welqwUi K_v ¯§iY Kwi Z‡e †`Le, fvimvg¨ gvÎvq

Av‡q mvgwMÖK Pvwn`v Drcv`‡bi mgvb (†hUv cieZ©x‡Z Av‡qi mgvb)| wPÎ 3.3-G 45

0

†Kv‡Y

jvBb AD=Y-Gi Ici we› y me© v Drcv`b Ges mvgwMÖK Pvwn`v †h mgvb Zv cÖKvk K‡i| ïay

E we› y‡Z Ges Zvi fvimvg¨ gvÎvi Av‡q Ges Drcv`b (Yo)†Z mvgwMÖK Pvwn`v Drcv`‡bi

mgvb|

wPÎ 3.3-G Zxi wPý Avevi Av‡iKevi wb‡ ©k K‡i †h wKfv‡e A_©bxwZ fvimvg¨ Ae ’vq

†cuŠQvq| †h †Kv‡bv Av‡qi gvÎv hw` Y0-Gi wb‡P Ae¯’vb K‡i Ges cÖwZôv‡bi Drcv`‡bi

†P‡qI Pvwn`v †ewk _v‡K Z‡e Zv‡ì Drcv`b ªeÏ Kg‡Z _v‡K| Avi ZvB Zviv ZLb Zv‡ì

Drcv`b evov‡Z _v‡K| Abyiƒcfv‡e Drcv`‡bi gvÎvi Ic‡ii wP‡Î Y0 †Kv‡bv cÖwZôvb hw`

Zv‡ì Drcv`b `ª‡eï gvb IVv‡Z Pvq Z‡e Drcv`‡bi cwigvY Kgv‡Z n‡e| GLv‡b Zxi wPý

Øviv †`Lv‡bv n‡q‡Q †h, GB cÖwµqv Drcv`b gvÎvi Y0 ch©šÍ GwM‡q wb‡q hvq, †hLv‡b eZ©gvb

Drcv`b cwiKwíZ mvgwMÖK Li‡Pi mv‡_ G‡Kev‡i wg‡j hvq Ges Awb”QvK…Z D™¢ve‡bi cwieZ©b

k~b¨ n‡q _v‡K|

fvimvg¨ Drcv`‡bi m~Î

fvimvg¨ Drcv`b wbY©‡qi Rb¨ mgxKiY (7)-Gi mvnv‡h¨ wPÎ 3-3 †K eY©bv Kiv hvq Ges

evRv‡i fvimv‡gï Ae¯’v †hLv‡b wKbv mvgwMÖK Pvwn`v Ges Drcv`b mgvb nq|

†fvM Ges Av‡qi m¤úK©

†fvM A‡c¶‡Ki mgxKiY wb¤œiƒc

C=C- + cY ……… (8)

Dchy©³ mgxKiYwU †fvM Ges Av‡qi m¤ú‡K© eY©bv Kivi Rb¨ me‡P‡q Dchy³ mgxKiY| Avgiv

hw` c~‡e©i Aa¨v‡qi K_v ¯§iY Kwi Z‡e †`Le †h, GKR‡bi e¨w³MZ Avq n‡jv Zvi †gvU Avq

†_‡K LiP Kivi ci Aewkó Ask A_ev U¨v· †`qvi ci mwÂZ Ask| mgxKiY †fvM Ges

Av‡qi m¤úK©‡K Lye fvjfv‡e eY©bv K‡i‡Q| mwVK m¤úK©wU n‡jv-

C=.92YD

†hLv‡b C Ges YD wbY©q Kiv nq †KvwU UvKvq|

Y=AD .......... (8)

mvgwMÖK Pvwn`vi gvÎv AD †K mgxKiY (7)-G wPwýZ Kiv n‡q‡Q| mgxKiY (8)-G AD †K

ev` w`‡q Avgiv †h fvimv‡g¨ Ae ’vq †cuŠQvB Zv n‡jv-

Y=A- +cY ... (9)

GLv‡b †`L‡Z cvw”Q †h, Dchy©³ mgxKi‡Yi Dfq c‡¶ Y Ae¯’vb Ki‡Q, †m‡nZz fvimv‡gï

Drcv`b Ges Av‡qi gvÎv‡K wbY©q Kivi Rb¨ Avgiv G‡K Y0 Øviv wPwýZ Kie| Avi ZvB

Y0=1

1-c A- …....(10)

mÂq Ges wewb‡qvM

fvimv‡gï Ae ’vi w`K †_‡K Ab¨ GKwU Dcvq Av‡Q †hLv‡b mvgwMÖK Pvwn`v Ges Drcv`b

mgvb| fvimvg¨ Ae¯’vq cwiKwíZ wewb‡qvM mÂ‡qi mgvb| G Ae¯’v A_©bxwZi Ggb GKwU

kvLvq cÖ‡qvM Kiv nq †hLv‡b miKvwi wKsev Ab¨ †Kv‡bv we‡`kx eëmvqx cÖwZôvb _vK‡e bv|

fvimvg¨ Ae ’vq

cwiKwíZ wewb‡qvM

mÂ‡qi mgvb| G

Ae ’v A_©bxwZi Ggb

GKwU kvLvq cÖ‡qvM

Kiv nq †hLv‡b

miKvwi wKsev Ab¨

†Kv‡bv we‡`kx

eëmvqx cÖwZôvb

_vK‡e bv|



Drcv`b fvimvg¨ gvÎvq _v‡K hLb

mvgwMÖK Pvwn`v Drcv`‡bi mgvb|

GwU Y0 we› y‡Z msNwUZ nq, †mB

mv‡_ Drcv`‡bi gvÎv Y0 DuPz

gvÎvi Drcv`‡b me© v mvgwMÖK

Pvwn`v Drcv`b gvÎvi wb‡P _v‡K,

†hLv‡b cÖwZôvb Zv‡ì Drcvw`Z

mKj `ªe¨ wewµ Ki‡Z cv‡i bv|

hvi d‡j Awb”Qv m‡Ë¡I `ªe¨¸‡jv

c‡o _v‡K| G‡¶‡Î cÖwZôvb ZLb

Drcv`b Kwg‡q †d‡j Ges GwU

Zxi wPý w`‡q †`Lv‡bv n‡q‡Q|

¯vfvweKfv‡eB †h †Kv‡bv gvÎvi

Drcv`b hw` Y0-Gi wb‡P Ae¯’vb

K‡i Ges mvgwMÖK Pvwn`v hw`

Drcv`b †_‡K †ewk nq ZLb

cÖwZôvbwUi ª‡eï NvUwZ co‡e| †m‡¶‡Î cÖwZôv‡bi Drcv`b evov‡Z n‡e|

GLb Avgv‡ì GKwU m¤úK© eyS‡Z n‡j wPÎ 3.3-Gi w`‡K ZvKv‡Z n‡e| wP‡Î mvgwMÖK Pvwn`v

Ges †fv‡Mi †h j¤vjw¤ `~iZ¡ †mUv cwiKwíZ wewb‡qvM LiP I-Gi mgvb| GLv‡b Av‡iv g‡b

ivL‡Z n‡e †h, †fvM Ges 45

0

†Kv‡Y AvuKv mÂ‡qi (S=Y-C) jvBbwUi g‡a¨ j¤vjw¤ `~iZ¡

GKB gvÎvi Av‡qi g‡a¨ Ae¯’vb K‡i|

AD jvBbwU, 45

0

†Kv‡Y Aew ’Z jvBbwUi mv‡_ †hLv‡b †Q` K‡i (E we› y‡Z), †mLv‡b fvimvg¨

gvÎvi Avq cvIqv hvq| Abyiƒcfv‡e fvimvg¨ gvÎvi Av‡q Ges GKgvÎ †mB gvÎvq `ywU j¤vjw¤

`~iZ¡B mgvb| Avi ZvB fvimvg¨ gvÎvi Av‡q mÂq Ges cwiKwíZ wewb‡qvM mgvb|

fvimvg¨ Ae¯’vq mÂq Ges wewb‡qv‡Mi g‡a¨ †h mgZv Zv fvimvg¨ gvÎvi Av‡qi GKwU eo

êwkó¨|

Avgiv GLb fvimvg¨ Ae ’vi ïiæ‡ZB mgxKiY (8) Y=AD-Gi w`‡K ZvKvB| hw` mgxKi‡Yi

Y Ges AD †_‡K †fvM ev` †`B Z‡e eyS‡Z cvie †h Y-C n‡jv mÂq Ges AD-C n‡jv

cwiKwíZ wewb‡qvM| mgxKi‡Yi mvnv‡h¨-

Y=AD Y-C=AD-C

S=I-

myZivs S=I- n‡jv fvimvg¨ Ae¯’vi Ab¨ GKwU Dcvq|

fvimvg¨ gvÎvi Av‡q

mÂq Ges cwiKwíZ

wewb‡qvM mgvb|

Avq evovi mv‡_ GK GKK †fvM e„w× cvIqv‡K cÖvwšÍK †fvM cÖeYZv e‡j| mvgwMÖK Pvwn`v Av‡qi

gvÎvi Ici wbf©ikxj| GwU Av‡qi gvÎvi mv‡_ evo‡Z _v‡K, KviY †fvM Pvwn`v Av‡qi mv‡_ evo‡Z

_v‡K| fvimvg¨ Ae ’vq cwiKwíZ wewb‡qvM mÂ‡qi mgvb| G Ae ’v A_©bxwZi Ggb GKwU kvLvq

cÖ‡qvM Kiv nq †hLv‡b miKvwi wKsev Ab¨ †Kv‡bv we‡`kx eëmvqx cÖwZôvb _vK‡e bv| fvimvg¨ gvÎvi

Av‡q mÂq Ges cwiKwíZ wewb‡qvM mgvb|

mvims‡¶c

wPÎ 3.3 fvimvg¨ Avq Ges Drcv`b wba©viY




ˆbe© w³K cÖkœ


1. cÖvwšÍK †fvM cÖeYZv 1-Gi †ewk n‡Z cv‡i| mZ¨/wg_¨v

2. †fvM Pvwn`v Av‡qi m‡½ Kg‡Z _v‡K| mZ¨/wg_¨v

3. fvimvg¨ gvÎvi Av‡q mÂq I cwiKwíZ wewb‡qvM mgvb| mZ¨/wg_¨v

msw¶ß cÖkœ

1. †fvM A‡c¶K ej‡Z wK †evSvq?

2. cwiKwíZ wewb‡qvM I mvgwMÖK Pvwn`vi g‡a¨ m¤úK© wK?

iPbvg~jK cÖkœ

1. fvimvg¨ Avq I Drcv`‡bi g‡a¨ m¤úK© wK?

aiv hvK, †fvM A‡c¶K, C=100+0.8 Y; †hLv‡b wewb‡qvM n‡”Q I=50 K. fvimvg¨ Avq KZ?

L. fvimvg¨ mÂq KZ?

M. hw` wewb‡qvM e„w× †c‡q 100 nq, Z‡e fvimvg¨ Avq KZ?

2. aiæb, wewfbœ eQ‡i GKwU †`‡ki mvgwMÖK †fvMe¨q I †gvU e¨envi‡hvM¨ Avq (wewjqb

UvKvq) wb¤œiƒc-

†gvU e¨envi‡hvM¨ Avq †gvU †fvMe¨q

APC MPC mÂq

3000

4000

5000

6000

7000

8000

1000

1500

2000

3000

4000

5000

K. RvZxq †fvM A‡c¶K A¼b Kiæb|

L. APC I MPC †ei Kiæb|

M. Avq e„w×i m‡½ MPC evo‡Q bvwK Kg‡Q?

N. mÂ‡qi cwigvY †ei Kiæb|


1. wg_¨v 2. wg_¨v 3. mZ¨



¸YK


¸Y‡Ki msÁv

cÖvwšÍK †fvM cÖeYZv I ¸Y‡Ki m¤úK©

evsjv‡`‡k ¸YK Z‡Ë¡i cÖ‡qvM

Avgiv GB Aa¨v‡q wb‡Pi cÖkœwU †_‡K GKwU DËi †ei Kie| cÖkœwU n‡jv- 1. Li‡Pi cwigvY 1

UvKv e„w× Ki‡j fvimvg¨ gvÎvi Av‡qi wK Ae ’v nq? GLv‡b ïay GKwU DËiB nq| fvimvg¨

Ae¯’vq Avq mvgwMÖK Pvwn`vi mgvb nq| G‡Z †evSv hvq †h, Pvwn`vi Rb¨ A_ev Li‡Pi Rb¨ 1

UvKv e„w×i Rb¨ fvimv‡gï Av‡qiI 1 UvKv evo‡e| GB DËiwU fzj| GLb Avgv‡ì †`L‡Z

n‡e GUv †Kb nq|

cÖ_‡gB g‡b Kwi †h, Drcv`‡bi 1 UvKv e„w×i d‡j ¯vfvweK Li‡Pi mv‡_ Zv m¤ú~Y© wg‡j hvq|

Drcv`b Ges Av‡qi e„w×i d‡j Zv †fv‡Mi e„w×i Li‡Pi Rb¨ evo‡e, KviY Av‡qi gvÎvI e„w×

†c‡q‡Q| ïiæ‡ZB 1 UvKv e„w×i d‡j Gi KZUzKz †fv‡Mi Rb¨ LiP Ki‡e? AwZwi³ 1 UvKv Avq

Ki‡j Zvi wKQy Ask †fv‡Mi Rb¨ nq| ZLb Avgv‡ì g‡b Ki‡Z n‡e, Drcv`b evwo‡q Zv

Li‡Pi mv‡_ wgj‡Z n‡e hv‡Z Drcv`b Ges Avq e„w× †c‡q (1+c) nq|

aviv Pvwn`v e„w×i aviv Drcv`b e„w×i aviv †gvU Av‡qi e„w×

1 A- A- A-

2 c A- c A- (1+c) A-

3 c2 A- c2 A- (1+c+c2) A-

4 c3 A- c3A- (1+c+c2+c3) A- ... ... ... ... ... ... ... ...

... ... ... 1

1-c A-

GLb Ic‡ii Q‡K avç‡jv‡K GKwU †PB‡bi gva¨‡g †`Lv‡Z cvwi| cÖ_‡g ivD‡Û ïiæ nq

¯vfvweK LiP e„w× A- w`‡q| cieZ©x‡Z Avgiv Drcv`b e„w×‡K MÖnY Kwi, hv‡Z GwU mwVK

Pvwn`v e„w×i mv‡_ wg‡j hvq| ¯vfvweKfv‡e Drcv`b e„w× cvq A- Øviv| Drcv`‡bi GB e„w×i

d‡j mgcwigvY AvqI e„w× cvq Ges hvi d‡j wØZxq ivD‡Û Zv e„w× †c‡q nq c(A- )|

AveviI Avgiv g‡b Kwi †h, Drcv`b e„w× †c‡q Zv Li‡Pi mv‡_ wg‡j hvq| GB mg‡q Drcv`b

cA- Øviv mvgÄ‡m¨ Av‡m Ges ZvB AvqI e„w× cvq| Gfv‡e Z…Zxq ivD‡ÛI e„w× cvq Ges

LiP, cÖvwšÍK cÖeYZvi mgvb nq| hvi d‡j Avq e„w× n‡q c(cA- )=c2A- nq| †h‡nZz cÖvwšÍK

†fvM cÖeYZv c, 1-Gi †P‡q †QvU hvi d‡j c2-Gi gvbI 1-Gi †P‡q †QvU, ZvB Z…Zxq ivD‡Ûi

LiP Aek¨B wØZxq ivD‡Ûi †P‡q Kg n‡e|

cvV-3



GLb hw` Avgiv e„w×cÖvß LiP¸‡jv wmwiR AvKv‡i wjL‡Z ïiæ Kwi Ges ïiæUv hw` ¯vfvweK

Pvwn`vi e„w× w`‡q Kwi Z‡e Avgiv †`wL †h-

AD=A- +cA- +c2A- +c3A- +...

= A- (1+c+c2+c3+....)

c-Gi gvb †h‡nZz 1-Gi †P‡q †QvU ZvB wmwi‡Ri c‡ii gvb¸‡jv Aek¨B Lye †QvU n‡e| Avi

ZvB mgxKiYwU‡K mvaviYfv‡e †jLv hvq-

AD=1

1-c A- =Yo

cÖK…Zc‡¶ hLb ¯vfvweK mvgwMÖK Pvwn`v 1 GKK e„w× nq ZLb fvimvg¨ Drcv`‡bi †h cwieZ©b

K‡i †mUvB ¸Y‡Ki cwigvY|

myZivs ¯q¤¢‚Z wewb‡qv‡Mi cwieZ©‡bi d‡j fvimvg¨ RvZxq Avq wK cwigvY cwiewZ©Z nq Zv †h

msL¨v w`‡q cÖKvk Kiv nq Zv‡K ( 11-c ) ¸YK ejv nq|

¸YK‡K mvaviYfv‡e msÁvwqZ Ki‡j ej‡Z cvwi †h, ¸YK nj Y/A- A_©vr ¯vfvweK

mvgwMÖK Pvwn`v 1 GKK e„w×i Rb¨ fvimvg¨ Drcv`‡bi †h cwieZ©b †mUvB| G‡¶‡Î Avgv‡ì

Aek¨B miKvwi wefvM Ges we‡`kx cÖwZôvb¸‡jv‡K ev` w`‡Z n‡e| Avgiv hw` ¸YK‡K w`‡q

cÖKvk Kwi Z‡e-

=1

1-c

†jL wP‡Îi gva¨‡g ¸YK

wPÎ 3.4-G ¯vfvweK LiP e„w× n‡j fvimvg¨ gvÎvi Av‡qi Ici wK cÖfve †d‡j? ïiæ‡ZB

fvimv‡gï we› y E Ges mv‡_ Av‡qi gvÎv Yo Øviv wPwýZ Kiv n‡q‡Q| ZLb ¯vfvweK LiP e„w×

n‡q A- †_‡K A- 'DbœxZ n‡q‡Q|

GwU mgvšÍivjfv‡e Ici w`‡q

¯’vb cwieZ©b K‡i‡Q| GB

Ic‡ii w`‡K ’vb cwieZ©b

ej‡Z eywS‡q‡Q †h, cÖ‡Z¨KwU

gvÎvi Av‡q mvgwMÖK Pvwn`v eo

nq Ges Gi cwigvY-

A- =A- '-A-

ZvB cÖvwšÍK †fvM cÖeYZvi

KviY hw` 1 (GK)-Gi †P‡q

Kg nq, ZLb Drcv`b‡K e„w×i

ìKvi hv wKbv mvgwMÖK Pvwn`v

Ges Drcv`‡bi g‡a¨ mvg¨ve ’v

Avb‡e| wPÎ 3.4-G bZzb

fvimv‡g¨‡K E Øviv wPwýZ Kiv

n‡q‡Q Ges Zvi mv‡_ Av‡qi

gvÎv‡K Yo© Øviv wPwýZ Kiv n‡q‡Q| GLv‡b Av‡qi cwieZ©b ìKvi n‡e|

Y0=Y0©-Y0

myZivs ¯q¤¢‚Z

wewb‡qv‡Mi

cwieZ©‡bi d‡j

fvimvg¨ RvZxq Avq

wK cwigvY cwiewZ©Z

nq Zv †h msL¨v w`‡q

cÖKvk Kiv nq Zv‡K

(

11-c ) ¸YK ejv nq|



me©‡k‡l ¸Y‡Ki cÖgv‡Yi Rb¨ Av‡iKwU Dcvq Av‡Q| g‡b Kiv hvq †h, fvimv‡g¨ mvgwMÖK

Pvwn`v Avq A_ev Drcv`‡bi mgvb nq| GKU fvimvg¨ †_‡K Ab¨ GKwU fvimv‡g¨, GUv

Aek¨B mwZ¨ †h, Av‡qi cwieZ©b- Yo, mvgwMÖK Pvwn`v AD-Gi mgvb|

Yo=AD.............. (15)

cieZ©x‡Z Avgiv mvgwMÖK Pvwn`vi cwieZ©b‡K ¯vfvweK Li‡Pi cwieZ©‡b A†Z wb‡q hve Ges

G‡Z Li‡Pi †h cwieZ©b Zv Av‡qi cwieZ©‡bi Ici cÖfve †dj‡e, †mUv n‡jv cYo :

AD=A- +cYo ... (16)

(15) Ges (16) bs mgxKiY‡K GKwÎZ Ki‡j Av‡qi †h cwieZ©b nq Zv n‡jv-

Yo+A- +cYo ...(17)

A_ev,

Yo=1

1-c A- ... (18)

¸Y‡Ki gvb wbY©q

Avcwb G †Kv‡m©i BDwbU-3 Gi cvV-2 G †R‡b‡Qb, fvimvg¨ve¯’vq RvZxq Avq ev mvgwMÖK

†hvMvb mvgwMÖK Pvwn`vi mgvb nq A_©vr

Y=C+I GLv‡b Y= RvZxq Avq, C= †gvU †fvM e¨q, I= †gvU wewb‡qvM e¨q|

ev, I=Y-C

ev, I=Y-C [Dfq c‡¶i PjK¸‡jv‡K mgnv‡i cwieZ©b K‡i]

ev,

I Y =Y

Y -C Y [Dfq c¶‡K Y Øviv fvM w`‡q]

ev,

I Y =1-MPC …………..(1) [†h‡nZz MPC=

C Y

GLb, ¸YK, K=Y I =

YI

1 = 1

1-MPC = 1MPS [†h‡nZz

IY =1-MPC=MPS]

AZGe, †`Lv hv‡”Q ¸Y‡Ki gvb wbf©i K‡i mgv‡Ri gvby‡li cÖvwšÍK †fvMcÖeYZv ev MPC ev

MPS-i Ici| hw` MPC ev MPS-i gvb Rvbv _v‡K Zvn‡j AwZ mn‡RB Ic‡ii m~ÎwU e¨envi

K‡i ¸Y‡Ki gvb cvIqv hvq| †hgb aiæb, K I L `y‡Uv †`k| K †`‡ki RbM‡Yi MPC=0.6

Ges L †`‡ki RbM‡Yi MPC=0.8| GgZve ’vq, K †`‡ki †¶‡Î ¸Y‡Ki gvb n‡e =

0.61

1

=

0.4

1

=2.50 Ges L †`‡ki †¶‡Î ¸Y‡Ki gvb n‡e=

0.81

1

=

0.2

1

=5| Zvn‡j

†evSv hv‡”Q †h, MPC-i gvb †ewk n‡j ¸Y‡Ki gvb †ewk nq Ges MPC-i gvb Kg n‡j

¸Y‡Ki gvbI Kg nq| ¸Y‡Ki gvb Øviv Zvn‡j Avgiv Kx cvB? Avgiv ej‡Z cvwi, 1 UvKvi

wewb‡qvM KZ UvKvi Avq e„w×‡Z mnvqZv Ki‡e| †hgb evsjv‡`‡ki RbM‡Yi †fvM cÖeYZv

0.75 n‡j ¸Y‡Ki gvb n‡e 4| myZivs 100 UvKvi wewb‡qvM 400 UvKvi Drcv`b e„w× Ki‡e|

¸YK c×wZ‡Z Avq m„wói cÖwµqv

¯q¤¢‚Z wewb‡qvM e„w×i d‡j RvZxq Avq Kxfv‡e wewb‡qv‡Mi K‡qK¸Y e„w× cvq Zv wb¤œiƒ‡c

we‡kølY Kiv hvq-



g‡b Kiæb, GKwU †`‡ki RbM‡Yi cÖvwšÍK †fvM cÖeYZv ev MPC=.5 A_©vr RbMY Zv‡ì

Av‡qi 50% ev A‡a©K †fvM¨ ªe¨mvgMÖx I †mev µ‡q e¨q K‡i| GgZve ’vq †`kwU‡Z 1000

UvKv cwigvY bZzb wewb‡qvM mvwaZ n‡jv| G wewb‡qv‡Mi d‡j 1000 UvKv cwigvY bZzb cyuwR

`ªe¨ m„wó n‡e| G‡Z cyuwR`ªe¨ Drcv`‡b wb‡qvwRZ Rb‡Mvôx bZzb Avq wn‡m‡e 1000 UvKv cv‡e|

hviv G bZzb Avq †cj Zviv Zv‡ì Av‡qi 50% A_©vr 500 UvKv †fvM¨c‡Y¨ e¨q Ki‡e, evwK

Ask mÂq Ki‡e| Zv‡Z †fvM¨c‡Yï Drcv`b e„w× cv‡e Ges †fvM¨cY¨ Drcv`‡b wb‡qvwRZ

Rb‡Mvôx bZzb Avq wn‡m‡e 500 UvKv cv‡e| Zviv Avevi Zv‡ì Av‡qi 50% A_©vr 250 UvKv

†fvM¨c‡Y¨ e¨q Ki‡e Ges evwK Ask mÂq Ki‡e| d‡j cybivq bZzb Drcv`b n‡e Ges G‡Z

wb‡qvwRZ Rb‡Mvôx Avq wn‡m‡e 250 UvKv cv‡e| Zviv Zv‡ì Av‡qi 50% A_©vr 125 UvKv

†fvM¨c‡Y¨ e¨q Ki‡e Ges evwK Ask mÂq Ki‡e| G‡Z Avevi bZzb Drcv`b I Avq m„wó

n‡e| bZzb Avq m„wói cÖwµqv Avq m„wói cwigvY µgvš‡q †QvU n‡q k~‡b¨ bv †cuŠQv ch©šÍ Pj‡Z

_vK‡e| bZzb Avq m„wói cÖwµqv mgvß nevi ci me KqwU ivD‡Û

2

m„ó Avq‡K †hvM Ki‡j †`Lv

hv‡e m„ó †gvU Avq wewb‡qvM e¨‡qi K‡qK¸Y n‡e| Avgv‡ì D`vni‡Y, m„ó Av‡qi cwigvY

n‡e|

=1000¸YK=1000

1

1-MPC =1000

1

1-5

= 10001

5

= 10002 = 2000 UvKv|

Dc‡ii cÖwµqvwU‡K ms‡¶‡c wb¤œiƒ‡c Dc ’vcb Kiv hvq-

ivDÛ m„ó Avq (UvKv)

m„ó AvqMPC

=†fvM e¨q (UvKv)

1g

2q

3q

4_©

5g

6ô

7g

8g

9g

10g

11k

12k

13k

14k

15k

1000

500

250

125

62.5

31.25

15.62

7.81

3.90

1.95

0.97

0.48

0.24

0.12

0.06

10005

5005

2505

1255

62.55

31.255

15.625

7.815

3.905

1.955

0.975

0.485

0.245

0.125

=500

=250

=125

=62.5

=31.25

=15.62

=7.81

=3.90

=1.95

=0.97

=0.48

=0.24

=0.12

=0.06

cÖ_g 15 ivD‡Û 1999.90 UvKv

cieZ©x ivDÛmg~‡n = + 10 UvKv

†gvU= 2000.00 UvKv

mviYx‡Z †`Lv hv‡”Q cÖ_g 15 ivD‡Û †gvU 1999.90 UvKv cwigvY bZzb Avq m„wó n‡e Ges

cieZ©x wewfbœ ivD‡Û m„wó K‡i 0.10 UvKv cwigvY bZzb Avq A_©vr 1000 UvKvi ¯q¤¢‚Z

wewb‡qv‡Mi d‡j bZzb Avq m„wó n‡jv 2000 UvKv cwigvY|



evsjv‡`‡k ¸Y‡Ki cÖ‡qvM‡hvM¨Zv

¯q¤¢‚Z wewb‡qv‡Mi mv‡_ RvZxq Av‡qi AbycvZ nj wewb‡qvM ¸YK, †hLv‡b ¸YK K=1

1-MPC

GB m~ÎwU me A_©bxwZ‡Z Kvh©Ki nevi K_v| Dbœqbkxj †`‡k RbM‡Yi MPC cÖvq .9 †_‡K

.99-Gi KvQvKvwQ| evsjv‡`k miKvi cÖwZ eQi 12 †_‡K 25 nvRvi †KvwU UvKv ivR¯ ev‡RU I

Dbœqb ev‡R‡U e¨q Ki‡Qb hvi djkÖæwZ‡Z gv_vwcQy Avq cÖwZ eQi 10 †_‡K 15 fvM evovi

K_v| wKš‘ evsjv‡`k A_©‰bwZK Rwicmg~‡n †`q Z_¨mg~‡n gv_vwcQy Avq e„w×i nvi 2 †_‡K 3

fvM cÖwZ eQi †`Lv hvq| †mRb¨ ¸YK ZË¡ evsjv‡`‡k †Zgb Kvh©Ki bq| Gevi Avgiv

Av‡jvPbv Kie †Kb evsjv‡`‡k ZË¡wU Kvh©Ki bq|

1. gvÎvwZwi³ Avg`vwb : evsjv‡`‡ki cÖvwšÍK †fvM cÖeYZv Lye †ewk nIqv m‡Ë¡I ¸YK Kvh©Ki

n‡”Q bv| KviY Avgiv †hme `ªe¨mvgMÖx †fvM Kwi Zvi †ewki fvMB we‡`kx cY¨| ZvQvov

Avgv‡ì Drcvw`Z ªe¨mg~n cÖZ¨¶ ev c‡iv¶fv‡e we‡`kx ¯v` wbf©i| A_©vr Avgv‡ì †fvM e¨q

†ewki fvMB we‡`kx c‡Y¨ Z_v Avg`vwb c‡Y¨ P‡j hvq|

2. †`kxq †hvMvb Aw ’wZ ’vcK : evsjv‡`‡ki Af¨šÍ‡i †h me `ªe¨ ev †mev mvgMÖx Drcvw`Z nq

Zvi †hvMvb Aw ’wZ ’vcK cÖK…wZi| d‡j †Kv‡bv mg‡q †`‡ki gvby‡li Avq evo‡j †h Pvwn`v e„w×

cvq Zv †gUv‡bvi Rb¨ †`kxq †hvMvb h‡_ó bq| GB Kvi‡Y Avq e„w× Pµ cÖwZnZ nq| ZvB

¸YK AKvh©Ki nq|

3. QÙ‡ekx †eKviZ¡ Ges Kg©wegyL gwnjv : evsjv‡`‡ki Awb”QvK…Z †eKvi‡Z¡i cvkvcvwk NigyLx

gwnjv cÖvq †gvU kªg kw³i 40 fvM i‡q‡Q| ZvB miKvwi e¨q A_ev ¯q¤¢~Z wewb‡qvM hwÌ

PvKwi mÜvbx‡ì Avq m„wó‡Z mnvqZv K‡i wKš‘ †gŠmygx †eKviZ¡, QÙ‡ekx †eKviZ¡ Ges K…wl,

M„nwk‡í wb‡qvwR‡Zi †eKviZ¡ `~ixKi‡Y ¸YKZË¡ m¤ú~Y©iƒ‡c e¨_©|

4. †fvM¨cY¨ wk‡í Kvh©nxbZv : evsjv‡`‡k †fvM¨ cY¨ wkímg~‡n †ewki fvM †¶‡Î 70 †_‡K

80 fvM ¶gZv eëüZ nq Ges evwK ¶gZv AeëüZ _v‡K| †fvM¨ `ª‡eï Pvwn`v evo‡j ev

`ª‡eï `vg evo‡jI wkímg~n Aewkó AwZwi³ ¶gZvmg~n eënvi Ki‡Z cvi‡Q bv| Gi

Ab¨Zg KviY kªwgK msMVbmg~‡ni Aïf ZrciZv, eë ’vcK‡ì b¨vq wbôvi Afve I ê`y¨wZK

†Mvj‡hvM|

evsjv‡`‡ki cÖvwšÍK

†fvM cÖeYZv LyeB

†ewk nIqv m‡Ë¡I

¸YK Kvh©Ki n‡”Q

bv| KviY Avgiv

†hme ªe¨mvgMÖx †fvM

Kwi Zvi †ewki fvMB

we‡`kx cY¨|

¯q¤¢‚Z wewb‡qv‡Mi cwieZ©‡bi d‡j fvimvg¨ RvZxq Avq wK cwigvY cwiewZ©Z nq Zv †h msL¨v w`‡q

cÖKvk Kiv nq Zv‡K (

11-c ) ¸YK ejv nq| evsjv‡`‡ki cÖvwšÍK †fvM cÖeYZv LyeB †ewk nIqv m‡Ë¡I

¸YK Kvh©Ki n‡”Q bv| KviY Avgiv †hme `ªe¨mvgMÖx †fvM Kwi Zvi †ewki fvMB we‡`kx cY¨|

mvims‡¶c




ˆbe© w³K cÖkœ


1. cÖvwšÍK †fvM cÖeYZv (MPC)-Gi gvb †ewk n‡j-

K. ¸Y‡Ki gvb Kg nq

L. ¸Y‡Ki gvb †ewk nq

M. ¸Y‡Ki gvb k~b¨ nq


2. ¸Y‡Ki gvb 3 n‡j 1000 UvKvi wewb‡qv‡Mi d‡j Avq e„w× cv‡e-

K. 3000 UvKv

L. 1000 UvKv

M. 300 UvKv

N. 33 UvKv

msw¶ß cÖkœ

1. ¸Y‡Ki msÁv w`b|

2. ¸Y‡Ki gvb wKfv‡e wbY©q Kiv hvq?

iPbvg~jK cÖkœ

1. ¸YK c×wZ‡Z wKfv‡e Avq m„wó nq?

2. evsjv‡`‡k ¸YKZ‡Ë¡i cÖ‡qvM m¤ú‡K© wjLyb|

3. aiæb cuvPwU †`‡ki MPC-Gi gvb wb¤œiƒc :

0.8, 0.75, 0.60, 0.65, 0.55| †`k¸‡jvi ¸Y‡Ki gvb wnmve Kiæb|


1. L 2. K



miKvwi LvZ


fvimvg¨ Avq

AvqKi I ¸Y‡Ki g‡a¨ m¤úK©

miKvwi µ‡qi cÖfve

AvqKi cwieZ©‡bi cÖfve

A_©‰bwZK g›`ve ’vq gvbyl Avkv K‡i miKvi wKQy Ki‡e| Zviv wewfbœfv‡e Zv‡ì `vwe Rvbvq|

miKvi ZLb mivmwi fvimvg¨ Av‡qi Ici cÖfve †d‡j| y‡Uv cš’v miKvi G‡¶‡Î Aej¤b

K‡i| cÖ_gZ, Zviv cY¨mvgMÖx wK‡b †bq| GUv mvgwMÖK Pvwn`vi G DcvËwU‡K evwo‡q †`q|

wØZxqZ, Zviv Ki Ges Ab¨vb¨ wbq‡gi gva¨‡g Avq I Drcv`‡b cÖfve †d‡j hv gvby‡li †fvM

I eënvi wbwgË Avq‡K cÖfvweZ K‡i (YD)|

msÁvbyhvqx mvgwMÖK Pvwn`v n‡jv-

AD=C+I+G .............. (1)

†fvM eënvi‡hvM¨ Avq bq, eënvi‡hvM¨ Avq (YD) Gi Ici wbf©ikxj| eënvi‡hvM¨ Avq

n‡jv †mB cwigvY Avq hv †Kv‡bv cwievi cvq me cªvwß †k‡l Ges Ki cwi‡kva K‡i| Zvn‡j

†fvM A‡c¶KwU

C=C- +cYD=C- +c(Y+TR-TA) .............. (2)

GLv‡b Y+TR-TA n‡jv eënvi‡hvM¨ Avq| miKv‡ii c`‡¶c †evSvi Av‡M GKwU wel‡q

cwi®‹vi nIqv cÖ‡qvRb| g‡b Kwi miKvi cÖwZeQi G- cwigvY ªe¨vw` µq K‡i, GK LvZ †_‡K

Ab¨ Lv‡Z A‡_©i cÖevn NUvq TR cwigvY Ges TR Znwej msMÖn K‡i Ki wnmv‡e|

G=G- , TR=TR , TA=tY ivR¯ bxwZi GB eY©bv †_‡K †fvM A‡c¶‡Ki bZzb iƒc n‡e

C=C- +c(Y+TR -tY)

=C- + CTR +c(1-t)Y …............…. (3) Dc‡ii mgxKi‡Y A‡_©i GK LvZ †_‡K Ab¨ Lv‡Z cÖevn ¯qswµq †fvM e¨‡qi gvÎv evwo‡q

†`q| GB e„w×i gvÎv eënvi‡hvM¨ As‡ki cÖvwšÍK †fv‡Mi cÖeYZv I †gvU A_© cÖev‡ni ¸Yd‡ji

mgvb| Ab¨w`‡K, AvqKi †fv‡Mi cwigvY n«vm K‡i (Av‡qi mv‡c‡¶)| GB n«vm N‡U KviY

gvby‡li †fv‡Mi cwigvY Zvi eënvi‡hvM¨ Av‡qi Ici wbf©ikxj, Av‡qi Ici bq| AvqKi

Avq mxgvi †P‡q eënvi‡hvM¨ Avq‡K †ewk cÖfvweZ K‡i|

eënvi‡hvM¨ Av‡qi cÖvwšÍK †fv‡Mi cÖeYZv c n‡j Av‡qi †¶‡Î cÖvwšÍK †fv‡Mi cÖeYZv n‡e

c(1-t), †hLv‡b (1-t) n‡jv AvqKi †èvi ci †gvU Av‡qi cwigvY Ask| Zvn‡j c=0.8 Ges

t=0.25 nq Zvn‡j Avgiv Av‡qi †¶‡Î cÖvwšÍK †fv‡Mi cÖeYZv wn‡m‡e cvB

0.8 (1-0.25)=0.6

cvV-4

gvby‡li †fv‡Mi

cwigvY Zvi

eënvi‡hvM¨ Av‡qi

Ici wbf©ikxj,

Av‡qi Ici bq|

AvqKi Avq mxgvi

†P‡q eënvi‡hvM¨

Avq‡K †ewk cÖfvweZ

K‡i|



mvgwMÖK Pvwn`v (1), (2), (3) bs mgxKiY †_‡K

AD=(C- +CTR +I- +G- )+c(1-t)Y =A- +c(1-t)Y .................. (4)

miKvwi Kg©m~wP mvgwMÖK Pvwn`vi Ici cÖfve †d‡j|

wPÎ 3.5 Abymv‡i bZzb mvgwMÖK

Pvwn`v †iLv (AD©) cyi‡bv

mvgwMÖK Pvwn`v †iLv (AD)-i

†P‡q DuPz‡Z ïiæ nq| hw`I

†iLvwUi Xv‡ji wePz¨wZ

A‡c¶vK…Z Kg| AD© LÛvsk

(intercept) A‡c¶vK…Z eo|

KviY GB †iLvwU‡Z miKvwi

Kg©mywPi e¨q (G- ) Ges Znwej

cÖevn RwbZ †fv‡Mi (CTR ) AšÍfz©³| †iLvwUi Xv‡ji wePz¨wZ

Kg KviY cÖ‡Z¨‡K Zvi Av‡qi

GKwU wbw ©ó cwigvY UvKv Ki

wn‡m‡e miKvi‡K w`‡e|

cÖ‡Z¨‡Ki †fv‡Mi Rb¨ _vK‡e

(1-t) Ask (UvKv cÖwZ)| mgxKiY (4) †_‡K GUv cvIqv hvq †h cÖvwšÍK †fv‡Mi cÖeYZv c †_‡K

cwiewZ©Z n‡q c(1-t) †Z uvwo‡q‡Q|

fvimvg¨ Avq

KuvPvgvj ev cY¨ evRv‡i fvimvg¨ Ae¯’vq, Y=AD nq|

mgxKiY (4) G GB kZ© emv‡j Avgiv cvB-

Y=A- +c(1-t)Y GLb fvimvg¨ Ae¯’vq Avq (Y0) mv‡c‡¶ GB mgxKiY nq-

Y[1-c(1-t)]= A- Y0=

11-c(1-t) (C

- +CTR +I- +G- )........... (5)

Y0=A-

1-c(1-t)

Dch©y³ mgxKiY 5 †_‡K †`Lv hvq †h miKv‡i AšÍfz©w³ D‡jøL‡hvM¨ cv_©K¨ ˆZwi K‡i| GUv

¯qswµq e¨q evwo‡q †`q miKvwi µq (G- ) Ges wbU Znwej cÖevn e¨q (CTR ) Gi mgvb

K‡i|

AvqKi Ges ¸YK

mgxKiY (5) G AvqKi ¸Y‡Ki cwigvY n«vm K‡i| hw` cÖvwšÍK †fv‡Mi cÖeYZv 0.8 Ges Ki

k~b¨ nq, Zvn‡j ¸YK n‡e 5 cªvwšÍK †fv‡Mi cÖeYZv GKB _vK‡j Ges K‡ii nvi 0.25 n‡j

AvqKi ¸Y‡Ki gvÎv

Kwg‡q †`q Kvib

Av‡qi cwieZ©‡b GUv

cÖ‡ivwPZ (induced)

†fv‡Mi cwigvY

Kwg‡q †`q|

miKvwi Kg©m~wP

mvgwMÖK Pvwn`vi Ici

cÖfve †d‡j|



¸YK n‡e A‡a©K ev 1/[1-0.8(0.75)]=2.5| AvqKi ¸Y‡Ki gvÎv Kwg‡q †`q KviY Av‡qi

cwieZ©‡b GUv cÖ‡ivwPZ (induced) †fv‡Mi cwigvY Kwg‡q †`q| G Rb¨B wPÎ Abyhvqx K‡ii

nvi k~b¨ †_‡K e„w× cvIqv gvÎ Zv mvgwMÖK Pvwn`vi †iLvwU‡K cwieZ©b K‡i| d‡j ¸Y‡Ki

cwigvYI n«vm cvq|

AvqKi : ¯qsf‚Z w ’wZkxjK

¯qsf‚Z w ’wZkxj‡Ki GKwU n‡jv mgvbycvwZK AvqKi| ¯qsf‚Z w ’wZkxjK n‡jv †mB cÖwµqv

hv †`‡ki A_©bxwZ‡Z Drcv`b cwigvb n«vm K‡i| †h cwigvYwU ¯qsfzZ Pvwn`vi Rb¨ e„w× cvq|

evwYR¨ P‡µi DÌvb cZb Pvwn`vi we‡klZ wewb‡qv‡Mi cwieZ©‡bi Rb¨ N‡U hLb

wewb‡qvMKvixiv BwZevPK g‡bvfve †cvlY K‡i ZLb wewb‡qvM nq D”QgvÎvq| djkÖæwZ‡Z

Drcv`bI e„w× cvq| †bwZevPK g‡bvfve n‡j ¯í wewb‡qv‡Mi d‡j Drcv`‡bi cwigvb n«vm

cvq|

wewb‡qvM Pvwn`vi ZviZg¨ Drcv`‡bi cwigvY‡K Kg cÖfvweZ K‡i hLb ¯qsf‚Z w ’wZkxjK

†hgb mgvbycvwZK Avq Ki _v‡K| AvqKi ¸Y‡Ki n«vm NUvq| ZvB w¯’wZkxj‡Ki Dcw ’wZ

Drcv`‡bi cwigvY‡K Kg cwieZ©b Ki‡e| w¯’wZkxj‡Ki Abycw ’wZ‡Z NU‡e wVK D‡ëv NUbv|

mgvbycvwZK AvqKi GKgvÎ ¯qsfzZ w ’wZkxjK bv| †eKvi fvZv AviI GKwU D`vniY| Gi

Dcw ’wZ A_©bxwZ‡Z †eKvi‡ì †fvM Kivi wKQyUv ¯vaxbZv w`‡q _v‡K| †h Kvi‡Y †eKviZ¡

evo‡jI Zv Pvwn`v‡K Lye †ewk n«vm K‡i bv| Pvwn`v A‡c¶vK…Z †ewk n«vm †cZ hw` †eKvi fvZv

Abycw ’Z _vKZ| †eKvi fvZvI †hb Drcv`b A‡c¶vK…Z w ’wZkxj ivL‡Z ¸Y‡Ki cwigvY

Kwg‡q †`q| wØZxq wek¦hy‡×i c‡i D”P †eKvi fvZv Ges AvqK‡ii eënvi evwYR¨ P‡µi

ZviZg¨ Lye †ewk n‡Z †`qwb|

miKvwi µ‡qi cÖfve

ivR¯bxwZ‡Z hw` cwieZ©b Av‡m †m‡¶‡Î fvimvg¨ Ae ’vq Avq mxgvI cÖfvweZ nq| mvaviYZ

ivR¯ bxwZ wZbwU Kvi‡Y cwiewZ©Z nq- K) miKv‡ii µq, L) Znwej cÖevn cwieZ©b Ges M)

AvqKi cwieZ©b|

cÖv_wgK fvimvg¨ we› y Y0| 3.6

bs wPÎ Abymv‡i miKvwi Avq

cwieZ©‡bi Kvi‡b ¯qsf‚Z e¨q

cwiewZ©Z nq| hv mvgwMÖK

Pvwn`v‡K cÖfvweZ K‡i| miKvwi

µ‡qi cwigv‡Yi mgvb mvgwMÖK

Pvwn`vi cwieZ©b NU‡e| cÖv_wgK

Ae¯’vq Avq Ges Drcv`b †¶‡Î

c‡Yï Pvwn`v Drcv`‡bi †P‡q

†ewk| d‡j Drcv`bKvixiv

Drcv`b evov‡Z ïiæ K‡i|

fvimvg¨ bv Avmv ch©šÍ GB

cÖwµqv Ae¨vnZ _‡K| wPÎ †Z

bZzb fvimvg¨ we›`y E©|

G‡¶‡Î Av‡qi cwieZ©b nq-

¯qsf‚Z w ’wZkxjK

n‡jv †mB cÖwµqv hv

†`‡ki A_©bxwZ‡Z

Drcv`b cwigvb n«vm

K‡i| †h cwigvYwU

¯qsfzZ Pvwn`vi Rb¨

e„w× cvq|

†eKvi fvZvi

Dcw ’wZ A_©bxwZ‡Z

†eKvi‡ì †fvM Kivi

wKQyUv ¯vaxbZv w`‡q

_v‡K| †h Kvi‡Y

†eKviZ¡ evo‡jI Zv

Pvwn`v‡K Lye †ewk

n«vm K‡i bv|

miKvwi Avq

cwieZ©‡bi Kvi‡b

¯qsf‚Z e¨q

cwiewZ©Z nq| hv

mvgwMÖK Pvwn`v‡K

cÖfvweZ K‡i|

miKvwi µ‡qi

cwigv‡Yi mgvb

mvgwMÖK Pvwn`vi

cwieZ©b NU‡e|



Y0=G- +c(1-t) Y0 MZ mgxKiY¸‡jv‡Z †`Lv‡bv n‡q‡Q fvimvg¨ Avq Ges mvgwMÖK Pvwn`vi m¤úK©| hw` Ab¨

DcvË (C- ,TR ,I- ) aªyeK ev AcwiewZ©Z _v‡K, Zvn‡j fvimvg¨ Av‡qi cwieZ©b

Y0=1

1-c(1-t) G-

=GG- GLv‡b, G w`‡q Avq K‡ii Dcw ’wZ‡Z ¸Y‡Ki cÖfve‡K wPwýZ Kiv n‡q‡Q|

G 11-c(1-t)

miKvwi µq hw` 1 UvKv e„w× cvq Zvn‡j Zv Av‡qi cwigvb G‡Ki †ewk evovq| hw` cÖvwšÍK

†fv‡Mi cÖeYZv (c)=0.8| Avq Ki nvi (t)=.25 Ges ¸Y‡Ki cÖfve 2.5 nq Zvn‡j miKvwi

e¨q 1 UvKv e„w× n‡j Zv fvimvg¨ Avq 2.5 UvKv evwo‡q †`q|

AvqKi cwieZ©‡bi cÖfve

AvqKi hw` K‡g hvq Zvn‡jI Av‡qi cwieZ©b nq| AvqKi cwiewZ©Z n‡j mvgwMÖK Pvwn`v

†iLvi Kv‡ji cwieZ©b N‡U| KviY AvqKi cÖvwšÍK e¨‡qi cÖeYZv‡K c(1-t) cÖfvweZ K‡i|

†h‡nZz AvqKi Kwg‡q †`qv nq ZvB wØZxq Ae¯’vq c‡Y¨i mvgwMÖK Pvwn`v e„w× cvq| ZvB

A_©bxwZ‡Z bZzb fvimv‡g¨i m„wó nq| bZzb fvimvg¨ we› y Y| mvgwMÖK Pvwn`vi GB cwieZ©b

`y‡Uv Kvi‡Y N‡U‡Q| cÖ_gwU AvqKi n«v‡mi Kvi‡Y Av‡qi e„w×| GB AskwU n‡jv (CY0t)| hv

Øviv bZzb †fv‡Mi cÖvwšÍK cÖeYZv‡K †evSvq| Av‡qi cwieZ©‡b GB AskI cwiewZ©Z n‡q‡Q|

Y0t n‡jv cÖv_wgK Ae ’v I AvqK‡ii nv‡ii ¸Yb| hv n«vmK…Z AvqK‡ii nvi Øviv cÖfvweZ|

wØZxqZ, Avq †e‡o hvIqvi †cÖw¶‡Z e¨q e„w×|

MvwYwZKfv‡e-

Y0=-CY0t+c(1-t) Y0

Y0=-CY0

1-c(1-t) t

n¯ÍvšÍi cvIbv e„w×i cÖfve

n¯ÍvšÍi cvIbv e„w× ¯qsf‚Z

Pvwn`v evwo‡q †`q| mgxKiY

(4) Abyhvqx, ¯qsf‚Z Pvwn`vi

CTR hy³| ZvB A_© Znwe‡ji

Av`vb-cÖ vb ¸bK c n‡jv

A_©bxwZ‡Z ¯qsfyZ Pvwn`vi

†gvU cwigvY| A_© Znwe‡ji

Av`vb-cÖ vb e„w× †c‡j ¯qsf‚Z

Pvwn`vi cwigvYI evo‡e| hv

miKvwi e¨‡qi m‡½ hy³| A_©

Znwe‡ji ¸Y‡Ki cÖfve miKvwi

e¨‡qi Zzjbvq Kg| KviY e„w×

cvIqv TR -Gi wKQy Ask mwÂZ nq|

A_© Znwe‡ji Av`vb-

cÖ vb e„w× †c‡j

¯qsf‚Z Pvwn`vi

cwigvYI evo‡e| hv

miKvwi e¨‡qi m‡½

hy³|




ˆbe© w³K cÖkœ


1. g›`ve ’vq miKvi mivmwi fvimvg¨ Av‡qi Ici cÖfve we¯Ívi K‡i| mZ¨/wg_¨v

2. gvby‡li †fv‡Mi cwigvY Zvi e¨envi‡hvM¨ Av‡qi Ici wbf©ikxj bq| mZ¨/wg_¨v

3. cY¨ evRv‡i fvimvg¨ Ae ’vq Y=AD nq| mZ¨/wg_¨v

4. AvqKi ¸Y‡Ki n«vm NUvq| mZ¨/wg_¨v

msw¶ß cÖkœ

1. AvqKi I ¸Y‡Ki g‡a¨ m¤úK© wK?

iPbvg~jK cÖkœ

1. fvimvg¨ Avq ej‡Z wK †evSvq? fvimvg¨ Av‡q miKvwi µq I AvqKi cwieZ©b cÖfve

Av‡jvPbv Kiæb|


1. mZ¨ 2. wg_¨v 3. mZ¨ 4. mZ¨

miKvwi e¨q Ges AvqK‡ii nvi Øviv Avqmxgv mivmwi cÖfvweZ| ivR¯bxwZ e¨envi K‡i A_©bxwZi GB

Ae ’v‡K w ’wZkxj Kiv m¤¢e| hLb A_©‰bwZK g›`v Pj‡Q ZLb AvqKi n«vm K‡i, miKvwi e¨q evwo‡q

A_©bxwZ‡K Pv½v Kiv †h‡Z cv‡i| hLb A_©bxwZi Ae ’v fv‡jv ZLb AvqKi evwo‡q ev miKvwi e¨q

wbqš¿‡Y G‡b A_©bxwZ‡K w ’wZkxj ivLv m¤¢e|

mvims‡¶c



A_©, my` I Avq

Money, Interest and Income

mgwóMZ A_©eë¯’vq hveZxq A_©‰bwZK Kvh©Kjvc‡K K‡qKwU †kªYx‡Z GKÎ K‡i †m¸‡jvi Kvh©KviY m¤úK©

wba©viY Kiv n‡q _v‡K| wewfbœ ai‡bi evRvi‡K K‡qKwU fv‡M wef³ K‡i hveZxq Kvh©Kjv‡ci GKwU mvgwMÖK wPÎ

Dc ’vwcZ nq| ª‡eï evRvi I A‡_©i evRv‡ii g‡a¨ fvimvg¨ cÖwZôv K‡i RvZxq Av‡qi Íi I my‡ì nvi wba©viY

K‡i ÔmvaviY fvimvg¨Õ we‡kølY Kiv nq| G BDwb‡U G welq¸‡jv we¯ÍvwiZfv‡e Av‡jvPbv Kiv n‡q‡Q|


cvV-1 : ª‡eï evRvi Ges IS †iLv

cvV-2 : A‡_©i evRvi I LM †iLv

cvV-3 : IS I LM g‡W‡ji gva¨‡g fvimvg¨

4



`ª‡eï evRvi Ges IS †iLv


IS †iLv wK

IS †iLvi AšÍM©Z PjKmg~n

IS †iLvi êwkó¨mg~n

`yÕLvZ wewkó A_©bxwZ‡Z IS †iLv A¼b

IS †iLvi Xv‡ji e¨vL¨v

IS †iLvi I n‡jv Investment-Gi Av`¨v¶i Ges S nj Saving-Gi Av`¨v¶i| ZvB IS †iLv nj

g~jZ wewb‡qvM I mÂ‡qi mgZv m~PK †iLv hvi cÖwZwU we› y‡Z wewfbœ Av‡q wewfbœ my‡ì nvi

cÖKvk cvq A_ev wewfbœ my‡ì nv‡i Avq KZ Zv cÖKvk cvq| A_©bxwZ‡Z IS †iLv ¸iæZ¡c~Y©

f‚wgKv cvjb Ki‡Q| IS †iLv Øviv A_©bxwZ‡Z cÖK…Z Lv‡Zi (Real Sector) Z_v `ªe¨ evRv‡ii

(Commodity Market or Goods Market) ev Drcbœ evRv‡ii (Product Market) fvimvg¨

†`Lvb nq| GB †iLvq `ªe¨ evRv‡i `ª‡eï Pvwn`v I †hvMvb ci¯úi mgvb wb‡`©k K‡i|

Avgiv Rvwb

E=C+I ....... mvgwMÖK Pvwn`v (RbM‡Yi µq nj †fvM I wewb‡qv‡Mi mgwó )

Y=C+S ...... mvgwMÖK †hvMvb (†gvU Drcv`b wef³ nq †fvM I mÂ‡qi g‡a¨)

Y=E .......... mvgwMÖK Pvwn`v = mvgwMÖK †hvMvb (`ªe¨ evRv‡ii fvimv‡gï kZ©)

ev, C+I=C+S

ev, I=S .... (wewb‡qvM mÂq mgZv ev Pvwn`v = †hvMvb ev `ªe¨ evRv‡ii fvimvg¨)

Avgiv Rvwb, K¬vwmK¨vj A_©bxwZwe`MY mÂq Ges wewb‡qv‡Mi mgZvi gva¨‡g fvimvg¨ my‡ì

nvi wba©viY K‡ib| wKš‘ †KBÝ hyw³ †`Lvb †h, K¬ vwmK¨vj‡ì G ZË¡ ïay c~Y©wb‡qv‡Mi †¶‡Î

cÖ‡hvR¨| ev¯Í‡e c~Y© wb‡qvM _v‡K bv e‡j A_©bxwZ Ac~Y© wb‡qv‡Mi fvimvg¨ jvf K‡i| d‡j

Avq e„w×i my‡hvM i‡q‡Q| Avq evo‡j mÂq ev‡o| mÂq evo‡j evRvi my‡ì nvi n«vm cvq|

hvi ìæb K¬vwmK¨vj‡ì ZË¡ Abyhvqx evRvi

my‡ì nvi †KvbwU Zv wba©viY Kiv hvq bv|

Avi K¬vwmK¨vj‡ì GB Awba©vwiZ Ae ’v

†_‡K wnK&m wewfbœ my‡ì nv‡ii Avq KZ

Zv wba©viY K‡ib IS †iLvi gva¨‡g| ZvB

ejv hvq K¬vwmK¨vj‡ì Z‡Ë¡i Awb‡Y©qZvi

Rb¨B IS †iLvi DrcwË nq| welqwU 4.1

wP‡Î †`Lv‡bv n‡jv : (a) wP‡Î Y0 Av‡q

I=S(Y0) Øviv r0 my‡ì nvi wba©vwiZ nq|

Avevi Y1 Av‡q I=S(Y1) Øviv r1 my‡ì nvi

wba©vwiZ nq| (b) wP‡Î r0 my‡` Y0 Av‡qi

m¤úK© a we› y‡Z Ges r1 my‡` Y1 Av‡qi

cvV-1

K¬vwmK¨vj

A_©bxwZwe`MY

mÂq Ges

wewb‡qv‡Mi mgZvi

gva¨‡g fvimvg¨

my‡ì nvi wba©viY

K‡ib| wKš‘ †KBÝ

hyw³ †`Lvb †h,

K¬ vwmK¨vj‡ì G

ZË¡ ïay

cyb©wb‡qv‡Mi †¶‡Î

cÖ‡hvR¨|



m¤úK© b we›`y‡Z †`Lv‡bv n‡q‡Q| Avi a I b we› y †hvM K‡i IS †iLv cvIqv hvq| IS †iLv

aviYvwU wewfbœ A_©bxwZi AvIZvi †cÖw¶‡Z m¤úÖmvwiZ n‡Z cv‡i| G †cÖw¶‡Z yÕLvZ, wZb LvZ

Ges Pvi LvZ wewkó A_©bxwZ‡Z IS †iLv A¼b Kiv hvq|

IS †iLvi AšÍM©Z PjKmg~n

IS †iLvi PjK PviwU-

1| mÂq A‡c¶K (S) 2| wewb‡qvM A‡c¶K (I) 3| Ki (T) 4| miKvwi e¨q (G) †hLv‡b S, I nj AvPiYMZ PjK (Behavioral Variable), G I T nj bxwZMZ PjK (Policy Variable)|

IS †iLvi êwkó¨mg~n

IS †iLvi êwkó¨ Rvbvi Av‡M IS †iLvi msÁv Rvbv cÖ‡qvRb| IS †iLv nj Ggb KZ¸‡jv we› yi

mÂvi c_ hvi cÖwZwU we› y‡Z mÂq wewb‡qv‡Mi mgZv cÖKvk cvq Ges wewfbœ Av‡q my‡ì nvi

KZ ev wewfbœ my‡ì nv‡i Avq KZ Zv cÖKvk cvq| Dc‡ii msÁv †_‡K wb‡¤œv³ êwkó¨mg~n

j¶¨ Kiv hvq|

GKwU KwíZ IS †iLv A¼b : `yÕLvZ (cwievi I eëmv †¶Î) wewkó A_©bxwZ‡Z IS †iLv A¼b

GKwU KwíZ IS †iLv A¼b Ki‡Z n‡j GKwU KwíZ A_©bxwZ‡Z mÂq I wewbqv‡Mi aib Kíbv

Ki‡Z n‡e| A_©vr mÂq I wewb‡qvM A‡c¶K‡K Av‡jvPbvq ¯’vb w`‡Z n‡e| †hgb-

S=g(Y) ...... mÂq A‡c¶K, †hLv‡b mÂq Av‡qi A‡c¶K|

I=f(r)- wewb‡qvM A‡c¶K, †hLv‡b wewb‡qvM my‡ì nv‡ii A‡c¶K|

Avgiv Rvwb, Avq evo‡j mÂq ev‡o| A_©vr mÂq A‡c¶‡K Av‡qi m‡½ mÂ‡qi mivmwi m¤úK©

i‡q‡Q| Ab¨w`‡K wewb‡qvM evo‡j my‡ì nvi K‡g| A_©vr wewbqvM A‡c¶‡K wewb‡qv‡Mi m‡½

my‡ì nv‡ii m¤úK© wecixZ| Ic‡i D‡jøwLZ mÂq I wewb‡qvM A‡c¶‡Ki w`‡K j¶¨ †i‡L

wP‡Î GKwU KwíZ IS †iLv A¼b Kiv nj-

IS †iLv nj Ggb

KZ¸‡jv we› yi

mÂvic_ hvi cÖwZwU

we› y‡Z mÂq

wewb‡qv‡Mi mgZv

cÖKvk cvq Ges

wewfbœ Av‡q my‡ì

nvi KZ ev wewfbœ

my‡ì nv‡i Avq KZ

Zv cÖKvk cvq|

1| IS †iLvi cÖwZwU we› y‡Z mÂq I wewb‡qvM ci¯úi mgvb|

2| IS †iLvi cÖwZwU we› y‡Z wewfbœ Av‡q my‡ì nvi KZ n‡e ev wewfbœ my‡ì nv‡i Avq KZ

Zv cÖKvk cvq|

3| IS †iLv evg †_‡K Wvbw`‡K wb¤œMvgx|

4| IS †iLvi Xvj wbf©i K‡i mÂq I wewb‡qvM †iLvi Xv‡ji Ici|

I(r)=S(y) I © (r)dr=S© (y) dy

dr-S(y)

dy I(r)<0

ev,

drdy =

)()(

ySrI

<0 †h‡nZz I ©(r)<0 Ges S©(y)>0

5| IS †iLvi ¯’vbvšÍi wbf©i K‡i mÂq †iLvi ¯’vbvšÍi, wewb‡qvM †iLvi ¯’vbvšÍi, Ki †iLvi

¯’vbvšÍi, ev miKvwi e¨‡qi cwieZ©‡bi Ici|



4.2 bs wP‡Îi mKj A‡¶ abvZ¡K gvb we‡eP¨| (K) As‡k wewb‡qvM A‡c¶K A_©vr wewb‡qv‡Mi

m‡½ my‡ì nv‡ii wecixZ m¤úK© †`Lv‡bv n‡q‡Q| ZvB wewb‡qvM †iLv Wvbw`‡K wb¤œMvgx| (L)

As‡k mÂq wewb‡qv‡Mi mgZv mv‡c‡¶ 45

0

†iLv A¼b Kiv n‡q‡Q| wP‡Îi (M) As‡k mÂq

A‡c¶K A_©vr mÂq I Av‡qi mivmwi m¤úK© †`Lv‡bv n‡q‡Q| †hLv‡b Avq evo‡j mÂq ev‡o|

wP‡Îi (N) As‡k my‡ì nvi Ges fvimvg¨ RvZxq Av‡qi g‡a¨ wecixZ m¤ú‡K©i gva¨‡g IS †iLv

A¼b Kiv n‡q‡Q|

wP‡Îi (K) As‡k a1 we› y‡Z cÖv_wgK ch©v‡q r0 my‡ì nv‡i I0 wewb‡qv‡Mi m¤úK© †`Lv‡bv

n‡q‡Q| (L) As‡k a2 we› y‡Z 45

0 †iLvq mÂq I wewb‡qv‡Mi mgZv †`Lv‡bv n‡q‡Q| wewb‡qvM

I mÂ‡qi cwigvY h_vµ‡g I0 I S0 Ges (M) As‡k S0 mÂ‡qi m‡½ Y0 Av‡qi mivmwi m¤úK©

a3 we› y‡Z †`Lv‡bv n‡q‡Q| Avi (N) As‡k r0 my‡ì nv‡ii m‡½ Y0 Av‡qi m¤úK© a4 we› y‡Z

†`Lv‡bv n‡q‡Q| GKBfv‡e r1 my‡ì nv‡i b1 †_‡K Av‡jvPbv ïiæ K‡i b4 we› y cvIqv hvq| Avi

wP‡Îi (N) As‡ki a4 I b4 we› y `y‡Uv †hvM K‡i Wvbw`‡K wb¤œMvgx IS †iLv cvIqv hvq| weKí

wP‡Î Avgiv Rvwb ªe¨ evRv‡ii fvimvg¨ †_‡K IS †iLv A¼b Kiv nq| Dc‡ii wP‡Îi mKj

A¶‡K Avjv`v Avjv`v A¼b K‡iI IS †iLv AuvKv hvq|

4.3 bs wP‡Î (K) As‡k mÂq †iLv, (L) As‡k mÂq wewb‡qv‡Mi mgZv 45

0 †iLv Øviv †`Lv‡bv

n‡q‡Q, (M) wP‡Î wewb‡qvM A‡c¶K Ges (N) wP‡Î mÂq wewb‡qv‡Mi mgZv mv‡c‡¶ IS †iLv

AuvKv n‡q‡Q|

ÔKÕ wP‡Î y0 Av‡q mÂq nj s0| ÔLÕ wP‡Î mÂq wewb‡qvM mgZv mv‡c‡¶ r0 my‡ì nv‡i I0 wewb‡qvM wba©vwiZ nq| ÔNÕ wP‡Î r0 my‡ì nv‡i y0 Av‡qi m¤úK© a we› y‡Z †`Lv‡bv n‡q‡Q|

Gici Avq †e‡o y1 n‡j mÂq n‡e S1 Ges r1 my‡ì nv‡i S1=I1 Øviv fvimvg¨ wba©vwiZ nq|

†hLv‡b ÔNÕ wP‡Î r1 my‡ì nvi b we› y‡Z y1 Av‡qi m¤úK© †`Lv‡bv n‡q‡Q| GLv‡b a I b we›`y‡Z

I=S kZ© cvwjZ n‡q‡Q Ges wewfbœ Av‡q wewfbœ my‡ì nvi †`Lv‡bv n‡q‡Q| ZvB a I b we›`y

†hvM K‡i IS †iLv cvIqv hvq|



IS †iLvi Xv‡ji e¨vL¨v

Avgiv Rvwb, my‡ì nvi I fvimvg¨ RvZxq Av‡qi wecixZ m¤úK© †_‡K FYvZ¥K Xvj m¤úbœ IS

†iLv cvIqv hvq| ZvB IS †iLvi Xvj e¨vL¨v Kivi c~‡e© Avgiv †R‡b †bB †Kb my‡ì nvi I

fvimvg¨ RvZxq Av‡qi g‡a¨ wecixZ m¤úK© †`Lv †`q? Avgiv Av‡iv Rvwb my‡ì nvi I

wewb‡qv‡Mi g‡a¨ wecixZ m¤úK© i‡q‡Q| my‡ì nvi Kg‡j wewb‡qvM ev‡o| Ab¨vb¨ Ae¯’v

AcwiewZ©Z _vK‡j †m Ae ’vq RvZxq Avq ev‡o| Avq e„w× †c‡j mÂq evo‡e Ges Zv e„w×cÖvß

wewb‡qv‡Mi mgvb n‡e| Avevi my‡ì nvi evo‡j wewb‡qvM K‡g| ZLb wewb‡qv‡Mi Zzjbvq mÂq

†ewk nq| fvimvg¨ Ae ’v m„wó nIqvi Rb¨ mÂq I wewb‡qvM mgvb n‡Z n‡e| Avq n«v‡mi dj

mÂq n«vm cvq| Ic‡ii Av‡jvPbv †_‡K ejv hvq †h, my‡ì nvi Kg‡j fvimvg¨ Avq ev‡o Ges

my‡ì nvi evo‡j fvimvg¨ Avq K‡g| GB wecixZ m¤ú‡K©i Kvi‡YB IS †iLv Wvbw`‡K wb¤œMvgx

nq|

IS †iLvi mgxKiY wfwËK Xvj

I(r)=S(y) ........... IS mgxKiY

I ©(r)dr=S©(y)dy (†gvU AšÍi Kjb K‡i)

drdy =

S(y)I(r) S(y)>0, I(r)<0

¯q¤¢zZ wewb‡qv‡Mi cwieZ©b|

IS †iLvi Xv‡ji Ici mÂq †iLvi Xv‡ji cÖfve

4.4 bs wP‡Îi IS †iLvi eY©bv c~‡e© KwíZ IS †iLvi Abyiƒc| Ges †`Lv hvq †h, mÂq †iLvi

Xvj evo‡j IS †iLvi Xvj ev‡o| hv wP‡Îi S© †iLv †_‡K IS© †iLvi Ae ’vwU| A_©vr mÂq †iLvi

Xv‡ji mv‡_ IS †iLvi Xv‡ji m¤úK© mivmwi| hv‡K Avgiv Gfv‡eI wjL‡Z cvwi, S© evo‡j

dydr

ev‡o|

drdy =

ryS

<0

drdy =

S(y)I(r) A_©vr IS †iLvi Xvj FYvÍK ev Wvbw`‡K wbæMvgx|

my‡ì nvi Kg‡j

fvimvg¨ Avq ev‡o

Ges my‡ì nvi

evo‡j fvimvg¨ Avq

K‡g| GB wecixZ

m¤ú‡K©i Kvi‡YB IS

†iLv Wvbw`‡K

wbæMvgx nq|



ZvB S(y) evo‡j

drdy -Gi (-) gvb evo‡e Z_v mÂq †iLv Lvov n‡j IS †iLv Lvov n‡e| mÂq

†iLv we¯Í…Z n‡j IS †iLv we¯Í…Z n‡e|

IS †iLvi Ici wewb‡qvM †iLvi Xv‡ji cÖfve

4.5 bs wP‡Î I I I© wewb‡qvM †iLvi g‡a¨ I© †iLvwU †ewk Xvj m¤úbœ| Avi GB †ewk Xvj m¤úbœ

wewb‡qvM †iLv †_‡K Aw¼Z IS1 †iLvwU IS †_‡K Kg Xvj m¤úbœ| FYvZ¥K Kg Xvj FYvZ¥K

†ewk Xv‡ji †P‡q †ewk Xvj m¤úbœ| ZvB ejv hvq †h, wewb‡qvM †iLvi Xv‡ji m‡½ IS †iLvi

Xv‡ji m¤úK© wecixZ|

drdy =

ryS <0

mÂq wewb‡qvM †iLv mv‡c‡¶ IS †iLv

wewb‡qvM †iLvi

Xv‡ji m‡½ IS †iLvi

Xv‡ji m¤úK©

wecixZ|



mÂq Av‡qi m‡½ abvZ¡K Ges my‡ì nv‡ii m‡½ abvZ¡K m¤ú‡K© Ave× Ges wewb‡qvM my‡ì

nv‡ii m‡½ wecixZ m¤ú‡K© Ave× n‡j IS †iLv A¼b Kiv hvq| 4.6 wP‡Î I=S(y0) Øviv r0

my‡ì nvi wba©vwiZ nq| hv wP‡Î a we› y‡Z r0 my‡ì nv‡i y0 Av‡qi m¤úK© †`Lv‡bv n‡q‡Q Gici

Avq †e‡o (y1) mÂq †iLv Wv‡b m‡i hvq| d‡j I=S(y1) Øviv fvimvg¨ wba©vwiZ nq f we›`y‡Z|

hv Wv‡bi wP‡Î b we›`y‡Z †`Lv‡bv n‡q‡Q| a I b we›`y †hvM K‡i IS †iLv cvIqv hvq hv Wvbw`‡K

wb¤œMvgx|

IS †iLvi Ici miKvwi e¨‡qi cÖfve

4.7 wP‡Î j¶Yxq †h miKvwi e¨q G cwigvY e„w×i d‡j IS †iLv IS1 n‡q evB‡ii w`‡K P‡j

hvq| hv wP‡Îi I+G wewb‡qv‡Mi mv‡_ IS †iLv Ges I+G+G-Gi m‡½ IS1 †iLv|

wP‡Î j¶Yxq miKvwi e¨q evo‡j IS †iLv Wv‡b ’vbvšÍwiZ nq| wecixZfv‡e miKvwi e¨q Kg‡j

IS †iLv †fZ‡ii w`‡K wd‡i Avm‡e|

wewb‡qvM e„w×i cÖfve

mÂq Av‡qi m‡½

abvZ¡K Ges my‡ì

nv‡ii m‡½ abvZ¡K

m¤ú‡K© Ave× Ges

wewb‡qvM my‡ì nv‡ii

m‡½ wecixZ m¤ú ‡K©

Ave× n‡j IS †iLv

A¼b Kiv hvq|



wewb‡qvM evo‡j IS †iLv evB‡i ’vbvšÍwiZ nq| wecixZ Ae ’vq A_©vr wewb‡qvM Kg‡j IS †iLv

†fZ‡i ’vbvšÍwiZ nq|

K‡ii cÖfve

4.8 bs wP‡Î cÖv_wgK ch©v‡q I+G=S+T Gi gva¨‡g IS cvIqv hvq| GLb aiv hvK K‡ii

cwigvY Kg‡jv| d‡j S+T †iLv Y A‡¶i w`‡K ’vb cwieZ©b K‡i| hv wP‡Îi S+T-T

†iLvwU| A_©vr I+G w ’i †_‡K Ki n«v‡mi d‡j mÂq I K‡ii hyM¥ †iLvwU Y A‡¶i w`‡K

¯’vbvšÍwiZ nIqvi d‡j Av‡qi cwigvY †e‡o hvq| wKš‘ GB e„w×cÖvß Av‡q my‡ì nvi w ’i _vKvi

Kvi‡Y IS †iLv Ic‡i ’vbvšÍwiZ nq| hv wP‡Îi IS1 †iLvwU| myZivs ejv hvq K‡ii cwigvY

Kg‡j IS †iLv Wvbw`‡K ’vb cwieZ©b K‡i| Aciw`‡K K‡ii cwigvY evo‡j IS †iLv evgw`‡K

¯’vb cwieZ©b Ki‡e|

APC I APS Gi cÖfve (APC evo‡j I APS Kg‡j)

Av‡jvPbvi cÖv_wgK ch©v‡q Mo †fvM cÖeYZvi e„w× I Mo mÂq cÖeYZvi n«vm wP‡Î †`Lv‡bv

n‡jv| Avgiv Rvwb, APS+APC=1 evo‡j APS K‡g Ges APC Kg‡j APS ev‡o| ¯q¤¢‚Z

†fvM ev APC evo‡j ev APS Kg‡j IS †iLv evgw`‡K †fZ‡i ¯’vbvšÍwiZ nq| APC Kg‡j ev

APS evo‡j IS †iLv Wvbw`‡K ’vbvšÍwiZ nq|

MPC I MPS Gi cÖfve : MPC evo‡j ev MPS Kg‡j

cÖv_wgKfv‡e IS †iLv †_‡K cvIqv hvq IS1| GLb MPC evo‡j ev MPS Kg‡j mÂq †iLvi

Xvj K‡g S© nq| d‡j IS †iLvi Xvj wKQyUv K‡g Ic‡i ’vbvšÍwiZ nq| wecixZ Ae ’vq MPC

Kg‡j ev MPS evo‡j IS †iLv †fZ‡i ’vbvšÍwiZ nq| MEC ev MEI evo‡j IS †iLv Wvbw`‡K

¯’vbvšÍwiZ nq Ges wecixZ Ae ’vq wecixZ dj cvIqv hv‡e|

APS+APC=1 evo‡j

APS K‡g Ges APC

Kg‡j APS ev‡o|

K¬vwmK¨vj A_©bxwZwe`MY mÂq Ges wewb‡qv‡Mi mgZvi gva¨‡g fvimvg¨ my‡ì nvi wba©viY K‡ib|

wKš‘ Keynes hyw³ †`Lvb †h, K¬ vwmK¨vj‡ì G ZË¡ ïay cyb©wb‡qv‡Mi †¶‡Î cÖ‡hvR¨| IS †iLv nj Ggb

KZ¸‡jv we› yi mÂvic_ hvi cÖwZwU we› y‡Z mÂq wewb‡qv‡Mi mgZv cÖKvk cvq Ges wewfbœ Av‡q my‡ì

nvi KZ ev wewfbœ my‡ì nv‡i Avq KZ Zv cÖKvk cvq| my‡ì nvi Kg‡j fvimvg¨ Avq ev‡o Ges my‡ì

nvi evo‡j fvimvg¨ Avq K‡g| GB wecixZ m¤ú‡K©i Kvi‡YB IS †iLv Wvbw`‡K wbæMvgx nq|

APS+APC=1 evo‡j APS K‡g Ges APC Kg‡j APS ev‡o| MEC ev MEI evo‡j IS †iLv Wvbw`‡K

mvims‡¶c




ˆbe© w³K cÖkœ


1. cÖvwšÍK †fvM cÖeYZv e„w×i d‡j IS †iLvi Xvj Kg‡Z _v‡K| mZ¨/wg_¨v

2. IS †iLv Dj¤ nq hLb wewb‡qvM Ges my‡ì nvi wecixZfv‡e m¤úK©hy³|

mZ¨/wg_¨v

msw¶ß cÖkœ

1. IS †iLvi êwkó¨mg~n wK?

2. IS †iLvi Ici miKvwi e¨‡qi cÖfve wK?

iPbvg~jK cÖkœ

1. wØLvZ wewkó A_©bxwZ‡Z wKfv‡e IS †iLv A¼b Kiv nq?

2. K. I=200-100i Ges S=80+0.20Y

IS mgxKiY Ges IS †iLvi Xvj wbY©q Kiæb|

L. C=50+0.75Y Ges I=60-200i IS mgxKiY wbY©q Kiæb| hLb my‡ì nvi 0.08 Ges 0.10, ZLb fvimvg¨ Avq KZ?


1. mZ¨ 2. wg_¨v



A‡_©i evRvi I LM †iLv


LM †iLv wK

LM †iLvi PjKmg~n

LM †iLvi DrcwË

LM †iLv m¤‡Ü me©cÖ_g J.R. Hicks aviYv cÖ vb K‡ib| Hicks †KBb‡mi Zvij¨ cQ›` Z‡Ë¡i

Awba©vwiZ Ae ’v †_‡K †h †iLv A¼b K‡ib Zv‡K LM †iLv ev Zvij¨ †iLv bv‡g cwiPq †`b|

LM †iLvi L Øviv Liquidity Preference of money Ges M Øviv Real supply of money (MP0

)

†evSvq| LM †iLv Ggb GKwU †iLv hvi cÖwZwU we› y‡Z A‡_©i Pvwn`v (LP) Ges A‡_©i †hvMvb

(M/P0) mgvb Ges Gi wewfbœ we›`y‡Z wewfbœ my‡ì nv‡i Av‡qi cwigvY KZ A_ev wewfbœ Av‡q

my‡ì nvi KZ Zv wb‡ ©k K‡i| †hLv‡b Av‡qi m‡½ my‡ì nv‡ii cÖZ¨¶ m¤úK© cÖKvk K‡i|

LM †iLvi PjKmg~n

LM †iLvi AšÍM©Z PjK PviwU-

1| †jb‡`b I mZK©Zvg~jK Pvwn`v (Mt)|

2| dUKv Pvwn`v (Mds)|

3| A‡_©i bvggvÎ †hvMvb (M)|

4| `vg¯Íi (P)|

GLv‡b Mt I Mds n‡jv AvPiYMZ PjK Ges M n‡jv bxwZMZ PjK, P n‡jv evRvi `vg|

LM †iLv Kv‡K e‡j?

†KBbm `ªe¨ evRv‡ii gva¨‡g my‡ì nvi wba©vi‡Yi AwbY©q Ae¯’v e¨vL¨vi †cÖw¶‡Z A_©evRvi

we‡kølY K‡ib| †KBbm g‡b K‡ib fvimvg¨ my‡ì nvi A‡_©i Pvwn`v I A‡_©i †hvMv‡bi mgZv

Øviv wba©vwiZ n‡e| wZwb A‡_©i Pvwn`vi Dcv`vb wn‡m‡e †jb‡`b Pvwn`v (Mtd), mZK©Zvg~jK

Pvwn`v (Mpd) Ges dUKv Pvwn`v (Ms

d) GB wZbwU Dcv`vb‡K we‡ePbv K‡ib, †hLv‡b †jb‡`b I

mZK©Zvg~jK Pvwn`v Av‡qi m‡½ m¤úwK©Z Ges dUKv Pvwn`v my‡ì nv‡ii m‡½ m¤úwK©Z| wZwb

A‡_©i †hvMvb‡K †K› ªxq e¨vsK KZ©„K wba©vwiZ e‡j we‡ePbv K‡ib| A‡_©i Pvwn`v I A‡_©i

†hvMv‡bi mgZv Øviv wbw`©ó `v‡g fvimvg¨ my‡ì nvi wba©vwiZ nq e‡j wZwb gZ cÖKvk K‡ib|

wKš‘ †KBbmxq Z‡Ë¡ K¬vwmK¨vj Z‡Ë¡i g‡ZvB AwbY©qZv †_‡K hvq| KviY †Kv‡bv Kvi‡Y hw`

Avq ev‡o Z‡e †jb‡`b Ges mZK©Zvg~jK Pvwn`v †e‡o hvq A_©vr A‡_©i †gvU Pvwn`v †e‡o hvq|

d‡j fvimvg¨ my‡ì nv‡ii cwieZ©b N‡U| fvimvg¨ my‡ì nvi wK n‡e Zv †KBb‡mi e¨vL¨vq

wba©viY Kiv m¤¢e bq| Avi GB Awb‡Y©q Ae¯’v †_‡K LM †iLv A¼b K‡ib|

cvV-2

†KBÝ A‡_©i Pvwn`vi

Dcv`vb wnmv‡e

†jb‡`b Pvwn`v

(Mtd), mZK©Zvg~jK

Pvwn`v (Mpd) Ges

dUKv Pvwn`v (Msd)

GB wZbwU Dcv`vb‡K

we‡ePbv K‡ib

†hLv‡b †jb‡`b I

mZK©Zvg~jK Pvwn`v

Av‡qi m‡½ m¤úwK©Z

Ges dUKv Pvwn`v

my‡ì nv‡ii m‡½

m¤úwK©Z|

LM †iLv Ggb GKwU

†iLv hvi cÖwZwU

we› y‡Z A‡_©i Pvwn`v

(LP) Ges A‡_©i

†hvMvb (

MP0

) mgvb

Ges Gi wewfbœ

we› y‡Z wewfbœ my‡ì

nv‡i Av‡qi cwigvY

KZ A_ev wewfbœ

Av‡q my‡ì nvi KZ

Zv wb‡ ©k K‡i|



4.9 wP‡Îi ÔKÕ As‡k cÖv_wgKfv‡e LP(Y0) Ges (MS/P0) A‡_©i †hvMvb †iLv r0 we› y‡Z

fvimvg¨ jvf K‡i‡Q| †hLv‡b y0 my‡ì nvi wba©vwiZ nq| y0 †_‡K y1 Avq n‡j A‡_©i †jb‡`b

Pvwn`v †e‡o hvq ZLb †gvU Pvwn`v †iLv nq LP(y1) Ges fvimvg¨ my‡ì nvi nq r1| hv ÔLÕ

wP‡Î r0 I r1 my‡ì nv‡ii m‡½ m¤úwK©Z Avq n‡jv y0 I y1 hv a Ges b we› y‡Z wb‡ ©k K‡i|

GB a I b we›`y †hvM K‡i A_© evRv‡ii fvimvg¨ †iLv Z_v LM(P0) †iLv cvIqv hvq|

LM †iLvi DrcwË

Keynes A‡_©i Pvwn`v (LP) I A‡_©i †hvMvb (MP0

) mgZv Øviv A_© evRv‡ii fvimvg¨ cÖwZôv

K‡ib| D‡jøL¨ †h Keynes Av‡qi m‡½ A‡_©i †jb‡`b I mZK©Zv Pvwn`v (Mt) †K m¤ú„³

K‡i‡Qb Ges K¬ vwmK¨vj c~Y©wb‡qvM aviYv †g‡b †bqwb| A_©vr Avq e„w×i my‡hvM i‡q‡Q|

4.10 ÔKÕ wP‡Î j¤ A‡¶ Avq Ges f‚wg A‡¶ A‡_©i †jb‡`b I mZK©Zv Pvwn`v (Mt) we‡eP¨|

Mt=ky †iLv EaŸ©Mvgx †`Lv‡bv n‡q‡Q| ÔLÕ wP‡Î j¤ A‡¶ my‡ì nvi Ges f‚wg A‡¶ Mt we‡eP¨| ÔMÕ wP‡Î j¤ A‡¶ my‡ì nvi Ges f‚wg A‡¶ A‡_©i Zvij¨ Pvwn`v (L) Ges cÖK…Z A‡_©



†hvMvb

MP0

we‡eP¨| ÔLÕ wP‡Î j¤ A‡¶ my‡ì nvi Ges f‚wg A‡¶ Avq we‡eP¨| cÖv_wgK Ae ’vq

ÔKÕ wP‡Î y0 Av‡q Mt n‡jv Mt0 Ges ÔLÕ wP‡Î Mt(y0) †iLv my‡ì nv‡ii m‡½ m¤úK© †iLv AvuKv

n‡q‡Q| d‡j Avq evo‡j Mt ev‡o Ges A‡_©i Pvwn`v (LP)I ev‡o| wKš‘ Avgiv Rvwb A‡_©i

†hvMvb (MP0

) my‡ì nv‡ii m‡½ j¤ A‡¶i mgvšÍivj ev Aw ’wZ¯’vcK| djkÖæwZ‡Z e„w×cÖvß

A‡_©i Pvwn`vi ìæb bZzb my‡ì nvi wba©vwiZ nq| ZvB fvimvg¨ my‡ì nvi †KvbwU Zv ejv hvq

bv| †hRb¨ †KBb‡mi my` ZË¡wUI K¬vwmK¬ vj‡ì g‡Zv Awba©vwiZ ZË¡|

LM †iLv A¼b

†KBb‡mi g‡Z, A‡_©i Pvwn`v I †hvMv‡bi mgZvi gva¨‡g A_© evRv‡ii fvimvg¨ cÖwZwôZ nq|

Ges wewfbœ Av‡q wewfbœ my‡ì nv‡i A_© evRv‡ii fvimvg¨ m~PK wewfbœ we›`y wbq LM †iLv

MwVZ| Z‡e Avgv‡ì GKwU KwíZ LM †iLv A¼b Ki‡Z n‡j GKwU KwíZ A_©bxwZ we‡ePbv

Ki‡Z n‡e| †hLv‡b KwíZ A‡_©i Pvwn`v A‡c¶K Ges KwíZ A‡_©i †hvMvb A‡c¶K we‡ePbv

Ki‡Z n‡e|

LP=Mdt+Md

s ......... A‡_©i Pvwn`v A‡c¶K|

†hLv‡b, Mdt=g(y)=ky Ges Md

s=h(r) LP=ky+h(r) †hLv‡b, ky = A‡_©i mZK©Zvg~jK Pvwn`v (Md

p) Ges A‡_©i †jb‡`b Pvwn`v (Mdt)i m‡½

m¤úwK©Z|

h(r) = A‡_©i dUKv Pvwn`vi (Mds) m‡½ m¤úwK©Z| A_©vr †KBb‡mi gZvbymv‡i my‡ì nv‡ii

m‡½ Mds-Gi wecixZ m¤úK© Ges Av‡qi mivmwi m¤úK©|

Ab¨w`‡K, MS=MP0

................ A‡_©i †hvMvb A‡c¶K|

hv †K›`ªxq e¨vsK KZ©„K †`q Ges my‡ì nv‡ii m‡½ j¤ A‡¶i mgvšÍivj|

myZivs Md=MS… A‡_©i Pvwn`v I A‡_©i †hvMv‡bi mgZv|

ev, ky+h(r)=MS

ev, ky=MS-h(r)

ZvB Avgiv A‡_©i dUKv Pvwn`v, A‡_©i †jb‡`b Pvwn`v, A‡_©i mZK©Zvg~jK Pvwn`v I A‡_©i

†hvMv‡bi g‡a¨ mgšq mvav‡bi gva¨‡g GKwU LM †iLv A¼b Ki‡Z cvwi| hv wb¤œiƒc-

GKwU LM †iLv AvuK‡Z n‡j cÖ_‡g GKwU †`‡k A‡_©i Pvwn`v I †hvMv‡bi m¤ú‡K© we ÍvwiZ Z_¨

Kíbv Ki‡Z n‡e| †jb‡`b I mZK©Zvg~jK Pvwn`v (Mtd+Mp

d=Mt) Ges Msd-Gi †cÖw¶‡Z LM

†iLv AvuKv m¤¢e|

†h‡nZz A‡_©i Pvwn`v I A‡_©i †hvMv‡bi mgZv cwieZ©bkxj Z_v wewfbœ Av‡qi wewfbœ Pvwn`v

ZvwjKv cvIqv hvq Ges wfbœ wfbœ my‡ì nvi cvIqv hvq| ZvB LM †iLv mn‡RB Gi †cÖw¶‡Z

A¼b Kiv m¤¢e|

y=MS-h(r)

k ...............LM A‡c¶K|



Gfv‡e GKwU LM †iLv A¼b Kiv n‡jv- †hLv‡b

MSP0

cÖK…Z A_© †hvMvb †K›`ªxq e¨vsK KZ©„K

†`q| A‡_©i Pvwn`v yBfv‡e wef³ Mt=f(y)=K.y Ges Msd=f(r) Gi gva¨‡g Avgiv LM AvuK‡Z

cvwi-

4.11 wP‡Î A¶ (K) †Z A‡_©i dUKv Pvwn`v †`Lv‡bv n‡q‡Q, A¶ (M) †Z †jb‡`b I

mZK©Zvg~jK Pvwn`v †`Lv‡bv n‡q‡Q| A¶ (L) †Z A_© evRvi fvimvg¨ wb‡`©k Kiv n‡q‡Q|

†hLv‡b cy‡iv cÖK…Z A‡_©i †hvMvb =MSP0

hw` †jb‡`b I mZK©Zvg~jK (Mt) wnmv‡e ivLv nq

Z‡e A_© evRv‡ii fvimvg¨ n‡e

MSP0

=Mt=LP we› y‡Z| Ab¨w`‡K mg¯Í A_© hw` dUKv D‡Ï‡k¨

ivLv nq Z‡e

MSP0

=Msd=LP we› y‡Z fvimvg¨ n‡e| GB `ywU we› y †hvM K‡i A_© evRv‡ii

fvimvg¨ †iLv cvIqv hvq| cÖv_wgK my‡ì nvi r0 †Z Msd (dUKv Pvwn`v) n‡jv OMdSo cwigvY

Ges †jb‡`b I mZK©Zvg~jK Pvwn`v n‡jv Ot0 cwigvY|

G Ae¯’vq fvimvg¨ Avq n‡jv OY0 cwigvY Ges my‡ì nv‡ii m‡½ Av‡qi m¤úK© m~PK we›`y

n‡jv a4 A¶ (N) evRvi my‡ì nvi †e‡o r1 n‡j dUKv Pvwn`v K‡g Mds1 nq Ges †jb‡`‡bi

mZK©Zvg~jK Pvwn`v n‡jv Mt1 cwigvY| G Ae ’vq Avq n‡jv y1 cwigvY| y1 Av‡qi m‡½ r1 my‡ì nv‡ii m‡½ m¤úK©m~PK we›`y n‡jv b| a4 Ges b4 †hvM K‡i Avgiv LM(P0) †c‡Z cvwi|

LM †iLvi êwkó¨mg~n

1| LM †iLvi cÖwZwU we› y‡Z A_© evRv‡ii fvimvg¨ cÖKvk cvq Z_v A‡_©i Pvwn`v Ges

†hvMv‡bi mgZv cÖKvk cvq|

2| LM †iLv ¯vfvweK A‡_© evg †_‡K Wvb w`‡K EaŸ©Mvgx; Z‡e KLbB Wvbw`‡K wb¤œMvgx n‡Z

cv‡i bv|



3| LM Gi Dcv`vb¸‡jv nj A‡_©i †jb‡`b Pvwn`v, mZK©Zvg~jK Pvwn`v, dUKv Pvwn`v Ges

A‡_©i †hvMvb|

4| A‡_©i †hvMvb evo‡j LM †iLv Wv‡b ¯’vbvšÍwiZ nq|

5| A‡_©i Pvwn`v evo‡j LM †iLv ev‡g ¯’vbvšÍwiZ nq|

LM †iLvi ¯’vbvšÍ‡ii KviYmg~n

(i) LM evov ev Kgv

(ii) P evov ev Kgv

(iii) Mt evov ev Kgv

(iv) Mds evov ev Kgv

M I P Gi cÖfve :

4.12 wP‡Îi (K) As‡k Mds Gi m‡½ my‡ì nv‡ii wecixZ m¤úK© †`Lv‡bv n‡q‡Q| (L) As‡k

A‡_©i †hvMvb w ’i a‡i Mds I Mt Gi g‡a¨ m¤úK© ’vcb Kiv n‡q‡Q| †hLv‡b Md=MS| (M)

As‡k y-Gi m‡½ Mt-Gi m¤úK© †`Lv‡bv n‡q‡Q| wP‡Îi (N) As‡k Av‡qi m‡½ my‡ì nv‡ii

mivmwi m¤úK©m~PK we›`y¸‡jv †hvM K‡i abvZ¥K Xvjm¤úbœ EaŸ©Mvgx LM †iLv LM(P0) cvIqv

†Mj| Gev‡i M evo‡j ev P Kg‡j my‡ì nv‡ii m‡½ Mds †iLv m¤úK© w ’i Ae¯’vq A‡_©i

†hvMvb †iLv AB †_‡K CD nq| Ges GB CD †iLvi m‡½ m¤úK© †i‡L wP‡Îi (N) As‡k

LM©(P) †iLv cvIqv hvq| hv c~‡e© cÖvß LM(P0) †iLvi evB‡i Aew ’Z| wecixZ Ae¯’vq A_©vr

M Kg‡j ev P evo‡j LM †iLv †fZ‡i ’vbvšÍwiZ n‡e|



†jb‡`b I mZK©Zvg~jK Pvwn`v evov ev Kgv Mt evov ev Kgv :

A‡_©i †jb‡`b Pvwn`v evo‡j gvbyl Kg A_© e¨q Ki‡j A‡_©i cÖPjb MwZ Kg‡e| A_©bxwZ‡Z

ms‡KvPb ïiæ n‡e| Z_v LM †iLv ev‡g ¯’vbvšÍwiZ n‡e| Avevi A‡_©i †jb‡`b Pvwn`v Kg‡j

RbM‡Yi e¨q cÖeYZv evo‡e| A‡_©i cÖPjb MwZ evo‡e| A_©bxwZ‡Z ms‡KvPb ïiæ n‡e| LM

†iLv Wv‡b ¯’vbvšÍwiZ n‡e|

4.13 wP‡Î y0 Av‡q t0 †jb‡`b Pvwn`v s0 dUKv Pvwn`v Ges r0 my‡ì nvi wba©vwiZ nq|

GKBfv‡e y1t1s1r1 my‡ì nvi wba©vwiZ nq| hv a4 I b4 we›`y‡Z wb‡`©wkZ| a4 I b4 †hvM

K‡i LM(P0) cvIqv hvq| Gevi Mt †iLvi Xvj evo‡j ev A‡_©i †jb‡`b Pvwn`v evo‡j [(K) I

(L) As‡k c~‡e©i Ae ’v w ’i _vK‡j] r0 my‡ì nv‡i r1 Avq Ges y1 my‡ì nv‡i y1 © Avq wba©vwiZ

nq| hv a4 I b4 we›`y‡Z wb‡ ©wkZ| a4 I b4 †hvM K‡i (N) As‡k LM(P0) †iLv cvIqv hvq hv

c~‡e© cÖvß LM(P0) †iLvi Xv‡ji †P‡q †ewk Xvjhy³| myZivs ejv hvq †h, Mt †iLvi Xvj evo‡j

LM †iLvi Xvj ev‡o| wecixZ Ae ’vq A_©vr Mt †iLvi Xvj Kg‡j LM †iLvi Xvj Kg‡e|

dUKv Pvwn`v evov ev Kgv Mds-Gi cÖfve :

A‡_©i †jb‡`b Pvwn`v

evo‡j gvbyl Kg A_©

e¨q Ki‡j A‡_©i

cÖPjb MwZ Kg‡e|

A_©bxwZ‡Z ms‡KvPb

ïiæ n‡e| Z_v LM

†iLv ev‡g ’vbvšÍwiZ

n‡e|



cÖv_wgKfv‡e c~‡e©Kvi wP‡Îi g‡ZvB Avgiv LM(P0) †iLv cvB| Gevi Mds †iLvi Xvj †e‡o Md

s

n‡j 4.14 wP‡Îi Ab¨vb¨ As‡ki w ’i Ae ’vq (N) As‡k LM© (P0) †iLv cvIqv hvq| hv LM(P0)

†iLvi Xv‡ji †P‡q †ewk Xvjm¤úbœ| ZvB ejv hvq †h Mds †iLvi Xvj evo‡j LM †iLvi Xvj

K‡g| hv wP‡Îi LM©(P0) †iLvwU| wecixZ Ae ’vq A_©vr Mds †iLvi Xvj Kg‡j LM †iLvi Xvj

evo‡e|

A‡_©i Pvwn`v I †hvMvb DfqB Avq w¯’wZ¯’vcK Ae¯’vq LM †iLv A¼b :

mvaviY LM †iLv AsK‡b A‡_©i †hvMvb ewnt¯’fv‡e †`q we‡ePbv Kiv nq| Z‡e A‡bK mgq

GwU wKQyUv AšÍt¯’ cÖK…wZi n‡Z cv‡i| A_©vr RbM‡Yi Avq evo‡e A‡_©i †hvMvb †e‡o †h‡Z

cv‡i| G‡¶‡Î Avq evo‡j †hgb A‡_©i Pvwn`v evo‡e †Zgwb A‡_©i †hvMvb I evo‡e| G

Ae¯’vq cÖwZwU Av‡q A‡_©i Pvwn`v I †hvMvb mgZv Øviv LM †iLv A¼b Kiv hvq|

A‡_©i †jb‡`b I mZK©Zvg~jK Pvwn`v I †hvMvb my‡ì nv‡ii m‡½ m¤úK© Aw¯’wZ¯’vcK

Ges LM †iLv A¼b :

4.15 ÔKÕ wP‡Î A‡_©i †jb‡`b I mZK©Zvg~jK Pvwn`v Av‡qi A‡c¶K †`Lv‡bv n‡q‡Q| ÔLÕ

wP‡Î A‡_©i †hvMvb I mZK©Zvg~jK Pvwn`v my` Aw ’wZ¯’vcK †`Lv‡bv n‡q‡Q| ÔMÕ wP‡Î A‡_©i

dUKv Pvwn`v †`Lv‡bv n‡q‡Q| L+M wPÎ †_‡K ÔNÕ wP‡Î A‡_©i Pvwn`v †iLv A¼b Kiv n‡q‡Q|

GKB m‡½ A‡_©i †hvMvb my` Aw¯’wZ¯’vcK AvuKv n‡q‡Q| A‡_©i Pvwn`v I †hvMv‡bi mgZv Øviv

r0 my‡ì nvi Ges r1 my‡ì nvi wba©vwiZ nq| y0 Av‡q r0 my‡ì nvi Ges y1 Av‡q r1 my‡ì nvi

wba©vwiZ nq| hv (O) wP‡Î e’ I f’ we› y‡Z †`Lv‡bv n‡q‡Q| e’ I f’ we› y †hvM K‡i LM(P0) †iLv cvIqv hvq|

A‡_©i Pvwn`v I †hvMvb Dfq my` w¯’wZ¯’vcK n‡j LM †iLv A¼b :

A‡_©i †jb‡`b, mZK©Zv I dUKv Pvwn`v †iLv my` w¯’wZ ’vcK A_ev A‡_©i †jb‡`b I mZK©Zv

Pvwn`v my` Aw ’wZ ’vcK n‡j Ges A‡_©i dUKv Pvwn`v my` w ’wZ ’vcK Ae ’vq hw` A‡_©i †hvMvb

my` w ’wZ ’vcK nq Ges A‡_©i †hvMvb hw` my‡ì nv‡ii m‡½ abvZ¥K m¤ú‡K© Ave× nq Zvn‡j

LM †iLv EaŸ©Mvgx n‡e|

RbM‡Yi Avq evo‡j

A‡_©i †hvMvb †e‡o

†h‡Z cv‡i| G‡¶‡Î

Avq evo‡e †hgb

A‡_©i Pvwn`v evo‡e

†Zgwb A‡_©i †hvMvb

I evo‡e|




ˆbe© w³K cÖkœ


1. A‡_©i †hvMvb evo‡j LM †iLv Wvbw`‡K ¯’vbvšÍwiZ nq| mZ¨/wg_¨v

2. LM †iLv gv‡S gv‡S Wvbw`‡K wb¤œMvgx n‡Z cv‡i| mZ¨/wg_¨v

3. Mt †iLvi Xvj Kg‡j,

K. LM †iLvi Xvj Kg‡e

L. LM †iLvi Xvj evo‡e

M. LM †iLvi Xvj KL‡bv Kg‡e ev evo‡e

N. Dc‡ii †KvbwUB bq

msw¶ß cÖkœ

1. LM †iLv †Kb ¯’vbvšÍi nq?

2. LM †iLvi êwkó¨mg~n wK?

iPbvg~jK cÖkœ

1. wKfv‡e LM †iLv A¼b Kiv hvq?

2. M=400, Mt=0.25Y Ges MdS=100-400i n‡j LM mgxKiY wbY©q Kiæb, †hLv‡b

M=A‡_©i †hvMvb, Mt= †jb‡`b I mZK©Zvg~jK A‡_©i Pvwn`v Ges MdS= A‡_©i dUKv

Pvwn`v| GLb A‡_©i †hvMvb (K) 800 n‡j A_ev (L) 200 n‡j LM mgxKi‡Yi Ici

cÖfve †`Lvb| (K) I (L) †Z LM †iLv †Kvbw`‡K ¯’vbvšÍwiZ n‡e, †mUvI D‡jøL Kiæb|

3. M=250, Mt=0.20 Ges MdS=150-500i n‡j LM mgxKiY wbY©q KiæY| LM

mgxKi‡Yi cwieZ©b e¨vL¨v Kiæb-

K. Mt I MdS w ’i †_‡K M e„w× †c‡q 500 n‡jv|

L. M I MdS AcwiewZ©Z †_‡K Mt=0.25 n‡jv|

M. M I Mt AcwiewZ©Z †_‡K MdS=200-500i n‡jv


1. mZ¨ 2. wg_¨v 3. K

LM †iLv Ggb GKwU †iLv hvi cÖwZwU we›`y‡Z A‡_©i Pvwn`v (LP) Ges A‡_©i †hvMvb (MP0

) mgvb Ges

Gi wewfbœ we›`y‡Z wewfbœ my‡ì nv‡i Av‡qi cwigvY KZ A_ev wewfbœ Av‡q my‡ì nvi KZ Zv wb‡ ©k

K‡i| †hLv‡b Av‡qi m‡½ my‡ì nv‡ii cÖZ¨¶ m¤úK© cÖKvk K‡i| †KBÝ A‡_©i Pvwn`vi Dcv`vb

wnmv‡e †jb‡`b Pvwn`v (Mtd), mZK©Zvg~jK Pvwn`v (Mp

d) Ges dUKv Pvwn`v (Ms

d) GB wZbwU

Dcv`vb‡K we‡Pbv K‡ib †hLv‡b †jb‡`b I mZK©Zvg~jK Pvwn`v Av‡qi m‡½ m¤úwK©Z Ges dUKv

Pvwn`v my‡ì nv‡ii m‡½ m¤úK©Z| RbM‡Yi Avq evo‡e A‡_©i †hvMvb †e‡o †h‡Z cv‡i| G‡¶‡Î Avq

evo‡j †hgb A‡_©i Pvwn`v evo‡j †Zgwb A‡_©i †hvMvbI evo‡e|

mvims‡¶c



cvV - 3

IS I LM g‡W‡ji gva¨‡g mvaviY fvimvg¨


IS I LM g‡W‡ji gva¨‡g fvimvg¨

fvimv‡gï cwieZ©b

mvaviY fvimvg¨ e¨vL¨vi †¶‡Î ªe¨ evRvi I A_© evRv‡ii mvnvh¨ †bqv nq| ªe¨ evRv‡ii

fvimvg¨ e¨vL¨vi †¶‡Î K¬vwmK¨vj I †KBbmxq A_©bxwZwe`MY Ae`vb iv‡Lb| K¬vwmK¨vj

A_©bxwZwe`‡ì g‡Z, mÂq my‡ì nv‡ii m‡½ mivmwi Ges wewb‡qvM my‡ì nv‡ii m‡½ wecixZ

m¤ú‡K© Ave×| Ab¨w`‡K †KBbmxq A_©bxwZwe`‡ì g‡Z mÂq Avq Øviv cÖfvweZ nq, †h Kvi‡Y

fvimvg¨ my‡ì nvi †KvbwU Zv wba©viY Kiv hvq bv, Z_v K¬vwmK¨vj my` ZË¡I Awba©vwiZ ZË¡

wnmv‡e cwiwPZ| Hicks †KBb&m I K¬vwmK¨vj‡ì mgšq mva‡bi gva¨‡g ªe¨ evRv‡ii fvimvg¨

†_‡K IS †iLv A¼b K‡ib|

wP‡Îi gva¨‡g K¬vwmK¨vj I †KBbmxq‡ì mgšq †_‡K IS †iLv A¼b Kiv hvq-

4.16 (K) wP‡Î I=S(y0) Øviv e we›`y‡Z r0 my‡ì nvi wba©vwiZ nq| (L) wP‡Î r0 my‡ì nv‡i y0

Avq a we› y‡Z †`Lv‡bv n‡q‡Q| Avq †e‡o y1 n‡j I=S(y1) Øviv r0 my‡ì nvi wba©vwiZ nq| (L)

wP‡Î r1 my‡ì nv‡i Y1 Avq b we› y‡Z †`Lv‡bv n‡q‡Q| a I b we› y †hvM K‡i cvIqv hvq IS

†iLv| (K) wP‡Î j¶Yxq †h y0 Av‡q my‡ì nvi r0 Ges y1 Av‡q my‡ì nvi y1| Kv‡RB fvimvg¨

my‡ì nvi †KvbwU Zv ejv hvq bv| (K) wP‡Î Av‡iv j¶¨ Kiv hvq †h, mÂq wewb‡qv‡Mi mgZv

bv _vK‡j Avq Ges my‡ì nv‡ii DÌvb-cZ‡bi nv‡i (K) wP‡Îi K we› y‡Z wewb‡qvM †ewk I

mÂq Kg| d‡j Avq evo‡e ev mÂq evo‡e fvimvg¨ Avm‡e A_ev my‡ì nvi evo‡e Z_v K

we› y‡Z A_©bxwZ w ’i _vK‡e bv| Ab¨w`‡K r0 my‡ì nv‡i M we› y‡Z mÂq †ewk, wewb‡qvM Kg|

ZvB Avq Kg‡e ev my‡ì nvi Kg‡e Ges A_©bxwZ fvimvg¨ Ae ’vq Avm‡e| ZvB IS †iLvi wb‡P

A_©bxwZ _vK‡j wewb‡qvM mÂ‡qi †P‡q †ewk _v‡K| d‡j Avq ev‡o A_ev my‡ì nvi ev‡o Ges

cvV-3

IS †iLvi wb‡P

A_©bxwZ _vK‡j

wewb‡qvM mÂ‡qi

†P‡q †ewk _v‡K|

d‡j Avq ev‡o A_ev

my‡ì nvi ev‡o Ges

IS †iLvi Ic‡i †h

†Kv‡bv we› y‡Z mÂq

wewb‡qvM Gi †P‡q

†ewk| d‡j Avq K‡g

ev my‡ì nvi K‡g|



IS †iLvi Ic‡i †h‡Kv‡bv we› y‡Z mÂq wewb‡qvM-Gi †P‡q †ewk| d‡j Avq K‡g ev my‡ì nvi

K‡g|

Ab¨w`‡K †KBbmxq A_© evRv‡ii fvimv‡gï Awba©vwiZ Ae ’v †_‡K wnK&m-†nbmb LM †iLv

A¼b K‡ib| †KBbm A‡_©i Pvwn`v I A‡_©i †hvMv‡bi mgZv Øviv fvimvg¨ my‡ì nvi wba©viY

K‡ib| wKš‘ Av‡qi cwieZ©b n‡j A‡_©i Pvwn`v †e‡o hvq Ges m‡½ m‡½ my‡ì nviI †e‡o

hvq| wKš‘ †KBbm Gi e¨vL¨v †`bwb| wnKm&-†nbmb A‡_©i Pvwn`v A‡_©i †hvMv‡bi mgZv

mv‡c‡¶ A_© evRv‡ii fvimvg¨ †_‡K LM †iLv A¼b K‡ib| wP‡Îi gva¨‡g LM †iLvi A¼b

†`Lv‡bv n‡jv-

`ªe¨ evRv‡i fvimvg¨ †_‡K fvimvg¨ my‡ì nvi †KvbwU Zv ejv m¤¢e bq| KviY wewfbœ Av‡q

wewfbœ my‡ì nvi cvIqv hvq| Av‡qi cwieZ©b my‡ì nv‡ii cwieZ©b Kij, ZvB †Kv‡bv GKwU

my‡ì nvi‡K fvimvg¨ my‡ì nvi ejv wVK bq| ªe¨ evRv‡ii ØvivB ïay my‡ì nvi wba©vwiZ nq

bv eis A_© evRviI my‡ì nv‡ii Ici cÖfve we¯Ívi K‡i|

mÂq wewb‡qvM mgZv we› y‡Z hw` L=M kZ© cvwjZ bv nq Z‡e Afvimvg¨ Ae ’v †`Lv †`‡e|

Ab¨w`‡K ïay LM †iLv GKKfv‡e my‡ì nvi wba©viY Ki‡Z cv‡i bv| KviY Avq evo‡j A‡_©i

Pvwn`v ev‡o Ges my‡ì nviI †e‡o hvq| A_©vr cÖwZwU Avq Í‡i GKwU K‡i my‡ì nvi cvIqv

hvq| ZvB fvimvg¨ my‡ì nvi †KvbwU Zv ejv hvq bv| ïay A_© evRvi bq, ªe¨ evRvi I my‡ì

nv‡ii Ici cÖfve we Ívi K‡i hv we‡ePbv Kiv cÖ‡qvRb|

L=M kZ© cvwjZ n‡jI hw` IS nq Z‡e fvimvg¨ my‡ì nvi wba©vwiZ n‡e bv| †h my‡ì nv‡i

Ges Av‡q I=S Ges L=M n‡e †mLv‡bB mvaviY fvimvg¨ wba©vwiZ n‡e| Z_v IS=LM †iLvi

†Q` we› y‡Z fvimvg¨ wba©vwiZ n‡e| kZ© _v‡K †h IS †iLvi Xv‡ji †P‡q LM †iLvi Xvj †ewk

n‡e| 4.17 bs wP‡Î welqwU †`Lv‡bv n‡jv|



wP‡Î E we› y‡Z IS=LM kZ© cvwjZ n‡q‡Q Ges r0 my‡ì nvi Ges y0 Av‡q mvaviY fvimvg¨

AwR©Z n‡q‡Q|

mvgwMÖK fvimv‡gï cwieZ©b :

1| miKvwi e¨q e„w× ev Ki n«vm ev †fvM cÖeYZv e„w× ev mq¤¢~Z †fvM ev wewb‡qvM e‡j mvgwMÖK

fvimvg¨ miKvwi e¨q evo‡j, Ki n«vm †c‡j, †fvM cÖeYZv e„w× †c‡j, ¯q¤¢‚Z †fvM evo‡j ev

¯q¤¢‚Z wewb‡qvM evo‡j mvgwMÖK Pvwn`v ev‡o, d‡j IS †iLv Wv‡b ¯’vbvšÍwiZ nq| IS-LM

g‡W‡j IS iLv Wv‡b ¯’vbvšÍwiZ n‡j Avq ev‡o Ges my‡ì nvi †e‡o hvq|


ˆbe© w³K cÖkœ


1. †KBbmxq A_©bxwZwe`‡ì g‡Z mÂq Avq Øviv cÖfvweZ nq| mZ¨/wg_¨v

2. I=S, L>M Ae¯’vq

K. my‡ì nvi evo‡j Avq Kg‡e|

L. my‡ì nvi evo‡j Avq evo‡e|

M. my‡ì nvi I Avq mgvb nv‡i Kg‡e|

N. Ic‡ii †Kv‡bvwUB bq|

3. IS-LM g‡W‡j IS †iLv Wv‡b ’vbvšÍwiZ n‡j Avq ev‡o Ges my‡ì nvi K‡g hvq|

mZ¨/wg_¨v

msw¶ß cÖkœ

1. IS-LM g‡W‡j fvimvg¨ Ae¯’vq miKvwi e¨q evo‡j fvimv‡gï wK nq?

iPbvg~jK cÖkœ

1. IS-LM g‡W‡j wKfv‡e fvimvg¨ wba©vwiZ nq?

2. wØLvZ A_©bxwZ‡Z C=100+0.75Yd, †hLv‡b Yd=Y, I=300-200i, Mt=0.25Y, MSd=100-400i Ges M=440

1| I=S, L>M r y 2| I=S, L<M r y 3| L=M, I(<S r y 4| L=M, I>S, r y 5| I=S, L=M, fvimvg¨

IS-LM g‡W‡j IS iLv

Wv‡b ’vbvšÍwiZ n‡j

Avq ev‡o Ges my‡ì

nvi †e‡o hvq|

IS †iLvi wb‡P A_©bxwZ _vK‡j wewb‡qvM mÂ‡qi †P‡q †ewk _v‡K| d‡j Avq ev‡o A_ev my‡ì nvi

ev‡o Ges IS †iLvi Ic‡i †h †Kv‡bv we›`y‡Z mÂq wewb‡qvM Gi †P‡q †ewk| d‡j Avq K‡g ev my‡ì

nvi K‡g| IS-LM g‡W‡j IS iLv Wv‡b ’vbvš—wiZ n‡j Avq ev‡o Ges my‡ì nvi †e‡o hvq| IS=LM

†iLvi †Q` we›`y‡Z fvimvg¨ wba©vwiZ n‡e|

mvims‡¶c



K. A_© evRv‡ii fvimvg¨ (LM) Ges `ªe¨ evRv‡ii fvimvg¨ wbY©q Kiæb|

L. Dfq fvimv‡g¨i mgš‡q mvgwMÖK fvimvg¨ wbY©q K‡i Y, i, C, Mt, I Msd-Gi gvb

wbY©q Kiæb|

M. Ab¨vb¨ Ae¯’v w¯’i †_‡K A‡_©i †hvMvb K‡g 340 n‡j fvimvg¨ Avq I my‡`i nv‡ii

Ici wK cÖfve co‡e?


1. mZ¨ 2. K 3. wg_¨v



Avw_©K I ivR¯ bxwZ

Monetary and Fiscal Policy

†Kvb †`‡k miKv‡ii bxwZi mnvqK wnmv‡e mvgwMÖK Pvwn`v e„w×i j‡¶¨ KZ©„c¶ †hme bxwZ MÖnY K‡i †mUv Avw_©K

bxwZ| Avevi A_©bxwZ‡Z hLb g›`v †`Lv †`q A_©vr †hvMv‡bi †P‡q Pvwn`v Kg _v‡K ZLb miKvi‡K n Í‡¶c K‡i

wKQy Kvh©µg wb‡Z nq| miKv‡ii G ai‡bi Kvh©µg‡K ejv nq ivR¯ bxwZ| eZ©gvb BDwb‡Ui wZbwU cv‡V Avgiv

h_vµ‡g Avw_©K bxwZ, ivR¯bxwZ Ges Drcv`‡bi mgšq I bxwZi wgkªY m¤‡Ü we ÍvwiZ Rvbe|


cvV-1 : Avw_©K bxwZ

cvV-2 : ivR¯ bxwZ

cvV-3 : Drcv`‡bi mgšq Ges bxwZi wgkªY

5



Avw_©K bxwZ

GB cvV c‡o Avcwb Rvb‡Z cvi‡eb-

Avw_©K bxwZ m¤úwK©Z aviYv

¯’vbvšÍi cÖwµqv

Avw_©K bxwZi nvwZqvimg~n

Zvij¨ duv`

mbvZb aviYv

Avw_©K bxwZ m¤ú‡K© wek`fv‡e Av‡jvPbv Kivi Av‡M G m¤úwK©Z K‡qKwU aviYvi e¨vcv‡i

Av‡jvKcvZ Kiv hvK|

1. Avw_©K KZ©„c¶ (Monetary Authority) : A‡_©i †hvMvb wbqš¿YKvix KZ©„c¶ ev A_©evRv‡ii

A½xf‚Z me Avw_©K cÖwZôvb‡K wbqš¿YKvix KZ©„c¶‡K Avw_©K KZ©„c¶ e‡j| evsjv‡`‡k A‡_©i

†hvMvb wbqš¿Y K‡i †K› ªxq e¨vsK Ges ¶z`ªZg Ask miKvi| ZvB †K›`ªxq e¨vsK I miKvi

GLv‡b Avw_©K KZ©„c¶| e¨vcK A‡_© †K›`ªxq e¨vsK‡KB Avw_©K KZ©„c¶ ejv hvq|

2. e¨vsK nvi (Bank Rate) : †K› ªxq e¨vsK Zvi Zdwkwj e¨vsK¸‡jv‡K †h my‡`i nv‡i

¯í‡gqvw` FY cÖ vb K‡i ZvB nj e¨vsK nvi| Ab¨fv‡e ejv hvq, †K› ªxq e¨vs‡Ki wbKU †Kv‡bv

Zdwkwj e¨vsK ûwÛ fvOv‡Z †M‡j †K› ªxq e¨vsK †h nv‡i evÆv K‡i †mB nviB n‡jv e¨vsK nvi|

GwU †Kv‡bv †`‡ki FY wbqš¿‡Yi GKwU k³ nvwZqvi|

3. A‡_©i †hvMvb (Money Supply) :

K. msKxY© gy`ªv (Narrow money supply) : A‡_©i †hvMvb ej‡Z RbM‡Yi nv‡Z iw¶Z

A_© Ges e¨vs‡K iw¶Z Pvwn`v AvgvbZ Gi mgwó‡K †evSvq|

ms‡¶‡c, M1=C+D

M1=msKxY© gy`ªv, C=RbM‡Yi nv‡Z iw¶Z A_©, D=Pvwn`v AvgvbZ|

L. we Í…Z A‡_© A‡_©i †hvMvb (Broad Money supply) : †Kv‡bv wbw`©ó mg‡q RbM‡Yi

nv‡Z iw¶Z A_©, evwYwR¨K e¨vs‡K iw¶Z Pvwn`v AvgvbZ Ges †gqvw` Avgvb‡Zi mgwó‡K we Í…Z

A‡_© A‡_©i †hvMvb †evSvq|

M2=C+D+TD †hLv‡b M2= we¯Í…Z A‡_© A‡_©i †hvMvb, C=RbM‡Yi nv‡Z iw¶Z A_©, D=Pvwn`v AvgvbZ,

TD=†gqvw` AvgvbZ|

4. Avw_©K wfwË/kw³kvjx gy ªv (High power money) : †Kv‡bv A_©bxwZ‡Z wbw ©ó mg‡q cÖPwjZ

Zij Avw_©K m¤ú` †hgb †bvU I K‡q‡bi mgwó‡K Avw_©K wfwË (Monetary Base) ev kw³kvjx

gy ªv (High Power Money) e‡j| hv g~jZ RbM‡Yi nv‡Z iw¶Z A_© (C) Ges †K›`ªxq e¨vs‡K

iw¶Z evwYwR¨K e¨vsKmg~‡ni wiRv‡f©i (R) mgwó|

cvV-1



5. Avw_©K cÖwZôvb (Financial Institution) : †hme cÖwZôvb AvgvbZ MÖnY K‡i Fb cÖ vb

K‡i, ¯Y©, ê‡`wkK gy ªv µq-weµq K‡i Ges ¯íKvjxb FY †jb‡`b K‡i Zv‡ì‡K Avw_©K

cÖwZôvb e‡j|

6. cÖPwjZ gy`ªv (Currency in circulation) : †h A_© RbM‡Yi †jb‡`‡b eëüZ n‡”Q Zv‡K

cÖPwjZ gy`ªv †evSvq| Avw_©K bxwZ n‡iv A_©‰bwZK bxwZmg~‡ni †mB Ask hvi gva¨‡g Avq,

wb‡qvM, Drcv`b Ges `v‡gi w ’wZkxjZv, A_©‰bwZK cÖe„w× I ê‡`wkK wewbgq nvi wbqš¿Y Kiv

nq| GLv‡b mnvqK kw³ wnmv‡e Avw_©K KZ©„c¶ A‡_©i †hvMvb, my‡ì nv‡ii KvVv‡gv, FY

eë¯’vi g‡Zv Avw_©K welqmg~n eënvi K‡i| Ab¨fv‡e ejv hvq KZ©„c¶ miKv‡ii bxwZi

mnvqK wn‡m‡e mvgwMÖK Pvwn`v e„w×i j‡¶¨ †hme bxwZ MÖnY K‡i †mUvB Avw_©K bxwZ| GLv‡b

†K› ªxq e¨vsK GKwU gyL¨ f‚wgKv cvjb K‡i|

7. Avw_©K bxwZ : †K› ªxq e¨vsK Avw_©K bxwZ cwiPvjbv K‡i †Lvjv evRvi Kvh©µg cÖwµqvi

gva¨‡g| GB cÖwµqvq †K› ªxq e¨vs‡Ki mvnv‡h¨ miKvwi eÛ, †UªRvwi wej miKvi wK‡b †bq|

†`‡k A_© cÖevn evov‡Z n‡j †K› ªxq e¨vsK H †`‡ki gy`ªv (†hgb- evsjv‡`‡k UvKv) Qvwc‡q Zv

evRv‡i Qwo‡q †`q| wewbg‡q gvbyl ev †µZvi KvQ †_‡K Zviv miKvwi eÛ, †UªRvwi wej wK‡b

†bq| †`‡k A‡_©i cÖevn wbqš¿‡Y †K› ªxq e¨vs‡Ki GB miKvwi eÛ, †UªRvwi wej µq-weµ‡qi

cÖwµqvwUB †Lvjv evRvi Kvh©µg|

aiæb †`‡ki A_©bxwZ‡Z miKvwi e‡Ûi msL¨v †ewk| Ab¨fv‡e ej‡j †`‡ki A_©bxwZ‡Z UvKvi

cÖevn Kg| cÖevn evov‡Z Ges e‡Ûi msL¨v Kgv‡Z †K› ªxq e¨vsK wb‡Ri Znwej †_‡K A_©

†hvMvb †`‡e, miKvwi eÛ µq Ki‡e| d‡j A_©bxwZ ev evRv‡i e‡Ûi msL¨v K‡g hv‡e| Pvwn`vi

Zzjbvq †hvMvb Kg‡Z _vK‡j miKvwi e‡Ûi `vg evo‡Z _vK‡e| my‡ì nvi n«vm cvIqvq

A_©bxwZ‡Z ZLb †fv³viv Zv‡ì m¤ú‡ì ¶z`ªvsk eÛ wn‡m‡e Ges e„n`vsk UvKv wn‡m‡e

ivL‡e|

5.1 bs wP‡Îi gva¨‡g †LvjvevRvi

Kvh©µ‡gi Kvh©KvwiZv fv‡jvfv‡e

†evSv †h‡Z cv‡i| cÖv_wgK

fvimvg¨ wQj E we› y‡Z| †hLv‡b

A‡_©i cÖevn wQj M/P. miKvi

†LvjvevRvi Kvh©µg cwiPvjbvi

ci A_©bxwZ‡Z A‡_©i cwigvY e„w×

cvq| hvi djkÖæwZ‡Z LM †iLv

wb‡Pi w`‡K †b‡g LM Av‡m|

d‡j bZzb fvimvg¨ we› y E-Gi

DrcwË nq| OE we› yi Ae¯’v‡b

GKw`‡K my‡ì nvi Av‡Mi Zzjbvq

n«vm †c‡q‡Q (io †_‡K i1),

Ab¨w`‡K cÖv_wgK Av‡qi †P‡q

Av‡qi cwigvY †e‡o‡Q Y0 †_‡K

Y1| KviY †LvjvevRvi Kvh©µ‡gi ìæb A_©bxwZ‡Z my‡ì nvi n«vm †c‡q‡Q Ges wewb‡qvM e¨q

†e‡o‡Q| wPÎ Abymv‡i LM h‡Zv bvg‡e Avq Z‡Zv e„w× cv‡e| hw` A‡_©i Pvwn`v Ges my‡ì

nvi AwZ m~² cÖwZwµqvkxj nq Zvn‡j GKwU wbw ©ó cwigvY A‡_©i cÖev‡ni cwieZ©b my‡ì

nv‡ii m~² cwieZ©‡bi gva¨‡g evRv‡i AvÍf‚Z Kiv ev we‡kvwlZ Kiv m¤¢e| G‡¶‡Î wewb‡qv‡Mi

†`‡k A‡_©i cÖevn

wbqš¿‡Y †K› ªxq

e¨vs‡Ki miKvwi eÛ,

†UªRvwi wej µq-

weµ‡qi cÖwµqvwUB

†Lvjv evRvi

Kvh©µg|

A‡_©i Pvwn`v I my‡ì

nvi hw` AwZ

cÖwZwµqvkxj bv nq,

Zvn‡j GKwU wbw ©ó

cwigvY UvKvi cÖevn

cwieZ©b my‡ì nv‡ii

e„nr cwieZ©b NUv‡e|

hvi cÖfve co‡e

wewb‡qvM Pvwn`vi

e„w×i gva¨‡g|



nviI A‡bK m‚² ev ¶z`ª n‡e| Ab¨w`‡K A‡_©i Pvwn`v I my‡ì nvi hw` AwZ cÖwZwµqvkxj bv

nq, Zvn‡j GKwU wbw ©ó cwigvY A‡_©i cÖevn cwieZ©b my‡ì nv‡ii e„nr cwieZ©b NUv‡e| hvi

cÖfve co‡e wewb‡qvM Pvwn`vi e„w×i gva¨‡g| GKBfv‡e hw` A‡_©i Pvwn`v I Av‡qi nvi

AwZwi³ cÖwZwµqvkxj nq, wbw ©ó A‡_©i cÖevn e„w× Av‡qi cwigv‡Yi mvgvb¨ cwieZ©‡bi gva¨‡g

A_©bxwZ‡Z we‡kvwlZ Kiv m¤¢e| G‡¶‡Î Avw_©K ¸YK Lye ¶z`ª n‡e|

A_©bxwZ‡Z miKvi hLb UvKvi cÖevn evwo‡q w`‡q fvimvg¨ wdwi‡q Av‡b ZLb wK N‡U? 5.1 bs

wPÎ j¶¨ Kiæb| cÖv_wgK Ae ’vq fvimvg¨ wQj E we› z‡Z| A‡_©i cÖevn evov‡bvi d‡j

A_©bxwZ‡Z A‡_©i †hvMvb e„w× cvq| Gfv‡e †µZv ev †fv³viv Ab¨vb¨ m¤ú` wKb‡Z ïiæ K‡i|

d‡j m¤ú‡ì `vg evo‡Z _v‡K Ges cÖvwßi m¤¢vebv K‡g hvq| †h‡nZz m¤úwËi evRvi Lye `ªæZ

Lvc LvB‡q †bq ZvB A_©‰bwZK fvimvg¨ n‡e E1 we›`y‡Z| E1 we›`y‡Z Avw_©K evRv‡i †fv³viv

cÖK…Z UvKv a‡i ivLvi †Póv Ki‡e| KviY GLv‡b my‡ì nvi Kg| Zviv LiP Kwg‡q †`‡e| wKš‘

GB we›`y‡Z c‡Yï Pvwn`v †hvMv‡bi Zyjbvq †ewk| KviY cÖv_wgK Avq (Y0) hw` GKB _v‡K

Zvn‡j my‡ì nvi K‡g hvIqvq AwZwi³ Pvwn`vi m„wó nq| d‡j A_©bxwZi gRy`K…Z cY¨ Kg‡Z

ïiæ K‡i| Drcv`b Ges Av‡qi cwigvY e„w× A‡_©i Pvwn`v evovq| †mB m‡½ e„w× cvq my‡ì

nvi| E fvimvg¨ we› y‡Z my‡ì nvi i Ges Drcv`b Y| Gfv‡e A‡_©i cwigvY e„w× K‡i

cÖ_‡g my‡ì nvi n«vm Kiv m¤¢e| ¯í my‡ì nv‡ii Kvi‡Y †fv³viv Zv‡ì †cvU©‡dvwjI bZzbfv‡e

mvRvq, hv cieZ©x‡Z mvgwMÖK Pvwn`v e„w× K‡i|

¯’vbvšÍi cÖwµqv

Avw_©K bxwZ †h cÖwµqvq mvgwMÖK Pvwn`vi Ici cÖfve †d‡j †mUvB ¯’vbvšÍi cÖwµqv| GB

cÖwµqvi y‡Uv avcB ¸iæZ¡c~Y©| avç‡jv n‡jv :

1| cÖK…Z UvKvi gRy` e„w×i Kvi‡Y †cvU©‡dvwjI‡Z fvimvg¨nxbZvi m„wó nq| KviY gvbyl

hZUzKz UvKv a‡i ivL‡Z Pvq Zvi‡P‡q †ewk gRy` iv‡L| GB Dcjwä evRv‡i †fv³vi ev †µZvi

msL¨v evovq| †µZviv UvKvi wewbg‡q m¤ú` wK‡b †bq, d‡j m¤ú‡ì `vg Ges cÖvwßi m¤¢vebv

cwiewZ©Z nq| A_© I m¤ú‡ì GB wewbg‡q UvKvi cÖevn Ges my‡ì nvi cwiewZ©Z nq|

2| my‡ì nvi mvgwMÖK Pvwn`v‡K cÖfvweZ K‡i| GB `ywU avcB UvKvi cÖevn m¤úwK©Z we‡køl‡Y

we`¨gvb|

my‡ì nv‡ii m‡½ †fvM I miKvwi e¨‡qi m¤úK© †`Lv‡bv nq| wb‡Pi Q‡K cy‡iv cÖwµqvi

avç‡jv Zz‡j aiv n‡jv-

cÖwµqvwUi cÖfve Avq Ges cÖK…Z fvimv‡gï g‡a¨ GKwU RwUj †hvMm~Î ˆZwi K‡i| cÖ_gZ,

†cvU©‡dvwjI fvimvg¨nxbZvi Rb¨ cÖK…Z fvimvg¨ cwiewZ©Z nq| d‡j my‡ì nvi cwiewZ©Z nq|

wØZxqZ, my‡ì nv‡ii cwieZ©b mvgwMÖK Pvwn`vi cwieZ©b NUvq| GB `yB cwieZ©‡bi Kvi‡YB

A_©bxwZ‡Z cÖK…Z A‡_©i cwigvY e`‡j hvq Ges Drcv`b‡K cÖfvweZ K‡i| G †_‡K †evSv hvq

†cvU©‡dvwjIi cwieZ©b my‡ì nvi‡K cwieZ©b bv K‡i cÖfvweZ Ki‡Z cv‡i| wKsev e¨q hw`

cÖK„Z A_©

cÖev‡ni

cwieZ©b

†cvU©‰dvwjI

e`jv‡bvi Kvi‡Y

m¤ú`/ c‡Yï g~j¨ I

my‡ì nvi cwieZ©b

my‡ì nvi

cwieZ©‡bi m‡½

m‡½ e¨‡q cwieZ©b

mvgwMÖK Pvwn`v

cwieZ©‡bi Rb¨

Drcv`‡b

cwieZ©b

A‡_©i cwigvY e„w×

K‡i cÖ_‡g my‡ì nvi

n«vm Kiv m¤¢e| ¯í

my‡ì nv‡ii Kvi‡Y

†fv³viv Zv‡ì

†cvU©‡dvwjI

bZzbfv‡e mvRvq, hv

cieZ©x‡Z mvgwMÖK

Pvwn`v e„w× K‡i|



my‡ì nv‡ii cwieZ©‡bi m‡½ e`‡j hvq, Zvn‡j A_© Ges Drcv`b †hvMm~Î m¤úK©nxb n‡q

c‡o| mvgwMÖK Pvwn`vi m‡½ my‡ì nv‡ii GB m¤úK© ˆZwi n‡q‡Q †fvM Pvwn`vi m‡½ my‡ì

nv‡ii we`¨gvb m¤ú‡K©i Rb¨| wbw ©ó Avq mxgvq my‡ì nvi evo‡j mÂq evo‡e| gvbyl ev

†fv³vi †fv‡Mi cwigvY Kg‡e|

Avw_©K bxwZi nvwZqvimg~n

Avw_©K bxwZ ev Íevq‡bi g~j wbqš¿YKvix kw³mg~n nj-

1. A‡_©i †hvMvb wbqš¿Y

2. FY wbqš¿Y

3. Zvij¨ wbqš¿Y

4. AwMÖg wbqš¿Y

5. my‡ì nvi wbqš¿Y|

Ic‡ii cuvPwU kw³i †h †Kv‡bv GKwU ev GKvwaK kw³i wbqš¿Y K‡i Avw_©K bxwZ ev Íevqb Kiv

nq| Avi GB kw³mg~n wbqš¿‡Yi nvwZqvimg~n n‡jv-

1. †Lvjv evRvi bxwZ : †K› ªxq e¨vsK hLb †ewk cwigvY FYcÎ weµq K‡i ZLb RbM‡Yi

nv‡Z ev evwYwR¨K e¨sKmg~‡ni nv‡Z bM` A_© K‡g hvq, ZLb evwYwR¨K e¨vs‡Ki FY

`v‡bi ¶gZv K‡g hvq Ges A_©bxwZ‡Z FY ms‡KvPb N‡U| Avevi hw` KL‡bv †K› ªxq

e¨vsK FYcÎ µq K‡i ZLb evwYwR¨K e¨vs‡Ki Kv‡Q cÖPzi bM` A_© P‡j hvq|

e¨vsK¸‡jvi FY`v‡bi ¶gZv †e‡o hvq| A_©bxwZ‡Z m¤úÖmviY ïiæ nq| ZvB A_©‰bwZK

ms‡KvPb-m¤úÖmvi‡Y †Lvjv evRvi bxwZ mnvqK n‡Z cv‡i|

2. bM` Rgvi AbycvZ cwieZ©b : †K› ªxq e¨vsK cÖwZwU evwYwR¨K e¨vs‡Ki †gvU Avgvb‡Zi

wbw ©ó Rgv iv‡L, hv‡K wiRv‡f©i nvi e‡j| †K› ªxq e¨vsK hw` GB wiRv‡f©i nv‡ii cwieZ©b

K‡i Zvn‡j Aek¨B evwYwR¨K e¨vsK¸‡jvi FY `vb ¶gZv evo‡Z cv‡i ev Kg‡Z cv‡i|

Z_v A_©‰bwZK DÌvb-cZ‡b A_©bxwZi GB nvwZqviwU mnvqK n‡Z cv‡i|

3. e¨vsK nvi : †K›`ªxq e¨vsK †h nv‡i evwYwR¨K e¨vsKmg~‡ni ûwÛ evÆv K‡i Zv‡K e¨vsK nvi

e‡j| †K› ªxq e¨vsK e¨vsK nvi evov‡j evwYwR¨K e¨vsK¸‡jv ûwÛ Kg evÆv (fvOv‡e)

Ki‡e| Avevi e¨vsK nvi Kgv‡j evwYwR¨K e¨vK¸‡jv †ewk cwigvY ûwÛ fvOv‡e| G‡Z

A‡_©i †hvMvb I F‡Yi †hvMvb †e‡o †h‡Z cv‡i| ZvB e¨vsK nvi Avw_©K bxwZi GKwU

¸iæZ¡c~Y© nvwZqvi|

4. †bvU cÖPjb I wbqš¿Y : Avw_©KbxwZi GKwU ¸iæZ¡c~Y© nvwZqvi nj †bvU cÖPjb| †K›`ªxq

e¨vsK bZzb †bvU cÖPjb K‡i ev cÖPwjZ †bv‡Ui GKvsk Rgv †i‡L ev APj K‡iI

A_©bxwZ‡K wbqš¿Y Ki‡Z cv‡i|

5. wiRv‡f©i nvi : evwYwR¨K e¨vsKmg~n Zv‡ì †gvU Avgvb‡Zi wbw ©ó Ask ˆ`bw›`b

AvgvbZKvix‡ì I FY MÖnYKvix‡ì Pvwn`v c~i‡Yi Rb¨ nv‡Z a‡i iv‡L| GwU †gvU

Avgvb‡Zi wbw ©ó Ask hv eva¨Zvg~jKfv‡e ivL‡Z nq| †K› ªxq e¨vsK hw` GB wiRv‡f©i

nvi n«v‡mi my‡hvM †`q Zvn‡j FY m„ó †ewk n‡e| Avevi hw` wiRv‡f©i nvi evov‡bv nq

Zvn‡j FY cÖ vb ¶gZv K‡g hv‡e|

6. Zvij¨Zvi AbycvZ : †K›`ªxq e¨vsK A‡bK mgqB e¨vsK nvi, †Lvjv evRvi bxwZ, wiRv‡f©i

nvi ev bM` Rgv Abycv‡Zi cieZ©‡bi gva¨‡g FY wbqš¿Y Ki‡Z cv‡i bv| ZLb Zvij¨Zvi

wbw ©ó Avq mxgvq

my‡ì nvi evo‡j

mÂq evo‡e| gvbyl

ev †fv³vi †fv‡Mi

cwigvY Kg‡e|



AbycvZ wbw ©ó K‡i †`qv nq| A_©vr †Kv‡bv e¨vs‡Ki †gvU m¤ú‡ì m‡½ Zij m¤ú` (bM`,

wej, miKvwi FYcÎ)-Gi AbycvZB GB Zvij¨Zvi AbycvZ evov‡j e¨vsK¸‡jvi FY`vb

¶gZv K‡g hv‡e| Avevi Zvij¨Zvi AbycvZ Kgv‡j e¨vsK¸‡jvi FYcÖ vb ¶gZv †e‡o

hv‡e|

7. wbe©vwPZ FY wbqš¿Y : Ic‡ii QqwU nvwZqviB nj c¶cvZnxb hv me e¨vsK I me

AvgvbZKvix‡ì †¶‡Î mgfv‡e cÖ‡hvR¨| wKš‘ wbe©vwPZ FY wbqš¿Y g~jZ c¶cvZg~jK|

G‡¶‡Î evwYwR¨K e¨vsKmg~n‡K we‡kl Lv‡Z FY †`qvi AwaKvi †`qv nq| G ai‡bi

nvwZqvi Øviv RvZxq cÖvavb¨c~Y© LvZ‡K mn‡hvwMZv Kiv hvq| G ai‡bi FY`vb bxwZ

e¨vswKs-Gi fvlvq F‡Yi †ikwbs e‡j|

8. FY`v‡bi †kl Avkªq¯’j : †K› ªxq e¨vsK FY`v‡bi †kl Avkªq ’j wn‡m‡e KvR K‡i| ZvB

†Kv‡bv mgq hw` wbqš¿‡Yi cÖ‡qvRb c‡o Zvn‡j †K› ªxq e¨vsK GB nvwZqviwU‡K eënvi

Ki‡Z cv‡i|

9. ˆbwZK Aby‡iva : mKj evwYwR¨K e¨vsKmg~n †K› ªxq e¨vs‡Ki wbqš¿‡Y _v‡K| †K› ªxq e¨vsK

cÖvqB evwYwR¨K e¨vsK¸‡jvi Kvh©µg Z`viwK ev cwi`k©b K‡i Ges Dc‡`k w`‡q _v‡K|

evwYwR¨K e¨vsK¸‡jv Gme wb‡`©k Av‡`‡ki g‡Zv cvjb K‡i| ZvB †K›`ªxq e¨vsK Zvi

ˆbwZK Aby‡iva ev Dc‡`k Øviv F‡Yi m¤úÖmviY ev ms‡KvPb Ki‡Z cv‡i|

Dcmsnv‡i ejv hvq, Avw_©K bxwZi me¸‡jv nvwZqvi me mgq GKm‡½ eënvi Kiv n‡e Ggb

K_v bq| †h †Kv‡bv GKwU ev GKvwaK GKm‡½ eënvi n‡Z cv‡i| GLv‡b Avw_©K bxwZ †h

nvwZqviwUi gva¨‡g †ewk Kvh©Ki n‡e| KZ©„c¶ †mB nvwZqviwU †ewk †Rvi w`‡q eënvi Ki‡e|

Zvij¨ duv`

Avw_©K bxwZi cÖfve Ges A_©‰bwZK Ae ’v we‡køl‡Y y‡Uv Pig Ae¯’v M‡elK‡ì bRi †K‡o‡Q|

cÖ_gwU Zvij¨ duv`| G Ae¯’vq †fv³viv GKwU wbw ©ó my‡ì nv‡ii wecix‡Z †h †Kv‡bv

mieivnK…Z A_© a‡i ivL‡Z AvMÖnx| G †_‡K †evSv hvq A‡_©i cwigvY LM †iLv‡K miv‡Z

cv‡i bv| LM †iLvwU mgvšÍivj _v‡K| G‡¶‡Î †LvjvevRvi Kvh©µg mvgwMÖK Avq ev my‡ì

nv‡ii Ici †Kv‡bv cÖfve †dj‡Z cv‡i bv| Zvij¨ duv‡ì mgq Avw_©K bxwZ A‡K‡Rv|

my‡ì nvi hLb k~b¨ ZLb Zvij¨ duv‡ì D™¢e n‡Z cv‡i| KviY, k~b¨ my‡ì nv‡ii wecix‡Z

gvbyl UvKv/ A‡_©i g~j¨ †h‡Kv‡bv e‡Ûi g~‡jï †P‡q †ewk g‡b Ki‡e| KviY †jb‡`‡bi mgq

UvKvi g~‡jï cwieZ©b n‡Z cv‡i| hv H Ae ’vq e‡Ûi †¶‡Î cÖ‡hvR¨ bq| d‡j G Ae ’vq

†Kv‡bvfv‡eB †fv³viv UvKvi wewbg‡q eÛ wKb‡e bv| ZvB e‡Ûi my‡ì nviI Kg‡e bv| GB

Ae¯’vq A_©bxwZ‡Z UvKvi cwigvY evov‡jI Avq ev my‡ì nvi cÖfvweZ n‡e bv| A_©bxwZ Zvij¨

duv‡ì Ke‡j co‡e| Bs‡iR A_©bxwZwe` m¨vi Rb †gbvW© †KBbm †h ZË¡ w`‡qwQ‡jb Zvi

†_‡KB Zvij¨ duv‡ì Ae ’vi DrcwË| hwÌ ev¯Í‡e GB Ae¯’vi m„wó GLbI nqwb|

mbvZb ev K¬vwmK¨vj aviYv

mgvšÍivj LM †iLvi j¤fv‡e Aew¯’Z †iLvwU Dj¤ LM †iLv| GB †iLvwU wee„Z K‡i Avw_©K

bxwZ Av‡qi mxgv‡K cÖfvweZ K‡i bv| A_©vr A_© ev UvKvi Pvwn`v my‡ì nv‡ii n«vm-e„w× †_‡K

cÖfvegy³|

MvwYwZK mgxKiY †_‡K LM †iLv

M-

p = ky-hi

†fv³viv GKwU wbw ©ó

my‡ì nv‡ii wecix‡Z

†h †Kv‡bv

mieivnK…Z A_© a‡i

ivL‡Z AvMÖnx| G

†_‡K †evSv hvq

A‡_©i cwigvY LM

†iLv‡K miv‡Z cv‡i

bv|



hw` h=0 nq| Zvn‡j

M-

P- cÖK…Z A‡_©i cÖev‡n GKwU wbw`©ó Avq mxgvq †cuŠQv‡bv m¤¢e| hv †_‡K

LM †iLvi Dj¤ Ae¯’vb m¤ú‡K© wbwðZ nIqv hvq| LM-Gi Dj¤ Ae¯’vbB mbvZb ev

K¬ vwmKvj aviYv‡K cÖwZdwjZ K‡i| mgxKiYwU‡Z h=0 emv‡j-

M- =kp-y G †_‡K †evSv hvq DwjøwLZ ev wee„Z wRwWwc, PY, UvKvi cwigv‡Yi Ici wbf©i K‡i| GUvB

mbvZb ÔA‡_©i cwigvY ZË¡Õ| A‡_©i cwigv‡Yi Ici DwjøwLZ ev wee„Z Avq wbf©i K‡i| GUvB

ZË¡wUi g~j K_v| LM †iLv Dj¤fv‡e Aew ’Z n‡j Zv UvKvi cwigv‡Yi cwieZ©‡bi Kvi‡Y Avq

mxgvi Ici me©vwaK w ’wZkxj cÖfve †d‡j| Ab¨ Ae ’vi m‡½ LM †iLvi Dj¤ Ae¯’vb Zzjbv

Ki‡j e¨vcviwU †evSv hv‡e| LM †iLvi Dj¤ Ae¯’v‡b IS †iLvi cwieZ©‡b Avq mxgvi †Kv‡bv

ZviZg¨ N‡U bv| †m Kvi‡Y Dj¤ LM †iLvi Ae ’v‡b Avq mxgvi Ici Avw_©K bxwZ me©vwaK

cÖfve †dj‡Z cv‡i| ivR¯bxwZ †Kv‡bv cÖfve †dj‡Z cv‡i bv| G Ae¯’v‡K A_©B Drcv`‡bi

g~j Ae ’v ejv nq| GB Ae¯’vq UvKvi Pvwn`v my‡ì nv‡ii ZviZ‡gï Ici cÖfvweZ nq bv e‡j

my‡ì cÖfvegy³ bxwZgvjv wb‡Z nq|

GKbR‡i Avw_©K bxwZ

D‡Ïk¨

1. Avq evov‡bv 2. c~Y© wb‡qvM AR©b

3. cÖe„w×i nvi evov‡bv 4. `vg Íi w ’wZkxjKiY

5. Avq e›U‡b mgZv 6. †jb‡`b fvimv‡gï Dbœqb

7. wewbgq nvi wbqš¿Y

j¶¨

1. A‡_©i †hvMvb 2. FY

3. Zvij¨ 4. my‡ì nvi

nvwZqvimg~n

1. †Lvjv evRvi bxwZ 2. wiRvf© wbqš¿Y

3. cÖ‡qvRbxq wiRv‡f©i cwieZ©b 4. we‡kl AvgvbZ

5. FY m¤cÖmviYkxj 6. F‡Yi mswgkªY

7. FY`v‡bi †kl Avkªq¯’j 8. e¨vsK nvi

†`‡k A‡_©i cÖevn wbqš¿‡Y †K› ªxq e¨vs‡Ki miKvwi eÛ, †UªRvwi wej µq-weµ‡qi cÖwµqvwUB †Lvjv

evRvi Kvh©µg| UvKvi Pvwn`v I my‡ì nvi hw` AwZ cÖwZwµqvkxj bv nq, Zvn‡j GKwU wbw ©ó cwigvY

UvKvi cÖevn cwieZ©b my‡ì nv‡ii e„nr cwieZ©b NUv‡e| hvi cÖfve co‡e wewb‡qvM Pvwn`vi e„w×i

gva¨‡g| A‡_©i cwigvY e„w× K‡i cÖ_‡g my‡ì nvi n«vm Kiv m¤¢e| ¯í my‡ì nv‡ii Kvi‡Y †fv³viv

Zv‡ì †cvU©‡dvwjI bZzbfv‡e mvRvq, hv cieZ©x‡Z mvgwMÖK Pvwn`v e„w× K‡i| wbw ©ó Avq mxgvq my‡ì

nvi evo‡j mÂq evo‡e| gvbyl ev †fv³vi †fv‡Mi cwigvY Kg‡e| †fv³viv GKwU wbw`©ó my‡ì nv‡ii

wecix‡Z †h †Kv‡bv mieivnK…Z A_© a‡i ivL‡Z AvMÖnx|

mvims‡¶c




ˆbe© w³K cÖkœ


1. †h A_© RbM‡Yi †jb‡`‡b e¨eüZ nq Zv‡K cÖPwjZ gy`ªv e‡j| mZ¨/wg_¨v

2. †K› ªxq e¨vsK ïay bZzb †bvU cÖPjb K‡i A_©bxwZ‡K wbqš¿Y Ki‡Z cv‡i| mZ¨/wg_¨v

3. wbw ©ó Avq mxgvq my‡`i nvi evo‡j mÂq K‡g| mZ¨/wg_¨v

msw¶ß cÖkœ

1. Avw_©K bxwZi D‡Ïk¨ I j¶¨mg~n wK?

2. e¨vsK nvi wK?

3. msKxY© I we¯Í…Z A‡_© A‡_©i †hvMvb ej‡Z wK †evSvq?

4. Avw_©K bxwZ‡Z Zvij¨ duv` wK?

iPbvg~jK cÖkœ

1. Avw_©K bxwZ wK? Avw_©K bxwZi nvwZqvimg~n Av‡jvPbv Kiæb|

2. mvgwMÖK Pvwn`vq Avw_©K bxwZ wKfv‡e cÖfve iv‡L?


1. mZ¨ 2. wg_¨v 3. wg_¨v



ivR¯bxwZ


ivR¯bxwZ

ivR¯bxwZi D‡Ïk¨mg~n

ivR¯bxwZi nvwZqvimg~n

µvDwWs AvDU

mnR K_vq ivR¯bxwZ ej‡Z miKv‡ii Avq, e¨q I FY msµvšÍ bxwZgvjv‡K †evSvq| miKvi

†`‡ki Avq, Drcv`b, `vg Íi Ges ¯vfvweK KvRKg© cwiPvjbvi Rb¨ Ki bxwZ, e¨q bxwZ

ev‡RU bxwZ Ges FY bxwZi mvnvh¨ wb‡q _v‡K, hv‡K ivR¯ bxwZ ejv nq| ivR¯bxwZ m¤ú‡K©

K¬vwmK¨vj‡ì aviYv AZ¨šÍ KÆi wQj| Zviv Aeva A_©bxwZ wek¦vmx wQ‡jb| Zviv g‡b Ki‡Zb

evRvi eë¯’v mymsnZ Kivi Rb¨ cÖvwZôvwbK cÖwZeÜKZv ~i Ki‡Z n‡e| hvi Rb¨ miKvwi

n¯Í†¶c †gv‡UI Kvg¨ bq| Say-Gi e³e¨ Abymv‡i Ô†hvMvb wb‡RB Zvi wb‡Ri Pvwn`v m„wó

K‡iÕ, ZvB miKvwi n Í‡¶c Kvg¨ bq| Zv‡ì aviYvq Sound Fiscal policy n‡jv wbi‡c¶

ivR¯bxwZ, hv `ywU w`K wb‡q KvR K‡i|

1. miKvwi e¨q hZ`~i m¤¢e n«vm Ki‡Z n‡e Ges

2. miKvwi n¯Í‡¶c hZUzKz m¤¢e cwinvi Ki‡Z n‡e|

Zviv miKvwi n Í‡¶c‡K Necessary evil e‡j wPwýZ K‡ib|

1930 mv‡ji A_©‰bwZK g›`v K¬vwmK¨vj‡ì e×g~j wek¦vm ¶zYœ K‡i| †KBbm †Rvi w`‡q

ivR¯bxwZi cwimi m¤úÖmvi‡Y gZ †`b| wZwb g‡b K‡ib Avw_©K bxwZ g›`ve ’vq e¨_© n‡e, wKš‘

ivR¯bxwZ g›`v cwiÎv‡Y mdj f‚wgKv ivL‡e| wZwb miKvwi e¨q e„w× Ges Ki e„w× K‡i

ivR¯bxwZ‡K wZbwU aviYvq wef³ K‡ib|

1. wbi‡c¶ ivR¯bxwZ (Neutral Fiscal policy)

2. m¤úÖmviYgyLx ivR¯bxwZ (Expansionary Fiscal policy)

3. ms‡KvPbg~jK ivR¯bxwZ (Contractionary Fiscal policy)| ivR¯bxwZ ev¯Íevqb Kiv nq

ev‡RUbxwZi gva¨‡g| hv mylg ev‡RU, NvUwZ ev‡RU Ges DØ„Ë ev‡RU e‡j cwiwPZ| ivR¯bxwZ

cÖ‡qvM Kiv nq Ki e„w× Kiv, n«v‡mi gva¨‡g, U¨v· nwj‡W, fZz©wKbxwZ, e¨qbxwZ, FYbxwZ,

mÂqbxwZ BZ¨vwì gva¨‡g|

ivR¯bxwZi D‡Ïk¨mg~n

ivR¯bxwZ AvRKvj eûwea D‡Ï‡k¨ eënvi Kiv nq| A_©bxwZi Ae ’v ivR¯bxwZi D‡Ïk¨‡K

cÖfvweZ K‡i| DbœZ, Dbœqbkxj Ges AbybœZ †`‡k ivR¯bxwZi D‡Ïk¨ wfbœ n‡Z cv‡i|

GKBfv‡e cÖvK…wZK y‡h©vMMÖ Í A_©bxwZ Ges w¯’wZkxj A_©bxwZ‡Z ivR¯bxwZi D‡Ïk¨ wfbœ n‡Z

cv‡i| wb‡P ivR¯bxwZi gyL¨ D‡Ïk¨mg~n ms‡¶‡c e¨vL¨v Kiv n‡jv|

cvV-2

miKvi †`‡ki Avq,

Drcv`b, `vg Íi Ges

¯vfvweK KvRKg©

cwiPvjbvi Rb¨ Ki

bxwZ, e¨q bxwZ

ev‡RU bxwZ Ges FY

bxwZi mvnvh¨ wb‡q

_v‡K, hv‡K ivR¯

bxwZ ejv nq|



1. c~Y© wb‡qvM AR©b Kiv : Dbœqbkxj †`‡k ivR¯bxwZi Ab¨Zg D‡Ïk¨ nj c~Y© wb‡qvM AR©b

Kiv| AeëüZ m¤ú` eënv‡ii Rb¨ ivR¯bxwZ Ggbfv‡e ˆZwi Kiv nq, hv m¤ú‡ì cwic~Y©

eënvi Z¡ivwšZ K‡i| miKvi Zvi Avq, e¨qbxwZi gva¨‡g mvgwMÖK Pvwn`v e„w× Ki‡j ªe¨g~j¨

†e‡o hvq| `ªe¨g~j¨ evo‡j Drcv`bKvix‡ì gybvdv ev‡o| gybvdv evo‡j m¤ú‡ì Pvwn`v ev‡o

Ges wewb‡qvM ev‡o| hv A_©bxwZ‡Z Avq e„w×i gva¨‡g c~Y© wb‡qv‡Mi w`‡K avweZ K‡i| ev Í‡e

c~Y© wb‡qvM AR©b Kiv KwVb| Z‡e A_©bxwZwe`MY wbw ©ó gvÎvi †eKviZ¡ (10% ev 5%) wb‡q

m¤ú‡ì c~Y© wb‡qvM aviYv eënvi K‡ib| ivR¯bxwZ G ai‡bi wb‡qvM AR©‡b mnvqK|

2. g~j¨¯Í‡ii w ’wZkxjZv eRvq ivLv : A_©‰bwZK cÖe„w× AR©‡bi Rb¨ g~j¨ w ’wZkxj ivLv

Avek¨K| g~j¨ Íi Kg‡j A_©bxwZ‡Z wewb‡qvM cÖZ¨vkv K‡g hvq, KviY gybvdv n«vm cvq|

wewb‡qvM cÖZ¨vkv Kg‡j †`‡k Avq, wb‡qvM I Drcv`‡b weiƒc cÖfve c‡o| evwYR¨ P‡µi

g›`ve ’v †b‡g Av‡m| mgv‡R Avq e›U‡b Pig AmgZv m„wó nq| FY MÖnxZviv ¶wZMÖ Í nq Ges

FY`vZviv jvfevb nq|

Ab¨w`‡K gy`ªvùxwZ m„wó n‡j Avq, wb‡qvM I Drcv`b evo‡Z _v‡K, AwZ Pvwn`v m„wó nq| D”P

Av‡qi †jv‡Ki Pvwn`v e„w× cvq Ges wb¤œ I w ’i Av‡qi †jvK‡ì Kó mxgvnxbfv‡e †e‡o hvq|

evwYR¨ P‡µi mg„w× Ae¯’v Pi‡g †cuŠ‡Q Ges A_©bxwZ `ªæZ g›`vi w`‡K avweZ n‡Z _v‡K| Giƒc

g~j¨ Í‡ii DÌvb-cZb †ivaK‡í ivR¯bxwZ eënvi Kiv nq| g›`vi mgq m¤úÖmviYgyLx

ivR¯bxwZ Z_v NvUwZ ev‡RU Ges mg„w×i mgq ms‡KvPbgyLx ivR¯bxwZ Aej¤b K‡i Z_v DØ„Ë

ev‡RU MÖnY K‡i miKvi A_©‰bwZK w ’wZkxjZv AR©b Ki‡Z cv‡i|

3. m¤ú‡ì Kvg¨ wb‡qvM web¨vm : ivR¯bxwZ ïay g~j¨¯Í‡ii w ’wZkxjZv Ges mvgwMÖK Pvwn`v I

†hvMv‡bi eëavb `~ixKi‡Y eënvi Kiv nq| wKš‘ `xN©Kv‡j m¤ú‡ì Kvg¨ wb‡qvM web¨vm

wbwðZ Ki‡Z ivR¯bxwZ mnvqK| AbybœZ GjvKvi g‡a¨ m¤ú‡ì êlg¨ m„wó n‡j DbœZ GjvKvi

e¨q Kwg‡q w`‡q Ges Ki evwo‡q w`‡q DbœZ GjvKvi Dbœqb Kg©KvÛ m¤úÖmviY w ÍwgZ Kiv

†h‡Z cv‡i| Avevi AbybœZ GjvKvq miKvwi e¨q evwo‡q w`‡q Ges Ki gIKzd K‡i Dbœqb

m¤úÖmviY Kiv †h‡Z cv‡i| we‡kl †kªYxi kª‡gi eënv‡ii Rb¨ ev we‡kl m¤ú‡ì Aceënvi

ev Aeënvi mgm¨v mgvav‡b `xN©Kv‡j ivR¯bxwZ eënvi Kiv hvq|

4. Avq êlg¨ n«vmKiY : abZvwš¿K A_©bxwZ‡Z Avq êlg¨ m…wó n‡eB| cÖwZfvevb, Kg©V Ges

ˆcwÎK m¤úwËavix‡ì Avq _v‡K †ewk Ges Ajm, A`¶ cÖwZfvnxb, ˆcZ…K m¤úwËnxb Ges

AmyweavMÖ Í †kªYxi †jvK‡ì Avq Kg _v‡K| G êlg¨ w`bw`b evo‡Z _v‡K| cyuwRev`x A_©bxwZ

G ai‡bi êlg¨ †iva Ki‡Z cv‡i bv| †hRb¨ ivR¯bxwZ mnvqK| miKvi cÖMwZkxj KibxwZ

Ges e¨qbxwZ Aej¤b K‡i G ai‡bi Avq êlg¨ `~ixKiY Ki‡Z cv‡i|

5. A_©‰bwZK Dbœqb : Dbœqbkxj †`‡ki ivR¯bxwZi gyL¨ D‡Ïk¨ A_©‰bwZK Dbœqb AR©b Kiv|

Dbœqbkxj †`‡k †eKviZ¡ gy ªvùxwZ, Kg mÂq cÖeYZv, wb¤œ wewb‡qvM, D”P RbmsL¨v e„w×i

nviRwbZ mgm¨v cÖKU| ¯qswµqfv‡e Gme mgm¨v mgvavb nq bv| Av_©-mvgvwRK

AeKvVv‡gvMZ Dbœqb Avek¨K, hv e¨w³MZ ch©v‡q nq bv| ivR¯bxwZ Gme mgm¨v mgvav‡b

eënvi Kiv nq|

AbybœZ †`‡k ivR¯bxwZi D‡Ïk¨mg~n

evsjv‡`‡ki g‡Zv Dbœqbkxj †`‡k ivR¯bxwZi gyL¨ D‡Ïk¨ †c‡i‡Uvi (Pareto) Kvg¨ve ’v

AR©b| evRvi A_©bxwZi mxgve×Zvmg~‡ni Kvi‡Y †c‡i‡Uvi Kvg¨Zv AR©b KwVb n‡q c‡o, hv

`~ixKiY Ki‡Z ivR¯bxwZ mnvqK| Dbœqbkxj †`‡k GwU ¸iæZ¡c~Y© f‚wgKv cvjb K‡i|

ev Í‡e c~Y© wb‡qvM

AR©b Kiv KwVb|

Z‡e A_©bxwZwe`MY

wbw ©ó gvÎvi †eKviZ¡

(10% ev 5%) wb‡q

m¤ú‡ì c~Y© wb‡qvM

aviYv eënvi K‡ib|

ivR¯bxwZ G ai‡bi

wb‡qvM AR©‡b

mnvqK|

we‡kl †kªYxi kª‡gi

eënv‡ii Rb¨ ev

we‡kl m¤ú‡ì

Aceënvi ev

Aeënvi mgm¨v

mgvav‡b `xN©Kv‡j

ivR¯bxwZ eënvi

Kiv hvq|



Avg`vwb-ißvwb ïébxwZ mwVKfv‡e cÖ‡qv‡Mi gva¨‡g mn‡RB Giƒc Ae ’vi †gvKv‡ejv Ki‡Z

cv‡i|

5. gy`ªvùxwZ wbqš¿Y Kiv : Dbœqbkxj †`‡k µgea©gvb gy`ªvùxwZ mgm¨v we`¨gvb| ivR¯bxwZi

gvav‡g cÖK…Z m¤ú‡ì mieivn K‡i Giƒc gy`ªvùxwZ wKQyUv wbqš¿Y Kiv m¤¢e| KvVv‡gvMZ

AbgbxqZv, Ac~Y©v½ evRvi eë¯’v, wbZ¨cÖ‡qvRbxq ª‡eï †hvMvb e„w×i cÖwZeÜKZv, kªwgK‡ì

Pv‡c gRywi e„w× ªe¨g~j¨ e„w×i Ab¨Zg KviY| cÖMwZkxj AvqKi Av‡ivc K‡i gy ªvùxwZ wbqš¿Y

Ki‡Z cv‡i| GQvov g~j¨ wbqš¿Y Ges fZz©wK cÖ v‡bi gva¨‡g gy`ªvùxwZ wbqš¿Y Kiv hvq|

6. Avq e›U‡b mgZv Avbv : ivR¯bxwZi Øviv Avq Íi evo‡e Ges Avq e›U‡b cwieZ©b Avm‡e|

ivR¯bxwZi gva¨‡g mgv‡R Av‡qi Amg e›Ub mgm¨vi mgvavb Kiv m¤¢e| Avq e›U‡b AmgZv

†ewk _vK‡j mvgvwRK Am‡šÍvl, A_©‰bwZK I ivR‰bwZK Aw ’wZkxjZv †ewk _v‡K, hv

A_©‰bwZK Dbœqb‡K e¨vnZ K‡i| Ab¨w`‡K wejvmeûj †fvM I dUKv gRy`, cÖK…Z m¤ú` µq,

¯Y©, †iŠc¨, ê‡`wkK gy`ªv a‡i ivLvi cÖeYZv gvby‡li †ewk _v‡K| ivR¯bxwZ Gme mgm¨v

mgvav‡b f‚wgKv iv‡L| ivR¯bxwZi gva¨‡g †eKvi mgm¨vi mgvavb K‡i cÖMwZkxj Ki Av‡ivc

K‡i, `wi ª‡ì Rb¨ mvgvwRK wbivcËv eë¯’v †Rvi`vi K‡i Avq e›U‡b AmgZv n«vm Kiv hvq|

Dc‡ii Av‡jvPbv †_‡K j¶Yxq †h, Dbœqbkxj †`‡k ivR¯bxwZi D‡Ïk¨mg~n A_©‰bwZK Dbœqb,

Avq I wb‡qvM, Drcv`b e„w× I g~j¨¯Íi w ’wZkxjKi‡Y mnvqK|

ivR¯bxwZi nvwZqvimg~n

cÖwZwU †`k Zvi Avq-e¨q bxwZ wnmv‡e †ek wKQy nvwZqv‡ii mvnvh¨ †bq Z_v †ek wKQy c×wZi

gva¨‡g miKv‡ii Avq-e¨q cwiPvjbv Kiv nq| hv ivR¯bxwZi nvwZqvi wnmv‡e cwiwPZ| wb‡P

ms‡¶‡c ivR¯bxwZi nvwZqvi mg~‡ni e¨vL¨v †`qv n‡jv-

1. miKvwi e¨q : miKvi Zvi ivR¯bxwZi nvwZqvi wnmv‡e e¨q bxwZ‡K Ab¨Zg nvwZqvi wnmv‡e

eënvi K‡ib| miKvi eëmv cÖwZôv‡bi KvQ †_‡K ªe¨ I †mev mvgMÖx µq K‡i Zvi g~j¨

cwi‡kva K‡i| hv miKv‡ii wPivPwiZ e¨q wnmv‡e M„nxZ n‡Z cv‡i| A_ev Dbœq‡bi cÖ‡qvR‡b

`ªe¨ I †mev mvgMÖx µq Ki‡Z cv‡i| Gi gva¨‡g A_©bxwZ‡Z e¨q, wb‡qvM, Drcv`‡bi Ici

cÖfve †djv m¤¢e| miKvwi e¨q n ÍvšÍi g~jK n‡Z cv‡i, †hgb miKvi †eKvi fvZv, †cbkb,

miKvwi F‡Yi my` cÖf…wZ Lv‡Z e¨q Ki‡Z cv‡i| hv ivR¯bxwZi ¸iæZ¡c~Y© w`K e‡j A‡b‡KB

D‡jøL K‡ib| miKvwi e¨‡qi gva¨‡g mvgwMÖK Pvwn`v n«vm-e„w×i Øviv A_©bxwZ‡Z gy`ªvùxwZ, gy`ªv

ms‡KvPb A_ev mg„w× I †eKviZ¡ †iva Kiv m¤¢e|

2. Ki ivR¯ : miKvwi A_© eë¯’vi Z_v ivR¯bxwZi Ab¨Zg nvwZqvi nj Ki ivR¯| miKvi

KibxwZi gva¨‡g RbM‡Yi m¤ú` e›U‡b cÖfve †dj‡Z cv‡i| Ki KvVv‡gv‡Z cÖMwZkxjZv I

AatMwZkxjZv Øviv miKvi Kvg¨ cwieZ©b Avb‡Z cv‡i| wewfbœ ai‡bi K‡ii g‡a¨ evQ-wePvi

K‡i †`‡ki Avq, wb‡qvM, Drcv`b I g~j¨ Í‡ii Ici ïf cÖfve iPbvi Rb¨ Ki eë ’v ¸iæZ¡c~Y©

f‚wgKv cvjb Ki‡Z cv‡i|

3. fZz©wKi bxwZ : miKvi Zvi ivR¯ eë¯’vq fZz©wK bxwZi ’vb w`‡Z cv‡i| miKvwi cÖwZôvb

Ges †emiKwi cÖwZôv‡bi Drcv`b e„w×i Rb¨ Ges RbKj¨vY e„w×i j‡¶¨ fZz©wK bxwZ

ivR¯bxwZ‡Z ¸iæZ¡c~Y© f‚wgKv iv‡L| miKvi wk¶v Lv‡Z I wPwKrmv Lv‡Z ch©vß fZz©wK w`‡q

A_©bxwZ‡K MwZkxj ivL‡Z Pvq| G ai‡bi fZz©wK bxwZ Avq, wb‡qvM, Drcv`b Ges `vg Í‡ii

Ici cÖfve we¯Ívi K‡i|

ivR¯bxwZi gva¨‡g

†eKvi mgm¨vi

mgvavb K‡i

cÖMwZkxj Ki Av‡ivc

K‡i, `wi ª‡ì Rb¨

mvgvwRK wbivcËv

eë ’v †Rvi`vi K‡i

Avq e›U‡b AmgZv

n«vm Kiv hvq|

miKvwi e¨‡qi

gva¨‡g mvgwMÖK

Pvwn`v n«vm-e„w×i Øviv

A_©bxwZ‡Z gy ªvùxwZ,

gy ªv ms‡KvPb A_ev

mg„w× I †eKviZ¡

†iva Kiv m¤¢e|

miKvi wk¶v Lv‡Z I

wPwKrmv Lv‡Z ch©vß

fZz©wK w`‡q

A_©bxwZ‡K MwZkxj

ivL‡Z Pvq| G

ai‡bi fZz©wK bxwZ

Avq, wb‡qvM,

Drcv`b Ges

`vg Í‡ii Ici cÖfve

we Ívi K‡i|



4. miKvwi FY : miKvi ivR¯bxwZi nvwZqvi wnmv‡e FYbxwZ‡K eënvi K‡ib| miKvi

RbM‡Yi KvQ †_‡K, Avw_©K cÖwZôv‡bi KvQ †_‡K FY MÖnY Ki‡Z cv‡i| Giƒc FY MÖnY K‡i

RbM‡Yi µq¶gZv n«vm Kiv nq Ges AwR©Z A_© †`‡ki Dbœq‡bi Rb¨ e¨q K‡i| A_©bxwZ‡Z

Avq, wb‡qvM, Drcv`b I `vg Í‡ii Ici cÖfve we Ívi Kiv m¤¢e|

5. bZzb KibxwZ : ivR¯bxwZi nvwZqvi wnmv‡e bZzb KibxwZ f‚wgKv iv‡L| miKvi A‡bK mgq

†`‡ki we‡kl cÖ‡qvR‡b bZzb Ki eë ’vi mvnvh¨ †bq| Giƒc Ki †_‡K msM„nxZ A_© †`‡ki

RbM‡Yi µq¶gZv Ges Ab¨vb¨ cÖwZwµqvi gva¨‡g A_©bxwZi Ici cÖfve we¯Ívi K‡i|

6. eva¨Zvg~jK mÂq : eva¨Zvg~jK mÂq (Forced Saving) ivR¯bxwZ‡Z f‚wgKv iv‡L| miKvi

wewfbœ ai‡bi Kg©KZ©v I Kg©Pvix‡ì cy‡iv †eZb bv w`‡q AvswkK FYc‡Îi gva¨‡g w`‡Z

cv‡ib| A_ev eva¨Zvg~jKfv‡e †eZ‡bi GKvsk Kj¨vY Znwej ev cÖwf‡W›U dv‡Ûi gva¨‡g

ivL‡Z cv‡ib| hvi d‡j A_©bxwZ‡Z Avq, wb‡qvM I Drcv`‡bi Ici cÖfve co‡e|

miKvwi e¨q e„w×

5.2 wPÎ †`Lvq ivR¯ e„w×i Rb¨ Avq I my‡ì nv‡ii cwieZ©b| my‡ì nvi hw` AcwiewZ©Z

_v‡K Zvn‡j ivR¯ e¨q e„w×i Rb¨ mvgwMÖK Pvwn`v e„w× cv‡e| c‡Yï Pvwn`v e„w×i Rb¨ Drcv`b

evov‡Z n‡e| †mRb¨ IS †iLv‡K IS© ch©šÍ †cuŠQv‡Z n‡e| my‡ì nv‡ii cwieZ©b wbf©i Ki‡e G

Ges miKvwi e¨‡qi ¸Yd‡ji Ici| aiæb, miKvwi e¨q 100 BDwbU evo‡jv †hLv‡b ¸YK=2,

†mLv‡b fvimvg¨ Avb‡Z wbw ©ó my‡ì nv‡ii Rb¨ Avq evo‡Z n‡e 200| †m Kvi‡Y IS †iLv

200 BDwbU Wvbw`‡K m‡i hv‡e| 5.2

wPÎ Abyhvqx cÖv_wgKfv‡e A_©bxwZ hw` E we› y‡Z fvimvg¨ve ’vq _v‡K Zvn‡j

miKvwi e¨q 100 BDwbU e„w×‡Z fvimvg¨

cwieZ©b n‡e| my‡ì nvi AcwiewZ©Z

n‡j bZzb fvimvg¨ n‡e E we›`y‡Z|

GLv‡b cY¨ evRv‡i fvimvg¨ _vK‡jI

m¤úwËi evRv‡i fvimvg¨nxbZv bó nq|

Avq e„w×i m‡½ m‡½ UvKvi cwigv‡Yi

Pvwn`vI ev‡o| cÖK…Z A‡_©i Pvwn`v e„w×i

Rb¨ my‡ì nvi e„w× cvq| cÖwZôvbmg~‡ni

cwiKwíZ wewb‡qvM e¨q n«vm cvq| d‡j

mvgwMÖK Pvwn`v K‡g Av‡m| 5.2 wPÎ

Abymv‡i E we› y‡Z cY¨ I m¤úwË evRv‡i fvimvg¨ we`¨gvb| GLv‡b cwiKwíZ e¨q Av‡qi

mgvb Ges GKB m‡½ cÖK…Z A‡_©i Pvwn`v I cÖK…Z A‡_©i cÖevn mgvb| G Rb¨ E we›`y

A_©bxwZi miKvwi e¨q m¤úÖmvi‡Yi ci GKgvÎ fvimvg¨ we› y|

mgš‡qi MwZkxjZv

aviYv Kiv nq A‡_©i evRv‡ii MwZ Ges mgš‡qi Zzjbvq Drcv`b axiMwZ‡Z cwiewZ©Z nq ev

fvimv‡g¨ wd‡i Av‡m| hLb miKvwi e¨q e„w× cvq ZLb A_©bxwZi cÖv_wgK fvimvg¨ we› y E. A_© evRv‡iI †Kv‡bv mgm¨v †bB| c‡Yï AwZwi³ Pvwn`v cÖwZôvb¸‡jv‡K Drcv`b evov‡Z eva¨

K‡i| Drcv`b e„w×i ch©vqµ‡g A‡_©i Pvwn`vI e„w× cvq| A‡_©i Pvwn`v e„w×i Pvc my‡ì nvi

my‡ì nvi hw`

AcwiewZ©Z _v‡K

Zvn‡j ivR¯ e¨q

e„w×i Rb¨ mvgwMÖK

Pvwn`v e„w× cv‡e|

c‡Yï Pvwn`v e„w×i

Rb¨ Drcv`b evov‡Z

n‡e|

Drcv`b e„w×i

ch©vqµ‡g UvKvi

Pvwn`vI e„w× cvq|

A‡_©i Pvwn`v e„w×i

Pvc my‡ì nvi e„w×

K‡i|



e„w× K‡i| d‡j LM †iLvi Ici IS Ic‡ii w`‡K I‡V| Drcv`b Ges my‡ì nvi ch©vqµ‡g

e„w×i ci bZzb fvimvg¨ Av‡m E we› y‡Z|

µvDwWs AvDU

E Ges E we› y Zzjbv Ki‡j †evSv hvq miKvwi e¨q e„w×‡Z Avq Ges my‡ì nviI †e‡o hvq|

my‡ì nvi cwiewZ©Z bv n‡j cY¨ evRv‡i E© bv‡g Av‡iKwU fvimvg¨ we›`yi m„wó nq| E Ges

E we› y we‡kølY Ki‡j †evSv hvq my‡ì nv‡i mgšq Ges mvgwMÖK Pvwn`vi Ici cÖfve miKvwi

e¨‡qi m¤úÖmviY Kvh©µg A‡bKLvwb Kwg‡q w`‡q‡Q| GRb¨ Avq Y ch©šÍ bv n‡q Y0 ch©šÍ

n‡q‡Q| Gi g~j KviY my‡ì nv‡i e„w× ( i0 Ges i0) wewb‡qvM e¨q Kwg‡q w`‡q‡Q| GB Ae ’vB

µvDwWs AvDU| hLb ivR¯bxwZi m¤úÖmviY Kvh©vejx my‡ì nvi Ggbfv‡e e„w× K‡i †h

†emiKvwi Ges e¨w³MZ wewb‡qvM gvÎv K‡g hvq ZLb µvDwWs AvD‡Ui m„wó nq| µvDwWs

AvD‡Ui gvÎv K‡qKwU Ae ’v m„wó K‡i, hv IS I LM †iLvi Ici cÖfve †d‡j| d‡j Drcv`b

hZLvwb e„w×i m¤¢vebv _v‡K Z‡ZvUzKz nq bv| G¸‡jv n‡jv-

K) hLb Avq e„w×i nvi †ewk wKš‘ my‡ì nv‡ii e„w×i gvÎv †ewk ZLb LM †iLv cÖvq mgZj

n‡q hvq|

L) hLb Avq e„w×i nvi Kg wKš‘ my‡ì nv‡ii e„w×i gvÎv Kg ZLb IS cÖvq mgZj nq|

M) Avq Ges my‡ì nvi h‡Zv †ewk e„w× cvq ¸YK G Z‡Zv e„w× cvq, d‡j IS †iLvi mgvšÍivj

cÖwZ ’vcb N‡U|

µvDwWs AvDU h‡Zv ev‡o, miKvwi e¨‡qi m‡½ m‡½ my‡ì nviI ev‡o|

Zvij¨ duv`

hLb A_©bxwZ Zvij¨ duv‡` ZLb LM †iLv mgvšÍivj ev Dj¤ Ae ’vq _v‡K| miKvwi e¨q

e„w×i Kvi‡Y ¸Y‡Ki cÖfve Avq mxgvq c‡o| fvimv‡g¨ _vKvKvjxb my‡ì nvi cwiewZ©Z nq bv,

d‡j wewb‡qvMI K‡g bv| G Ae ’vq Avw_©K bxwZ AKvh©Ki n‡q c‡o| G mgq ivR¯bxwZ

A_©bxwZ‡K cÖfvweZ Ki‡Z cv‡i| Ab¨fv‡e, UvKvi Pvwn`v my‡ì nv‡ii m‡½ Lye cÖwZwµqvkxj

n‡j ivR¯ bxwZi cwieZ©b Drcv`b‡K Mfxifv‡e cÖfvweZ K‡i| Avw_©K bxwZi cwieZ©‡b

Drcv`‡bi cwieZ©b jNy nq|

mbvZb aviYv Ges µvDwWs AvDU

LM †iLv Dj¤ n‡j miKvwi e¨q e„w×‡Z fvimvg¨ Ae ’vq Avqmxgv I my‡ì †Kv‡bv cwieZ©b

N‡U bv| miKvwi e¨q e„w×‡Z IS †iLv Ae¯’vb cwieZ©b Kvi‡jI Av‡qi †Kv‡bv cwieZ©b N‡Uwb|

hw` A‡_©i Pvwn`v my‡ì m‡½ m¤úwK©Z bv nq Zvn‡j Avq mxgv GKwU wbw ©ó ch©v‡q †cuŠQvq

†hLv‡b A_© evRvi fvimvg¨ve¯’vq _v‡K| LM †iLvi Dj¤ Ae¯’vb w`‡q G Ae ’v cÖKvwkZ nq|

ZvB Dj¤ LM †iLvi Ae ’v‡b miKvwi e¨q e„w× ïay my‡ì nvi e„w× K‡i| fvimvg¨ve ’vq Av‡qi

†Kv‡bv cwieZ©b NUvq bv| wKš‘, hw` miKvwi e¨q ev‡o Ges Drcv`b AcwiewZ©Z _v‡K Zvn‡j

e¨w³MZ ev †emiKvwi e¨‡q wbðqB wecixZgyLx Kvh©µg cwiPvwjZ n‡q‡Q| G‡¶‡Î my‡ì nvi

e„w×‡Z e¨w³MZ wewb‡qvM n«vm cvq| wewb‡qv‡Mi cwigvY miKvwi e¨‡qi cwigv‡Yi mgvb nq|

LM †iLv Dj¤ n‡jB µvDwWs AvD‡Ui m„wó nq| ivR¯ m¤úÖmvi‡Yi Kvi‡Y my‡ì nvi e„w×

cvq| †mB djkÖæwZ‡Z e¨w³MZ wewb‡qvM K‡g hvq|

µvDwWs AvDU wK Aek¨¤¢vex

µvDwWs AvDU n‡e wK bv Zv we‡ePbv Kivi Av‡M wZbwU welq we‡kølY ev hvPvB Kiv DwPZ-

hLb ivR¯ bxwZi

m¤úÖmviY Kvh©vejx

my‡ì nvi Ggbfv‡e

e„w× K‡i †h

†emiKvwi Ges

e¨w³MZ wewb‡qvM

gvÎv K‡g hvq ZLb

µvDwWs AvD‡Ui m„wó

nq|

A‡_©i Pvwn`v my‡ì

nv‡ii m‡½ Lye

cÖwZwµqvkxj n‡j

ivR¯ bxwZi cwieZ©b

Drcv`b‡K Mfxifv‡e

cÖfvweZ K‡i| Avw_©K

bxwZi cwieZ©‡b

Drcv`‡bi cwieZ©b

jNy nq|



cÖ_gZ: c~Y© wb‡qvM Í‡ii wb‡Pi A_©bxwZ‡Z †hLv‡b Drcv`b e„w×i my‡hvM Av‡Q, †hLv‡b g~j¨

wee„Z †mLv‡b hLb ivR¯ m¤úÖmviY NU‡Q ZLb Pvwn`v evo‡Q| cÖwZôvb ev Drcv`Kiv Rbej

fvov K‡i Drcv`b evov‡”Q wKš‘ hLb Drcv`b e„w×i my‡hvM _vK‡Q bv ZLb c‡Yï `vg evo‡Q|

KviY evowZ Pvwn`v †gUv‡bv m¤¢e bq|

wØZxqZ: †h A_©bxwZ‡Z AeëüZ Dcv`vb Av‡Q †mLv‡b µvDwWs AvDU m¤¢e bv| KviY LM

†iLv Dj¤ bq| ivR¯bxwZi m¤úÖmviY my` Ges Av‡qi mxgv y‡UvB e„w× Ki‡e| mvgwMÖK Pvwn`v

e„w×i Rb¨ Avq evo‡e| d‡j mÂq e„w× cv‡e| mÂ‡qi cwigvY e„w×i Rb¨ NvUwZ ev‡RU A_©vqb

m¤¢e n‡e e¨w³MZ e¨q bv Kwg‡qB| mgxKiY Abymv‡i-

S= I+(G+TR-TA)

GLv‡b G+TR-TA AskwU NvUwZ ev‡RU| Zvn‡j mgxKiY Abyhvqx GB AskwU evo‡j GKwU

wbw ©ó mÂq mxgvq wewb‡qvM K‡g hv‡e| mnRfv‡e hLb NvUwZ ev‡RU e„w× cvq miKvi ZLb

avi †bq| GB av‡ii GKwU Ask Av‡m †fv³vi mÂq †_‡K| d‡j A_©bxwZ‡Z Drcv`‡Ki avi

†bqvi Ask K‡g hvq| wKš‘ hw` mÂq miKvwi e¨q e„w× Ges Avq e„w×i m‡½ m‡½ e„w× cvq,

Zvn‡j GKwUi n«vm-e„w×‡Z wewb‡qvM K‡g hv‡e bv| †eKvi mgm¨v msewjZ A_©bxwZ‡Z µvDwWs

AvDU Am¤ú~Y©| KviY c‡Yï Pvwn`v e„w× cÖK…Z Avq Ges Drcv`b evwo‡q †`‡e| d‡j mÂq

e„w× cv‡e| my‡ì nviI mvgvb¨ evo‡e, d‡j wewb‡qvM Kg‡e bv|

Z…ZxqZ: †eKvi mgm¨v _vKvKvjxb my‡ì nvi bv evwo‡q ïay miKvwi Kh©µ‡gi m¤úÖmviY NwU‡q

Drcv`b e„w× m¤¢e| Gfv‡e µvDwWs AvDU mgm¨v Gov‡bv hvq| KviY Avw_©K bxwZ wbqš¿YKvix

cÖwZôvb¸‡jv UvKvi cÖevn e„w× K‡i miKvwi Kvh©µg ev ivR¯ bxwZ Kvh©µ‡gi m¤úÖmvi‡Y f‚wgKv

iv‡L| G‡Z my‡ì nvi e„w× †iva nq| ev‡RU NvUwZ c~iY Ki‡Z miKvi UvKv Qvcvq, Zvici

evRv‡ii eÛ¸‡jv wK‡b †bq, Zv w`‡q NvUwZ c~iY K‡i| ivR¯ m¤úÖmvi‡Yi mgq IS I LM

†iLv y‡UvB Wvbw`‡K m‡i hvq| Drcv`b evo‡jI my‡ì nvi ev‡owb| GB cwieZ©‡b wewb‡qvM

gvÎvI K‡g bv|

miKvi †`‡ki Avq, Drcv`b, `vg Íi Ges ¯vfvweK KvRKg© cwiPvjbvi Rb¨ Ki bxwZ, e¨q bxwZ,

ev‡RU bxwZ Ges FY bxwZi mvnvh¨ wb‡q _v‡K, hv‡K ivR¯ bxwZ ejv nq| Dbœqbkxj †`‡k ivR¯

bxwZi D‡Ïk¨mg~n A_©‰bwZK Dbœqb, Avq I wb‡qvM, Drcv`b e„w× I g~j¨ Íi w ’wZkxjKi‡Yi mnvqK|

hLb ivR¯ bxwZi m¤cÖmviY Kvh©vejx my‡ì nvi Ggbfv‡e e„w× K‡i †h †emiKvwi Ges e¨w³MZ

wewb‡qvM gvÎv K‡g hvq ZLb µvDwWs AvD‡Ui m„wó nq|

mvims‡¶c

hw` mÂq miKvwi

e¨q e„w× Ges Avq

e„w×i m‡½ m‡½ e„w×

cvq, Zvn‡j GKwUi

n«vm-e„w×‡Z wewb‡qvM

K‡g hv‡e bv| †eKvi

mgm¨v msewjZ

A_©bxwZ‡Z µvDwWs

AvDU Am¤ú~Y©|




ˆbe© w³K cÖkœ


1. K¬vwmK¨vj A_©bxwZwe`MY ivR¯ bxwZ‡Z miKvwi n Í‡¶c‡K mg_©b Ki‡Zb| mZ¨/wg_¨v

2. ivR¯ bxwZ g›`v Ae¯’v wbevi‡Y mnvqK| mZ¨/wg_¨v

3. Avq I my‡`i nvi h‡Zv †ewk e„w× cvq ¸YK Z‡Zv e„w× cvq| mZ¨/wg_¨v

msw¶ß cÖkœ

1. µvDwWs AvDU wK?

2. ivR¯ bxwZ‡Z Zvij¨ duv` ej‡Z wK †evSvq?

3. eva¨Zvg~jK mÂq wK?

iPbvg~jK cÖkœ

1. ivR¯ bxwZ wK? GB bxwZi D‡Ïk¨mg~n wK?

2. wK wK c×wZi gva¨‡g ivR¯ bxwZ miKv‡ii Avq-e¨q cwiPvjbv K‡i?

3. ivR¯ bxwZi mxgve×Zv wK? µvDwWs AvDU wK Aek¨¤¢vex?


1. wg_¨v 2. mZ¨ 3. mZ¨



Drcv`‡bi mgšq Ges bxwZi wgkªY


Avq I my‡ì nv‡ii Ici wewfbœ bxwZi cÖfve

Avw_©K bxwZ I ivR¯bxwZi mgš‡qi †hŠw³KZv

wb‡Pi mviwY‡Z †`Lv‡bv n‡q‡Q m¤úÖmvwiZ Avw_©K I ivR¯bxwZi cÖfv‡e Drcv`b I my‡ì nv‡ii

Ae¯’v| ïay Zvij¨ duv` ev mbvZb Ae¯’vq A_©bxwZ _vK‡jB Gi e¨wZµg NU‡e|

Avq I my‡ì nv‡ii Ici wewfbœ bxwZi cÖfve

bxwZ fvimvg¨ Avq fvimvg¨ my‡ì nvi

Avw_©K m¤úÖmviY + +

ivR¯ m¤úÖmviY + +

A_©bxwZ‡Z fvimvg¨ ivL‡Z †Kvb bxwZ- Avw_©K bv ivR¯ Aej¤^b Kiv DwPZ Zv wb‡q weZK© I

Ø‡›Øi †kl †bB| bxwZi mgq Ges ms‡e`bkxjZv GKwU hvPvB‡qi Dcvq n‡jI wewb‡qvM, †fvM

Ges miKvwi e¨‡qi Ici bxwZ¸‡jvi cÖfve Avgiv we‡ePbv Ki‡ev|

mvgwMÖK Pvwn`vi GB Dcv`vb ev DcvË¸‡jv wePvi Ki‡j Avw_©K I ivR¯ bxwZi Zxeª cv_©K¨

†`Lv hvq| Avw_©K bxwZ my‡ì nv‡ii ZviZg¨ NwU‡q my`-cÖfvweZ Dcv`vb¸‡jvi cwieZ©b NUvq,

we‡klZ wewb‡qvM e¨‡qi| me‡P‡q Av‡M cÖfvweZ nq N‡ivqv e¨q|

Ab¨w`‡K ivR¯bxwZ KZUzKz cÖfvweZ K‡i Zv wbf©i K‡i miKv‡ii cY¨ µq wKsev K‡ii

cwieZ©‡bi Ici| miKvi wewfbœ LvZ †hgb- µq Ki, cÖwZi¶v LvZ, evwYwR¨K Ki BZ¨vwì

Rb¨ Ki n«vm-e„w× Ki‡Z cv‡i| cÖwZwU Lv‡Zi cwieZ©bB mvgwMÖK Pvwn`v‡K cÖfvweZ Ki‡e|

Z‡e cÖfv‡ei cwigvY Ges w¯’wZkxjZv wbf©i Ki‡e Dcv`vb Ges miKvwi bxwZi Ici| miKvwi

e¨q e„w× †fvM Ges miKvwi µ‡qi cwigvY evovq| Z‡e cwigvYwU wbf©i K‡i Aejw¤Z ev

MÖnYK…Z bxwZi Ici| †hgb AvqKi †fvMgvÎv‡K mivmwi cÖfvweZ K‡i| Ab¨w`‡K wewb‡qvM

fZz©wK wewb‡qvM evovq| hw` UvKvi cwigvY AcwiewZ©Z _v‡K Zvn‡j ivR¯ bxwZi m¤úÖmviY

my‡ì nvi e„w× K‡i|

wewb‡qvM fZz©wK

AvqKi n«vm Ges miKvwi e¨q e„w× y‡UvB GKw`‡K my‡ì nvi evovq Ab¨w`‡K wewb‡qvM e¨q

Kgvq| Aek¨ miKvi B‡”Q Ki‡j wewb‡qv‡M fZz©wKi gva¨‡g wewb‡qvM e¨q evov‡Z cv‡i|

wewb‡qvM fZz©wK gv‡b miKvi †_‡K Drcv`bKvix cÖwZôv‡bi LiP w`‡q †`qv| cy‡ivUv bv n‡jI

wKQy Ask ev A‡bKvsk wgwU‡q †`qv|

wewb‡qvM fZz©wK A_©bxwZ‡Z wewb‡qvM evovq| cÖ‡Z¨K my‡ì nv‡ii wecix‡Z Drcv`bKvixiv

AviI †ewk wewb‡qv‡Mi wm×všÍ †bq| wewb‡qvM e„w× mvgwMÖK Pvwn`vI evovq|

cvV-3

AvqKi †fvMgvÎv‡K

mivmwi cÖfvweZ

K‡i| Ab¨w`‡K

wewb‡qvM fZz©wK

wewb‡qvM evovq| hw`

UvKvi cwigvY

AcwiewZ©Z _v‡K

Zvn‡j ivR¯ bxwZi

m¤cÖmviY my‡ì nvi

e„w× K‡i|



5.3 (L) wPÎ Abymv‡i

¯q¤¢‚Z wewb‡qv‡Mi

cwigvY Ges ¸Y‡Ki

¸Yd‡ji mgvb cwigv‡Y

IS †iLvwU m‡i Av‡m|

¯q¤¢‚Z wewb‡qvM e„w×

cvq wewb‡qvM fZz©wKi

Kvi‡Y| bZzb fvimvg¨

we› y E| †hLv‡b cY¨

Ges A‡_©i evRv‡i

fvimvg¨ Av‡Q| wPÎ 5.3

(L) Abymv‡i hwÌ my‡ì

nvi e„w× †c‡q‡Q

ZviciI wewb‡qvM †e‡o‡Q (I †_‡K I), my‡ì nvi e„w× wewb‡qvM fZz©wKi cÖfve Kgv‡jI wbw®Œq

K‡i †`qwb| wb‡Pi mviwY ivR¯ bxwZi wewfbœ †KŠk‡ji m‡½ Drcv`b Ges my‡ì nv‡ii m¤úK©

†`Lv‡”Q|

wewfbœ ai‡bi ivR¯ bxwZ

ivR¯ bxwZgvjv my‡ì nvi †fvM wewb‡qvM wRwWwc

AvqKi n«vm + + - +

miKvwi e¨q + + - +

wewb‡qvM fZz©wK + + + +

Avw_©K bxwZ I ivR¯bxwZ mgš‡qi †hŠw³KZv :

Avw_©K bxwZ I ivR¯bxwZ mgš‡qi cÖkœ AvaywbK A_©bxwZwe`MY †ek ¸iæZ¡ w`‡q we‡ePbv

K‡ib| Pig K¬vwmK¨vj A_©bxwZwe`MY Avw_©K bxwZi c~Y© mdjZv e¨vL¨v K‡ib Ges ivR¯bxwZi

†¶‡Î c~Y© Crowding Out effect Kvh©Ki A_©vr ivR¯bxwZ cy‡ivcywi e¨_© nq| Ab¨w`‡K Pig

†KBbmxq A_©bxwe`‡ì g‡a¨ g›`vKvjxb mg‡q Avw_©K bxwZi Pig e¨_©Zvi w`K Zz‡j aiv nq|

cÖK…Zc‡¶, G ywU Pig Ae ’v ev` w`‡j Avw_©K bxwZ I ivR¯bxwZi Av‡cw¶K Kvh©KvwiZv

A_©bxwZwe`MY ¸iæZ¡ w`‡q we‡ePbv K‡ib| KviY ïay Avw_©K bxwZ A_©bxwZi evwÃZ Dbœq‡b e¨_©

n‡jI ivR¯bxwZ mnvqK n‡Z cv‡i| A_©vr G‡K Ac‡ii cwic~iK wnmv‡e KvR Ki‡j

A_©bxwZ‡Z mg„w× Avbv m¤¢e| ïay ZvB bq, Avw_©K KZ©„c¶ Ges ivR¯bxwZ wba©vi‡Ki g‡a¨ hw`

Nwbô mgšq bv _v‡K Z‡e cÖ‡Z¨‡KiB B”Qv e¨_© n‡Z cv‡i| hwÌ `ywU KZ©„c¶ m¤ú~Y© wfbœ †¶Î

†_‡K KvR K‡i ZeyI A_©bxwZi ¯v‡_© G‡K Ac‡ii m‡½ mn‡hvwMZv I mgšq bv Ki‡j †Kv‡bv

bxwZB mdj n‡e bv| wb‡P welq¸‡jv K‡qKwU Ae ’vi †cÖw¶‡Z e¨vL¨v Kiv n‡jv-

Case (1) : ivR¯bxwZi mg_©‡b Avw_©K bxwZ

A_©evRv‡i hw` LM †iLv wKQyUv Zvij¨ duv`-Gi ci wKQyUv Aw¯’wZ ’vcK nq †m Ae ’vq miKvi

hw` m¤úÖmviYgyLx ivR¯bxwZ Aej¤b K‡i Z‡e Avq e„w× Ki‡Z †Zgb m¶g bvI n‡Z cv‡i| G

Ae¯’vq †K› ªxq e¨vsK hw` A‡_©i †hvMvb e„w× K‡i Z‡e Av‡qi e„w× BwáZ ch©v‡q †bqv m¤¢e|

Avw_©K bxwZ I

ivR¯bxwZi

Av‡cw¶K Kvh©KvwiZv

A_©bxwZwe`MY ¸iæZ¡

w`‡q we‡ePbv K‡ib|

KviY ïay Avw_©K

bxwZ A_©bxwZi evwÃZ

Dbœq‡b e¨_© n‡jI

ivR¯bxwZ mnvqK

n‡Z cv‡i| A_©vr

G‡K Ac‡ii

cwic~iK wnmv‡e KvR

Ki‡j A_©bxwZ‡Z

mg„w× Avbv m¤¢e|



Case (2) : Avw_©K bxwZi mg_©‡b ivR¯bxwZ :

gy ªvùxwZ `g‡b Avw_©K bxwZi mg_©‡b ivR¯bxwZ mnvqK n‡Z cv‡i| Avw_©K bxwZi Øviv

gy ªvùxwZi wbqš¿Y m¤¢e n‡jI my‡ì nvi AMÖnY‡hvM¨ D”P ch©v‡q _vK‡Z cv‡i| Giƒc my‡ì

nvi n«vm Kivi †¶‡Î Avw_©KbxwZi mg_©‡b ivR¯bxwZ f‚wgKv cvjb Ki‡e|

Case (3) : Avw_©K bxwZi e¨_©Zv †VKv‡Z ivR¯bxwZi cÖfve :

†Kv‡bv †Kv‡bv mgq A_©evRv‡i Zvij¨ duv` Ae ’v _vK‡Z cv‡i| we‡kl K‡i g›`ve ’vq GwU

¯vfvweK NUbv|

Case (4) : ivR¯bxwZi e¨_©Zv †VKv‡Z A_©bxwZ :

A_©bxwZi Pig mg„w× we`¨gvb Ae¯’vq hw` gy`ªvùxwZ _v‡K Zvn‡j ivR¯bxwZ _v‡K| ivR¯bxwZ

Aej¤b Ki‡j gy`ªvùxwZ `g‡b †Kv‡bv ïf dj cvIqv hv‡e bv| eis Avw_©K bxwZ Aej¤b

Ki‡j, mvgwMÖK Pvwn`v n«v‡mi gva¨‡g gy`ªvùxwZ `gb Kiv m¤¢e n‡e|

Case (5) : A_©‰bwZK cÖe„w× I gy`ªvùxwZ †iv‡a Avw_©K ivR¯bxwZ :

aiv hvK, †Kv‡bv A_©bxwZ‡Z D”P my‡ì nvi Av‡Q| G mgq A‡_©i †hvMvb evo‡j my‡ì nvi

Kg‡e wVKB wKš‘ gy`ªvùxwZ m„wó Ki‡e| gy`ªvùxwZ †iva Kivi Rb¨ miKvwi e¨q n«vm Ki‡j ev

Ki e„w× Ki‡j my‡ì nvi †hgb n«vm cv‡e, †Zgwb gy`ªvùxwZ ~i n‡e|

Case (6) : Avw_©K Ges ivR¯bxwZi wgkª‡Yi Øviv c~Y© wb‡qvM m¤úbœ Avq AR©b :

c~Y© wb‡qvM Ges A_©‰bwZK w ’wZkxjZv GKm‡½ AR©b Kiv †ek KwVb| G `yiƒn KvR m¤úv`‡bi

Rb¨ Avw_©K I ivR¯bxwZi g‡a¨ evQ-weQvi Kiv cÖ‡qvRb| ïay Avw_©K bxwZ A_ev ïay ivR¯bxwZ

Øviv nq‡Zv c~Y© wb‡qvM A_ev A_©‰bwZK w ’wZkxjZv AR©b m¤¢e wKš‘ mgm¨v m„wó n‡Z cv‡i| †h

Rb¨ `ywU bxwZi g‡a¨ Kvg¨ wgkªY Avek¨K|

AvqKi †fvMgvÎv‡K mivmwi cÖfvweZ K‡i| Ab¨w`‡K wewb‡qvM fZz©wK wewb‡qvM evovq| hw` UvKvi

cwigvY AcwiewZ©Z _v‡K Zvn‡j ivR¯ bxwZi m¤cÖmviY my‡ì nvi e„w× K‡i| Avw_©K bxwZ I ivR¯

bxwZi Av‡cw¶K Kvh©KvwiZv A_©bxwZwe`MY ¸iæZ¡ w`‡q we‡ePbv K‡ib| KviY ïay Avw_©K bxwZ

A_©bxwZi evwÃZ Dbœq‡b e¨_© n‡jI ivR¯bxwZ mnvqK n‡Z cv‡i| A_©vr G‡K Ac‡ii cwic~iK wnmv‡e

KvR Ki‡j A_©bxwZ‡Z mg„w× Avbv m¤¢e|

mvims‡¶c




ˆbe© w³K cÖkœ


1. hw` UvKvi cwigvY AcwiewZ©Z _v‡K Zvn‡j ivR¯bxwZi m¤úÖmviY my‡`i nvi e„w× K‡i|

mZ¨/wg_¨v

2. wewb‡qvM e„w× mvgwMÖK Pvwn`v‡K Kgvq| mZ¨/wg_¨v

3. A_©bxwZi Pig mg„w×i mgq gy`ªvùxwZ _vK‡j ivR¯bxwZ gy`ªvùxwZ `g‡b mnvqK nq|

mZ¨/wg_¨v

msw¶ß cÖkœ

1. wewb‡qvM fZz©wK wK?

iPbvg~jK cÖkœ

1. Avw_©K bxwZ I ivR¯bxwZi mgš‡qi †hŠw³KZv Av‡jvPbv Kiæb|


1. mZ¨ 2. wg_¨v 3. mZ¨



mvgwMÖK Pvwn`v I †hvMvb

Aggregate demand and supply

mvgwóK A_©bxwZ‡Z ¸iæZ¡c~Y© †gŠwjK g‡Wj n‡jv mvgwMÖK Pvwn`v I †hvMvb g‡Wj| GB g‡W‡ji gva¨‡g `vg I

Drcv`b wba©vwiZ nq| eZ©gvb BDwb‡U mvgwMÖK Pvwn`v, mvgwMÖK †hvMvb Ges mvgwMÖK fvimv‡g¨i gva¨‡g wewfbœ

Z‡Ë¡i iƒcvqb m¤ú‡K© we¯ÍvwiZfv‡e Av‡jvKcvZ Kiv n‡q‡Q|


cvV-1 : mvgwMÖK Pvwn`v

cvV-2 : mvgwMÖK †hvMvb

cvV-3 : mvgwMÖK fvimv‡g¨i (IS I LM) gva¨‡g wewfbœ Z‡Ë¡i iƒcvqY

6



mvgwMÖK Pvwn`v


mvgwMÖK Pvwn`vi msÁv

mvgwMÖK Pvwn`vi êwkó¨, Ae¯’vb I Xvj

miKvwi e¨q, Ki I mvgwMÖK Pvwn`vi cwieZ©b

A‡_©i †hvMv‡bi cwieZ©b I mvgwMÖK Pvwn`vi ¯’vbvšÍi

wewb‡qvM cwieZ©b Øviv Dj¤ mvgwMÖK Pvwn`v †iLv ¯’vbvšÍi

wewb‡qvM I A‡_©i †hvMvb e„w× Ges AcwieZ©bxq `vg †cÖw¶‡Z mvgwMÖK Pvwn`v †iLvi

¯’vbvšÍi

wbw ©ó cÖK…Z Avq †`qv _vK‡j Ges †m Ae¯’vq `vg¯Íi hw` ev‡o, Z‡e cÖK…Z †fvMe¨q K‡g|

KviY `vg evo‡j wbw ©ó Avq ev m¤ú‡ì wfwË‡Z †fv³vi µq¶gZv K‡g| `vg Íi evo‡j e¨q

A‡c¶K wb‡Pi w`‡K ’vbvšÍwiZ nq, Aciw`‡K `vg Íi †_‡K †fvM A‡c¶K Z_v †gvU e¨q †iLv

(C+I) Ic‡ii w`‡K ’vbvšÍwiZ nq| d‡j fvimvg¨ Avq Y0 †_‡K Y1 nq| `vg Íi n«v‡mi Øviv

e¨q A‡c¶K Ic‡ii w`‡K ¯’vbvšÍwiZ nq|

mvgwMÖK Pvwn`v †iLv cÖvwß

`vg Íi cwieZ©‡bi m‡½ fvimvg¨ Avq ev Drcbœ ª‡eï Pvwn`vi wecixZ m¤úK©‡K 6.1 wP‡Î iƒc

w`‡j mvgwMÖK Pvwn`v †iLv (AD) cvIqv hvq| †mB mvgwMÖK Pvwn`v (AD) Gi Xvj FYvZ¥K|

Gfv‡e Avq-e¨q we‡køl‡Y `vg Í‡ii welqwU AšÍfz©³ K‡i mvgwMÖK Pvwn`v †iLv cvIqv hvq|

mvgwMÖK Pvwn`v †iLv (AD) ej‡Z Ggb

GKwU †iLv †evSvq, hvi wewfbœ we› y‡Z

fvimvg¨ Drcv`b Ges `vg Í‡ii wewfbœ

mswgkªY cÖKvk cvq| Ab¨fv‡e ejv hvq,

A_©evRvi I ªe¨ evRv‡ii mgš‡qi gva¨‡g

fvimvg¨ cÖK…Z Avq ev Drcv`b cvIqv hvq,

Zvi m‡½ `vg Í‡ii m¤úK©‡K †h †iLvi Øviv

†`Lv‡bv nq Zv‡K mvgwMÖK Pvwn`v †iLv

(AD) e‡j| myZivs AD †iLvi cÖ‡Z¨K

we› y‡Z ªe¨ evRv‡ii fvimvg¨ (IS) I A_©

evRv‡ii fvimvg¨ (LM)-Gi mgwšZ

mvgwMÖK fvimvg¨ Ges Zvi m‡½ `vg Í‡ii m¤úK©hy³ Z_¨ cÖKvk cvq|

mvgwMÖK Pvwn`v †iLv cÖvwßi †¶‡Î AbywgZ kZ©

1. `ªe¨ I †mevi Av‡cw¶K `vg w ’i _v‡K|

2. `vg¯Í‡ii cwieZ©b Øviv A_©bxwZ‡Z Av‡qi e›Ub cÖfvweZ nq bv| A_©vr gRywimn Av‡qi

hveZxq cÖevn (flow) cwiewZ©Z `vg Í‡ii m‡½ mvgÄm¨c~Y© K‡i †Zvjv nq|

cvV-1

mvgwMÖK Pvwn`v †iLv

(AD) ej‡Z Ggb

GKwU †iLv †evSvq,

hvi wewfbœ we› y‡Z

fvimvg¨ Drcv`b

Ges `vg Í‡ii wewfbœ

mswgkªY cÖKvk cvq|



3. `vg Í‡ii cÖwZev‡ii cwieZ©b‡K eëmvq cÖwZôvb Ges e¨w³ ¯’vqx cwieZ©b e‡j †f‡e †bq|

4. hLb `vg¯Íi cwiewZ©Z nq, ZLb †K›`ªxq e¨vsK A‡_©i cwigvY cwieZ©b Ki‡e bv|

5. IS-Gi wba©viYKvix PjK¸‡jv cÖK…Z gvb (real value) Øviv wePvh©|

6.2 wP‡Îi ywU Ask A I B| A As‡k IS I LM-

Gi mgš‡q mvgwMÖK fvimvg¨ g‡Wj cÖKvk cvq|

cÖv_wgK IS1 I LM1-Gi Øviv E we› y‡Z fvimvg¨

my‡ì nvi i1 Ges RvZxq Avq Y1 wba©vwiZ nq|

LM1 cvIqv hvq cÖK…Z A_© gRyZ ev M/P1 †_‡K,

†hLv‡b P1 wbw ©ó `vg Íi Ges M wbw ©ó cwigvY A_©

gRyZ (†hvMvb)| LM1 †h‡nZz `vg¯Íi P1-Gi m‡½

m¤úwK©Z, ZvB wP‡Îi B As‡k wba©vwiZ RvZxq Avq

Y1-Gi m‡½ `vg Íi P1-Gi m¤úK© ’vwcZ nq|

GLb g‡b Kiv hvK, `vg¯Íi P2 †Z K‡g| †h‡nZz

IS1-Gi wba©viYx Dcv`vb¸‡jv cÖK…Z gv‡bi (real value) Øviv wbiƒwcZ nq, ZvB `vg Íi Kg‡jI IS-Gi †Kv‡bv cwieZb nq bv| A_© †hvMv‡bi cÖK…Z

g~j¨

A‡_©icwigvY (m)

(M) =

`vg¯Íi (p)

GB m~Î AbymiY K‡i ejv hvq, A‡_©i cwigvY w ’i †_‡K `vg Íi hw` K‡g, Z‡e A_© †hvMv‡bi

cÖK…Z g~j¨ ev‡o| A_© †hvMv‡bi cÖK…Z g~j¨ evo‡j cÖK…Z A_© Znwe‡ji †¶‡Î AwZwi³ †hvMvb

†`Lv †`‡e| Gi d‡j LM1 †iLv LM2

†Z ’vbvšÍwiZ nq| IS1 I LM2 ci¯úi F we› y‡Z †Q`

K‡i| my‡ì nvi i2

†Z K‡g Ges RvZxq Avq Y2 †Z ev‡o| myZivs A_© †hvMv‡bi cÖK…Z g~j¨

evo‡j my‡ì nvi K‡g Ges RvZxq Avq ev‡o Y1 I P1 Ges Y2 I P2-Gi m¤úK© cÖKvk cvq B

wP‡Î E1 I F1 we›`y Øviv| E1 I F1 we› y mshy³ K‡i cvIqv hvq AD †iLv|

mvgwMÖK Pvwn`v †iLv †Kb Wvbw`‡K wb¤œMvgx?

mvgwMÖK Pvwn`v †iLvi wewfbœ we› y‡Z Drcv`b Ges `vg Í‡ii wewfbœ mswgkªY cÖKvk cvq|

mvgwMÖK Pvwn`v †iLv wb¤œMvgx| Gi KviY AbymÜvb Ki‡Z n‡j `vg Íi Ges Drcv`b ª‡eï

cwigv‡Yi g‡a¨ wecixZ m¤úK©wU Dcjwä Ki‡Z n‡e| aiv hvK, wba©vwiZ Drcv`b †¶‡Î

Drcv`b evRvi Ges A_©evRvi DfqB fvimvg¨ Ae ’vq _v‡K| GLb `vg Kg‡j wbw`©ó cwigvY

A‡_©i ØvivB c~‡e©i Zzjbvq †ewk cwigv‡Y ªe¨ µq Kiv hvq| G‡¶‡Î A‡_©i cÖK…Z e¨vjvÝ

(balance) ev‡o| cÖK…Z e¨vjvÝ evo‡j LM †iLv Wvbw`‡K ’vb cwieZ©b K‡i| ZLb my‡ì nvi

K‡g, wewb‡qvM Pvwn`v ev‡o| d‡j mvgwMÖK Pvwn`v I Drcv`‡bi cwigvY ev‡o| Kv‡RB hLb

`vg Íi K‡g, ZLb fvimvg¨ Avq ev Drcv`‡bi cwigvY ev‡o e‡j mvgwMÖK Pvwn`v †iLv (AD)

Wvbw`‡K †b‡g Av‡m|

mvgwMÖK Pvwn`v †iLv †Kb Dj¤ nq?

1. Zvij¨ duv` (liquidity trap) Ges AcwiewZ©Z IS †iLvi mgš‡q cÖvß AD †iLv Djø¤ nq|

Zvij¨ duv‡ì Ae ’vq mvgwMÖK fvimvg¨ wba©vwiZ n‡j †`Lv hv‡e †h `vg Í‡ii cwieZ©b Øviv LM

cwieZ©b n‡e wVKB, wKš‘ my‡ì nv‡ii †Kv‡bv cwieZ©b n‡e bv| my‡ì nvi hw` cwiewZ©Z bv

A‡_©i cwigvY w ’i

†_‡K `vg Íi hw`

K‡g, Z‡e A_©

†hvMv‡bi cÖK…Z g~j¨

ev‡o| A_© †hvMv‡bi

cÖK…Z g~j¨ evo‡j

cÖK…Z A_© Znwe‡ji

†¶‡Î AwZwi³

†hvMvb †`Lv †`‡e|

my‡ì nvi hw`

cwiewZ©Z bv nq,

Z‡e wewb‡qvM ev Avq

evovi m¤¢vebv _v‡K

bv| G Ae ’vq cÖvß


j¤ A‡¶i mgvš—ivj

nq|



nq, Z‡e wewb‡qvM ev Avq evovi m¤¢vebv _v‡K bv| G Ae¯’vq cÖvß mvgwMÖK Pvwn`v †iLv j¤

A‡¶i mgvšÍivj nq| IS I LM mn‡hv‡M my‡ì nvi i0 Ges Avq Y0 wba©vwiZ nq| GLb my`

cwieZ©b ev A‡_©i †hvMv‡bi cwieZ©b Øviv LM cwieZ©b n‡q LM1 n‡j my‡ì nvi i0-G

cwiewZ©Z _v‡K Ges Avq ev Drcv`bI Y0-G w ’i _v‡K| Kv‡RB `vg Í‡ii cwieZ©b NU‡jI

Drcv`b Y0 w¯’i _v‡K e‡j AD †iLv Djø¤ nq|

2. hw` IS †iLv Dj¤ nq, Z‡e mvgwMÖK Pvwn`v †iLvI Dj¤ n‡e| 6.3 (L) Dj¤ wP‡Î †`Lv hvq

IS I LM0 ci¯úi e we› y‡Z †Q` Kivq i1 my‡ì nvi Ges Y0 Avq wba©vwiZ n‡q‡Q| GLb IS †iLv wbw ©ó †_‡K LM †iLv Wvbw`‡K ’vbvšÍwiZ n‡j f we›`y‡Z my‡ì nvi K‡g uvovq i0, wKš‘

Drcv`b Y0-G AcwiewZ©Z _v‡K| Kv‡RB `vg Íi Kg‡j ev A‡_©i †hvMv‡bi cÖK…Z g~j¨ evo‡j

my‡ì nvi Kg‡Z cv‡i| wKš‘ wewb‡qvM I Ki hw` bv ev‡o, Z‡e AD †iLv Dj¤ n‡e| KviY

`vg Í‡ii cwieZ©b Øviv mvgwMÖK Pvwn`v cÖfvweZ nq bv| AcwieZ©bkxj `vg Í‡i IS-LM Øviv

cÖvß AD †iLv Dj¤ nq| IS I LM †h we›`y‡Z †Q` K‡i, †mB we›`y †_‡K AD †iLvi we›`y

cvIqv hvq| IS I LM AcwiewZ©Z _vK‡j fvimvg¨ we› y GKwUB cvIqv hvq, Zvi Øviv wba©vwiZ

cÖK…Z Avq ev Drcv`‡bi m‡½ wbw ©ó `vg Í‡ii m¤úK© ’vc‡bi Øviv AD †iLvi GKwU we› y

cvIqv hvq| †h‡nZz IS I LM AcwiewZ©Z _v‡K, ZvB Drcv`b ev Avq AcwiewZ©Z _v‡K|

GgZve ’vq AS-Gi cwieZ©b Øviv `vg Íi cwiewZ©Z n‡jI Avq AcwiewZ©Z _v‡K| d‡j AD

†iLv Dj¤ nq A_©vr AD m¤ú~Y© Aw ’wZ ’vcK nq| wP‡Î Zv †`Lv‡bv n‡jv| 6.3 (L) wP‡Î P0

`v‡g AD I AS †Q` K‡i| ZvB P0 `v‡g Y0-Gi m¤úK© ¯’vwcZ nq| Y0 w ’i _v‡K e‡j AD

†iLvI Dj¤ nq|

AD †iLvi êwkó¨, Ae¯’vb I Xvj

1. †`‡k wbw ©ó ivR¯ bxwZ, wbw ©ó A‡_©i cwigvY Ges ¯q¤¢‚Z e¨w³MZ e¨q eRvq _vK‡j

`vg Í‡ii cwieZ©‡bi m‡½ cÖK…Z e¨‡qi wKiƒc cwieZ©b nq, Zv AD †iLvi gva¨‡g †`Lv‡bv nq|

`v‡gi cwieZ©‡bi d‡j cÖK…Z e¨vjv‡Ýi cwieZ©b nq| Zvi Øviv LM †iLvi ’vb cwieZ©b N‡U I

IS-Gi m‡½ bZzbfv‡e fvimvg¨ AwR©Z nq| †mB fvimv‡gï †¶‡Î A_© evRv‡ii fvimvg¨ I

Drcv`vb evRv‡ii fvimvg¨ ’vb cvq| Kv‡RB AD †iLvi GK we› y †_‡K Ab¨ we›`y‡Z `v‡gi

cwieZ©‡bi m‡½ cÖK…Z e¨‡qi hLb cwieZ©b †`Lv‡bv nq, Zvi m‡½ mvgwMÖK fvimv‡gï

cwieZ©bI †`Lv‡bv nq|



2. cÖK…Z e¨vjv‡Ýi cwieZ©‡bi gva¨‡g Drcv`b I e¨‡qi †¶‡Î cwieZ©b nq Ges Zvi Øviv AD

†iLvi Xvj wba©vwiZ nq| hw` cÖK…Z e¨vjv‡Ýi cwieZ©‡bi Øviv fvimvg¨ e¨‡qi †¶‡Î AwaK

cwieZ©b †`Lv †`q, Z‡e AD †iLv †ewk d¬ vU Z_v †ewk w ’wZ ’vcK n‡e| KviY `vg Í‡ii

mvgvb¨ Drcv`b I e¨‡qi Ici cÖfve mvgvb¨ n‡j AD †iLv Lvov (steep) ev Aw¯’wZ ’vcK n‡e|

3. `ywU P‚ovšÍ Ae¯’v we‡ePbv Kiv hvK- GKwU n‡jv K¬vwmK¨vj, AciwU †KBbmxq| K¬vwmK¨vj

aviYv Abymv‡i my‡ì nv‡ii m‡½ A‡_©i Pvwn`vi m¤úK© m¤ú~Y© Aw ’wZ ’vcK| A_©vr my‡ì nvi

cwiewZ©Z n‡jI A‡_©i Pvwn`vi †Kv‡bv cwieZ©b nq bv| †m‡¶‡Î LM †iLv Dj¤ nq| ZLb

cÖK…Z e¨vjv‡Ýi cwieZ©b n‡j Avq I e¨‡qi Ici Zvi cÖfve h‡_ó cwijw¶Z nq| hLb AD

†iLv †ewk w ’wZ ’vcK, ZLb Avgv‡ì eyS‡Z n‡e my‡ì nv‡ii m‡½ A‡_©i Pvwn`vi mvov †`qvi

gvÎv wbZvšÍB Kg| Aciw`‡K Zvij¨ duv` _vK‡j RbmvaviY wb¤œZg my‡ì nv‡i cÖK…Z e¨vjv‡Ýi

†h †Kv‡bv cwigvY nv‡Z ivL‡Z cÖ ‘Z| ZLb `vg Íi Kg‡j Ges cÖK…Z A_© gRyZ evo‡j Avq I

e¨‡qi Ici Zvi cÖfve mvgvb¨B c‡o| G Ae ’vwU Djø¤ AD †iLvi gva¨‡g †`Lv‡bv †h‡Z cv‡i|

AD †iLv hLb AwaKZi Lvov, ZLb eyS‡Z n‡e `vg¯Í‡ii cwieZ©‡bi m‡½ cwiKwíZ e¨‡qi

cwigvY mvov †`q bv|

AD-Gi Ae¯’vb I ¯’vbvšÍi Ges `vg¯Íi I Av‡qi Ici Zvi cÖfve

†hme Dcv`v‡bi Øviv IS I LM †iLvi Ae¯’vb wba©vwiZ nq, Zv‡ì ØvivB AD †iLvi Ae¯’vbI

wba©vwiZ nq| IS I LM-Gi cwigvÎv¸‡jvi cwieZ©‡bi d‡j AD ¯’vbvšÍwiZ nq| I, G I Ms evo‡j AD Wvbw`‡K ’vbvšÍwiZ n‡e| Avi Zviv Kg‡j AD evgw`‡K ’vbvšÍwiZ n‡e| Z‡e

¯’vbvšÍ‡i AvqZb (magnitude) wbf©i Ki‡e IS I LM-Gi Xv‡ji Ici| G evo‡j AD

Wvbw`‡K ’vbvšÍwiZ n‡e| hw` LM Avbyf‚wgK Ges (A_ev) IS Djø¤ nq, Z‡e AD-Gi

¯’vbvšÍ‡ii cwigvY KeG-Gi mgvb n‡e| †hLv‡b Ke n‡jv e¨q ¸YK| hw` IS-Gi Xvj Amxg

†_‡K Kg nq Ges LM-Gi Xvj k~b¨ A‡c¶v †ewk nq, Z‡e AD Gi Wvbw`‡K ¯’vbvšÍi KeG

†_‡K Kg n‡e|

weKífv‡e ejv hvq, hLb A‡_©i †hvMvb ev‡o ZLb mvgwMÖK Pvwn`v †iLv Wvbw`‡K ’vbvšÍwiZ

nq| †mB ¯’vbvšÍ‡ii cwigvY M/K Øviv wba©vwiZ nq, †hLv‡b 1/K n‡jv A_© ¸YK| mvgwMÖK

Pvwn`v †iLvi GB ’vbvšÍi ZLbB M/K Gi mgvb n‡e, hLb IS †iLv Avbyf‚wgK A_ev LM

†iLv Djø¤ nq| hw` IS †iLvi Xvj k~‡bï †P‡q †ewk nq Ges LM †iLvi Xvj Amx‡gi Zzjbvq

Kg nq, ZLb mvgwMÖK Pvwn`v †iLvi Wvbw`‡K ’vbvšÍ‡ii cwigvY M/K Gi †P‡q Kg n‡e|

miKvwi e¨q, Ki Ges mvgwMÖK Pvwn`vi cwieZ©b

hLb G I T `yÕ †m±i g‡W‡j AšÍfy©³ nq, ZLb Zv‡K e‡j wZb †m±‡ii A_©bxwZ| wZb †m±‡ii

A_©bxwZ‡Z fvimv‡gï kZ© nq S+T=I+G A_ev Y=C+I+G| A_© evRv‡ii fvimvg¨ md=ms eRvq _v‡K| G I T †K Av‡qi Ici wbf©ikxj bq e‡j Abygvb Kiv hvK|

wZb †m±‡ii A_©bxwZ‡Z AD cÖvwß A_ev G I T-Gi Øviv AD-Gi ’vbvšÍi 6.4 bs wP‡Î

†`Lv‡bv hvq| G I T †KejgvÎ I I S we‡ePbv K‡i IS0 cvIqv hvq| †mB IS0 I LM-Gi

mgZvm~PK we› yi m‡½ RwoZ mvgwMÖK Pvwn`v †iLv n‡jv AD0| GLb G I T ¯q¤¢‚Z n‡j Ges

g‡W‡j Zviv hy³ n‡j I+G Ges S+T wP‡Î S'+T)-Gi mgZvi wfwË‡Z IS1 cvIqv hvq| IS1 I

LM Gi mgZv we›`yi m‡½ RwoZ bZzb AD n‡jv AD1| Avbyf‚wgK AS-Gi †¶‡Î AD-Gi

cwieZ©b n‡j `vg¯Íi P1-G AcwiewZ©Z _v‡K| AcwieZ©bxq `vg Í‡ii †¶‡Î cÖvß AD †iLv

Djø¤ nq| Z‡e G I I cÖfv‡e AD †iLv ¯’vbvšÍwiZ nq| GLv‡b D‡jøL Kiv hvq †h, AD †iLv

Zvij¨ duv` _vK‡j

RbmvaviY wb¤œZg

my‡ì nv‡i cÖK…Z

e¨vjv‡Ýi †h †Kv‡bv

cwigvY nv‡Z ivL‡Z

cÖ ‘Z| ZLb `vg¯—i

Kg‡j Ges cÖK…Z A_©

gRyZ evo‡j Avq I

e¨‡qi Ici Zvi

cÖfve mvgvb¨B c‡o|



†Kvbw`‡K ’vbvšÍwiZ n‡e Ges KZUv iƒcvšÍwiZ n‡e Zv G I T-Gi Zzjbvg~jK cwigvY Ges

IS-Gi wba©viK¸‡jvi

Ici wbf©i K‡i|

A‡_©i †hvMv‡bi cwieZ©b

I AD-Gi ¯’vbvšÍi

A‡_©i †hvMvb evo‡j LM

Wvbw`‡K m‡i hvq| d‡j

AD †iLvI Wvbw`‡K m‡i

hv‡e| Aciw`‡K A‡_©i

†hvMvb Kg‡j LM

evgw`‡K m‡i hv‡e, ZLb

AD evgw`‡K mi‡e|

mvgwMÖK Pvwn`vi Ici

A‡_©i †hvMvb e„w×i cÖfve

6.5 wP‡Î †`Lv‡bv n‡jv|

dUKv A‡_©i Pvwn`v w ’i

†_‡K A‡_©i †hvMvb

evo‡j A‡_©i †jb‡`b

Pvwn`v ev‡o| M1=KY

ev, Y=M1/K Abymv‡i

†jb‡`b A‡_©i Pvwn`vi

m‡½ Av‡qi m¤úK© cvIqv

hvq| K w ’i †_‡K

†jb‡`b Pvwn`v e„w×i

Kvi‡Y Y ev‡o| d‡j

LM †iLv Wvbw`‡K

¯’vbvšÍwiZ nq| cÖv_wgK

my‡`i nvi i1 I Avq Y1-

Gi m¤úK© †`Lv‡bv nq

LM1 †_‡K| E1 we› y‡Z

IS1 I LM1 ci¯úi †Q`

K‡i| GLb A‡_©i †hvMvb

evovi Kvi‡Y LM2 cvIqv

†M‡j E2 we› y‡Z IS1 I

LM2-Gi mgZv Øviv

fvimvg¨ Avq nq Y2| Y1

I P1-Gi m¤úK© †_‡K

cvIqv wM‡qwQj AD1|

GLb P1 I Y2 Gi

m¤ú‡K©i wfwË‡Z cvIqv

hvq AD2| AD2 †iLv

dUKv A‡_©i Pvwn`v

w ’i †_‡K A‡_©i

†hvMvb evo‡j A‡_©i

†jb‡`b Pvwn`v

ev‡o|



AD1 †iLvi Wvbw`‡K Ae ’vb K‡i|

Av‡jvPbv †_‡K ejv hvq †h, A‡_©i †hvMvb evo‡j LM Wvbw`‡K m‡i hv‡e Ges IS hw` wbw`©ó

_v‡K AD †iLvI Wvbw`‡K m‡i hv‡e| wecixZ w`K †_‡K ejv hvq A‡_©i †hvMvb Kg‡j LM

evg w`‡K m‡i hv‡e Ges IS wbw ©ó _vK‡j AD †iLvI evgw`‡K m‡i Avm‡e| Gfv‡e A‡_©i

†hvMvb cwieZ©b Øviv AD †iLvi †¶‡Î cwieZ©b Av‡m|

wewb‡qvM cwieZ©b Øviv Dj¤ AD †iLvi ¯’vbvšÍi

wewb‡qvM †_‡K cÖZ¨vkv evo‡j wewb‡qvM Pvwn`v †iLv Wvbw`‡K ¯’vbvšÍwiZ nq| d‡j IS †iLvI

Wvbw`‡K ’vbvšÍwiZ nq| P‚ovšÍ ch©v‡q AD †iLvI Wvbw`‡K m‡i hvq| 6.6 wP‡Î Zv †`Lv‡bv

n‡jv| LM †iLv w ’i a‡i wewb‡qvM cwieZ©b Øviv IS †iLvi wKiƒc cwieZ©b nq, Zv †`wL‡q AD

†iLvi ’vbvšÍi

†`Lv‡bv n‡jv| cÖ_g

wewb‡qvM †iLv I1 Gi

m‡½ IS1 m¤úK©hy³|

LM I IS1 Gi

mgZvi Øviv fvimvg¨

Drcv`b (Avq) nq

Y1| †mB Y1 Avq ev

Drcv`b hLb `vg¯Íi

P1 Gi m‡½

m¤úK©hy³, ZLb

cvIqv hvq AD1

†iLv| GLb wewb‡qvM

cÖZ¨vkv evo‡j

wewb‡qvM †iLv I2 †Z

¯’vbvšÍwiZ nq|

m¤úwK©Z IS ZLb

Wvbw`‡K ’vbvšÍwiZ

n‡q IS2 nq| ZLb

fvimvg¨ Avq Y1| Y2

I AcwiewZ©Z `vg P1

m¤úK© wb‡`©kKvix


n‡jv AD2| Gfv‡e wewb‡qvM cÖZ¨vkv Z_v wewb‡qvM e„w×i Øviv AD Wvbw`‡K m‡i hvq| (hw`

wewb‡qv‡Mi cÖZ¨vkv Z_v wewb‡qvM K‡g, Z‡e IS evgw`‡K ’vbvšÍwiZ n‡e Ges m¤úwK©Z †iLvI

evg w`‡K m‡i hv‡e|)

wewb‡qvM †_‡K

cÖZ¨vkv evo‡j

wewb‡qvM Pvwn`v †iLv


nq| d‡j IS †iLvI


nq| P‚ovšÍ ch©v‡q

AD †iLvI Wvbw`‡K

m‡i hvq|



wewb‡qvM I A‡_©i †hvMvb e„w× Ges AcwieZ©bxq `vg ¯Í‡ii †cÖw¶‡Z AD †iLvi ¯’vbvšÍi

wewb‡qvM evo‡j Ges A‡_©i †hvMvb evo‡j

IS I LM Df‡qB Wvbw`‡K ’vbvšÍwiZ nq|

d‡j AD †iLvI Wvbw`‡K m‡i hvq| 6.7

wP‡Î Zv †`Lv‡bv n‡jv| wbw`©ó my‡`i nvi i1

†Z wewb‡qvM e„w× I A‡_©i †hvMvb e„w× GB

`y‡qi cÖfv‡e IS I LM h_vµ‡g IS1 †_‡K

IS2 Ges LM1 †_‡K LM2 nq| fvimvg¨

Avq cÖ_‡g wQj Y1. Gevi Zv Y2| Y1 I

P1-Gi m¤úK© †_‡K AD1 Ges Y2 I P1

Gi m¤úK© AD2 cvIqv hvq| AD1 †_‡K

AD2 †iLv Wvbw`‡K ¯’vbvšÍwiZ nq| Zvn‡j

ejv hvq, wewb‡qvM e„w× I A‡_©i †hvMvb

e„w×i †hŠ_ cÖfv‡e AD †iLv Wvbw`‡K

¯’vbvšÍwiZ nq| [hw` wewb‡qvM n«vm I A‡_©i

†hvMvb n«vm N‡U, Z‡e AD †iLv evgw`‡K

¯’vbvšÍwiZ nq]|

mvgwMÖK Pvwn`v †iLv (AD) ej‡Z Ggb GKwU †iLv †evSvq, hvi wewfbœ we›`y‡Z fvimvg¨ Drcv`vb

`vg Í‡ii wewfbœ mswgkªY cÖKvk cvq| A‡_©i cwigvY w ’i †_‡K `vg Íi hw` K‡g, Z‡e A_© †hvMv‡bi

cÖK…Z g~j¨ ev‡o| A_© †hvMv‡bi cÖK…Z g~j¨ evo‡j cÖK…Z A_© Znwe‡ji †¶‡Î AwZwi³ †hvMvb †`Lv

†`‡e| Zvij¨ duv` _vK‡j RbmvaviY wb¤œZg my‡`i nv‡i cÖK…Z e¨vjv‡Ýi †h †Kv‡bv cwigvY nv‡Z

ivL‡Z cÖ ‘Z| ZLb `vg¯—i Kg‡j Ges cÖK…Z A_© gRyZ evo‡j Avq I e¨‡qi Ici Zvi cÖfve

mvgvb¨B c‡o| dUKv A‡_©i Pvwn`v w ’i †_‡K A‡_©i †hvMvb evo‡j A‡_©i †jb‡`b ev‡o|

mvims‡¶c




ˆbe© w³K cÖkœ


1. `vg Íi Kg‡j e¨q A‡c¶K †iLv Ic‡ii w`‡K ’vbvšÍwiZ nq| mZ¨/wg_¨v

2. mvgwMÖK Pvwn`v †iLvi Ab¨Zg kZ© n‡PQ ªe¨ I †mevi Av‡cw¶K `vg cwiewZ©Z n‡q

_v‡K| mZ¨/wg_¨v

3. A‡_©i †hvMvb evo‡j LM †iLv Wvbw`‡K m‡i hvq, d‡j AD †iLvI Wvbw`‡K m‡i hv‡e|

mZ¨/wg_¨v

msw¶ß cÖkœ

1. mvgwMÖK Pvwn`v †iLvi AbywgZ kZ© ‡jv wK?

2. `vg Íi I Av‡qi Ici mvgwMÖK Pvwn`vi (AD) cÖfve wK?

3. miKvwi e¨q I K‡ii cwieZ©b mvgwMÖK Pvwn`vi (AD) †¶‡Î †Kv‡bv cÖfve iv‡L?

4. wewb‡qvM cwieZ©‡b AD †iLvi wK ¯’vbvšÍi nq?

5. wewb‡qvM I A‡_©i †hvMvb e„w× AD †iLvi wK cwieZ©b Av‡b?

iPbvg~jK cÖkœ

1. mvgwMÖK Pvwn`v wK? Zvi ˆewkó¨¸‡jv wK?

2. wK wK Kvi‡Y mvgwMÖK Pvwn`v †iLvi ’vbvšÍi nq?


1. mZ¨ 2. wg_¨v 3. mZ¨



mvgwMÖK †hvMvb †iLv


mvgwMÖK †hvMvb †iLvi msÁv

†KBb‡mi Z‡Ë¡i wfwË‡Z Avbyf‚wgK mvgwMÖK †hvMvb †iLv

Avw_©K gRywii Ici wbf©ikxj kª‡gi †hvMv‡bi wfwË‡Z mvgwMÖK †hvMvb †iLv I `vg¯Íi

wba©viY

GKwU †`‡ki Drcv`‡bi cwigvY (Avq) I `vg Í‡ii g‡a¨ m¤úK©‡K †h †iLvi gva¨‡g †`Lv‡bv

nq, Zv‡K mvgwMÖK †hvMvb (AS) †iLv e‡j| kªgevRv‡ii fvimvg¨ wb‡qvM Øviv Drcv`‡bi

cwigvY cÖfvweZ nq| Zvi Ici `vg Í‡ii cwieZ©b wK cÖfve we¯Ívi K‡i, G welqwU †h †iLvi

Øviv Rvbv hvq ZvB n‡jv AS| Avw_©K gRywi w ’i †_‡K `vg e„w×i m‡½ Drcv`b e„w×i †h m¤úK©

¯’vwcZ nq, Zv AS †iLv Øviv †`Lv‡bv nq|

K¬vwmK¨vj mvgwMÖK †hvMvb (AS) †iLv †Kb Djø¤^ nq?

K¬vwmK¨vj ZË¡ Abymv‡i mvgwMÖK †hvMvb (AS) †iLv Djø¤ nq| A_©vr Zv `vg A‡¶i mgvšÍivj|

6.8 wP‡Î c~Y© wb‡qvM m¤úbœ Drcv`b| †m‡¶‡Î AS Djø¤| GB †iLvi Øviv cÖKvk cvq †h,

`vg Íi hvB †nvK bv †Kb, eëmvq cÖwZôvbmg~‡ni †hvMvbK…Z `ª‡eï cwigvY w ’i _v‡K| kª‡gi

evRv‡i me© vB c~Y© wb‡qvM eRvq _v‡K|

AbywgZ k‡Z©i Ici K¬vwmK¨vj †hvMvb †iLv

wbf©ikxj| hw` GKwU †`‡ki me kªwgKB

Drcv`b †¶‡Î wb‡qvwRZ _v‡K, Z‡e

Drcbœ `ª‡eï `vg evo‡jI Drcv`‡bi

cwigvY evov‡bvi †Kv‡bv my‡hvM _v‡K bv|

K¬vwmK¨vj Z‡Ë¡ Av‡iv a‡i †bqv nq †h, c~Y©

wb‡qvMm¤úbœ Drcv`b †¶‡Îi m‡½ RwoZ

cÖK…Z gRywi me© vB eRvq _v‡K| A_©vr

Avw_©K gRywi I `vg Í‡ii cwieZ©b

AvbycvwZK nq| GgZve ’vq c~Y©wb‡qvM

m¤úbœ Drcv`b (Yf) †¶‡Îi †h‡nZz †Kv‡bv cwieZ©b nq bv, ZvB K¬vwmK¨vj mvgwMÖK †hvMvb

(AS) †iLv Djø¤ nq|

†KBb‡mi Z‡Ë¡i wfwË‡Z Avbyf‚wgK mvgwMÖK †hvMvb †iLv

†KBb‡mi ZË¡ Abymv‡i mvgwMÖK †hvMvb †iLv f‚wg A‡¶i mgvšÍivj| 6.9 wP‡Î Zv †`Lv‡bv nq|

Gi Øviv GwUB †evSv‡bv nq PjwZ `v‡g †h cwigvY ª‡eï Pvwn`v _v‡K, †mB cwigvY ªe¨

eëmvq cÖwZôvb †hvMvb w`‡Z cÖ ‘Z| †KBb‡mi mvgwMÖK †hvMvb †iLvi cðv‡Z GKwU ZvwË¡K

welq ¯úó n‡q I‡V, Zv n‡jv PjwZ gRywi‡Z dv‡g©i †h cwigvY kªg wb‡qv‡Mi cÖ‡qvRb, †mB

cvV-2

c~Y©wb‡qvM m¤úbœ

Drcv`b †¶‡Îi

†h‡nZz †Kv‡bv

cwieZ©b nq bv, ZvB

K¬vwmK¨vj mvgwMÖK

†hvMvb (AS) †iLv

Dj¤ nq|

†KB‡Ýi mvgwMÖK

†hvMvb †iLvi cðv‡Z

GKwU ZvwË¡K welq

¯úó n‡q I‡V, Zv

n‡jv PjwZ gRywi‡Z

dv‡g©i †h cwigvY kªg

wb‡qv‡Mi cÖ‡qvRb,

†mB cwigvY kªwgK

wb‡qvM Ki‡Z †m

m¶g|



cwigvY kªwgK wb‡qvM Ki‡Z †m m¶g|

†KBbm AviI g‡b K‡ib †`‡k †eKviZ¡

_vKvi Kvi‡Y- eëmvq cÖwZôvb B”Qvg‡Zv

kªwgK wb‡qvM Ki‡Z cv‡i| †KBbm g‡b

K‡ib, gRywi I `vg Í‡ii AbgbxqZv

GKwU ¯vfvweK welq| KviY, kªwg‡Kiv

gRywi n«v‡mi cÖ Ív‡e KLbI m¤§Z nq bv|

`xN©Kv‡jI `vg I gRywi n«v‡mi †Kv‡bv

cÖeYZv _v‡K bv| †mB g›`v Ae¯’v cÖKvk

cvq| †KBb‡mi g‡Z g›`vi nvZ †_‡K

cwiÎv‡Yi Rb¨ mvgwMÖK Pvwn`v e„w×i

cÖ‡qvRb| mvgwMÖK Pvwn`v hw` †Kv‡bv iK‡g evov‡bv hvq, Z‡e eëmvq cÖwZôvb Drcv`b evov‡Z

D‡`¨vMx nq| wKš‘ A_©bxwZ‡Z h‡_ó msL¨K †eKvi e¨w³ _vK‡j, †mB †eKvi e¨w³i Øviv GKB

`v‡g Drcv`b m¤¢e| †hgb P1 `v‡g A †_‡K E Gi w`‡K AMÖmi n‡j †`Lv hvq Drcv`b (Y)

evo‡Q| wKš‘ E †Z G‡m Drcv`b w ’i n‡q uvovq| E we›`y‡Z c~Y© wb‡qvMRwbZ Drcv`b †`Lv‡bv

nq| E we› y‡Z AwZwi³ †Kv‡bv Drcv`b mvg_© _v‡K bv| d‡j mvgwMÖK Pvwn`v hw` ev‡o, Z‡e

`vgB †Kej ev‡o| A_©vr †`‡k cÖK…Z gy`ªvùxwZ †`Lv †`q| GgZve ’vq E †_‡K B-Gi w`‡K

AMÖmi n‡j †`Lv hvq Drcv`b Yf †Z w¯’i _v‡K, wKš‘ `vg Íi ev‡o|

AS Gi ch©vqmg~n

Av‡jvPbv †_‡K AS †iLvi ywU cÖavb ch©vq m¤ú‡K© Rvbv hvq- cÖ_gwU f‚wg A‡¶i mgvšÍivj

Ges wØZxqwU j¤ A‡¶i mgvšÍivj| f‚wg A‡¶i mgvšÍivj ch©vqwU g›`vKvjxb we‡kølY wnmv‡e

we‡eP¨| GB ch©v‡q mvgwMÖK Pvwn`v Ach©vß _vK‡j †eKvi mgm¨vI cÖKU n‡e| †KBb‡mi

General Theory †Z gnvg›`vi KviY I cÖwZKvi m¤ú‡K© cÖvavb¨ †`qv n‡q‡Q| ZvB mvgwMÖK

†hvMvb †iLvi f‚wg A‡¶i ch©vqwU‡K Ô†KBbmxq ch©vqÕ (Keynesian range) e‡j| mvgwMÖK

†hvMvb †iLvi Djø¤ AskwU‡Z c~Y© wb‡qvM cÖKvk cvq| c~Y©wb‡qvM Ae¯’vwU †h‡nZz K¬vwmK¨vj

e³‡eï cÖavb welq, ZvB †mB Djø¤ AskwU‡K ÔK¬vwmK¨vj ch©vqÕ (Classical range) e‡j| wP‡Î

AEB †iLvwU‡K mvgwMÖK †hvMvb †iLv wn‡m‡e hLb we‡ePbv Kiv nq, ZLb Zv‡K Bs‡iwR L-Gi

wecixZ AvK…wZ ejv hvq| †KBb‡mi General Theory -†K wec evÍK ejv nq e‡j AS †iLvi GB

wecixZ L -AvK…wZ‡K Ô†KBbmxq wec eÕ (Keynesian Revolution)-Gi cÖZxK ejv n‡q _v‡K|

AS †iLvi gaëZ©x ch©vq

we‡k¦ Ggb KZ¸‡jv RwUjZv †`Lv †`q hv AS †iLvi ÔwecixZ LÕ AvK…wZi Øviv e¨vL¨v Kiv m¤¢e

nq bv| hLb GKwU †`‡ki A_©bxwZ cÖmvwiZ n‡Z _v‡K ZLb GKB mg‡q me wkí KviLvbv mg

Drcv`b mvg‡_© †cuŠQvq bv| GKwU wkí Aci wk‡íi Zzjbvq Av‡M ev c‡i c~Y© mvg_© AR©b

Ki‡Z cv‡i| Gi d‡j mvgwMÖK `vgm~PK (Price index) gš’i MwZ‡Z ev‡o| hLb Pvwn`v ev‡o,

ZLb Drcv`b †hgb ev‡o, `vgI wKQyUv ev‡o| GB Ae¯’vwU‡K ÔAšÍeZ©xÕ ev Ôgaë©Z©x ch©vqÕ

(intermediate range) wnmv‡e †`Lv‡bv n‡q‡Q| hLb g›`v ev gy`ªvùxwZ †Kv‡bvwUB cÖKU nq bv

ZLbB GB gaëZ©x ch©vq j¶¨ Kiv hvq| †KBbm GB gaëZ©x ch©vq m¤ú‡K© Aek¨ †Kv‡bv

aviYv †`bwb| wZwb g›`vKvjxb Ae ’v we‡ePbv K‡ib e‡j f‚wg A‡¶i mgvšÍivj †iLv‡KB

cÖvavb¨ †`b| Z‡e mvgwMÖK Pvwn`v e„w×i Øviv †h‡nZz Drcv`b (I `vg Íi) e„w×i †Póv †bqv nq

mvgwMÖK †hvMvb

†iLvi f‚wg A‡¶i

ch©vqwU‡K Ô†KBbmxq

ch©vqÕ (Keynesian range) e‡j|

mvgwMÖK †hvMvb

†iLvi Djø¤ AskwU‡Z

c~Y© wb‡qvM cÖKvk

cvq|



Ges †h‡nZz †KBbm ivR¯bxwZi cÖmviZvi Øviv †mB j¶¨ AR©‡bi K_v D‡jøL K‡ib| ZvB AS

†iLvi gaëZ©x AÂjwU‡K cÖmvwiZ †KBbmxq ch©vq (extended Keynesian range) ejv P‡j|

Avw_©K gRywii Ici wbf©ikxj kª‡gi †hvMv‡bi wfwË‡Z mvgwMÖK †hvMvb †iLv

Avw_©K gRywii AbgbxqZv eR©b K‡i Avw_©K gRywi‡K cwieZ©b‡hvM¨ aiv hvK| Gev‡i A_©gvqvi

AbygvbwU eRvq †i‡L mvgwMÖK †hvMvb †iLv A¼b Kiv †h‡Z cv‡i| kª‡gi †hvMvb A‡c¶K †`qv

_vK‡j ejv hvq `vg Íi e„w×i m‡½ kÖ‡gi Pvwn`v ev‡o| KviY dv‡g©i Drcbœ `ª‡eï †hvMv‡bi

m‡½ Zvi abvZ¥K m¤úK© _v‡K| †m Ae ’vq mvgwMÖK †hvMvb †iLvi †Kv‡bv Djø¤ Ask _v‡K bv|

KviY c~Y© wb‡qvM AR©b Ges A_©gvqvi mgvwß m¤ú‡K© G‡¶‡Î wKQy ejv nq bv| Kv‡RB Gw`K

†_‡K ejv hvq- mvgwMÖK †hvMvb c~Y© wb‡qvM m¤úbœ Drcv`b‡K Qvwo‡q †h‡Z cv‡i|

mvgwMÖK Pvwn`v I †hvMv‡bi mgZv : `vg¯Íi I fvimvg¨ Avq wba©viY

mvgwóK A_©bxwZ‡Z ¸iæZ¡c~Y© †gŠwjK g‡Wj

n‡jv mvgwMÖK Pvwn`v- †hvMvb g‡Wj| GB

g‡W‡ji Øviv `vg I Drcv`b wba©vwiZ nq|

AD †iLv Wvbw`‡K wb¤œMvgx Ges AS †iLv

EaŸ©Mvgx| 6.10 wP‡Î E we› y‡Z AD I AS

ci¯úi †Q` K‡i| `vg wba©vwiZ nq P0 Ges

Drcv`b Y0|

AS w ’i †_‡K AD †iLvi ’vbvšÍi NU‡j `vg

I Drcv`b ev‡o, A_ev `vg I Drcv`b

K‡g| AD-Gi wba©viKmg~‡ni †h †Kv‡bvwUi

cwieZ©b NU‡j AD-Gi ’vbvšÍi nq| myZivs cÖmvigvb Avw_©K bxwZi Øviv `vg Íi I Drcv`b

DfqB ev‡o|

mvgwMÖK Pvwn`v †iLvi ¯’vbvšÍi Øviv `vg I Drcv`‡bi cwieZ©b cwigvY wKiƒc n‡e, Zv wbf©i

K‡i mvgwMÖK †hvMvb †iLvi (AS) Xv‡ji Ici| AS †iLv AwaK Xvjm¤úbœ n‡j A‡_©i †hvMvb

e„w×i Øviv Drcv`b ev Avq mvgvb¨B ev‡o| wKš‘ †m‡¶‡Î `vg¯Íi †ewk nv‡i ev‡o| Aciw`‡K

AS-Gi Xvj Kg n‡j `vg Íi mvgvb¨ ev‡o, wKš‘ Drcv`b e„w×i nvi †ewk nq|

K¬vwmK¨vj mvgwMÖK †hvMv‡bi †¶‡Î `vg¯Íi wba©viY

mvgwMÖK Pvwn`v I mvgwMÖK †hvMvb

†iLv †h we› y‡Z †Q` K‡i †mB

we› y‡Z `vg¯Íi wba©vwiZ nq| G

`ywU †iLv †h †Kv‡bvwUi cwieZ©b

n‡j `vg Íi cwiewZ©Z n‡e|

K¬vwmK¨vj wPšÍvaviv Abymv‡i

mvgwMÖK †hvMvb †iLv Djø¤| wbw`©ó

mvgwMÖK †hvMvb †iLv a‡i wb‡q

mvgwMÖK Pvwn`v †iLvi Wvbw`‡K

¯’vbvšÍi n‡j `vg Íi ev‡o| 6.11

wP‡Î Zv †`Lv‡bv n‡q‡Q|

kª‡gi †hvMvb

A‡c¶K †`qv _vK‡j

ejv hvq `vg Íi e„w×i

m‡½ kÖ‡gi Pvwn`v

ev‡o| KviY dv‡g©i

Drcbœ ª‡eï

†hvMv‡bi m‡½ Zvi

abvÍK m¤úK© _v‡K|

mvgwMÖK Pvwn`v †iLvi

’vbvšÍi Øviv `vg I

Drcv`‡bi cwieZ©b

cwigvY wKiƒc n‡e,

Zv wbf©i K‡i

mvgwMÖK †hvMvb

†iLvi (AS) Xv‡ji

Ici|



kª‡gi †hvMv‡bi cwieZ©b Ges Drcv`bkxjZvi cwieZ©‡bi gva¨‡g mvgwMÖK Pvwn`v †iLvi

cwieZ©b N‡U| K wP‡Î mvgwMÖK Pvwn`v e„w×i Øviv `vg Í‡ii Ici cÖfve †`Lv‡bv n‡q‡Q| D0 I

S0 hLb E0 we› y‡Z †Q` K‡i, ZLb fvimvg¨ `vg nq P0| GLb A‡_©i †hvMvb evo‡j mvgwMÖK

Pvwn`v †iLv D1 †Z ev‡o| d‡j P0 `vg Í‡i AwZwi³ Pvn`v Y1-Y0 (ev E0F) †`Lv †`q| wKš‘

`vg Íi P1-G evo‡j †mB AwZwi³ Pvwn`v ~i n‡q hvq|

Drcv`b †h‡nZz Y0-G AcwiewZ©Z _v‡K, ZvB ejv hvq mvgwMÖK Pvwn`vi mgvbycv‡Z `vg Íi

ev‡o| B kª‡gi †hvMv‡bi e„w×i Øviv `vg Í‡ii Ici cÖfve †`Lv‡bv n‡q‡Q| kª‡gi †hvMvb evo‡j

cÖK…Z gRywi K‡g| d‡j kª‡gi †hvMvb e„w×i Øviv Drcv`b ev‡o| wP‡Î mvgwMÖK †hvMvb †iLv S0 †_‡K S1-G ’vbvšÍwiZ nq| d‡j Y0-Y1 (ev GH) GB Ach©vß Pvwn`v P0 `v‡g †`Lv †`q|

`vg Íi P1-G Kg‡j cÖK…Z e¨vjvÝ I cÖK…Z A‡_©i †hvMvb ev‡o| ZLb Y1 Av‡qi †¶‡Î e¨‡qi

cwigvY ev‡o| Kv‡RB c~Y©wb‡qvM m¤úbœ Drcv`b †¶‡Îi cwieZ©b n‡j `vg Í‡ii cwieZ©b

mgvbycvwZK nq|

†KBb‡mi mvgwMÖK †hvMvb A‡c¶K wfwËK `vg Íi wba©viY

†KBb‡mi wPšÍvaviv Abymv‡i kª‡gi †hvMvb A‡c¶K †`qv _vK‡j mvgwMÖK Pvwn`v I mvgwMÖK

†hvMv‡bi mgZvi wfwË‡Z Ggb GKwU `vg Íi wba©vwiZ nq hv Ac~Y© wb‡qv‡Mi Drcv`‡bi m‡½

m¤úK©hy³| mvgwMÖK Pvwn`v evo‡j Drcv`‡bi cwigvY ev‡o, †eKviZ¡ K‡g wKš‘ `vg Íi ev‡o|

6.12 wP‡Î welqwU e¨vL¨v Kiv n‡jv|

wP‡Î Yf c~Y©wb‡qvM m¤úbœ Drcv`b| wKš‘ S0 I D0 Øviv c we› y‡Z wba©vwiZ Drcv`b n‡jv Y0|

Y0<Yf, Kv‡RB Y0

†K Ac~Y© wb‡qvM

m¤úbœ Drcv`b ejv hvq| Y0- Gi m‡½

`vg Íi P0 RwoZ| Y0 †¶‡Î †eKviZ¡

N1-N0| GLb cÖmvigvb A_©‰bwZK bxwZ

Aej¤b Ki‡j mvgwMÖK Pvwn`v †iLv D1

†Z ’vbvšÍwiZ nq| G‡¶‡Î P0 `v‡g Y2-Y0 AwZwi³ Pvwn`vi m„wó nq| †mB

AwZwi³ Pvwn`v Øviv `vg Íi P1 †Z ev‡o|

ZLb cÖK…Z gRywi W0/P1 †Z †b‡g Av‡m|

wb‡qv‡Mi cwigvY uvovq N1 Ges

Drcv`‡bi cwigvY Y1| Gfv‡e cÖmvigvb

A_©‰bwZK bxwZ (Avw_©K A_ev ivR¯)

Øviv Ac~Y© wb‡qvM ’j †_‡K wb‡qvM I

Drcv`b evov‡bv hvq| Z‡e Drcv`b I

wb‡qv‡Mi GB e„w× mvgwMÖK Pvwn`v e„w×i

Zzjbvq Kg nq| †KBb‡mi g‡W‡j hLb

†eKviZ¡ _v‡K, mvgwMÖK Pvwn`vi cwieZ©b

ZLb Drcv`b I `vg¯Íi cwieZ©b Gi

mgvbycvwZK nq bv| GKevi c~Y© wb‡qvM AwR©Z n‡q †M‡j A_©gvqvi mgvwß N‡U ZLb mvgwMÖK

Pvwn`vi e„w× I `vg Í‡ii cwieZ©b mgvbycvwZK nq| wKš‘ Drcv`b †¶‡Î †Kv‡bv cwieZ©b nq

bv|

†KBb‡mi g‡W‡j

hLb †eKviZ¡ _v‡K,

mvgwMÖK Pvwn`vi

cwieZ©b ZLb

Drcv`b I `vg Íi

cwieZ©b Gi

mgvbycvwZK nq bv|

mvgwMÖK Pvwn`v

evo‡j Drcv`‡bi

cwigvY ev‡o,

†eKviZ¡ K‡g wKš‘

`vg Íi ev‡o|



wb¤œZg ch©v‡q Avw_©K

gRywi mvaviYZ

Abgbxq| cieZ©x‡Z

†mB Abgbxq gRywii

†¶‡Î hw` cwieZ©b

N‡UB, Z‡e Drcv`b I

`vg Í‡ii wK cwieZ©b

nq, Zv 6.13 wP‡Î j¶¨

Kiv hvq| K wP‡Î

cÖv_wgK Drcv`b Y0

Ges `vg Íi P0| L wP‡Î

wb¤œZg Avw_©K gRywi W0

†_‡K W1 †Z evo‡j

cÖK…Z gRywi W0/P0

†_‡K W1/P0 †Z ev‡o| d‡j K wP‡Îi mvgwMÖK †hvMvb A‡c¶‡Ki abvZ¥K (+) AskwU evgw`‡K

¯’vbvšÍwiZ n‡q S0 †_‡K S1 nq| cÖv_wgK `vg P0 †Z AwZwi³ Pvwn`v GLb `uvovq Y0-Y2 ev

e0f| AwZwi³ Pvwn`vi Kvi‡Y `vg Íi P1-G evo‡j cÖK…Z gRywi W1/P1 †Z K‡g| ZLb Y1 cÖK…Z

Av‡qi †¶‡Î fvimvg¨ wba©vwiZ nq| Kv‡RB wb¤œZg Avw_©K gRywi evo‡j `vg Íi ev‡o| ZLb

wb‡qv‡Mi cwigvY K‡g Ges Drcv`‡bi cwigvYI K‡g|

Avw_©K gRywiwfwËK mvgwMÖK †hvMv‡bi gva¨‡g `vg Íi wba©viY

mvgwMÖK e¨q Ges Avw_©K gRywii Ici `vg Íi wbf©ikxj| †KBb‡mi mvgwMÖK †hvMvb †iLvi b¨vq

eZ©gvb Av‡jvPbvq mvgwMÖK †hvMvb †iLvq †Kv‡bv Djø¤ Ask †bB| KviY n‡jv- c~Y© wb‡qvM

Ae¯’vq A_©gvqvi mgvwß N‡U, G AbywgZ kZ©wU we‡ePbv Kiv nqwb| Kv‡RB mvgwMÖK Pvwn`vi

e„w× NU‡j `vg Íi I Drcv`b evo‡Z _v‡K|

c~Y©wb‡qvM m¤úbœ Drcv`b †¶‡Îi †h‡nZz †Kv‡bv cwieZ©b nq bv, ZvB K¬vwmK¨vj mvgwMÖK †hvMvb †iLv

Djø¤ nq| †KBb‡mi mvgwMÖK †hvMvb †iLvi cðv‡Z GKwU ZvwË¡K welq ¯úó n‡q I‡V, Zv n‡jv PjwZ

gRywi‡Z dv‡g©i †h cwigvY kªg wb‡qv‡Mi cÖ‡qvRb, †mB cwigvY kªwgK wb‡qvM Ki‡Z †m m¶g|

mvgwMÖK †hvMvb †iLvi f‚wg A‡¶i ch©vqwU‡K Ô†KBbmxq ch©vqÕ (Keynesian range) e‡j| mvgwMÖK

†hvMvb †iLvi Djø¤ AskwU‡Z c~Y© wb‡qvM cÖKvk cvq| kª‡gi †hvMvb A‡c¶K †`qv _vK‡j ejv hvq

`vg Íi e„w×i m‡½ kÖ‡gi Pvwn`v ev‡o| KviY dv‡g©i Drcbœ `ª‡e¨i †hvMv‡bi m‡½ Zvi abvZ¥K m¤úK©

_v‡K| mvgwMÖK Pvwn`v †iLvi ’vbvšÍi Øviv `vg I Drcv`‡bi cwieZ©b cwigvY wKiƒc n‡e, Zv wbf©i

K‡i mvgwMÖK †hvMvb †iLvi Xv‡ji Ici|

mvims‡¶c




ˆbe© w³K cÖkœ


1. mvgwMÖK †hvMvb †iLv Djø¤ nq| mZ¨/wg_¨v

2. †KBb‡mi g‡Z, †`‡k †eKviZ¡ _vKvi Kvi‡Y e¨emvq cÖwZôvb B”Qvg‡Zv kªwgK wb‡qvM

Ki‡Z cv‡i bv| mZ¨/wg_¨v

3. mvgwMÖK †hvMvb †iLv AwaK Xvjm¤úbœ n‡j A‡_©i †hvMvb e„w×i Øviv Drcv`b ev Avq

mvgvb¨B ev‡o| mZ¨/wg_¨v

msw¶ß cÖkœ

1. K¬vwmK¨vj mvgwMÖK †hvMvb †iLv †Kb Djø¤^ nq?

2. mvgwMÖK †hvMvb †iLv wK?

3. mvgwMÖK †hvMvb †iLv KLb ÔLÕ -Gi wecixZ AvK…wZ nq?

iPbvg~jK cÖkœ

1. mvgwMÖK †hvMvb †iLv wK? wewfbœ mvgwMÖK †hvMvb †iLvq wKfv‡e `vg Íi wba©viY Kiv nq?


1. mZ¨ 2. wg_¨v 3. mZ¨



mvgwMÖK fvimv‡gï (IS I LM) gva¨‡g wewfbœ Z‡Ë¡i iƒcvqb


K¬vwmK¨vj Z‡Ë¡i AvIZvaxb Avq, wb‡qvM, my‡ì nvi I `vg Íi wba©viY

IS I LM-Gi gva¨‡g gRywi `v‡gi bgbxqZv Z‡Ë¡i cÖKvk

mvgwMÖK fvimv‡gï gva¨‡g †KBbmxq ZË¡ we‡kølY

K¬vwmK¨vj Z‡Ë¡ mvgwMÖK †hvMvb †iLv Djø¤|

IS I LM-Gi mgš‡q m„ó mvgwMÖK

fvimvg¨ †_‡K mvgwMÖK Pvwn`v †iLv cvIqv

hvq| 6.14 (K) wP‡Î E we› y‡Z fvimvg¨

my‡ì nvi i0 Ges fvimvg¨ Avq Yf| Yf n‡jv c~Y© wb‡qv‡Mi m‡½ m¤úwK©Z Avq|

cÖvß Yf †K (L) wP‡Î f‚wg A‡¶ ’vbvšÍi

Kiv nq| (L) wP‡Îi j¤ A‡¶ `vg Íi

cwigvc Kiv nq| (L) wP‡Î AD I AS

ci¯úi F we› y‡Z †Q` K‡i| wba©vwiZ

`vg Íi P0 Ges fvimvg¨ Avq Yf-Gi g‡a¨

m¤úK© cÖKvk cvq F we› y‡Z| Gfv‡e

K¬vwmK¨vj Z‡Ë¡ c~Y© wb‡qv‡Mi AbywgZ kZ©

†g‡b wb‡q my‡ì nvi, Avq (wb‡qvM) I

`vg Íi wba©vwiZ nq|

IS I LM-Gi gva¨‡g gRywi `v‡gi

bgbxqZv Z‡Ë¡i cÖKvk

cÖwZ‡hvwMZvg~jK kª‡gi evRv‡i c~Y© wb‡qvM

hZ¶Y bv AwR©Z nq, ZZ¶Y Avw_©K gRywi

Kg‡Z _vK‡e| gRywi Kg‡j `vg Íi K‡g|

d‡j A‡_©i †hvMv‡bi cÖK…Z g~j¨ ev‡o| Gi

Øviv my‡ì nvi K‡g, wewb‡qv‡Mi cwigvY

ev‡o| ZLb Avq I wb‡qvM ev‡o| aiv

hvK, A_©‰bwZK Ae ’v Ggb GK ch©v‡q

Av‡Q, †hLv‡b 6.15 wP‡Î IS1 I LM1-Gi

mgZvi Øviv my‡ì nvi wba©vwiZ nq i1 Ges

fvimvg¨ Avq n‡jv Y1| AD †iLvi E1 we› y‡Z Y1 Avq Avevi P1 `vg Í‡ii m‡½

m¤úK©hy³| Yf c~Y© wb‡qvM m¤úwK©Z Avq

aiv hvK| g‡b Kiv hvK, ZLb cÖK…Z

cvV-3



gRywii Ggb GKwU Ae ’v, †hLv‡b me kªwgK KvR cvq bv| Kv‡RB kª‡gi evRv‡i cÖwZ‡hvwMZvi

d‡j Avw_©K gRywi †b‡g Avm‡e| ZLb `vg ÍiI Kg‡e| d‡j A‡_©i †hvMv‡bi cÖK…Z g~j¨ ev‡o|

G Ae¯’vq LM †iLv Wvbw`‡K ’vbvšÍwiZ nq LM2 n‡q| IS1 I LM2 †iLv F we›`y‡Z †Q` K‡i|

d‡j my‡ì nvi i2 †Z Av‡m| ZLb wewb‡qvM ev‡o| AvqI ev‡o| Gfv‡e Yf †Z c~Y©

wb‡qvMRwbZ Avq I `vg¯Íi P2 hy³ nq| L wP‡Îi F1 we›`y‡Z †mB Ae¯’v †`Lv hvq|

A_©bxwZ‡Z AwZwi³ †hvMvb _vK‡j fvimvg¨ AR©‡bi K¬vwmK¨vj cÖwµqv wKiƒc nq?

mvgwMÖK Pvwn`v (AD) I mvgwMÖK †hvMv‡bi (AS) mgZvi Øviv A_©‰bwZK fvimvg¨ wba©vwiZ nq|

K¬vwmK¨vj A_©bxwZwe`MY wek¦vm K‡ib, evRv‡i Pvwn`v I †hvMv‡bi kw³ Ggbfv‡e KvR Ki‡e,

hv‡Z c~Y© wb‡qv‡Mi fvimvg¨ eRvq _v‡K| hw` AwZwi³ †hvMvb _v‡K Z‡e fvimvg¨ wKfv‡e

AwR©Z nq Zv j¶¨ Kiv hvK|

6.16 wP‡Î †`Lv hvq †h, cÖv_wgK `vg Íi P1-Gi †¶‡Î AwZwi³ †hvMvb AB|

we‡µZviv hLb AwZwi³ ªe¨ weµq

Ki‡Z cv‡i bv, ZLb Zviv `vg Kwg‡q

†`q| G mgq Zviv kªwg‡Ki gRywiI

Kwg‡q †`q| gRywi ZLbB Zviv Kwg‡q

w`‡q _v‡K, hLb †eKvi‡Z¡i msL¨v †ewk

_v‡K| †eKvi kªwg‡Kiv n«vmcÖvß gRywi‡Z

KvR Ki‡Z ivwR _v‡K e‡j K¬vwmK¨vj

A_©bxwZwe`MY g‡b K‡ib| K¬vwmK¨vj

wPšÍvavivq `vg I Avw_©K gRywi DfqB

K‡g Av‡m| Z‡e `vg Kgvi d‡j

RbM‡Yi nv‡Z †h A_© _v‡K Zvi Øviv

c~‡e©i Zzjbvq †ewk cwigvY ªe¨ µq Kiv

m¤¢e| d‡j Pvwn`v B †_‡K C, D I E †Z

µgvMZ ev‡o| Gfv‡e hw` P1 `v‡g fvimvg¨nxbZv _v‡K, Z‡e †mB P1 †_‡K `vg †b‡g G‡m

GLb GK ch©v‡q (†hgb P0 †Z) †cuŠQv‡e †hLv‡b E we› y‡Z fvimvg¨ eRvq _v‡K| †mB

fvimvg¨B n‡e c~Y© wb‡qv‡Mi fvimvg¨|

mvgwMÖK Pvwn`vi cwieZ©b n‡jI c~Y©

wb‡qvMRwbZ fvimvg¨ Drcv`b †¶‡Î

†Kb weNœ m„wó nq bv?

6.17 wP‡Î AD-Gi wb¤œMvwgZv Øviv

†`Lv‡bv nq †h, `vg Kg‡j †µZvMY

c~‡e©i †P‡q †ewk cwigvY ªe¨ µq K‡i|

AS †iLv j¤ A‡¶i mgvšÍivj nIqvi

Zvrch© n‡jv GB †h, †`‡ki `vg Íi hvB

†nvK bv †Kb, eëmvq cÖwZôvb m¤¢ve¨

Drcv`‡bi (potential output) mgcwigv‡Y cÖK…Z Drcbœ ª‡eï †hvMvb

†`q| GLb j¶¨ Kiv hvK, mvgwMÖK

A‡_©i †hvMvb Kg‡j

my‡ì nvi evo‡Z

cv‡i, d‡j wewb‡qvM

K‡g A_ev miKvwi

e¨q K‡g, ZLb AD

n«vm cvq|



Pvwn`vi cwieZ©b n‡j Drcv`b †¶‡Î wKiƒc cwieZ©b N‡U| AD †iLv iƒcvšÍwiZ n‡q AD1 n‡j

mvgwMÖK Pvwn`v K‡g| †hgb A‡_©i †hvMvb Kg‡j my‡ì nvi evo‡Z cv‡i, d‡j wewb‡qvM K‡g

A_ev miKvwi e¨q K‡g, ZLb AD n«vm cvq| AD n«vm †c‡jv, A_P `vg P0 †Z AcwiewZ©Z hw`

_v‡K, Z‡e B we›`y‡Z Drcv`b Kg‡e| AB cwigvY AwZwi³ †hvMvb †`Lv †`‡e| `ªe¨ weµ‡qi

D‡Ï‡k¨ eëmvq cÖwZôvb ZLb `vg P1 Kg‡e| Aek¨ Avw_©K gRywiI ZLb Kg‡e| mvgwMÖK

Pvwn`v AD1 Kg‡j gRywi I `vg Ggbfv‡e mgwšZ n‡e, hv‡Z C we› y‡Z cybivq fvimvg¨

wba©vwiZ nq, †hLv‡b Drcv`b c~e©er Yf †Z _v‡K| ZvB K¬vwmK¨vj g‡Wj Abymv‡i mvgwMÖK Pvwn`v

†iLvi ’vbvšÍi n‡jI c~Y© wb‡qvMRwbZ Drcv`b wewNœZ nq bv|

mvgwMÖK fvimv‡gï gva¨‡g †KBbmxq ZË¡ we‡kølY

gRywi `v‡gi bgbxqZv Z‡Ë¡i weiæ‡× †KBb‡mi e³e¨‡K mvgwMÖK fvimv‡gï gva¨‡g wKfv‡e

Dc ’vcb Kiv hvq? gRywi Kwg‡q, `vg Kwg‡q, my‡ì nvi Kwg‡q wewb‡qvM I Avq evov‡bvi

cÖ‡Póvi weiæ‡× †KBb‡mi hyw³ j¶¨ Kiv †h‡Z cv‡i| †KBb‡mi hyw³i cÖavb Dcv`vb n‡jv

Zvij¨ duv` (liquidity trap)| A_©‰bwZK g›`ve ’vq wb¤œ my‡ì nv‡i wewb‡qv‡Mi cwigvY evo‡e

bv| 6.18 bs wP‡Î Zv †`Lv‡bv hvq| (K)

wP‡Î IS0 †iLv E we› y‡Z Mo †iLv‡K †Q`

K‡i| Gi Øviv my‡ì nvi wba©vwiZ nq i0

Ges Av‡qi cwigvY Y0| g‡b Kiv hvK,

wb‡qvM m¤úwK©Z Avq Yf| ZvB Y0<Yf|

g‡b Kiv hvK kª‡gi evRv‡i cÖwZ‡hvwMZv

_vK‡j Avw_©K gRywii nvi Kg‡e| d‡j

`vg ÍiI Kg‡e| ZLb A‡_©i †hvMv‡bi

cÖK…Z g~j¨ ev‡o| Zvi Øviv LM †iLv LM0

†_‡K LM1-G ’vb cwieZ©b Ki‡e| wKš‘

(K) wPÎ †_‡K j¶¨ Kiv hvq LM †iLv ’vb

cwieZ©b K‡i Wvbw`‡K| m‡i †M‡jI

wb¤œZg my‡ì nv‡i Zvij¨ duv‡ì Aw ÍZ¡

†_‡K hvq, eis Zv Wvbw`‡K Av‡iv cÖmvwiZ

nq| G‡¶‡Î Zvij¨ duv‡ì Kvi‡Y my‡ì

nv‡ii Ici †Kv‡bv cÖfve c‡o bv| Kv‡RB

wewb‡qvM Z_v Avq ev‡o bv| (L) wP‡Î Yo Avq w¯’i _vKvq AD(P) Djø¤ nq| Avw_©K gRywi

K‡g †M‡jI cÖK…Z Avq I wb‡qvM AcwiewZ©Z _v‡K| myZivs wba©vwiZ Avq Yo †K Ac~Y©

wb‡qvMRwbZ fvimvg¨ Avq e‡j|

A‡_©i †hvMvb Kg‡j my‡ì nvi evo‡Z cv‡i, d‡j wewb‡qvM K‡g A_ev miKvwi e¨q K‡g,

ZLb mvgwMÖK Pvwn`v n«vm cvq| †KB‡Ýi hyw³i cÖavb Dcv`vb n‡jv Zvij¨ duv` (liquidity

trap)| A_©‰bwZK g›`ve¯’vq wb¤œ my‡ì nv‡i wewb‡qv‡Mi cwigvY evo‡e bv|

mvims‡¶c

†KB‡Ýi hyw³i cÖavb

Dcv`vb n‡jv Zvij¨

duv` (liquidity trap)| A_©‰bwZK

g›`ve ’vq wb¤œ my‡ì

nv‡i wewb‡qv‡Mi

cwigvY evo‡e bv|




ˆbe© w³K cÖkœ


1. K¬vwmK¨vj Z‡Ë¡ c~Y© wb‡qv‡Mi AbywgZ kZ© †g‡b wb‡q my‡ì nvi, Avq (wb‡qvM) I `vg Íi

wba©vwiZ nq| mZ¨/wg_¨v

2. K¬vwmK¨vj g‡Wj Abymv‡i mvgwMÖK Pvwn`v †iLvi ’vbvšÍi n‡jI c~Y© wb‡qvMRwbZ Drcv`b

wewNœZ nq bv| mZ¨/wg_¨v

3. †KBbmxq ZË¡ Abyhvqx A_©‰bwZK g›`ve ’vq wb¤œ my‡ì nv‡i wewb‡qv‡Mi cwigvY evo‡e bv|

mZ¨/wg_¨v

msw¶ß cÖkœ

1. A_©bxwZ‡Z AwZwi³ †hvMvb _vK‡j fvimvg¨ AR©‡bi K¬vwmK¨vj cÖwµqv wKiƒc nq?

2. mvgwMÖK Pvwn`vi cwieZ©‡b c~Y© wb‡qvMRwbZ fvimvg¨ Drcv`b †¶‡Î wK N‡U?

iPbvg~jK cÖkœ

1. mvgwMÖK fvimv‡gï gva¨‡g K¬vwmK¨vj I †KBbmxq ZË¡ we‡kølY Kiæb|


1. mZ¨ 2. mZ¨ 3. wg_¨v



†fvM A‡c¶K

Consumption Function

A_©‡bwZK we‡køl‡Y †fvM A‡c¶K GKwU ¸iæZ¡c~Y© aviYv| GKwU †`‡ki mvgwMÖK Pvwn`vi MwZ cÖK…wZ m¤ú‡K©

Rvb‡Z n‡j Aek¨B †m †`‡ki †fvM A‡c¶K m¤ú‡K© Ávb _vKv cÖ‡qvRb| G BDwb‡U wewfbœ cv‡V †fvM

A‡c¶‡Ki msÁv, wba©viKmg~n, ZË¡mg~n Av‡jvwPZ n‡q‡Q|


cvV-1 : †fvM A‡c¶K : e¨w³ I mvgwMÖK

cvV-2 : †fvM A‡c¶‡Ki wba©viKmg~n

cvV-3 : †KBbmxq †fvMZË¡ : cig Avq Dcwm×všÍ

cvV-4 : RxebPµ Dcwm×všÍ

cvV-5 : ¯’vqx Avq Dcwm×všÍ

7



†fvM A‡c¶K : e¨w³K I mvgwMÖK


†fvM A‡c¶‡Ki aviYv

Mo †fvM cÖeYZv

cÖvwšÍK †fvM cÖeYZv I Zvrch©

Mo mÂq cÖeYZv

cÖvwšÍK mÂq cÖeYZv

†Kv‡bv `ª‡eï Afve †eva Ki‡j Dc‡hvM m„wó nq| e¨w³i mvg_© Ges A_© e¨q Kivi gvbwmKZv

Øviv mgw_©Z Dc‡hvM‡K Pvwn`v e‡j| †Kv‡bv c‡Yï Pvwn`v m„wó n‡j e¨w³ ªe¨wU µq K‡i|

Gici H ªe¨ eënv‡ii gva¨‡g cÖvß Dc‡hvM wbt‡kl KivB n‡jv †fvM| mnR K_vq ejv hvq,

GKwU wbw ©ó mg‡q †Kv‡bv `ªe¨ ev †mev eënv‡ii gva¨‡g hLb Zvi PjwZ Dc‡hvM wbt‡kl nq

ZLb Zv‡K †fvM ejv nq| mvgw÷K A_©bxwZ‡Z GK eQ‡ii †fvM e¨q‡K †fvM e¨q wn‡m‡e

we‡ePbv Kiv nq| GK eQ‡ii A ’vqx `ª‡eï (Non-Durable goods) Rb¨ e¨q Ges ¯’vqx `ª‡eï

(Durable goods) Rxeb Kv‡ji †h Ask eëüZ nq Zvi Rb¨ e¨q †fvM e¨‡qi msÁvq co‡e|

GKwU Iqvwks †gwkb, cvwievwiK Kw¤úUvi hw` 10 eQ‡ii ’vqx nq Zvn‡j GK eQ‡i †gvU

g~‡jï

1

10

Ask †fvM e¨‡qi msÁvi AšÍfz©³ n‡e| GQvov ¯’vqx `ª‡eï cwiPvjbv LiP, †givgZ

LiPI †fv‡Mi msÁvq co‡e|

†fvM A‡c¶K (Consumption Function)

†fvM A‡c¶K aviYvwU me© cÖ_g †KBb‡mi Av‡jvPbv †_‡K ¯úó n‡q I‡V| 1936 mv‡j †KBb&m

†fvM A‡c¶‡Ki gva¨‡g Av‡qi mv‡_ †fv‡Mi m¤úK© e¨vL¨v K‡ib| A_©vr Av‡qi mv‡_ †fvM

e¨‡qi †h m¤úK© Zv hLb MvwYwZK cÖwµqvq cÖKvk Kiv nq ZLb Zv‡K †fvM A‡c¶K e‡j|

A_©vr mvgwMÖK Av‡qi mv‡_ mvgwMÖK †fv‡Mi †h m¤úK© Zvi MvwYwZK cÖKvkB n‡jv †fvM

A‡c¶K| †KBb‡mi †fvM A‡c¶‡K C n‡jv cÖK…Z †fvM e¨q (Cp ) Ges y n‡jv cÖK…Z Avq (y

p )|

A‡bK A_©bxwZwe`B cÖK…Z e¨q‡hvM¨ Avq‡K (yd

p ) Avq wn‡m‡e wPwýZ K‡ib|

†fvM A‡c¶K aviYvwU †KBb‡mi Av‡jvPbvi g‡a¨B mxgve× bq| Kuznets M‡elYvg~jKfv‡e

¯í‡gqvw` Ges `xN©‡gqvw` †fvM A‡c¶K ˆZwi K‡ib| hvi wfwË‡Z Av‡iv wKQy †fvM A‡c¶K

ˆZwi nq| Gi g‡a¨ †Rg&m Wz‡mb‡ewi 1949 mv‡j Av‡cw¶K Avq Dcwm×všÍ cÖ vb K‡ib| hvi

cvV-1

C=f(y) ................................. |

†hLv‡b C n‡jv †fvM, Y n‡jv Avq Ges f n‡jv A‡c¶K

†KBb&‡mi †fvM

A‡c¶‡K C nj

cÖK…Z †fvM e¨q

(C/p) Ges y nj

cÖK…Z Avq (y/p)|



g~j K_v nj †fvM ïay eZ©gvb Av‡qi IciB wbf©i K‡i bv AZx‡Zi mg„w×Kvjxb Av‡qi IciI

wbf©i K‡i| Gici wgëb wd«Wg¨vb ¯’vqx Avq Dcwm×všÍ cÖ vb K‡ib, †hLv‡b e¨w³i †fvM

cy‡ivcywi ’vqx Av‡qi Ici wbf©ikxj| †fvM A‡c¶‡Ki Dbœq‡b GwM‡q Av‡mb GÛz

-gwWwM qvwb| Zv‡ì g‡Z Rxeb, Kv‡ji kªg, Avq Ges m¤úwË Av‡qi Ici †fvM wbf©ikxj|

ev¯Í‡e †fvM wbf©i K‡i Avq (Y), `vg (P), A‡_©i †hvMvb (M), mg„w×Kvjxb Avq (Yp), my‡ì

nvi (r), m¤ú` (w), Ki/fZz©wK (T/S), iæwP, cQ›`, Af¨vm (U)-Gi Ici| ZvB †fvM A‡c¶K

wb¤œwjwLZfv‡e cÖKvk Kiv nq|

C=f(Y,P,Yp,M,r,w,T/s,U) mnRfv‡e †fvM A‡c¶K nj-

C=f(y) GLv‡b Ab¨vb¨ PjKmg~n w ’i _v‡K|

C=f(y) †fvM A‡c¶KwU †KBb‡mi †gŠwjK gb ÍvwË¡K wewai mv‡_ m¤úwK©Z| †KBb‡mi g‡Z,

Mofv‡e gvbyl Ggb GKwU wbqg Øviv cwiPvwjZ †hLv‡b Avq evo‡j †fvM evo‡e wKš‘ Avq †h

nv‡i ev‡o †fvM †mB nv‡i ev‡o bv| †KBb‡mi gb¯ÍvwË¡K wewa Abymv‡i hw` †fvM †iLv A¼b

Kiv nq Zvn‡j †fvM †iLv g~j we›`yi Ici j¤ A¶ †_‡K DwÌZ n‡e Ges 45

0

†iLvi †P‡q Kg

Xvjhy³ n‡e|

7.1 bs wP‡Î f‚wg A‡¶ Avq I j¤ A‡¶ †fvM

we‡eP¨| Avq k~b¨ Ae¯’vq †fvM n‡jv oa cwigvY,

oy0 Av‡q Y=C k‡Z© cvwjZ nq| E we› y n‡jv

Break Even point, E we› yi c~e© ch©šÍ C>Y Ges E

we› yi c‡i C<Y kZ© cvwjZ nq|

Av‡qi mv‡_ †fv‡Mi GB m¤úK©‡K Avgiv †fvM

mgxKi‡Yi gva¨‡g cÖKvk Kiv‡Z cvwi| c=a+by

†hLv‡b a n‡jv †fvM A‡c¶‡Ki †Q`K, b n‡jv †fvM

A‡c¶‡Ki Xvj| ¯íKvjxb †fvM A‡c¶K eµ

îwLK n‡Z cv‡i Z‡e Xvj (b) G‡Ki †P‡q Kg n‡e

Ges k~‡bï PvB‡Z †ewk n‡e| [wPÎ 7.2] hv

†KBb‡mi †gŠwjK gb ÍvwË¡K wewai mv‡_ m½wZc~Y©|

Kuznets `xN©Kvjxb †fvM A‡c¶K ˆZwi K‡ib, hv

g~j we› y †_‡K DwÌZ nq Ges 45

0 †iLvi †P‡q Kg

Xvjhy³ n‡q _v‡K| [wPÎ 7.3]

Wz‡Rb‡ewi ¯í‡gqvw` I `xN©‡gqvw` †fvM A‡c¶‡Ki

g‡a¨ m¤úK© wbY©q K‡ib| Zvi g‡Z, ¯í‡gqvw` †fvM

A‡c¶K e¨w³i eZ©gvb Avq Ges AZxZ mg„w×Kvjxb

Av‡qi Ici wbf©i K‡i|

ev¯—‡e †fvM wbf©i

K‡i Avq (Y), `vg

(P), A‡_©i †hvMvb

(M), mg„w×Kvjxb

Avq (Yp), my‡ì nvi

(r), m¤ú` (w),

Ki/fZz©wK (T/S),

iæwP, cQ›`, Af¨vm

(U)-Gi Ici|

†KB‡Ýi gb ÍvwË¡K

wewa Abymv‡i hw`

†fvM †iLv A¼b Kiv

nq Zvn‡j †fvM †iLv

g~j we› yi Ici j¤

A¶ †_‡K DwÌZ n‡e

Ges 45

0

†iLvi †P‡q

Kg Xvjhy³ n‡e|

¯íKvjxb †fvM

A‡c¶K eµ îwLK

n‡Z cv‡i Z‡e Xvj

(b) G‡Ki †P‡q Kg

n‡e Ges k~‡bï

PvB‡Z †ewk n‡e|



C=f(Yt/Y) †hLv‡b C= †fvM, f=A‡c¶K, yt eZ©gvb e¨q‡hvM¨ Avq

Ges Y - mg„w×Kvjxb Avq| Gici Milton Friedman 1957 mv‡j ’vqx Avq Dcwm×všÍ cÖ vb

K‡ib| †hLv‡b †fvM A‡c¶K ¯’vqx Av‡qi (yp) Ici wbf©ikxj|

A_©vr C=f(yp) Gici RxebPµ Dcwm×v‡šÍ Rxeb Kv‡ji Av‡qi mv‡_ †fvM A‡c¶K ˆZwi Kiv nq †hLv‡b

m¤ú` Avq I kªg Av‡qi Ici †fvM wbf©i K‡i|

ZvB †fvM †h mg Í PjK Øviv cÖfvweZ nq Zvi mv‡_ †fv‡Mi †h m¤úK© Zv hLb MvwYwZKfv‡e

cÖKvk Kiv nq ZLb Zv‡K †fvM A‡c¶K e‡j|

Mo †fvM cÖeYZv

†gvU †fvMe¨q‡K †gvU Avq Øviv fvM Ki‡j †h gvb cvIqv hvq, Zv‡K Mo †fvM cÖeYZv

(Average Propensity to Consume, APC) e‡j| A_©vr †gvU †fvM e¨q Ges †gvU Av‡qi

AvbycvwZK gvbB n‡jv APC.

C=f(y) n‡jv GKwU †fvM A‡c¶K, GB †fvM A‡c¶‡K-

cy = †gvU †fvM e¨q/†gvU e¨q‡hvM¨ Avq=

f(Y)Y =APC

C=a+by n‡jv GKwU †fvM mgxKiY, †hLv‡b

CY=

ay+b n‡jv APC| C =100+0.75 y; †fvM

A‡c¶K †_‡K GKwU QK ˆZwi K‡i Avgiv mn‡RB APC wbY©q Ki‡Z cvwi|

Avq (Y)

†fvM e¨q (C)

C/Y=APC 0

200

400

600

100

250

400

550

1.25

1.00

0.91

†fvM A‡c¶K †_‡K QK A¼b Kiv

n‡q‡Q Ges QK †_‡K 7.4 I 7.5 wPÎ

A¼b Kiv n‡q‡Q| wP‡Î a we›`y‡Z

APC=250/200=1.25 ev oa †iLvi

Xvj| b we›`y‡Z APC=400/400=1.00

ev ob †iLvi Xvj| Abyiƒcfv‡e c we› y‡Z

APC=550/600=0.91 ev oc †iLvi

Xvj|

cÖvwšÍK †fvM cÖeYZv

Av‡qi AwZ m~² cwieZ©‡bi d‡j †fv‡Mi

KZUzKz cwieZ©b nq Zvi AbycvZB n‡jv

cÖvwšÍK †fvM cÖeYZv MPC (Marginal propensity to consume)| mnRfv‡e :

†fvM e¨‡qi cwigv‡Yi cwieZ©b (C)

MPC = =

CY

Av‡qi cwigv‡Yi cwieZ©b ( Y)

Av‡qi AwZ m~²

cwieZ©‡bi d‡j

†fv‡Mi KZUzKz

cwieZ©b nq Zvi

AbycvZB nj MPC|

†gvU †fvMe¨q‡K

†gvU Avq Øviv fvM

Ki‡j †h gvb cvIqv

hvq, Zv‡K Mo †fvM

cÖeYZv e‡j



C=f(y)-Gi †¶‡Î

CY=

dcdy =f(y) n‡jv

MPC|

¯íKvjxb †fvM A‡c¶K †_‡K MPC

wbY©q:

¯íKv‡j Avq k~b¨ n‡jI †fvM k~b¨ nq bv|

ZvB †fvM A‡c¶K †Q`K _vK‡e| †hLv‡b

†fvM A‡c¶K n‡e-

C=a+by; G‡¶‡Î MPC=dcdY =b GB

mgxKi‡Yi msL¨vMZ mgxKiY

C=100+0.75 y †fvM A‡c¶‡K

Y C dCdY =MPC

0

200

400

600

100

250

400

550

--

0.75

0.75

0.75

dcdy =0.75 n‡jv MPC| GB †fvM A‡c¶K †_‡K hw` QK ˆZwi Kiv nq Zvn‡j wP‡Î

CY

=dcdY

nj=MPC| 7.6 bs wP‡Î Avq 200 UvKv n‡j †fvM 250 UvKv| Avq 200 UvKv †_‡K 400

UvKv n‡j Avq ev‡o 400-200=200 UvKv Ges †fvM 250 †_‡K 400 nq Z_v †fvM ev‡o

400-250=150| G‡¶‡Î

dcdy =150/200=0.75, Gici Avq 400 UvKv †_‡K 600 UvKv

n‡j †fvM n‡e 400 †_‡K 550| G‡¶‡Î Av‡qi e„w× nj 600-400=200 Ges †fv‡Mi e„w×

n‡jv 550-400=150; Z_v

dcdy =150/200-0.75| Avq evo‡jI MPC w ’i _vK‡Z cv‡i|

Avq evo‡j MPC Kg‡Z cv‡i Z‡e evo‡Z cv‡i bv|

GLv‡b MPC K‡g‡Q| Z‡e GwU †gŠwjK gb ÍvwË¡K wewai mv‡_ m½wZc~Y©|

`xN©Kvjxb †fvM A‡c¶K †_‡K MPC wbY©q :

`xN©Kv‡j Avq k~b¨ n‡j †fvM k~b¨ n‡e| ZvB †fvM A‡c¶‡K †Kv‡bv †Q`K _v‡K bv| †hLv‡b

†fvM A‡c¶K n‡e C=by Ges

dcdY =b>0 G‡¶‡Î 0<b<1 n‡e|

Y C dc/dy=b 100

200

300

400

75

150

225

300

-

0.75

0.75

0.75

`xN©Kvjxb †fvM mgxKiY‡K msL¨vMZfv‡e cÖKvk Ki‡j c=0.75 y n‡e| GB mgxKiY †_‡K

†fvMm~wP ˆZwi Ki‡j Avgiv cvB-

`xN©Kv‡j Avq k~b¨

n‡j †fvM k~b¨ n‡e|

ZvB †fvM A‡c¶‡K

†Kv‡bv †Q`K _v‡K

bv|

Avq evo‡jI MPC

w ’i _vK‡Z cv‡i|

Avq evo‡j MPC

Kg‡Z cv‡i Z‡e

evo‡Z cv‡i bv|



GLv‡b

100

75

dydc

=0.75 w ’i _v‡K|

Mo mÂq cÖeYZv

Avgiv Rvwb mÂq Av‡qi Ici wbf©ikxj| A_©vr mÂq A‡c¶K n‡jv S=f(y) †hLv‡b

SY =f(Y)

Y

=APS| G‡¶‡Î †gvU mÂq‡K †gvU Avq Øviv fvM K‡i Mo mÂq cÖeYZv ev APS cvIqv hvq|

mÂq A‡c¶K ¯íKvjxb I `xN©Kvjxb n‡q _v‡K| G †cÖw¶‡Z ¯íKvjxb APS I `xN©Kvjxb

APS wbY©q Kiv hvq|

K. ¯íKvjxb APS : ¯íKv‡j Avq k~b¨ n‡jI †fvM k~b¨ nq bv| d‡j Avq k~b¨ Ae¯’vq mÂq

n‡e FYvZ¥K| d‡j mÂq A‡c¶‡Ki †Q`K n‡e FYvZ¥K| Ges Avq evo‡j mÂq ev‡o e‡j

¯íKvjxb mÂq mgxKiY S=-a+dy †hLv‡b d nj mÂq †iLvi Xvj| myZivs APS=sy -a

y +d |

L. `xN©Kvjxb APS : `xN©Kv‡j Avq evo‡j †fvM ev‡o, Z‡e Avq I †fvM mgvbycvwZK| d‡j

†fvM †iLvq †Kv‡bv †Q`K (Intercept) _v‡K bv| ZvB `xN©Kvjxb mÂq †iLv g~j we›`y †_‡K

DwÌZ nq Ges EaŸ©Mvgx nq| †hLv‡b c=by ev y-c=s=y-by=(1-b)y=dy mgxKiY ˆZwi n‡e|

†hLv‡b 1-b=d,

APS=sy =dy

y =d, G‡¶‡Î APS w ’i _v‡K|

cÖvwšÍK mÂq cÖeYZv (Marginal propensity to save) :

Av‡qi cwieZ©‡bi d‡j mÂ‡qi †h cwieZ©b nq Zvi AbycvZ‡K cÖvwšÍK mÂq cÖeYZv e‡j|

mÂ‡qi cwieZ©b ( S)

MPS=

Av‡qi cwieZ©b (Y)

K. ¯íKvjxb MPS : mÂq A‡c¶K s=-a+dy-Gi Xvj

dsdy =d n‡jv w¯’i Z_v MPS w ’i _v‡K|

mÂq †iLv euvKv n‡j MPS evo‡Z cv‡i Z‡e MPS KL‡bv K‡g bv, Gi g~j KviY †fv‡Mi

†gŠwjK gb¯ÍvwË¡K wewa| mÂq †iLv mij Ae¯’vq me©Î

sy w ’i _v‡K| Avq evovi mv‡_ mv‡_

mÂq ev‡o, d‡j

sy ev MPS µ‡gB ev‡o|

L. `xN©Kvjxb MPS :

`xN©Kvjxb †fvM †iLvi †Q`K _v‡K bv ZvB mÂq †iLv g~j we› y †_‡K DwÌZ n‡e Ges EaŸ©Mvgx

nq| †hLv‡b

sy me mgq w¯’i _v‡K|

†fvM A‡c¶K I mÂq A‡c¶‡Ki m¤úK©

(K) †fvM A‡c¶K †_‡K mÂq A‡c¶K cÖvwß :

Avgiv Rvwb †gvU Avq †_‡K †fvM ev` w`‡j mÂq cvIqv hvq| †fvM Av‡qi mv‡_ m¤úwK©Z e‡j

mÂq Av‡qi mv‡_ m¤úwK©Z| †hLv‡b †KBb‡mi †gŠwjK gb ÍvwË¡K wewai f‚wgKv i‡q‡Q| GB

wewa Abymv‡i gvby‡li Avq evo‡j †fvM ev‡o| d‡j Avq evo‡j mÂq ev‡o; Z‡e Avq †h nv‡i

ev‡o mÂq Zvi‡P‡q †ewk nv‡i ev‡o|

C=C(y) n‡j S=y-C(y) S=S(y)

†gvU mÂq‡K †gvU

Avq Øviv fvM K‡i

Mo mÂq cÖeYZv ev

APS cvIqv hvq|

`xN©Kv‡j Avq evo‡j

†fvM ev‡o Z‡e Avq

I †fvM mgvbycvwZK|

d‡j †fvM †iLvq

†Kv‡bv †Q`K

(Intercept) _v‡K

bv|



A_©vr †fvM A‡c¶K †_‡K mÂq A‡c¶K †c‡Z n‡j Avq †_‡K †fvM ev` w`‡Z n‡e| cÖwZwU

Avq ¯Í‡ii Avq †_‡K cÖwZwU Avq Í‡ii †fvM ev` w`‡q mÂq A‡c¶K cvIqv hvq|

(L) MPC+MPS=1

Av‡qi cwieZ©‡bi d‡j †fv‡Mi †h cwieZ©b nq Zvi AbycvZB nj MPC Z_v MPC=

CY

Ab¨w`‡K Av‡qi cwieZ©‡bi d‡j mÂ‡qi †h cwieZ©b nq Zvi AbycvZB nj MPS| Z_v

MPS=SY

Avgiv Rvwb,

Y=C+S Y=C+S [Differential wb‡q]

YY =C

Y +SY [y Øviv fvM K‡i]

[cÖgvwYZ]

†fvM mgxKiY †_‡K cÖgvY :

C=a+by dcdy =b

S=y-c=-a+(1-b)y dsdy =1-b

dcdy+

dsdy =MPC+MPS=b+1-b=1

[cÖgvwYZ]

(M) APC+APS=1

Avgiv Rvwb APC=

CY Ges APS=

SY

m~Îvbymv‡i Y=C+S YY =

CY +

SY 1=APC+APS (cÖgvwYZ)

mgxKiY †_‡K C=a+by CY =

ay+b

S=a+(1-b)y SY =

-ay+(1-b)

CY +

SY =

ay+

b-ay +(1-b)=1 (cÖgvwYZ)

(N) APS & MPS m¤úK© :

Avgiv Rvwb Avq evo‡j †fvM ev‡o, wKš‘ Avq †h nv‡i ev‡o †fvM Zvi‡P‡q Kg nv‡i ev‡o|

d‡j APC Av‡ Í Av‡ Í K‡g Z‡e APC>MPC nq| d‡j Avq evo‡j APS ev‡o Ges

APS<MPS nq|

Avgiv Rvwb, S=-a+(1-b)y dSdY =1-b

SY =-

aY +(1-b)

1-b>-ay+1-b ZvB MPS>APS

MPS w¯’i _v‡K wKš‘ APS ev‡o

1=MPC+MPS



†hgb

d(MPS)dY =d(1-b)

dy =0 (MPS w¯’i)

d(APS)dY =

ddY [

-ay+(1-b) ]=

aY2 >0 (APS ev‡o)

Ab¨w`‡K Amij‰iwLK mÂq A‡c¶‡K APS ev‡o MPS I ev‡o| Z‡e MPS †iLv APS-Gi

Ici Ae¯’vb K‡i|

(O) `xN©Kv‡j APS Ges MPS-Gi m¤úK© : `xN©Kv‡j APC=MPC nq e‡j APS=MPS n‡e|

`xN©Kv‡j †fvM †iLv g~j we›`y n‡Z DwÌZ nq| †hLv‡b †fvM †iLvi †Kv‡bv Intercept †bB| d‡j

mÂq †iLv g~j we› y †_‡K DwÌZ nq Ges †Kv‡bv Intercept _v‡K bv| S=(1-b)y n‡j

dSdY =1-b

Ges

SY =(1-b) n‡e, d‡j APS=MPS n‡e|

(P) MPS Ges APS-Gi gvb : Avgiv Rvwb 0<MPC<1 ZvB 0<MPS<1 n‡eB| Ab¨w`‡K

APC memgq abvZ¥K ZvB Avq k~b¨ Ae¯’vq ev Break Even-Gi wb‡P Ae¯’vq APC>1 e‡j

APS<0 nq Z_v FYvZ¥K| ZvB MPC abvZ¡K G‡Ki †P‡q †QvU n‡jI FYvZ¥K ev abvZ¥K n‡Z

cv‡i| Z‡e APS>1 n‡e bv|

MPC (cÖvwšÍK †fvM cÖeYZv)-Gi Zvrch©

†KBb‡mi MPC-Gi aviYvwU A_©bxwZ‡Z ¸iæZ¡c~Y© f‚wgKv cvjb K‡i| AwZwi³ GK GKK Avq

e„w×i d‡j †h cwigvY †fvM e„w× N‡U Zvi AbycvZ nj MPC| AZGe Avq e„w× I †fvM e„w×i

eëavb nj mÂq e„w×| †KBb‡mi GB MPC aviYvwU A_©‰bwZK bxwZ wba©vi‡Y mvnvh¨ K‡i|

wb‡¤œ †KBb‡mi †fvM A‡c¶‡Ki ¸iæZ¡mg~n ms‡¶‡c e¨vL¨v Kiv nj-

1. RvZxq Av‡qi MPC-Gi ¸iæZ¡

†KBbm RvZxq Av‡qi cwieZ©b e¨vL¨vq ¸YK aviYv eënvi K‡ib| ¸Y‡Ki gva¨‡g GK GKK

wewb‡qvM e„w×i d‡j †h cwigvY Av‡qi e„w× N‡U Zvi AbycvZ nj ¸Y‡Ki gvb| ¸Y‡Ki gvb

MvwYwZK cÖwµqvi n‡j k=1/(1-MPC)| GB m~Î †_‡K j¶Yxq †h MPC-Gi IciB k-Gi gvb

wbf©i K‡i| Avgiv Rvwb 0<MPC<1 A_©vr MPC k~bÏ n‡e bv, GKI n‡e bv| AZGe k>1

n‡e KviY MPC>0| Ab¨w`‡K MPC<1 nIqvq k< nq| MPC-Gi gvb †ewk n‡j k-Gi

gvbI †ewk n‡e| AZGe RvZxq Av‡qi e„w× KZUzKz n‡e Zv wbf©i K‡i k-Gi gv‡bi Ici|

2. Ac~Y© wb‡qv‡Mi KviY e¨vL¨vq MPC-Gi ¸iæZ¡

K¬vwmK¨vj A_©bxwZwe`MY †h c~Y© wb‡qv‡Mi msÁv w`‡q‡Qb †KBbm Zv‡K Ac~Y© wb‡qvM e‡j

wPwýZ K‡ib| GB Ac~Y© wb‡qv‡Mi Ab¨Zg KviY n‡jv MPC<1| hLb †Kv‡bv A_©bxwZ‡Z Avq

ev‡o ZLb e„w×cÖvß Av‡qi GK Ask mÂq nq| mÂq nIqvi Kvi‡Y mgv‡R mvgwMÖK Pvwn`v K‡g

hvq| mvgwMÖK Pvwn`v n«vm †c‡j wewb‡qvMKvixMY †ewk wewb‡qv‡M Drmvnx nq bv| MEC n«vm

cvq| c~Y© wb‡qv‡Mi Rb¨ †h cwigvY wewb‡qvM nIqvi ìKvi Zv nIqvi c‡_ mÂq cÖeYZv

cÖwZeÜKZv m„wó K‡i, d‡j Ac~Y© wb‡qvM †_‡K hvq|

3. Avq I wb‡qvM e„w×i bxwZ ev¯Íevq‡b MPC-Gi ¸iæZ¡

†KBbmxq A_©bxwZwe`MY ¯vfvweK Ae ’vq Avw_©K bxwZ MÖnY Kiv hvq e‡j gZ †`b| Avw_©K

bxwZi mdjZv wbf©i K‡i MPC-Gi Ici| †KBbmxq †fvM A‡c¶‡Ki Xvj MPC Øviv IS

c~Y© wb‡qv‡Mi Rb¨ †h

cwigvY wewb‡qvM

nIqvi ìKvi Zv

nIqvi c‡_ mÂq

cÖeYZv cÖwZeÜKZv

m„wó K‡i, d‡j Ac~Y©

wb‡qvM †_‡K hvq|



†iLvi Xvj cÖfvweZ nq| †fvM †iLvi Xvj †ewk n‡j IS †iLvi Xvj Kg n‡e| G Ae ’vq my‡ì

nvi Kg‡j RvZxq Avq evo‡e, Ab¨w`‡K †fvM †iLvi Xvj Kg n‡j IS †iLvi Xvj †ewk Lvov

n‡e| G Ae¯’vq my‡ì nvi Kg‡j RvZxq Avq Kg evo‡e|

4. †fvM A‡c¶K I mÂq A‡c¶‡Ki m¤úK© :

MPC+MPS=1 GB kZ© mv‡c‡¶ hw` †Kv‡bv A_©bxwZi MPC Rvbv _v‡K Z‡e mn‡RB mÂq

†iLvi Xvj Rvbv hvq| Avi mÂq †iLvi Xvj Rvbv _vK‡j mÂq †iLv A¼bI mnR n‡q hvq|

5. A_©‰bwZK Dbœq‡bi wba©viK MPC

†Kv‡bv †`k DbœZ bv AbybœZ Zv H †`‡ki MPC †`‡L Rvbv hvq| mvaviYZ Dbœqbkxj †`k ev

AbybœZ †`‡k RbM‡Yi ewa©Z Av‡qi †ewki fvMB †fvM n‡q hvq| ZvB Gme †`‡k MPC †ewk

_v‡K| Ab¨w`‡K DbœZ †`‡k RbM‡Yi Avq A‡bK †ewk _v‡K e‡j MPC _v‡K Kg| ZvB MPC-

Gi gvb †`‡L A_©bxwZ DbœZ bv AbybœZ Zv Abygvb Kiv hvq|

6. evwYR¨Pµ e¨vL¨vq MPC-Gi ¸iæZ¡ :

A_©bxwZ‡Z Avq I wewb‡qv‡Mi DÌvb-cZb GKwU ¯vfvweK NUbv| hLb Avq I wb‡qvM evov ïiæ

K‡i Ges g~j¨¯Íi ev‡o, ZLb A_©bxwZ‡Z mg„w× Av‡m| Avevi wecixZ Ae ’vq g›`v †b‡g

Av‡m| MPC<1 nIqvi Kvi‡Y ewa©Z Av‡qi GK Ask mÂq nq| mwÂZ A_© mgcwigv‡Y hw`

wewb‡qvM nq Zvn‡j A_©bxwZ‡Z fvimvg¨ _vK‡e| mÂ‡qi †P‡q wewb‡qvM Kg n‡j mvgwMÖK

Pvwn`v K‡g hv‡e Ges Av‡¯Í Av‡ Í g›`v †b‡g Avm‡e| mÂ‡qi †P‡q wewb‡qvM †ewk n‡j mg„w×

Aweivgfv‡e P‡j bv| KviY Avq ªæZ e„w× †c‡jI †fvM ªæZ e„w× cvq bv e‡j mg„w×I P‚ovšÍ

AvKv‡i cÖKvk cvq bv| ZvB evwYR¨Pµ e¨vL¨vq MPC ¸iæZ¡ iv‡L|

7. MPC-Gi gvb Aek¨B 0<MPC<1

MPC-Gi gvb 0<MPC<1| KviY †KBb‡mi †gŠwjK gb ÍvwË¡K wewa Abymv‡i Avq evo‡j †fvM

ev‡o A_©vr dc/dy>0 n‡e| ev †fvM‡iLv n‡e EaŸ©Mvgx| Ab¨w`‡K Avq †h nv‡i ev‡o †fvM

Zvi‡P‡q Kg nv‡i ev‡o e‡j MPC<1 n‡e| ev C/Y<1 ev C<Y n‡e| A_©vr †fvM †iLvi

Xvj 45 †iLvi †P‡q Kg n‡e|

mÂ‡qi †P‡q

wewb‡qvM †ewk n‡j

mg„w× Aweivgfv‡e

P‡j bv| KviY Avq

ªæZ e„w× †c‡jI

†fvM ªæZ e„w× cvq

bv e‡j mg„w×I P‚ovšÍ

AvKv‡i cÖKvk cvq

bv| ZvB evwYR¨Pµ

e¨vL¨vq MPC ¸iæZ¡

iv‡L|

ev¯—‡e †fvM wbf©i K‡i Avq, `vg, A‡_©i †hvMvb, mg„w×Kvjxb Avq, my‡ì nvi, m¤ú`, Ki/fZz©wK,

iæwP, cQ›`, Af¨vm -Gi Ici| †KB‡Ýi gb ÍvwË¡K wewa Abymv‡i hw` †fvM †iLv A¼b Kiv nq Zvn‡j

†fvM †iLv g~j we›`yi Ici j¤ A¶ †_‡K DwÌZ n‡e Ges 450 †iLvi †P‡q Kg Xvjhy³ n‡e| Av‡qi

AwZ m~² cwieZ©‡bi d‡j †fv‡Mi KZUzKz cwieZ©b nq Zvi AbycvZ n‡jv cÖvwš—K †fvM cÖeYZv| c~Y©

wb‡qv‡Mi Rb¨ †h cwigvY wewb‡qvM nIqvi ìKvi Zv nIqvi c‡_ mÂq cÖeYZv cÖwZeÜKZv m„wó K‡i,

d‡j Ac~Y© wb‡qvM †_‡K hvq| mÂ‡qi †P‡q wewb‡qvM †ewk n‡j mg„w× Aweivgfv‡e P‡j bv| KviY Avq

`ªæZ e„w× †c‡jI †fvM `ªæZ e„w× cvq bv e‡j mg„w×I P‚ovšÍ AvKv‡i cÖKvk cvq bv| ZvB evwYR¨Pµ

e¨vL¨vq MPC ¸iæZ¡ iv‡L|

mvims‡¶c




ˆbe© w³K cÖkœ


1. †fvM A‡c¶‡Ki Xvj n‡”Q

K. APC

L. MPC

M. MPS


2. g~j we› yMvgx mij‰iwLK †fvM A‡c¶‡Ki cÖwZwU we› y‡Z

K. MPC>APC

L. MPC<APC

M. MPC=APC


3. †gvU †fvMe¨q‡K †gvU Avq Øviv fvM Ki‡j †h gvb cvIqv hvq, Zv‡K Mo †fvM cÖeYZv,

(APC) e‡j| mZ¨/wg_¨v

4. ¯íKv‡j Avq k~b¨ n‡j †fvM k~b¨ nq| mZ¨/wg_¨v

msw¶ß cÖkœ

1. Mo †fvM cÖeYZv wK?

2. cÖvwšÍK †fvM cÖeYZv ej‡Z wK †evSvq?

3. MPC-Gi gvb Aek¨B 0<MPC<1- e¨vL¨v Kiæb|

iPbvg~jK cÖkœ

1. †fvM A‡c¶K wK? †fvM A‡c¶K I mÂq A‡c¶‡Ki m¤úK© Av‡jvPbv Kiæb|

2. RvZxq Av‡q cÖvwšÍK †fvM cÖeYZv (MPC)-Gi ¸iæZ¡ we‡kølY Kiæb|

3. wb‡P GKwU Avq †fvM m¤ú‡K© ZvwjKv †`qv Av‡Q| GB ZvwjKv †_‡K (K) MPC, APC, MPS I APS wbY©q Kiæb| (L) GB ZvwjKv †_‡K GKwU †fvM mgxKiY †ei Kiæb| (M)

†Kvb Ae¯’vwU‡K Break even we›`y ejv hvq? †mLv‡b APC I APS wKiƒc? (N) ZvwjKv

†_‡K Ggb GKwU †fvM ZvwjKv ˆZwi Kiæb †hLv‡b APC=1=MPC? †m‡¶‡Î MPS I

APS KZ?

†gvU e¨envi‡hvM¨ Avq †gvU †fvMe¨q

APC MPC mÂq

2000

3000

4000

6000

8000

9000

1500

2000

2500

3000

4000

5000

-

-

-

-

-

-

-

-

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-


1. L 2. L 3. mZ¨ 4. wg_¨v



†fvM A‡c¶‡Ki wba©viKmg~n

GB cvV †_‡K Avcwb Rvb‡Z cvi‡eb-

¯íKvjxb I `xN©Kvjxb †fvM A‡c¶K wK?

†fvM A‡c¶‡Ki wba©viK¸‡jv wK?

¯íKvjxb †fvM A‡c¶K

mvgwóK A_©bxwZ‡Z †h mg‡q GKwU evwYR¨ Pµ m„wó nq †mB mgq‡K ¯íKvj e‡j| GKwU

evwYR¨ PµKv‡j Av‡qi mv‡_ †fv‡Mi m¤úK© †_‡K †h †fvM A‡c¶K cvIqv hvq, Zv‡K

¯íKvjxb †fvM A‡c¶K (Short run consumption function) e‡j| GQvov Cross-Section Z_¨

wb‡q ¯íKvjxb †fvM †iLv cvIqv hvq|

`xN©Kvjxb †fvM A‡c¶K

mvgwóK A_©bxwZ‡Z †h mg‡q GKvwaK evwYR¨ Pµ m„wó nq †mB mgq‡K `xN©Kvj e‡j| GKvwaK

evwYR¨ PµKv‡i Z_v Economic Trend data †_‡K †fv‡Mi m¤úK© m„wó K‡i `xN©Kvjxb †fvM

A‡c¶K †iLv cvIqv hvq|

¯íKvjxb I `xN©Kvjxb †fvM A‡c¶‡K †hme cv_©K¨ i‡q‡Q Zv wb‡P Av‡jvPbv Kiv nj-

K. †fvM †iLvi cv_©K¨ : Z_¨ †_‡K

¯íKvjxb †fvM †iLv A¼b Kiv hvq| aiv

hvK, D”PweË‡ì Avq OY2, ga¨weË‡ì

Avq OY1 Ges wb¤œweË‡ì Avq OY0| 7.6

bs wP‡Î OY0 Av‡q wb¤œweË †fvM K‡i Y0b

cwigvY| ga¨we‡Ëi Avq Y0Y1 †ewk n‡j

†fvM b1c cwigvY ev‡o †hLv‡b Y0Y1>b1c|

Gici abx‡ì Avq Y1Y2 n‡j †fvM

Aek¨B evo‡e Ges C1d cwigvY evo‡e

Z_v C1d<Y1Y2 n‡j †fvM n‡Zv| b, c, d

we› y †hvM Ki‡j ¯íKvjxb †fvM †iLv

cvIqv hvq| hvi †Q`K nj oa cwigvY| ac †iLv ¯íKvjxb †fvM †iLv| Ab¨w`‡K

`xN©Kv‡j time series Z_¨ †_‡K Avgiv †fvM †iLv AvuK‡Z cvwi|

cvV-2

GKwU evwYR¨

PµKv‡j Av‡qi mv‡_

†fv‡Mi m¤úK© †_‡K

†h †fvM A‡c¶K

cvIqv hvq, Zv‡K

¯íKvjxb †fvM

A‡c¶K (Short run consumption

function) e‡j|

GKvwaK evwYR¨

PµKv‡i Z_v

Economic Trend data †_‡K †fv‡Mi

m¤úK© m„wó K‡i

`xN©Kvjxb †fvM

A‡c¶K †iLv cvIqv

hvq|



7.7 bs wP‡Î ÔKÕ As‡k mg‡qi mv‡_ Av‡qi Ges ÔLÕ As‡k Av‡qi mv‡_ †fv‡Mi m¤úK© †`Lv‡bv

n‡q‡Q| ÔKÕ wP‡Î t0t1 mg‡q

GKwU evwYR¨ Pµ Ges t1t2 mg‡q

Av‡iv GKwU evwYR¨ Pµ m„wó

n‡q‡Q| cÖ_g evwYR¨ P‡µ mg„w×

Ae¯’vq Avq n‡jv Y0 Ges g›`vi

mgq Avq nj Y1| ÔLÕ wP‡Î

mg„w×Kvjxb Avq OY0 †Z †fvM

n‡jv OY0m cwigvY| Gici

g›`vKv‡j Avq K‡g OY1 n‡j

†fvM m we› y †_‡K l we› y‡Z K‡g

hvq| GLv‡b Avq †h nv‡i K‡g

†fvM Zvi‡P‡q Kg nv‡i K‡g|

Wz‡Rb‡ewii g‡Z, mg„w×Kvjxb

†fvM ¯Í‡i _vKvi Rb¨ mgv‡Ri

mevB m‡Pó _vK‡e| ZvB Avq

Kg‡j †fvM Kg nv‡i Kg‡e| m

I l we›`y †hvM K‡i ¯íKvjxb †fvM †iLv CS1 cvIqv hvq| Abyiƒcfv‡e evwYR¨ P‡µi ùxwZ ev

g›`v †_‡K ¯íKvjxb †fvM †iLv CS2 cvIqv hvq| GLv‡b mg„w×Kvjxb Avq I †fv‡Mi m¤úK© a I b we›`y †hvM K‡i `xN©Kvjxb †fvM †iLv CL cvIqv hvq|

¯íKvjxb †fvM †iLv mij‰iwLK ev eµ‰iwLK (n«vmgvb Xvjhy³) n‡Z cv‡i| wKš‘ `xN©Kvjxb

†fvM †iLv Aek¨B mij‰iwLK n‡e|

L. †fvM wfwËK cv_©K¨ : ¯íKvjxb †fvM †iLv j¤ A‡¶ †Q`K wb‡q DwÌZ nq Ges `xN©Kvjxb

†fvM †iLv g~j we› y †_‡K DwÌZ nq| d‡j ¯íKvjxb MPC-i †P‡q `xN©Kvjxb MPC †ewk

_v‡K|

M. APC wfwËK cv_©K¨ : ¯íKv‡j Avq evo‡j APC K‡g| wKš‘ `xN©Kv‡j APC w¯’i _v‡K|

N. mg‡qi mv‡_ APC I MPC : `xN©Kv‡j APC=MPC Ges ¯íKv‡j APC>MPC Ges

¯íKvjxb †fvM †iLvi †Q`K (Intercept) _v‡K| Gi Xvj G‡Ki †P‡q Kg| ZvB Mo gvb hv

_v‡K cÖvwšÍK gvb Zvi‡P‡q Kg| ¯íKv‡j APC>MPC|

†fvM A‡c¶‡Ki wba©viKmg~n

†fvM A‡c¶‡Ki wba©viK wb‡q A_©bxwZwe`MY wewfbœ e³e¨ w`‡q‡Qb| †Kv‡bv †Kv‡bv

A_©bxwZwe` e‡j‡Qb †fvM Av‡qi mv‡_ m¤úwK©Z, †KD e‡j‡Qb †fvM AZxZ Avq I eZ©gvb Avq

Øviv cÖfvweZ nq, Avevi †KD e‡j‡Qb †fvM RxebKv‡ji Avq A_ev ¯’vqx Avq I A¯’vqx Avq

Øviv cÖfvweZ n‡e| Kv‡iv Kv‡iv g‡Z, †fvM m¤ú` Øviv cÖfvweZ n‡e GgbwK A‡_©i †hvMvbI

†fvM‡K cÖfvweZ Ki‡Z cv‡i| cÖK…Z c‡¶ †fvM A‡bK¸‡jv Dcv`vb Øviv cÖfvweZ nq| wb‡P

†m¸‡jv ms‡¶‡c Av‡jvPbv Kiv n‡jv-

1. my‡ì nvi : †fvM cÖeYZvi Ab¨vb¨ wba©viK¸‡jv AcwiewZ©Z †_‡K hw` my‡ì nvi e„w× cvq

Zvn‡j mvgwMÖK †fvM cÖeYZv wewfbœfv‡e cÖfvweZ n‡q _v‡K| †hgb, my‡ì nvi †e‡o †M‡j

e‡Ûi Avw_©K g~j¨ n«vm cvq| GB Ae¯’vq eÛ aviK‡ì †fvM cÖeYZv n«vm cvq| Avevi my‡ì

nvi †e‡o †M‡j †jv‡Ki ’vqx †fvM¨ ª‡eï cwie‡Z© e‡Ûi cÖwZ AvKl©Y †e‡o †h‡Z cv‡i Ges

¯íKvjxb †fvM †iLv

mij‰iwLK ev

eµ‰iwLK (n«vmgvb

Xvjhy³) n‡Z cv‡i|

wKš‘ `xN©Kvjxb †fvM

†iLv Aek¨B

mij‰iwLK n‡e|

†Kv‡bv †Kv‡bv

A_©bxwZwe` e‡j‡Qb

†fvM Av‡qi mv‡_

m¤úwK©Z, †KD

e‡j‡Qb †fvM AZxZ

Avq I eZ©gvb Avq

Øviv cÖfvweZ nq,

Avevi †KD e‡j‡Qb

†fvM RxebKv‡ji

Avq A_ev ’vqx Avq

I A ’vqx Avq Øviv

cÖfvweZ n‡e|



GK ai‡bi m¤ú‡ì cwie‡Z© Ab¨ Av‡iK ai‡bi m¤ú` avi‡Yi cÖeYZvi cwieZ©b N‡U| †jv‡K

¯’vqx †fvM¨ ª‡eï †fvM n«vm K‡i †ewk cwigvY eÛ wKb‡e hw` my‡ì nvi e„w× cvq| †gvU K_v,

my‡ì nv‡ii e„w×‡Z †fvM †iLv wb‡Pi w`‡K †b‡g Av‡m I mÂq †iLv Ic‡ii w`‡K D‡V hvq|

2. m¤ú‡ì cwigvY : RbMY bM` A_© nv‡Z a‡i ivL‡j ev mÂq cÖeYZv †ewk n‡j miKvwi eÛ

_vK‡j †fvM A‡c¶K cÖfvweZ n‡Z cv‡i| †mRb¨ Kg ZijZv wewkó m¤úwË †hgb- eÛ,

†kqvi, evwo BZ¨vw` †fvM cÖeYZvi Ab¨Zg wba©viK| Mvwo, evwo Av‡Q Ggb e¨w³ Gme m¤úwË

µ‡qi D‡Ï‡k¨ A_© mÂq K‡i bv| c¶všÍ‡i, D³ m¤úwËi AwaKvix bb Ggb e¨w³‡ìB mÂq

cÖeYZv †ewk nIqv ¯vfvweK| ZvB m¤ú‡ì cwigvY hZ †ewk n‡e †fvM cÖeYZvI ZZ †ewk

n‡e| A_©bxwZwe` wçi (Prof. A. C. Pigou) bvgvbymv‡i G‡K wç cÖfve (Pigou effect) e‡j| wçi g‡Z, †jv‡Ki †fvM cÖeYZv m¤úwËi cÖK…Z g~‡jï Ici wbf©i K‡i| `vg¯Íi †e‡o

†M‡j m¤úwËi cÖK…Z g~j¨ n«vm cvq| dj¯iƒc †fvM cÖeYZvI n«vm cvq| Avevi, `vg¯Íi n«vm

†c‡j m¤úwËi cÖK…Z g~j¨ e„w× cvq e‡j †fvM cÖeYZv e„w× cvq| `vg Í‡i cwieZ©‡bi ìæb

m¤úwËi cÖK…Z g~‡jï cwieZ©‡bi d‡j †fvM e¨‡qi GB cwieZ©b‡K wç cÖfve e‡j|

3. †fv³v‡ì cÖZ¨vkv I „wófw½ : A ~i fwel¨‡Z hw` †fv³vi Avw_©K Avq A_ev †`‡ki mvaviY

g~j¨ Íi e„w× cv‡e Zvn‡j wZwb †fvM e¨q e„w× Ki‡eb e‡j Abzgvb Kiv hvq| e¯‘Z, GB

AbygvbwUi Ici wfwË K‡iB A‡bK †¶‡Î evwYR¨Pµ I gy`ªvùxwZi e¨vL¨v cÖ vb Kiv nq| hw`

g~j¨ Íi µgvMZ e„w× †c‡Z _v‡K Zvn‡j GB e„w×i nvi fwel¨‡ZI e„w× cv‡e e‡j Avk¼v Kiv

nq| d‡j †fv³viv mÂ‡qi cwigvY n«vm K‡i †fv‡Mi cwigvY e„w× K‡i e‡j †gvU Pvwn`v e„w×

cvq Ges g~j¨¯Íi cybivq e„w× cvq| myZivs †fv³vi †Mvôx g~j¨ Í‡ii GB EaŸ©MwZ Z¡ivwšZ n‡e

e‡j cÖZ¨vkv K‡i| GB cÖwµqv µgvMZ Pj‡Z _v‡K| GB hyw³wU wecixZfv‡eI mZ¨|

4. cÖ k©b cÖfve : †Kv‡bv e¨w³i †fvM Zvi cÖwZ‡ekxi †fvM Í‡ii Ici wbf©i K‡i| Aa¨vcK

Wz‡Rb‡ewii g‡Z, RbM‡Yi †fvM Pvicv‡ki cwi‡ek Øviv cÖfvweZ nq, †fv‡Mi GB AbyKiYxq

w`KwU‡K wZwb ÔcÖ k©b cÖfveÕ e‡jb| Zvi g‡Z, †fvM e¨q P‚ovšÍ Av‡qi (absolute income)

Ici bq, Av‡cw¶K Avq Í‡ii (relative income level) Ici wbf©i K‡i|

5. Avq e›U‡bi cÖK…wZ : abx e¨w³i Zzjbvq `wi ª e¨w³i cÖvwšÍK †fvM cÖeYZv †ewk| Avq e›Ub

hLb `wi`ª e¨w³i AbyK‚‡j Av‡m ZLb mvgwMÖK †fvM e¨‡qi e„w× N‡U| Aciw`‡K, hw` Avq

e›U‡b AmgZv _v‡K Zvn‡j mgv‡Ri mÂq cÖeYZvB †ewk n‡e| Z‡e Avq e›U‡bi cwieZ©b N‡U

Lye ax‡i ax‡i| ¯íKv‡j Avq e›U‡b †Kv‡bv cwieZ©b N‡U bv e‡j Abygvb Kiv nq|

6. miKvwi bxwZi cÖfve : miKv‡ii ivR¯bxwZ mgv‡Ri †fvM cÖeYZv‡K we‡klfv‡e cÖfvweZ

Ki‡Z cv‡i| †hgb- AvqK‡ii nvi e„w× Kiv‡bv n‡j e¨q‡hvM¨ Avq n«vm cvq| GKBfv‡e †eKvi

fvZv, Îv‡Yi (Liv, eb¨v) g‡Zv miKvwi n ÍvšÍi cvIbv ev` w`‡j Hme mvnvh¨cÖvß e¨w³‡ì

Avq n«vm cvq| Gi d‡j †fvM cÖeYZvI n«vm cvq| Abyiƒcfv‡e, c‡iv¶ K‡ii (h_v, weµq Ki)

nvi †e‡o †M‡jI †fvM †iLvi wb‡Pi w`‡K ’vb cwieZ©b N‡U, †hgbwU AvqKi e„w×i †¶‡Î N‡U|

Avevi †fvM †iLv Ic‡ii w`‡K D‡V hvq hw` K‡ii nvi n«vm Ges n¯ÍvšÍi Av‡qi my‡hv‡Mi e„w×

Kiv nq| †gvU K_v, Ki nv‡ii cwieZ©b NwU‡qI Avevi mgv‡Ri Avq e›U‡bi PwiÎwUi cwieZ©b

NUv‡bv m¤¢e|

RbM‡Yi †fvM

Pvicv‡ki cwi‡ek

Øviv cÖfvweZ nq,

†fv‡Mi GB

AbyKiYxq w`KwU‡K

Wz‡Rb‡ewi ÔcÖ k©b

cÖfveÕ e‡jb|

Ki nv‡ii cwieZ©b

NwU‡qI Avevi

mgv‡Ri Avq e›U‡bi

PwiÎwUi cwieZ©b

NUv‡bv m¤¢e|




ˆbe© w³K cÖkœ


1. `xN©Kvjxb †fvM †iLv eµ‰iwLK n‡Z cv‡i| mZ¨/wg_¨v

2. †fvMe¨‡qi cÖavb wba©viK n‡”Q

K. eZ©gvb eënvi‡hvM¨ Avq

L. Av‡cw¶K Avq

M. my‡ì nvi


3. my‡ì nvi †e‡o †M‡j

K. e‡Ûi Avw_©K g~j¨ e„w× cvq

L. e‡Ûi Avw_©K g~j¨ n«vm cvq

M. e‡Ûi Avw_©K g~j¨ KL‡bv n«vm cvq, KL‡bv e„w× cvq

N. e‡Ûi Avw_©K g~j¨ w ’i _v‡K|

msw¶ß cÖkœ

1. ¯íKvjxb I `xN©Kvjxb †fvM A‡c¶K Kv‡K e‡j?

2. wç cÖfve wK?

3. cÖ k©b cÖfve ej‡Z wK †evSvq?

iPbvg~jK cÖkœ

1. †fvM A‡c¶‡Ki wba©viKmg~n Av‡jvPbv Ki|


1. wg_¨v 2. K 3. L

GKwU evwYR¨ PµKv‡j Av‡qi mv‡_ †fv‡Mi m¤úK© †_‡K †h †fvM A‡c¶K cvIqv hvq, Zv‡K

¯íKvjxb †fvM A‡c¶K e‡j| GKvwaK evwYR¨ PµKv‡i Z_v Economic Trend data †_‡K †fv‡Mi

m¤úK© m„wó K‡i `xN©Kvjxb †fvM A‡c¶K †iLv cvIqv hvq| ¯íKvjxb †fvM †iLv mij‰iwLK ev

eµ‰iwLK (n«vmgvb Xvjhy³) n‡Z cv‡i| wKš‘ `xN©Kvjxb †fvM †iLv Aek¨B mij‰iwLK n‡e| †Kv‡bv

†Kv‡bv A_©bxwZwe` e‡j‡Qb †fvM Av‡qi mv‡_ m¤úwK©Z, †KD e‡j‡Qb †fvM AZxZ Avq I eZ©gvb Avq

Øviv cÖfvweZ nq, Avevi †KD e‡j‡Qb †fvM RxebKv‡ji Avq A_ev ’vqx Avq I A ’vqx Avq Øviv

cÖfvweZ n‡e| Ki nv‡ii cwieZ©b NwU‡qI Avevi mgv‡Ri Avq e›U‡bi PwiÎwUi cwieZ©b NUv‡bv m¤¢e|

mvims‡¶c



†KBbmxq †fvMZË¡ : cig Avq Dcwm×všÍ


cig Avq Dcwm×všÍ wK

cig Avq Dcwm×v‡šÍi mgv‡jvPbv

K¬vwmK¨vj A_©bxwZwe`MY †fv‡Mi mv‡_ my‡ì nv‡ii m¤úK© e¨vL¨v K‡ib, hv A_©bxwZi

evwYR¨P‡µi KviY e¨vL¨vq e¨_© nq| gvby‡li mvaviY gb ÍvwË¡K Ae ’v K¬vwmK¨vj Z‡Ë¡ ’vb

cvqwb| Gi †cÖw¶‡Z J.M. Keynes cig Av‡qi mv‡_ †fv‡Mi m¤úK© e¨vL¨v K‡ib hv gvby‡li

mwZ¨Kvi AvPiY Zz‡j ai‡Z m¶g| 1936 mv‡j †KBbm ÔThe General Theory of Employment, Interest and MoneyÕ MÖ‡š’ cig Avq Dcwm×všÍ (Absolute Income Hypothesis) cÖ vb K‡ib| cig Av‡qi mv‡_ †fv‡Mi m¤úK© e¨vL¨v Kiv nq e‡j GB ZË¡wU

cig Avq Dcwm×všÍ bv‡g cwiwPZ|

†KBb‡mi g‡Z, †fvM gvby‡li cig Avq ev e¨q‡hvM¨ Av‡qi Ici wbf©ikxj| Av‡qi mv‡_

†fv‡Mi m¤úK© ÔFundamental Psychological Law of ConsumptionÕ Øviv wbqwš¿Z| †KBb‡mi

g‡Z, Mofv‡e gvbyl Ggb GKwU wbqg Øviv cwiPvwjZ Ges gvby‡li Avq evo‡j †fvM ev‡o wKš‘

Avq †h nv‡i ev‡o †fvM Zvi‡P‡q Kg nv‡i ev‡o| GB e³e¨ †_‡K wZbwU D‡jøL‡hvM¨ wm×všÍ

cvIqv hvq|

K. Avq hLb ev‡o ZLb †fvM Av‡qi †P‡q Kg nv‡i ev‡o| Gi KviY n‡jv Avq evo‡j

gvby‡li Afve ch©vqµ‡g c~iY nq| d‡j †fvM¨ c‡Yï Afve ax‡i ax‡i K‡g hvq| Gi A_©

GB bq †h Avq evo‡j †fvM e¨q Kg‡e, †fvM Aek¨B evo‡e|

L. ewa©Z Avq `ywU fv‡M wef³-

1. ewa©Z †fvM; 2. ewa©Z mÂq, A_©vr Y=C+S n‡e|

M. ewa©Z Avq †fvM Ges mÂq e„w× K‡i| d‡j Avq †hfv‡e †fv‡Mi m‡½ mivmwi m¤ú‡K©

Ave×, GKBfv‡e mÂqI ewa©Z Av‡qi mv‡_ m¤úwK©Z n‡e|

GB Dcwm×v‡šÍi K‡qKwU AbywgZ kZ© Ges êwkó¨ i‡q‡Q| †hgb-

K. gb¯ÍvwË¡K I cÖvwZôvwbK KvVv‡gv w ’i _v‡K Z_v Avq e›Ub, †fv³v‡ì iæwP, cQ›`, Af¨vm,

mvgvwRK cÖ_v, `v‡gi DÌvb-cZb, RbmsL¨vi cwigvY, RbmsL¨vi eqm KvVv‡gv cwieZ©b

n‡e bv|

L. ¯vfvweK Ae ’v we`¨gvb _vK‡e| †hgb- gy`ªvùxwZ _vK‡e bv|

M. Aeva e¨w³ ¯vZš¿ ev`g~jK A_©bxwZ we`¨gvb _vK‡e| †hLv‡b †fv³vi mve©‡fŠgZ¡ ¯xKvh©|

N. †fvM e¨q cig Avq ev e¨q‡hvM¨ Av‡qi GKwU w ’wZkxj A‡c¶K| Z‡e m¤ú‡ì cwigvY

ØvivI †fvM cÖfvweZ nq| A_©vr C=f(Y, A)|

cvV-3

†KBb‡mi g‡Z,

Mofv‡e gvbyl Ggb

GKwU wbqg Øviv

cwiPvwjZ Ges

gvby‡li Avq evo‡j

†fvM ev‡o wKš‘ Avq

†h nv‡i ev‡o †fvM

Zvi †P‡q Kg nv‡i

ev‡o|

†fvM e¨q cig Avq

ev e¨q‡hvM¨ Av‡qi

GKwU w ’wZkxj

A‡c¶K| Z‡e

m¤ú‡ì cwigvY

ØvivI †fvM cÖfvweZ

nq|



O. gvby‡li Avq evo‡j †fvM ev‡o| wKš‘ Avq †h nv‡i ev‡o †fvM Zvi‡P‡q Kg nv‡i ev‡o|

d‡j O<MPC<1 n‡e| MPC w¯’i _vK‡Z cv‡i, Kg‡Z cv‡i; evo‡Z cv‡i bv|

P. †KBb‡mi cig Avq Dcwm×všÍ Abymv‡i, APC>MPC n‡e Ges Avq evo‡j APC K‡g|

Q. Avq k~b¨ n‡jI †fvM k~b¨ n‡e bv|

R. †KBb‡mi g‡Z, ¯íKvjxb APC-i †P‡q `xN©Kvjxb APC †ewk n‡e| KviY `xN©Kv‡j

RxebhvÎvi gvb Ges †fvM Af¨v‡mi cwieZ©b n‡e| Z‡e APC `xN©Kv‡jI n«vmgvb n‡e|

S. m¤ú‡ì cwigvY evo‡j †fvM e¨q evo‡e|

g‡b Kwi, mgv‡R wZbwU †kªYx- `wi ª, ga¨weË Ges abx e¨w³ i‡q‡Q| wPÎ Abyhvqx `wi ª‡ì Avq

Oy1, ga¨we‡Ëi Avq Oy2 Ges abx‡ì Avq Oy3| GB wZb †kªYxi cig Av‡qi m‡½ †fv‡Mi

m¤úK© ˆZwi K‡i Avgiv †KBb‡mi †fvM A‡c¶‡Ki êwkó¨mg~n cÖgvY Ki‡Z cvwi|

7.8 bs wP‡Î oy1 Av‡q y1c1 cwigvY `wi`ª

†kªYxi †fvM †`Lv‡bv n‡q‡Q| ga¨weË

†kªYxi Avq y1y2 cwigvY †ewk| gb ÍvwËK

wewa Abymv‡i y1y2-Gi †P‡q †fvM e¨q

e„w× Aek¨B Kg n‡e| d‡j y2c2 cwigvY

†fvM K‡i| Abyiƒcfv‡e oy3 Av‡q abx

†kªYx y3c3 cwigvY †fvM K‡i| c1, c2, c3

we› ymg~n †hvM K‡i ac †fvM †iLv cvIqv

hvq| GLv‡b O<MPC<1 Ges Avq k~b¨

n‡jI †fvM k~b¨ nq bv| k~b¨ Av‡q

RbMY OA cwigvY †fvM K‡i| Avgiv

Rvwb, APC=C/Y| wP‡Î oy1 cwigvY

Av‡q †fvM c1y1, ZvB APC= y1c1/Oy1 ev

Oc1 iwk¥i Xvj APC| Abyiƒcfv‡e oy2 Av‡q oc2 iwk¥i Xvj nj APC Ges oy3 Av‡q oc3 iwk¥i

Xvj nj APC| ZvB Avq evo‡j APC µ‡gB n«vm cvq, GwUB cÖgvwYZ nq| Avq evo‡j

APC>MPC nq| wP‡Î C/Y n‡jv †fvM †iLvi Xvj ev MPC, Ab¨w`‡K Oc1, Oc2 ev Oc3

iwk¥i Xvj n‡jv APC †hLv‡b C/Y <C/Y j¶Yxq|

cig Avq Dcwm×v‡šÍi mgv‡jvPbv

1. †KBb‡mi g‡Z, †fvM cÖK…Z Av‡qi A‡c¶K| †fvM A‡c¶‡K CW=X(YW) †hLvb CW=

gRywi GK‡Ki wfwË‡Z cwigvcK…Z †fvM e¨q, YW= gRywi GK‡Ki wfwË‡Z cÖK…Z Avq| ev Í‡e

A‡_©i gva¨‡g cÖKvwkZ Avq Ges †fvM‡K wKfv‡e cwigvc Kiv n‡e Zv †KBb‡mi Z‡Ë¡I

A¯úó| A_©vr Av‡qi msÁv m¤ú~Y© A¯úó|

2. †KBb‡mi †fvM A‡c¶K‡K cig Av‡qi mv‡_ m¤úwK©Z Kiv n‡q‡Q| wKš‘ Wz‡Rb‡ewi cÖgvY

K‡ib †h, Avwd«Kvi Kv‡jv I mv`v‡ì GKB Avqfz³ †Mvôxi †fvM e¨q wfbœ wfbœ| A_©vr

Kv‡jv‡ì †fvM e¨q Kg| Avevi MÖv‡g I kn‡i emevmKvix GKB Avq †kªYxi †jvK‡ì †fvM

e¨‡q cv_©K¨ nq| MÖv‡gi gvby‡li †fvMe¨q Av‡cw¶Kfv‡e Kg n‡e| GQvov mg„w×Kv‡j †fv‡Mi

†P‡q g›`vKv‡j †fvM e¨q Av‡cw¶Kfv‡e †ewk _v‡K| †KBbm G w`K¸‡jv we‡ePbv K‡ibwb|

wd«Wg¨vb A¯’vqx Avq Ges †fv‡Mi m¤úK© e¨vL¨v K‡ib ev †hLv‡b A¯’vqx Av‡qi mv‡_ †fvM

m¤úwK©Z bq ejv n‡q‡Q| hv †KBb‡mi Z‡Ë¡I Av‡jvwPZ nqwb|

MÖv‡gi gvby‡li

†fvMe¨q

Av‡cw¶Kfv‡e Kg

n‡e| GQvov

mg„w×Kv‡j †fv‡Mi

†P‡q g›`vKv‡j †fvM

e¨q Av‡cw¶Kfv‡e

†ewk _v‡K| †KBb&m

G w`K¸‡jv we‡ePbv

K‡ibwb|



3. †KBbm `xN©Kvjxb †fvM A‡c¶K e¨vL¨v Ki‡Z cv‡ibwb| KzR‡bUm (Kuznets) cÖgvY K‡ib

¯íKv‡j APC>MPC Ges `xN©Kv‡j APC=MPC|

4. †KBb‡mi †fvMZ‡Ë¡ my‡ì nv‡ii †Zgb †Kv‡bv f‚wgKv †bB| wd«Wg¨vb (Friedman) Ges

A¨v‡Ûv gwWqvMwjqvwb (Ando Modiagliani) †fvM‡K my‡ì nv‡ii m‡½ m¤úK©hy³ K‡ib|

5. †KBb‡mi †fvM A‡c¶‡K †fv‡Mi wba©viK wn‡m‡e A‡bKUv †gvU RvZxq Drcv`b (GNP)†K

†evSv‡bv n‡q‡Q| ev¯Í‡e e¨w³i †fvM e¨q e¨w³i e¨q‡hvM¨ Avq Øviv †ewk cÖfvweZ nq, hv

†KBbm ¯úófv‡e e¨vL¨v K‡ibwb|

6. †KBb‡mi †fvM A‡c¶K wbw ©ó mg‡qi mv‡_ m¤úwK©Z| C1=C(Yt) hv A‡bKUv Static cÖK…wZi| Wz‡Rb‡ewi Ct=C(Yt/Y0) mg‡qi mv‡_ m¤ú„³ K‡ib| m¨vgy‡qjmb †fvM A‡c¶K‡K

mg‡qi eëav‡bi mv‡_ m¤ú„³ K‡ib|


ˆbe© w³K cÖkœ


1. MPC w ’i _vK‡Z cv‡i, Kg‡Z cv‡i, evo‡Z cv‡i bv| mZ¨/wg_¨v

2. †KBb‡mi cig Avq Dcwm×všÍ Abymv‡i Avq evo‡j APC ev‡o| mZ¨/wg_¨v

3. MÖv‡gi gvby‡li †fvMe¨q Av‡cw¶Kfv‡e Kg| mZ¨/wg_¨v

msw¶ß cÖkœ

1. cig Avq Dcwm×v‡šÍi êwkómg~n wK?

iPbvg~jK cÖkœ

1. cig Avq Dcwm×v‡šÍi mgv‡jvPbvmn Dcwm×všÍwU Av‡jvPbv Kiæb|

2. evsjv‡`‡ki †fvM Af¨vm e¨vL¨vq cig Avq Dcwm×všÍ wK Ae`vb iv‡L?


1. mZ¨ 2. wg_¨v 3. mZ¨

†KBb‡mi g‡Z, Mofv‡e gvbyl Ggb GKwU wbqg Øviv cwiPvwjZ Ges gvby‡li Avq evo‡j †fvM

ev‡o wKš‘ Avq †h nv‡i ev‡o †fvM Zvi †P‡q Kg nv‡i ev‡o| †fvM e¨q cig Avq ev e¨q‡hvM¨

Av‡qi GKwU w ’wZkxj A‡c¶K| Z‡e m¤ú‡ì cwigvY ØvivI †fvM cÖfvweZ nq| MÖv‡gi

gvby‡li †fvMe¨q Av‡cw¶Kfv‡e Kg n‡e| GQvov mg„w×Kv‡j †fv‡Mi †P‡q g›`vKv‡j †fvM e¨q

Av‡cw¶Kfv‡e †ewk _v‡K| †KBb&m G w`K¸‡jv we‡ePbv K‡ibwb|

mvims‡¶c



RxebPµ Dcwm×všÍ


RxebPµ Dcwm×všÍ

RxbePµ Dcwm×všÍ ebvg ¯’vqx Avq Dcwm×všÍ

RxebPµ Dcwm×v‡šÍi mgv‡jvPbv

Kuznets-Gi M‡elYv hLb †KBb‡mi †fvM A‡c¶‡Ki m‡½ ¯íKvj I `xN©Kvj wb‡q AvcvZ

we‡ivwaZvi m¤§yLxb K‡i ZLb †fvM A‡c¶K m¤ú‡K© bZzbZi wKQy Hypothesis-Gi cÖ‡qvRb

c‡o| RxebPµ Dcwm×všÍ ‡jvi g‡a¨ Ab¨Zg| Ando-Modigliani 1963 mv‡j American Economic Review †Z The Life Cycle Hypothesis of Saving : Aggregate Implications and Test wk‡ivbv‡g RxebPµ Dcwm×všÍ cÖ vb K‡ib| GiI c~‡e© Modigliani Ges R. Brumberg

1954 mv‡j RxebPµ Dcwm×‡šÍi Ici cÖv_wgK aviYv cÖ vb K‡ib| †hRb¨ G ZË¡wU

Modigliani-Brumberg-Ando Dcwm×všÍ bv‡gI cwiwPZ| RxebKv‡ji wewfbœ ch©v‡q e¨w³i

Av‡qi m‡½ †fv‡Mi †h m¤úK© Zv e¨vL¨v Kiv nq RxebPµ Dcwm×v‡šÍ| †hLv‡b ¯íKv‡j †Kb

APC>MPC nq Ges `xN©Kv‡j †Kb APC=MPC nq Zvi KviY e¨vL¨v Kiv nq| Life Cycle Hypothesis e¨w³i Dc‡hvM m‡e©v”P Ki‡Yi Rb¨ Lending-borrowing-Gi my‡hvM _v‡K| e¨w³

Zvi Dc‡hvM me©vwaK Ki‡Z Pvq| †hLv‡b e¨w³i Dc‡hvM A‡c¶K

U=U(C0, C1, C2...... Ct .......... Cr) †hLv‡b, C= †fvM, U= Dc‡hvM, 0...............T n‡jv e¨w³i RxebKvj|

e¨w³i Rxeb wZbwU Kv‡j wef³| h_v- 1. cÖv_wgK Kvj (1-14)

2. gaëZ©xKvj (15-60)

3. †kl Kvj (60-Gi E‡aŸ©)

cÖv_wgK Kvj Ges †klKv‡j Av‡qi cÖevn _v‡K Lye Kg| wKš‘ †fv‡Mi †¶‡Î RxebKvj evovi

m‡½ m‡½ †fvM µgvš‡q evo‡Z _v‡K| †m Rb¨ cÖv_wgK Ges †kl Rxe‡bi Av‡qi Zzjbvq †fvM

†ewk _v‡K| d‡j A-mÂq (Dis-saving)

m„wó nq| gaëZ©xKv‡j Av‡qi †P‡q †fvM

Kg _v‡K d‡j mÂ‡qi (Saving) D™¢e

N‡U| 7.9 bs wP‡Îi gva¨‡g Ae¯’vwU

e¨vL¨v Kiv n‡jv-

wP‡Î f‚wg A‡¶ mgq Ges j¤ A‡¶ Avq

I †fvM we‡eP¨| e¨w³i RxebKvj T, mg¯Í Rxe‡bi Av‡qi cÖevn Y Ges †fvM

C| cÖv_wgK Kv‡ji Dissaving gaëZ©x

Kv‡ji Saving Ges †kl Kv‡ji

Dissaving ci¯úi mgvb| wPÎ †_‡K

j¶Yxq †h cÖv_wgK I †kl Kv‡j Av‡qi

Zzjbvq †fvM †ewk Ges ga¨Kv‡ji Av‡qi

cvV-4

cÖv_wgK Kvj Ges

†klKv‡j Av‡qi

cÖevn _v‡K Lye Kg|

wKš‘ †fv‡Mi †¶‡Î

RxebKvj evovi m‡½

m‡½ †fvM µgvš‡q

evo‡Z _v‡K| †m

Rb¨ cÖv_wgK Ges

†kl Rxe‡bi Av‡qi

Zzjbvq †fvM †ewk

_v‡K|



Zzjbvq †fvM Kg| ZvB Avq evo‡j APC K‡g GwU mn‡RB cÖgvwYZ nq| †hLv‡b APC>MPC

kZ© cvwjZ nq| welqwU Ab¨fv‡eI cÖKvk Kiv hvq| aiv hvK GKRb e¨w³ 75 eQi eq‡m

Aemi MÖnY Ki‡e| 25 eQi eq‡m PvKwi MÖnY Ki‡e| cÖv_wgK 25 eQi H e¨w³i †Kv‡bv

ai‡bi Avq cÖvwßi m¤¢vebv †bB| 25 eQi eq‡m H e¨w³i 15000 UvKv Avq Ki‡j 10000

UvKv †fvM Ki‡e d‡j 5000

UvKv mÂq Ki‡e| 65 eQi eqm

ch©šÍ mÂq Ki‡e| hv 7.10 wP‡Î

†`Lv‡bv n‡q‡Q| H e¨w³i 25

eQi eqm †_‡K Avw_©K mÂq

cywÄf‚Z Ki‡e Ges 65 eQi

eq‡m Zvi m‡e©v”P cwigvY m¤ú`

mÂq NU‡e| Gi ci H e¨w³

eva©K¨ Rxe‡b (65-75) A_©‡fvM

Ki‡e| d‡j PvKwii ïiæ‡Z APC

†ewk Ges †k‡l APC Kg

_vK‡e| Z_v Avq evo‡j

APC>MPC n‡e|

Ando-Modigliani-Gi g‡Z,

†fvM wbf©i K‡i Rxeb Kv‡ji

eZ©gvb g~‡jï Ici|

†KBbm m¤ú` Av‡qi K_v

e‡jwb| m¤ú‡ì cwigvY evovi

m‡½ m‡½ †fvM †iLv Ic‡i

¯’vbvšÍwiZ nq|

`xN©Kvjxb †fvM A‡c¶K nj CL Ges ¯íKvjxb †fvM A‡c¶K n‡jv Cs|

GLv‡b j¶Yxq Ando-Modigliani ¯íKvjxb I `xN©Kvjxb †fvM A‡c¶‡Ki g‡a¨ mgšq mvab

K‡i Kuznets-Gi AvcvZ we‡ivwaZvi mgvavb K‡ib|

RxebPµ Dcwm×všÍ ebvg ¯’vqx Avq Dcwm×všÍ

KzR‡bUm M‡elYvq hLb ¯í‡gqvw` I `xN©‡gqvw` †fvM A‡c¶‡Ki g‡a¨ AvcvZwe‡ivwaZv aiv

c‡o Gi †cÖw¶‡Z RxebPµ Dcwm×všÍ (LCH) Ges ¯’vqx Avq Dcwm×v‡šÍi (PIH) AeZvibv|

G ZË¡ `ywU A_©bxwZwe`‡ì Kv‡Q †ek Av‡jvob m„wó K‡i Ges cieZ©x‡Z Friedman Ges

Modigliani wek¦L¨vZ †bv‡ej cyi¯‹vi jvf K‡ib| `ywU Z‡Ë¡i g~j e³e¨ we‡kølY †_‡K †h wgj

I Awgj ev ¸Yvejx‡Z cv_©K¨ aiv c‡o Zv wb‡¤œ ms‡¶‡c Av‡jvPbv Kiv n‡jv-

1. `ywU Dcwm×všÍB †fvM A‡c¶K‡K Rxeb Kv‡ji Av‡qi eZ©gvb g~‡jï (PV) m‡½ m¤ú„³

Kiv n‡q‡Q| Z‡e LCH ïay PV Gi Ici k Abycv‡Z Ave×| Ct=K(PVt). Ab¨w`‡K PIH

G †fvM A‡c¶K ¯’vqx Av‡qi Ici wbf©ikxj| †hLv‡b ¯’vqx Avq (Yp) †c‡Z n‡j

RxebKv‡ji Av‡qi eZ©gvb g~j¨ (PV) †K my‡ì nvi Øviv ¸Y Ki‡Z nq| A_©vr

Yp=r.(PV) †hLv‡b Cp=K(r.Pv). Kv‡RB G `ywU A‡c¶‡K e¨vcK cv_©K¨ j¶¨ Kiv hvq|

2. LCH-G †fvM A‡c¶K‡K kªg Avq Ges m¤ú` Av‡qi m‡½ m¤ú„³ K‡i‡Q| †hLv‡b

cÖZ¨vwkZ Dcv`vbI i‡q‡Q| Ab¨w`‡K PIH G †fvM‡K ¯’vqx Av‡qi m‡½ m¤úwK©Z Kiv

LCH-G †fvM

A‡c¶K‡K kªg Avq

Ges m¤ú` Av‡qi

m‡½ m¤ú„³ K‡i‡Q|

†hLv‡b cÖZ¨vwkZ

Dcv`vbI i‡q‡Q|

Ab¨w`‡K PIH G

†fvM‡K ’vqx Av‡qi

m‡½ m¤úwK©Z Kiv

n‡q‡Q|



n‡q‡Q| A ’vqx Av‡qi m‡½ †fvM m¤úwK©Z bq e‡j e³e¨ ivLv n‡q‡Q| m¤úwË Avq

Av‡jvPbvq mivmwi D‡jøL Kiv nqwb|

3. LCH Ges PIH Dfq Z‡Ë¡ ¯íKv‡j APC>MPC Ges `xN©Kv‡j APC=MPC n‡e| ZvB

`xN©Kv‡j ¸Y‡Ki gvb Aek¨B ¯íKv‡ji †P‡q †ewk n‡e|

4. Dfq Z‡Ë¡ my‡ì nv‡ii f‚wgKv ¯xKvi Kiv nq|

5. wd«Wg¨v‡bi Z‡Ë¡ r(YtCt)=0 aiv n‡q‡Q hv m‡›`nc~Y©| wewfbœ M‡elYv wewfbœ djvdj cÖ vb

K‡i| hv RxebPµ Dcwm×v‡šÍ †bB| Avevi LCH G PjwZ Avq Ges cÖZ¨vwkZ Avq

AbycvZ w ’i _v‡K aiv n‡q‡Q, hv mwVK bvI n‡Z cv‡i|

RxebPµ Dcwm×v‡šÍi mgv‡jvPbv

RxebPµ Dcwm×všÍ A‡bKUv weÁvbm¤§Z ZË¡ n‡jI Gi wKQy ÎywU j¶¨ Kiv hvq|

1| RxebPµ Dcwm×všÍ Abymv‡i Rxeb Kv‡ji Av‡qi eZ©gvb g~j¨ Ges m¤úwË Av‡qi eZ©gvb

g~‡jï Ici †fvM e¨q wbf©ikxj| ev Í‡e e„× eq‡m GKRb e¨w³ mvgvwRK wbivcËvg~jK

my‡hvM-myweav †c‡Z cv‡i, hv G Z‡Ë¡ ¯xKvi Kiv nqwb|

2| G ZË¡wU KwVb MvwYwZK cÖwµqvq mvRv‡bv n‡q‡Q| hv mvaviY wk¶v_©x I bxwZ cÖ‡bZv‡ì

eyS‡Z Kó nq| hvi †cÖw¶‡Z †Kv‡bv wm×všÍ †bqvI KwVb|

3| G Z‡Ë¡ PjwZ Avq Øviv †fvM cÖfvweZ Zv †`Lv‡bv nq bvB| ev¯Íe M‡elYv †_‡K †`Lv hvq

PjwZ Avq Øviv gvby‡li †fvM h‡_ó cÖfvweZ nq|

4| G Z‡Ë¡ †hfv‡e fwel¨r Rxe‡bi Avq‡K Kó K‡i Rxeb Kv‡ji Avq wnmve Kiv nq Zv

ev¯Í‡e †Kv‡bv w`bB bM` A‡_© cvIqv hvq bv| ZvB Gi ev Íe cÖ‡qvM †Kv‡bv e¨w³ ev mgv‡Ri

Ici c‡o bv|

5| AbybœZ †`‡k †ewki fvM gvby‡li Avq _v‡K m¤ú~Y© AwbwðZ| K…wl, wkí, evwYR¨ †_‡K †h

Avq Av‡m Zv Aweivg bq, wbwðZ bq| ZvB GKRb PvKwiRxexi Avq wnmve mnR n‡j A-

PvKwiRxex‡ì Avq cwigvc Kiv KwVb|

6| G Z‡Ë¡ †fvM Ges mÂ‡qi Ici my‡ì †h cÖfve i‡q‡Q Zv we‡ePbv Kiv nqwb| my‡ì nvi

†ewk n‡j gvbyl eZ©gvb †fvM Kwg‡q Aemi Rxe‡b Avivg Av‡q‡m Pjvi Rb¨ mÂq Ki‡e| hv

GLv‡b we‡ePbv Kiv nqwb|

7| †KBb‡mi g‡Z `xN©Kv‡j Avgiv mevB g„Z| ZvB eZ©gvb wb‡qB gvbyl †ewk e¨¯Í| fwel¨‡Z

wK n‡e Zv wb‡q ev Í‡e gvbyl KgB fv‡eb| hv G Z‡Ë¡ we‡ePbv Kiv nqwb|

cÖv_wgK Kvj Ges †klKv‡j Av‡qi cÖevn _v‡K Lye Kg| wKš‘ †fv‡Mi †¶‡Î RxebKvj evovi

m‡½ m‡½ †fvM µgvš‡q evo‡Z _v‡K| †m Rb¨ cÖv_wgK Ges †kl Rxe‡bi Av‡qi Zzjbvq

†fvM †ewk _v‡K| RxebPµ Dcwm×v‡šÍ †fvM A‡c¶K‡K kªg Avq Ges m¤ú` Av‡qi m‡½

m¤ú„³ K‡i‡Q| †hLv‡b cÖZ¨vwkZ Dcv`vbI i‡q‡Q| Ab¨w`‡K ¯’vqx Avq Dcwm×v‡šÍ †fvM‡K

¯’vqx Av‡qi m‡½ m¤úwK©Z Kiv n‡q‡Q|

mvims‡¶c




ˆbe© w³K cÖkœ


1. RxebPµ Dcwm×v‡šÍ RxebKv‡ji wewfbœ ch©v‡q e¨w³i Av‡qi m‡½ †fv‡Mi †h m¤úK© Zv

e¨vL¨v Kiv nq| mZ¨/wg_¨v

2. †fv‡Mi †¶‡Î RxebKvj evovi m‡½ †fvM Kg‡Z _v‡K| mZ¨/wg_¨v

3. RxebPµ Dcwm×v‡šÍ †fvM I mÂ‡qi Ici my‡`i cÖfve‡K we‡ePbv Kiv n‡q‡Q|

mZ¨/wg_¨v

msw¶ß cÖkœ

1. RxebPµ Dcwm×všÍ I ¯’vqx Avq Dcwm×v‡šÍi g‡a¨ cv_©K¨¸‡jv wPwýZ Kiæb|

iPbvg~jK cÖkœ

1. mgv‡jvPbvmn RxebPµ Dcwm×všÍ Av‡jvPbv Kiæb|


1. mZ¨ 2. wg_¨v 3. wg_¨v



’vqx Avq Dcwm×všÍ


¯’vqx Avq Dcwm×všÍ

¯’vqx Avq Dcwm×v‡šÍi mgv‡jvPbv

evsjv‡`‡ki †cÖw¶‡Z ’vqx Avq Dcwm×všÍ

†fvM A‡c¶K m¤ú‡K© AvaywbK A_©bxwZwe` Milton Friedman 1957 mv‡j A Theory of Consumption Function MÖ‡š’ GKwU Dcwm×všÍ cÖ vb K‡ib hv ¯’vqx Avq Dcwm×všÍ bv‡g

cwiwPZ| †KBbm Pig Av‡qi m‡½ †fv‡Mi m¤úK© ’vcb K‡ib, hvi Ici M‡elYv K‡ib S. Kuznets| S. Kuznets †KBb‡mi †fvM A‡c¶‡Ki APC>MPC aviYvwU ¯íKvjxb A_©bxwZ‡Z

ev¯Í‡evwPZ e‡j cÖgvY K‡ib wKš‘ `xN©Kv‡j APC=MPC cÖgvY cvb| †hLv‡b †KBb‡mi m‡½

Kuznets-Gi M‡elYvq AvcvZwe‡ivwaZv †`Lv †`q| Z_v ¯íKvjxb I `xN©Kvjxb †fvM

A‡c¶‡Ki g‡a¨ AvcvZ we‡ivwaZvi m„wó nq| Milton friedman GB AvcvZwe‡ivwaZv mgšq

mva‡b ¯’vqx Avq Dcwm×všÍ cÖ vb K‡ib| †hLv‡b wZwb ’vqx Av‡qi m‡½ ’vqx †fv‡Mi

AvcvZwe‡ivwaZv mgšq mva‡b ¯’vqx Avq Dcwm×všÍ cÖ vb K‡ib| †hLv‡b wZwb ¯’vqx Av‡qi m‡½

¯’vqx †fv‡Mi m¤úK© ’vcb K‡ib Ges ¯íKv‡j APC>MPC Ges `xN©Kv‡j APC=MPC nIqvi

KviY my¯úófv‡e e¨vL¨v K‡ib|

wd«Wg¨v‡bi Z‡Ë¡i K‡qKwU aviYv

1. ’vqx Avq (Permanent Income) : wd«Wg¨v‡bi g‡Z GKRb e¨w³i RxebKv‡ji gvbexq

g~jab Z_v kªg Av‡qi eZ©gvb g~j¨ wnmve K‡i Zv‡K Avq cÖvwßi nvi r (my‡ì nvi) Øviv ¸Y

K‡i †h gvb cvIqv hvq Zv‡K ¯’vqx Avq e‡j| †hLv‡b RxebKv‡ji Av‡qi eZ©gvb g~j¨ (Present value) n‡jv-

PV=Y0+Y1

1+i +Y2

(1+i)2 + --------------+

Yn

(1+i)n

GLv‡b, Y0, Y1, Y2….. Yn n‡jv wewfbœ eQ‡ii kªg Avq Ges r n‡jv evÆvi nvi, PV †K r Øviv

¸Y K‡i ’vqx Avq (Yp) cvIqv hvq|

Yp=r.PV .................. ¯’vqx Avq

2. A ’vqx Avq (Transitory Income) : wd«Wg¨v‡bi g‡Z, Av‡qi cÖev‡n †h mg Í Dcv`vb

ˆèPwqZ (Random Component)fv‡e Av‡m Zv‡K A ’vqx Avq eywS‡q‡Qb| A_©vr AwbwðZ

Avq‡K A ’vqx Avq (Yt) ejv hvq| †hgb Wv³v‡ii PvKwii cvkvcvwk cÖvB‡fU cÖ vKwUm,

wk¶‡Ki cÖvB‡fU Avq, Ryqv, jUvwii Avq BZ¨vw`| A ’vqx Avq (Yt) abvZ¥K, FYvZ¥K ev k~b¨

n‡Z cv‡i|

3. cwigvcK…Z Avq (Measured Income) : ¯’vqx Avq (Yp) I A¯’vqx Avq (Yt) Gi mgwó

n‡jv cwigvcK…Z Avq (Ym)|

Ym=Yp+yt.

cvV-5

KzR‡bUm †KB‡Ýi

†fvM A‡c¶‡Ki

APC>MPC aviYvwU

¯íKvjxb A_©bxwZ‡Z

ev Í‡evwPZ e‡j cÖgvY

K‡ib wKš‘ `xN©Kv‡j

APC=MPC cÖgvY

cvb|

wd«Wg¨v‡bi g‡Z

GKRb e¨w³i

RxebKv‡ji gvbexq

g~jab Z_v kªg

Av‡qi eZ©gvb g~j¨

wnmve K‡i Zv‡K Avq

cÖvwßi nvi r (my‡ì

nvi) Øviv ¸Y K‡i †h

gvb cvIqv hvq Zv‡K

’vqx Avq e‡j|



4. ’vqx †fvM (Permanent Consumption) : †h †fvMmg~n mPivPi N‡U Zv‡K eywS‡q‡Qb|

mKj cPbkxj `ª‡eï †fvM Ges ¯’vqx `ª‡eï cÖwZ ’vcb LiP I my` LiP G ai‡bi †fvM e¨‡qi

msÁvq co‡e| ¯’vqx †fvM‡K wd«Wg¨vb Cp Øviv cÖKvk K‡ib|

5. A¯’vqx †fvM (Transitory Consumption) : wd«Wg¨v‡bi g‡Z †h e¨qmg~n me mgq nq bv;

we‡kl mg‡q Ki‡Z nq Zv‡K A ’vqx †fvM (Ct) e‡j| A ’vqx †fvM abvZ¥K, FYvZ¥K ev k~b¨

n‡Z cv‡i|

6. cwigvcK…Z †fvM (Measured Consumption) : wd«Wg¨v‡bi g‡Z, cwigvcK…Z †fvM (Cm)

n‡jv ¯’vqx †fvM (Ct) I A ’vqx †fvM (Cm) Gi mgwó|

Cm=Cp+Ct.

wd«Wg¨v‡bi †fvM A‡c¶‡Ki e¨vL¨v

wd«Wg¨v‡bi †fvM A‡c¶K c‡iv¶fv‡e RxebKv‡ji kªg Av‡qi eZ©gvb g~‡jï Ici wbf©i K‡i

Z_v, C=f(PV) †hLv‡b, Yp=r.PV.

Zvi g‡Z, ’vqx †fvM cy‡ivcywi ’vqx Av‡qi A‡c¶K| †hLv‡b ’vqx †fvM I ’vqx Av‡qi AbycvZ

nj k| ZvB Cp=k(r.pv)=k.yp [yp=r.pv]

Zvi g‡Z, mgv‡Ri mKj †kªYxi e¨w³ Zv‡ì ’vqx Av‡qi k nv‡i †fvM K‡i| †hLv‡b k-Gi gvb

wbf©i K‡i

1. evRvi my‡ì nvi (i) 2. Agvbexq m¤ú` I gvbexq m¤ú‡ì AbycvZ (w) Ges

3. iæwP, cQ›`, Af¨vm, eqm KvVv‡gv, cwiev‡ii AvqZb hv wbi‡c¶ †iLvi AvK…wZ‡K cÖfvweZ

K‡i (u)|

k=f(i,w,u)

wd«Wg¨v‡bi ¯íKvjxb †fvM A‡c¶K e¨vL¨vq AbywgZ kZ©mg~n

1. wd«Wg¨v‡bi g‡Z, A ’vqx Av‡qi m‡½ ’vqx Av‡qi †Kv‡bv m¤úK© †bB| A_©vr yt I yp Gi

g‡a¨ mnm¤úK© (Correlation) k~b¨ ev r(yp, yt)=0|

2. GB ZË¡ Abymv‡i A ’vqx †fvM I ’vqx †fv‡Mi g‡a¨ †Kv‡bv m¤úK© †bB| A_©vr Ct I Cp Gi

g‡a¨ mnm¤úK© k~b¨ ev r(Cp, Ct)=0|

3. †k‡l wd«Wg¨v‡bi g‡Z A ’vqx Avq I A¯’vqx †fv‡Mi g‡a¨ †Kv‡bv m¤úK© †bB| A_©vr Ct I

Ct Gi mnm¤úK© k~b¨ ev r(yt, ct)=0 |

¯’vqx Avq Dcwm×všÍ we‡kølb

Ic‡ii wZbwU AbywgZ k‡Z©i †cÖw¶‡Z Avgiv cÖgvY Ki‡Z cvwi APC>MPC n‡e| aiv hvK,

mgv‡R wZbwU †kªYx Av‡Q- abx, ga¨weË Ges `wi`ª| ga¨weË †kªYxi A ’vqx Avq (yt=0) k~b¨

Ges Zv‡ì Ym=Yp| `wi ª‡ì A ’vqx Avq FYvZ¥K (yij<0) ZvB Zv‡ì Ym<Yp Ges abx‡ì

A¯’vqx Avq abvZ¥K (yti>0) ZvB Zv‡ì Ym>Yp n‡e|

G aviYvi †cÖw¶‡Z wd«Wg¨v‡bi ¯íKvjxb †fvM A‡c¶K e¨vL¨v Kiv hvq|



7.11 wP‡Î ga¨weË‡ì ’vqx Avq n‡jv yp

Ges yt=0| ZvB y=yp e‡j Zviv C=k. yp

cwigvY †fvM Ki‡j C=Cp cwigvY †fvM

K‡i| `wi ª †kªYxi ’vqx Avq ypj| Zv‡ì

A¯’vqx Avq FYvZ¥K e‡j cwigvcK…Z

Avq n‡e yj; †hLv‡b yj<ypj| `wi`ªiv

Zv‡ì †gvU ’vqx Av‡qi k nv‡i †fvM

Ki‡j ok †iLv eivei a we›`y‡Z †fvM

Ki‡e| Zv‡ì †gvU Avq yj Kg nIqv

m‡Ë¡I c~‡e©i cwigvY †fvM Ki‡e ev ypj

ev Cj= kYpi cwigvY †fvM Ki‡e| KviY

A¯’vqx Avq Øviv cÖfvweZ nq bv|

Ab¨w`‡K abx‡ì ’vqx Avq n‡jv ypi Ges

†gvU ’vqx Av‡qi k nv‡i †fvM Ki‡j ok †iLv eivei b we› y‡Z †fvM Ki‡e| †h‡nZz abx‡ì

A¯’vqx Avq abvZ¥K Z_v yt>0| ZvB yi>ypi| †gvU Avq †ewk n‡jI †fvM evo‡e bv KviY

A¯’vqx Avq Øviv †fvM cÖfvweZ nq bv| AZGe abx‡ì †fvM n‡e Ci=Cpi-yiB| wP‡Î †gvU

Av‡qi m‡½ †gvU †fv‡Mi m¤úK© m~PK we› y¸‡jv †hvM K‡i ¯íKvjxb †fvM †iLv CS cvIqv hvq|

†hLv‡b-

1. ¯íKv‡j Avq k~b¨ n‡jI †fvM k~b¨ nq bv|

2. APC n«vmgvb|

3. APC>MPC|

Z_v †KBb‡mi ¯íKvjxb †fvM A‡c¶‡Ki me êwkó¨ we`¨gvb|

wd«Wg¨v‡bi ¯íKvjxb I `xN©Kvjxb †fvM A‡c¶‡Ki mgšq mvab I e¨vL¨v : wd«Wg¨vb

Kuznets-Gi ¯íKvjxb I `xN©Kvjxb †fvM A‡c¶‡Ki AvcvZ we‡ivwaZvi mgvav‡b `xN©Kvjxb

†fvM A‡c¶K e¨vL¨vq UvBg wmwi‡Ri mvnvh¨ †bb| †hLv‡b mg‡qi cwieZ©‡bi m‡½ m‡½ RvZxq

Mo ¯’vqx Avq evo‡Z _vK‡e| d‡j ¯íKvjxb †fvM †iLv Ic‡i ’vbvšÍwiZ n‡e| Zvi g‡Z,

Trend line Yt=0| ZvB ¯íKvjxb †fvM †iLvi †h we›`y‡Z yt=0 †mB we›`y‡Z `xN©Kvjxb †fvM

wba©vwiZ n‡e| Gici A_©‰bwZK cÖe„w× n‡j bZzb evwYR¨ P‡µ ’vqx Avq †e‡o hv‡e Ges Trend line eivei †h cwigvY ’vqx Avq _v‡K Zvi k nv‡i `xN©Kv‡j †fvM Ki‡e| Gfv‡e cÖwZwU evwYR¨

P‡µi Trend line mg~‡ni Avq I †fv‡Mi m¤úK© m~PK we›`ymg~n †hvM K‡i `xN©Kvjxb †fvM †iLv

cvIqv hvq|

Dcmsnv‡i ejv hvq †h, †KB‡Ýi ¯íKvjxb †fvM A‡c¶‡Ki êwkó¨mg~n wd«Wg¨v‡bi †fvM

A‡c¶K †_‡K cÖgvwYZ nq; †hLv‡b †fvM A‡c¶‡Ki wba©viK e¨q‡hvM¨ Avq bq, ¯’vqx Avq|

Ab¨w`‡K `xN©Kvjxb †fvM A‡c¶K m¤ú‡K© Kuznets M‡elYv K‡i †h djvdj †c‡qwQ‡jb|

wd«Wg¨vb mv_©Kfv‡e Zv cÖgvY K‡ib|

¯’vqx Avq Dcwm×v‡šÍi mgv‡jvPbv

1. ¯’vqx Avq Dcwm×v‡šÍ a‡i †bqv n‡q‡Q †h, A ’vqx Av‡qi m‡½ A¯’vqx †fv‡Mi †Kv‡bv m¤úK©

†bB| hv ev¯Íem¤§Z bq e‡j A_©bxwZwe`MY gZ cÖKvk K‡ib| KviY †Kv‡bv e¨w³

cÖZ¨vwkZ wKQy Avq †c‡j cy‡ivUv mÂq K‡i bv ev e¨vs‡K Rgv K‡i bv; wKQyUv n‡jI †fvM

e„w× K‡i| eZ©gvb Dc‡hvM e„w× K‡i, hv G Z‡Ë¡ ¯xKvi Kiv nqwb| Abyiƒcfv‡e †Kv‡bv

mgq A¯’vqx Avq FYvZ¥K n‡j mgcwigvY A_© e¨vsK Zz‡j Av‡b bv| Aí n‡jI †fvM n«vm

cÖwZwU evwYR¨ P‡µi

Trend line mg~‡ni

Avq I †fv‡Mi m¤úK©

m~PK we› ymg~n †hvM

K‡i `xN©Kvjxb †fvM

†iLv cvIqv hvq|

’vqx Avq Dcwm×v‡šÍ

a‡i †bqv n‡q‡Q †h,

A ’vqx Av‡qi m‡½

A ’vqx †fv‡Mi †Kv‡bv

m¤úK© †bB| hv

ev Íem¤§Z bq e‡j

A_©bxwZwe`MY gZ

cÖKvk K‡ib|



Ki‡e| Bodkin 1985 mv‡j The American Economic Review †Z Windfall Income and consumption wk‡ivbv‡g cÖKvk K‡ib †h, jvBd BÝy¨‡i‡Ýi †Wwf‡W›U Av‡qi MPC

wQj 0.72 †_‡K 0.97 hv GB Dcwm×všÍ‡K m‡›`‡ni g‡a¨ †d‡j †`q|

2. ¯’vqx Avq Dcwm×v‡šÍ ¯xKvi Kiv nq abx Ges `wi`ª‡ì APC `xN©Kv‡j w ’i _v‡K|

wd«Wg¨v‡bi M‡elYv †_‡K †`Lv hvq APC Gi gvb 0.88 G w¯’i _vK‡e| wKš‘ `wi ª‡ì

c‡¶ †Kv‡bv mgqB mÂq Kiv m¤¢e bq GwU wd«Wg¨vb wPšÍv K‡ibwb| ZvB abx‡ì †P‡q

`wi ª‡ì †fvM cÖeYZv †ewk _vK‡e Ges Dfq †kªYxi MPC mgvb n‡Z cv‡i bv| GQvovI

GKB ¯’vqx Avqfz³ †kªYx MPC wfbœ n‡Z cv‡i, hv GB Dcwm×v‡šÍ ¯xKvi Kiv nqwb|

3. wd«Wg¨v‡bi †fvM A‡c¶‡K gvbexq m¤ú` Ges Agvbexq m¤ú‡ì Av‡qi K_v D‡jøL Kiv

n‡q‡Q, hv ¯úó bq|

4. wd«Wg¨v‡bi ’vqx Avq Dcwm×v‡šÍ †fv³v‡ì iæwP, cQ›`, Af¨vm, my‡ì nvi Ges Agvbexq

I gvbexq m¤ú‡ì AbycvZ w¯’i aiv n‡q‡Q| ev¯Í‡e G¸‡jv w ’i bvI _vK‡Z cv‡i|

wd«Wg¨v‡bi Z‡Ë¡i Gme ÎywU _vKv m‡Ë¡I ¯íKvjxb I `xN©Kvjxb †fvM A‡c¶‡Ki g‡a¨ mgšq

mvab K‡ib Ges ¯’vqx I A¯’vqx Av‡qi g‡a¨ cv_©K¨ m„wó K‡i A_©bxwZwe`‡ì „wó AvKl©Y

K‡ib|

¯’vqx Avq Dcwm×všÍ I evsjv‡`k

wd«Wg¨vb ¯’vqx Avq Dcwm×všÍ cÖ vb K‡ib hv, DbœZ †`kmg~‡n †ek K‡qKwU M‡elYvq mg_©b

jvf K‡i‡Q| evsjv‡`‡k Zvi ZË¡ cÖ‡qvM‡hvM¨ wKbv Zv wb‡q gšÍe¨ Kiv KwVb| wd«Wg¨vb ¯’vqx

Avq ej‡Z e¨w³i RxebKv‡j wbqwgZ Avq‡K my‡ì nvi Øviv ¸Y K‡i †h gvb cvIqv hvq Zv

eywS‡q‡Qb| Ab¨w`‡K †h Avqmg~n AwbqwgZ, SzuwKc~Y© ev AwbwðZ Zv‡K A ’vqx Avq e‡j‡Qb|

wZwb ¯’vqx †fvM ej‡Z ˆ`bw›`b †h †fvM e¨q cÖ‡qvRb Zv eywS‡q‡Qb| Avevi ¯’vqx †fvM¨ cY¨

(wd«R, wUwf) µ‡q e¨q‡K A ’vqx †fvM e‡j wPwýZ K‡i‡Qb| Gici wm×všÍ †`b †h ’vqx Avq

ØvivB ïay ¯’vqx †fvM cÖfvweZ n‡e| Ab¨w`‡K,

(1) rYpYt=0 (2) rCpCt=0 Bodkin 1969 mv‡j U.S.A-Gi A_©bxwZ‡Z ’vqx Avq Dcwm×v‡šÍi Ici M‡elYv K‡ib,

†hLv‡b ¯’vqx †fvM¨ cY¨ (Ct) mn MPC=0.966 Ges ’vqx †fvM¨ cY¨ (Ct) ev` w`‡j

MPC=0.723 wQj| †hLv‡b ytCt=0 wg_¨v cÖgvwYZ nq| evsjv‡`‡k wd«R, iwOb wUwf, Mvwo,

Gw›Ubv, Kvco †aŠZKiY †gwkb †Kvb& †kªYx µq K‡i| DË‡i K…lKiv bq| miKvwi

PvKwiRxex‡ì g‡a¨ hviv Dcwi cvb Zv‡ì c‡¶ mn‡RB Gme cY¨ µq Kiv m¤¢e| KviY

Zv‡ì gvwmK †eZb ’vqx Avq wKš‘ Dcwi nj A ’vqx Avq| Gi A_© ùvovq A ’vqx Avq †fv‡M

eëüZ n‡”Q| hv wd«Wg¨v‡bi Z‡_ï e¨_©Zv wb‡ ©k K‡i| †ckv`vi †kªYxi Av‡qi DÌvb-cZb

†ewk, d‡j Zv‡ì A ’vqx †fvM †ewk| Avevi eëmvqxiv eëmvi mg„w×‡Z A_ev miKvwi FY

AvZ¥mv‡Zi gva¨‡g mn‡RB ’vqx cY¨ µq K‡i, hv G Z‡Ë¡i rytCt=0 e³e¨ mwVK bq cÖgvY

K‡i| ïay ZvB bv, 700 UvKv gY cvU nIqvq 1984 mv‡j K…lKiv cÖvq mevB wU‡bi Ni w`‡q‡Q

A_ev DbœZ gv‡bi †fv‡M A_© e¨q K‡i‡Q| Aek¨ w ’i Av‡qi RbMY F‡Y wKw Í‡Z Gme ¯’vqx

cY¨ µq K‡i hv ¯’vqx Avq Dcwm×v‡šÍi mZ¨Zvi w`K wb‡ ©k K‡i|

evsjv‡`‡k cÖvK…wZK y‡h©vM †`Lv w`‡j miKvi ÎvY mvnvh¨ cÖ vb K‡ib, hv cy‡ivUv e¨wqZ nq|

Avevi RbMY miKvwi FY K‡i †fvM K‡i, hv Dissaving m„wó K‡i| ZvB Avq Kg‡j APC ev‡o

Ges APS K‡g, hv ’vqx Avq Dcwm×v‡šÍi mg_©b K‡i, r(ytCt)=0 KviY G ai‡bi Avq A ’vqx

ai‡bi|

†ckv`vi †kªYxi

Av‡qi DÌvb-cZb

†ewk, d‡j Zv‡ì

A ’vqx †fvM †ewk|

Avevi eëmvqxiv

eëmvi mg„w×‡Z

A_ev miKvwi FY

AvZ¥mv‡Zi gva¨‡g

mn‡RB ’vqx cY¨

µq K‡i|



Avgv‡ì †`‡ki K…lK, eëmvqx, wkícwZ, †ckv`vi (Wv³vi, BwÄwbqvi, wk¶K) Ges miKvwi

Kg©KZ©v I Kg©Pvix‡ì A ’vqx Avq †ewk| wd«Wg¨v‡bi g‡Z A¯’vqx Avq cy‡ivUv mÂq nIqvi

K_v| †m g‡Z Avgv‡ì mÂ‡qi nvi A‡bK †ewk _vKvi K_v| wKš‘ mÂ‡qi nvi gvÎ 4%, hv

¯’vqx Avq Dcwm×v‡šÍi mZ¨Zv ¯xKvi K‡i bv|

Dcmsnv‡i ejv hvq, evsjv‡`‡k ¯’vqx Avq Dcwm×v‡šÍ cÖ‡hvR¨ wKbv Zv †Rvi w`‡q ej‡Z n‡j

Aek¨B ev¯Íe M‡elYv cÖ‡qvRb|


ˆbe© w³K cÖkœ


1. Kuznet `xN©Kv‡j cÖgvY cvb,

K. APC=MPC

L. APC>MPC

M. APC<MPC

N. APC>MPC I APC<MPC DfqB

2. A¯’vqx Avq abvZ¥K, FYvZ¥K ev k~b¨ n‡Z cv‡i| mZ¨/wg_¨v

3. wd«Wg¨v‡bi g‡Z A ’vqx Av‡qi m‡½ ’vqx Av‡qi m¤úK© i‡q‡Q| mZ¨/wg_¨v

msw¶ß cÖkœ

1. wd«Wg¨v‡bi Z‡Ë¡ ¯’vqx I A¯’vqx Avq ej‡Z wK †evSvq?

2. wd«Wg¨v‡bi ¯íKvjxb †fvM A‡c¶K e¨vL¨vq AbywgZ kZ© ‡jv wK?

iPbvg~jK cÖkœ

1. ¯’vqx Avq Dcwm×všÍ mgv‡jvPbvmn Av‡jvPbv Kiæb|

2. wd«Wg¨v‡bi ’vqx Avq Dcwm×v‡šÍi g~j e³e¨ wK? evsjv‡`‡ki †cÖw¶‡Z Dcwm×všÍwU

Av‡jvPbv Kiæb|


1. K 2. mZ¨ 3. wg_¨v

KzR‡bUm †KB‡Ýi †fvM A‡c¶‡Ki APC>MPC aviYvwU ¯íKvjxb A_©bxwZ‡Z ev Í‡evwPZ e‡j cÖgvY

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g~jab Z_v kªg Av‡qi eZ©gvb g~j¨ wnmve K‡i Zv‡K Avq cÖvwßi nvi my‡ì nvi Øviv ¸Y K‡i †h gvb

cvIqv hvq Zv‡K ’vqx Avq e‡j| cÖwZwU evwYR¨ P‡µi Trend line mg~‡ni Avq I †fv‡Mi m¤úK© m~PK

we›`ymg~n †hvM K‡i `xN©Kvjxb †fvM †iLv cvIqv hvq| ’vqx Avq Dcwm×v‡šÍ a‡i †bqv n‡q‡Q †h,

A ’vqx Av‡qi m‡½ A ’vqx †fv‡Mi †Kv‡bv m¤úK© †bB| hv ev Íem¤§Z bq e‡j A_©bxwZwe`MY gZ

cÖKvk K‡ib|

mvims‡¶c

wd«Wg¨v‡bi g‡Z

A ’vqx Avq cy‡ivUv

mÂq nIqvi K_v|

†m g‡Z Avgv‡ì

mÂ‡qi nvi A‡bK

†ewk _vKvi K_v|

wKš‘ mÂ‡qi nvi gvÎ

4%, hv ’vqx Avq

Dcwm×v‡š—i mZ¨Zv

¯xKvi K‡i bv|



wewb‡qvM e¨q

Investment Spending

wewb‡qvM mvgwMÖK Pvwn`vi Ab¨Zg ¸iæZ¡c~Y© Dcv`vb| wewb‡qvM e¨‡qi d‡j A_©bxwZ‡Z MwZi mÂvi nq| d‡j

†`‡ki Drcv`b I Kg©ms¯’vb e„w× cvq| G BDwb‡Ui wZbwU cv‡V wewb‡qv‡Mi wewfbœ ZË¡ I cÖvwšÍK `¶Zv wb‡q

Av‡jvPbv Kiv n‡q‡Q|


cvV-1 : ¯’vqx wewb‡qvM : wbI K¬vwmK¨vj aviYv

cvV-2 : w¯’i e¨emvwqK wewb‡qvM : weKí „wófw½

cvV-3 : wewb‡qv‡Mi cÖvwšÍK `¶Zv

8



’vqx wewb‡qvM : wbI K¬vwmK¨vj aviYv


¯’vqx wewb‡qvM

Kvw•¶Z cyuwRi cwigvY

cyuwRi cÖvwšÍK Drcv`b

A_©‰bwZK g›`v ev Zvi wVK Av‡Mi gyn~‡Z© wRwWwcÕi wewb‡qvM Ask Z¡wiZ nv‡i n«vm cvq| Gici

ax‡i ax‡i Zv AveviI evo‡Z _v‡K| c„w_exi BwZnv‡m GB Ae ’v eûevi †`Lv †M‡Q| 1932 I

1933 mv‡ji wek¦ g›`vq wewb‡qvM wRwWwcÕi 4%-GiI †ewk K‡g wM‡qwQj| wewb‡qvM I eëmv

Pµ (Business Cycle) Mfxifv‡e RwoZ| ZvB wewb‡qvM m¤ú‡K© aviYv cwi®‹vi _vK‡j eëmv

m¤ú‡K©I aviYv ¯^”Q nq| wewb‡qvM Pvwn`v n«vm cvq my‡ì nv‡ii e„w×i m‡½ m‡½| ïay my‡ì

nvi bq wewb‡qvM wba©vi‡Y Drcv`b, Avw_©K mxgve×Zv Ges K‡ii f‚wgKvI Av‡Q| wewfbœ bxwZi

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Avbylw½K wRwbmc‡Îi Ici †h cÖfve c‡o Zv Av‡jvPbv Kiv n‡e|

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gRy` cwieZ©b Kiv hvq bv| wØZxqZ, Avgiv ZvB cÖwZôv‡bi eZ©gvb cyuwRi Ae¯’vb Ges

cwieZ©b nv‡i Zv‡ì Kvw•¶Z cyuwRi j¶¨gvÎv wb‡q Av‡jvPbv Kie| g‡b ivLv DwPZ wewb‡qvM

e¨q `y‡Uv wRwb‡mi Ici wbf©i K‡i- Avgiv †Kv_vq †h‡Z PvB Ges KZ `ªæZ †h‡Z PvB|

Kvw•¶Z cyuwRi cwigvY

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cwigvY Ges cyuwR eënv‡i KZUzKz jvf Kiv hvq Zvi Ici| ZvB cyuwR eënv‡i cÖvwšÍK cY¨

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mgvb| cyuwRi eënvi e¨q n‡jv Drcv`‡b AviI GK BDwbU ev GKK cwigvY cyuwR Drcv`b

eënvi mgvb| cyuwRi eënvi e¨q wbY©q Kivi Rb¨ GUv †f‡e wb‡j mnR n‡e †h, cÖwZôvbwU FY

wb‡q cyuwR msMÖn K‡i‡Q| d‡j Zv‡K i cwigvY my` w`‡Z n‡”Q| †h‡nZz, cÖwZôvbwU‡K cÖ‡Z¨K

mgqKv‡j cÖwZwU Wjvi eënv‡ii Rb¨ i cwigvY my` w`‡Z nq, ZvB my‡ì nviB n‡jv cyuwR

e¨‡qi g~j wba©viK|

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cÖvwšÍK c‡Yï ¸Yd‡ji mgvb| ZvB hZ¶Y ch©šÍ cyuwRi cÖvwšÍK cY¨ Drcv`‡bi cwigvY Ab¨vb¨

Li‡Pi Zzjbvq †ewk ZZ¶Y ch©šÍ †gvU cyuwRi Rb¨ jvfRbK| ZvB cÖwZôvbwU †mB ch©šÍB

cvV-1

wewb‡qvM Pvwn`v n«vm

cvq my‡ì nv‡ii

e„w×i m‡½ m‡½| ïay

my‡ì nvi bq

wewb‡qvM wba©vi‡Y

Drcv`b, Avw_©K

mxgve×Zv Ges K‡ii

f‚wgKvI Av‡Q|

wewfbœ bxwZi Kvi‡YI

wewb‡qv‡Mi ZviZg¨

N‡U|

wewb‡qvM e¨q y‡Uv

wRwb‡mi Ici wbf©i

K‡i Avgiv †Kv_vq

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cyuwR eënv‡i cÖvwš—K

cY¨ Drcv`‡bi

cwigvY Drcv`b

e„w×‡Z eëüZ GK

BDwbU cyuwRi mgvb|



wewb‡qvM Ki‡Z _vK‡e †h Í‡i cyuwR eënv‡ii LiP Ges Ab¨vb¨ LiP cY¨ Drcv`‡bi mv‡c‡¶

(AviI GK BDwbU cY¨) mgvb| mgxKiY Abyhvqx-

cyuwRi cÖvwšÍK Drcv`b

cyuwRi cÖvwšÍK Drcv`‡bi cÖK…Z wPÎ eyS‡Z n‡j GUv g‡b ivL‡j Pj‡e †h Drcv`b †¶‡Î cyuwR

kªg wewfbœ mgš‡q eënvi Kiv m¤¢e| GKwU Ab¨wUi weKí| hw` kªg evRvi Zzjbvg~jKfv‡e

m¯Ív nq (evsjv‡`k, fvi‡Zi g‡Zv) Zvn‡j Drcv`b e„w×‡Z cÖwZôvbwU kªwgK eënvi Ki‡e

†ewk| cyuwRi Ask _vK‡e Kg| cyuwR m¯Ív n‡j n‡e wVK D‡ëv e¨vcviwU|

cyuwRi cÖvwšÍK Drcv`b wPÎ 8.1 Abymv‡i

n«vm cvq| hLb wbw`©ó GKwU Drcv`‡bi

Rb¨ †ewk cyuwR eënvi Kiv nq| G Rb¨

YY1 wb¤œMvgx| GLv‡b K Ae¯’vq fvimvg¨

eRvq Av‡Q| wbw ©ó cyuwR‡Z h‡Zv †ewk

Drcv`b AR©b Kiv hv‡e cÖvwšÍK Drcv`b

Z‡Zv †ewk n‡e|

mvaviYfv‡e Kvw•¶Z cyuwRi cwigvY (K)

Avbylw½K e¨q (rc) Ges wbw ©ó Drcv`‡bi

(y) g‡a¨ m¤úK©;

K=g(rc,y) ................................... (1) 1bs mgxKiY †_‡K ejv hvq Kvw•¶Z cyuwRi

cwigvY wbf©i K‡i Avbylw½K e¨q I Drcv`b mxgvi Ici| cyuwRi Rb¨ Avbylw½K LiP h‡Zv Kg

Kvw•¶Z cyuwRi cwigvY Z‡Zv †ewk| Avevi Drcv`‡bi cwigvY †ewk n‡j Kvw•¶Z cyuwRi

cwigvYI e„w× cvq|

hLb GKwU cÖwZôvb wbw`©ó GKwU Drcv`‡bi Rb¨ kª‡gi †P‡q cyuwRi Ask e„w× K‡i ZLb cyuwRi

cÖvwšÍK Drcv`b n«vm cvq| wPÎ 8.1 †Z wb¤œMvgx †iLv w`‡q G Ae¯’v †evSv‡bv n‡q‡Q| GLv‡b

h‡Zv †ewk cyuwR wewb‡qvM e¨q Kiv n‡e cyuwRi cÖvwšÍK Drcv`b Z‡Zv n«vm cv‡e| hLb fvov I

Avbylw½K e¨q rc0

ZLb Kvw•¶Z cyuwRi cwigvY K*| hw` cyuwRi cwigvY K0 †Z e„w× cvq Zvn‡j

cyuwRi cÖvwšÍK Drcv`b e¨‡qi Zzjbvq Kg n‡e| G Ae¯’vq cÖwZôvbwU‡K cyuwR e¨q Kgv‡Z n‡e|

Ab¨fv‡e, ¯í cyuwRi cwigvY e„w×i Rb¨ cyuwRi cÖvwšÍK Drcv`b Ges fvov Avbylw½K e¨‡qi g‡a¨

m¤úK© Av‡Q| cyuwRi cwigvY e„w× cÖvwšÍK Drcv`b evov‡e hw` Avbylw½K e¨q Kg _v‡K|

wPÎ 8.1 †_‡K Drcv`b e„w×‡Z cyuwRi cÖvwšÍK Ae¯’vi m¤ú‡K© aviYv Kiv hvq| Drcv`b hw` Y2 n‡Zv Zvn‡j cÖvwšÍK Drcv`b †iLv Wvbw`‡K m‡i †hZ| fvov I Avbylw½K e¨q GK _vK‡j

Kvw•¶Z cyuwRi cwigvY e„w× cv‡e|

cyuwRi cÖvwšÍK Drcv`‡bi g~j¨ Ges Drcv`‡bi g~j¨ e„w× GKB K_v| A_©vr, †Kv‡bv GK GK‡Ki

Drcv`b e„w×i Rb¨ †h cwigvY cyuwR e„w× Kiv nq ZvB|

wewb‡qvM : †gvU Ges wbU

†gvU Ges wbU wewb‡qv‡Mi g‡a¨ cv_©K¨ ˆZwi K‡i AePq| AePq cwigvc Kiv Lye `ytmva¨|

mnR K_vq eënv‡ii d‡j †Kv‡bv wRwb‡mi KvVv‡gvMZ ev ¸YMZ †h cwieZ©b nq (n«vm cvq)

Zv‡K AePq e‡j| Z‡e KvVv‡gvMZ AeP‡qi †P‡q ¸YMZ ev Avw_©K AePq Lye ªæZ N‡U| cyuwRi

cÖvwšÍK cY¨ Drcv`‡bi g~j¨ = fvov I Avbylw½K LiP

Kvw•¶Z cyuwRi

cwigvY wbf©i K‡i

Avbylw½K e¨q I

Drcv`b mxgvi

Ici| cyuwRi Rb¨

Avbylw½K LiP h‡Zv

Kg Kvw•¶Z cyuwRi

cwigvY Z‡Zv †ewk|

Avevi Drcv`‡bi

cwigvY †ewk n‡j

Kvw•¶Z cyuwRi

cwigvYI e„w× cvq|

hw` kªg evRvi

Zzjbvg~jKfv‡e m Ív

nq (evsjv‡`k,

fvi‡Zi g‡Zv)

Zvn‡j Drcv`b

e„w×‡Z cÖwZôvbwU

kªwgK eënvi Ki‡e

†ewk| cyuwRi Ask

_vK‡e Kg| cyuwR

m¯—v n‡j n‡e wVK

D‡ëv e¨vcviwU|



wKq`sk APj n‡q co‡Z cv‡i hLb wewb‡qvM e¨q e„w× cvq| †hgb †Z‡ji `vg e„w× †c‡j M¨vm

cvRjvi¸‡jv APj n‡q c‡o| cÖhyw³MZ cwieZ©bI A_©‰bwZK AeP‡qi mwó K‡i| Kw¤úDUv‡ii

K_v wPšÍv Ki‡j e¨vcviwU †evSv AviI mnR n‡e| Kw¤úDUvi eënvi e„w×‡Z Drcv`‡b G‡m‡Q

-êc weK cwieZ©b|

AeP‡qi nvi wbf©i K‡i cyuwRi cÖKv‡ii Ici| †hgb- KvVv‡gvi Kvh©KvwiZv _v‡K K‡qK hyM|

Ab¨w`‡K mvaviY Avmev‡ei Kvh©KvwiZv _v‡K K‡qK eQi| G †_‡K GKwU wRwbm †evSv hvq|

wewb‡qvM hw` ¯í †gqv`Kv‡ji (Kw¤úDUvi) c‡Yï Ici Kiv nq Zvn‡j †m¸‡jv wekvj

cwigv‡Yi cyuwRi e¨q K‡i| hv Zzjbvg~jKfv‡e AeP‡qi cwigvY e„w× K‡i| e¨w³MZ

wewb‡qvM‡K Aek¨ y‡Uv †¶‡Î we‡ePbv Kiv nq bv| †emiKvwi ev e¨w³MZ wewb‡qvM Aek¨

miKvwi wewb‡qv‡Mi cÖfve MY¨ K‡i bv| e¨w³MZ wewb‡qv‡M cyuwRi wnmve Kiv n‡jI kª‡gi

wnmve aiv nq bv|

cÖgvY cvIqv †M‡Q †h e¨w³MZ wewb‡qvM cÖK…Z cÖvwßi m„wó K‡i hw` evwn¨K wRwb‡m wewb‡qvM

Kiv nq| kª‡gi Ici wewb‡qvM n‡j GB cÖvwßi cwigvY AviI e„w× cvq| Z‡e wewb‡qvM‡K

fwel¨r Drcv`b e„w×i wbwg‡Ë LiP wn‡m‡e we‡ePbv Kiv n‡j ïay †emiKvwi Lv‡Z †gvU

wewb‡qvM we‡ePbv Ki‡j n‡e bv|


ˆbe© w³K cÖkœ


1. wek¦ gnvg›`vq wewb‡qvM wRwWwc

K. 4%-Gi †ewk K‡gwQj|

L. 10%-Gi †ewk K‡gwQj|

M. 1%-Gi †ewk K‡gwQj|

N. 8%-Gi †ewk K‡gwQj|

2. `xN©‡gqv‡` GKwU cÖwZôv‡bi cÖ‡qvRbxq cyuwR‡K Kvw•¶Z cyuwR e‡j| mZ¨/wg_¨v

3. mvaviYfv‡e e¨w³MZ wewb‡qv‡M cyuwR I kªg Df‡qi wnmve aiv nq| mZ¨/wg_¨v

msw¶ß cÖkœ

1. cyuwRi cÖvwšÍK Drcv`b ej‡Z wK †evSvq?

iPbvg~jK cÖkœ

1. wbI K¬vwmK¨vj aviYvi Av‡jv‡K ’vqx wewb‡qvM Av‡jvPbv Kiæb|


1. K 2. mZ¨ 3. wg_¨v

wewb‡qvM I eëmv Pµ A½vw½fv‡e RwoZ| ZvB wewb‡qvM m¤ú‡K© aviYv cwi®‹vi _vK‡j eëmv

m¤ú‡K©I aviYv ¯”Q nq| my‡ì nvi QvovI wewb‡qvM wba©vi‡Y Drcv`b, Avw_©K mxgve×Zv Ges K‡ii

f‚wgKvI i‡q‡Q| wewfbœ bxwZi Kvi‡YI wewb‡qv‡Mi ZviZg¨ N‡U| Avevi Kvw•LZ cyuwRi cwigvY wbf©i

K‡i Avbylw½K e¨q I Drcv`b mxgvi Ici|

mvims‡¶c

eënv‡ii d‡j

†Kv‡bv wRwb‡mi

KvVv‡gvMZ ev ¸YMZ

†h cwieZ©b nq (n«vm

cvq) Zv‡K AePq

e‡j|

e¨w³MZ wewb‡qvM

cÖK…Z cÖvwßi m„wó K‡i

hw` evwn¨K wRwb‡m

wewb‡qvM Kiv nq|

kª‡gi Ici wewb‡qvM

n‡j GB cÖvwßi

cwigvY AviI e„w×

cvq|



w¯’i eëmvwqK wewb‡qvM : weKí „wófw½


GKwU cÖwZôvb ¯xq wewb‡qvM wm×všÍ wKfv‡e †bq

eëmvqxiv mvaviYZ wewb‡qvM wm×všÍ wb‡q _v‡K A_© cÖev‡ni wWmKvD›U c×wZ eënvi K‡i|

aiæb GKRb eëmvqx GKwU KviLvbv evbv‡bvi wPšÍvfvebv Ki‡Qb| cÖ_g c`‡¶c n‡jv KviLvbv

ˆZwi I Pvjv‡bvi LiP †ei Kiv| Zvici KviLvbvwU wK cwigvY jvf Ki‡Z cvi‡e cÖwZ eQi Zv

Zzjbv Kiv| a‡i wbb Ggb GKwU KviLvbv ˆZwi‡Z LiP 100 UvKv| Avi wØZxq eQi me LiP

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KviLvbvi me Kg©KvÛ eÜ K‡i †`qv nq| cÖKíwU wK cybtPvjy Kiv DwPZ?

wWmKvD‡›UW K¨vk †d¬v c×wZ e‡j †h jvf cvIqv †M‡Q †m¸‡jvI wWmKvD›U Ki‡Z n‡e eZ©gvb

g~j¨ wbY©‡qi Rb¨| aiv hvK my‡ì nvi 10%, Zvn‡j AvMvgxi 110 UvKv eZ©gv‡bi 100 UvKvi

mgvb| GLb wnmve K‡i †`L‡Z n‡e cÖKíwU nv‡Z †bqv hvq wKbv| hw` eZ©gvb g~j¨ FYvZ¥K nq

Zvn‡j cÖKíwU MÖnY‡hvM¨| wb‡Pi †Uwe‡j wnmve †`qv n‡jv (my‡ì nvi = 12%+3 w`‡q UvKvi

cÖevn wb‡`©k Kiv n‡q‡Q)|

wWmKvD‡›UW K¨vk †d¬v c×wZ

eQi : 1 eQi : 2 eQi : 3 eZ©gvb wWmKvD‡›UW g~j¨

UvKv ev jvf -100 +50 +80

1 UvKvi eZ©gvb g~j¨ 1 1/1.12=0.893 1/(1.12)=0.797

LiP I jv‡fi eZ©gvb g~j¨ -100

500.493=44.65 80.797=63.76

(-100+44.65+63.76)=8.41

†Uwe‡ji wnmve †_‡K †`Lv hvq eZ©gvb g~j¨ abvZ¥K| myZivs cÖKíwU jvfRbK| hw` my‡ì nvi

18% n‡Zv Zvn‡j cÖKíwU Li‡Pi LvZvq P‡j †hZ| ZvB my‡ì nvi h‡Zv †ewk n‡e

cÖwZôvb¸‡jv wewb‡qvM Z‡Zv Kg Ki‡e| cÖ‡Z¨K cÖwZôv‡bi cwiKíbvq eû cÖKí _v‡K| Z‡e

G¸‡jvi LiP Ges jv‡fi wnmve K‡i my‡ì nv‡ii cwigvY hvPvB K‡i cÖKí¸‡jv nv‡Z †bqv

nq| Gfv‡e cÖ‡Z¨KwU cÖwZôv‡bi wewb‡qvM Pvwn`v †hvM K‡i Avgiv A_©bxwZi mvgwMÖK wewb‡qvM

wbY©q Ki‡Z cvwi|

wewb‡qvM wm×všÍ `y‡Uv †¶‡Î bRi †`qv DwPZ| cÖ_gZ Avgiv Kvw•¶Z cyuwRi cwigvY †ei Kie|

hv eënvi Kiv n‡e hLb cÖwZôvb¸‡jvi nv‡Z hš¿cvwZ _vK‡e| wØZxqZ, ªæZ cÖwZôvb¸‡jv cyuwR

msMÖn Ki‡Z cv‡i|

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cÖwZôvb¸‡jv cyuwR

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m‡½ m¤úwK©Z bq|

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hw` A¨vK‡mjv‡iUi g‡WjwU e„nËi A‡_© †bqv nq Zvn‡j eZ©gvb wewb‡qvM I c~‡e©i Av‡qi

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Av‡Q| hw` cÖwZôvb¸‡jv evB‡ii A_© mvnvh¨ bv cvq ZLb Zv‡ì wewb‡qvM cwigvY n«vm cv‡e|

Zvn‡j cÖwZôv‡bi e¨v‡jÝwk‡U cwieZ©b Avm‡e| wewb‡qvM wm×všÍ‡K ïay cyuwRi e¨q cÖfvweZ

K‡i bv|

FY wbqš¿Y Ae¯’vi m„wó nq hLb cÖwZôvb¸‡jvi A‡_©i cÖ‡qvRb nq eZ©gvb my‡ì nv‡ii wec‡¶

A_P m¤¢eci nq bv| FY wbqš¿‡Yi eû fv‡jv w`K Av‡Q| †hgb FY`vZv Zvi SzuwK Kwg‡q †`q|

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FY`vZv KLbI FY MÖnxZvi PwiÎ m¤ú‡K© wbwðZ ej‡Z cv‡i bv| FY‡Ljvwc‡ì †iva Ki‡ZB

my‡ì nvi e„w× Kiv nq|

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mvaviYZ AcwiwPZ

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K. AwbwðZ g‡bvfve

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L. wewb‡qvM wm×v‡šÍi mgqKvj

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wewb‡qv‡M hv‡e bv| KviY, g›`v Ae¯’vq

cyuwRi A‡bKvskB AeëüZ i‡q hvq| ZvB A_©‰bwZK Ae ’vi Dbœq‡bi Rb¨ cÖwZôvbwU A‡c¶v

Ki‡Z cv‡i| A_©‰bwZK Ae ’vi Dbœqb Ges fwel¨‡Zi gybvdvi m¤¢vebv wbwðZ n‡jB cÖwZôvbwU

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A¨vK‡mjv‡iUi ZË¡

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Dbœq‡bi ci Zvn‡j wewb‡qvMwU wRwWwcÕi cwieZ©‡bi m‡½ Mfxifv‡e RwoZ _vK‡e|

mvims‡¶c




ˆbe© w³K cÖkœ


1. cÖK‡íi m‡½ Zvj wgwj‡q cyuwR cÖev‡ni cwigvY n«vm e„w× Kiv DwPZ| mZ¨/wg_¨v

2. A¨vK‡mjv‡iUi g‡W‡ji g~j K_v n‡jv wewb‡qvM e¨q e„w× Drcv`b

cwieZ©‡bi AmgvbycvwZK| mZ¨/wg_¨v

msw¶ß cÖkœ

1. †Kb wewb‡qv‡Mi n«vm-e„w× N‡U?

iPbvg~jK cÖk œ

1. weKí `„wófw½i Av‡jv‡K w¯’i eëmvwqK wewb‡qvM Av‡jvPbv Kiæb|

2. wZbwU eQ‡i wewb‡qvM cÖK‡íi A_© cÖevn

eQi-1 eQi-2 eQi-3

-200 100 120

wb‡¤œv³ cwiw ’wZ‡Z eëmvq cÖwZôvb wK GB cÖKíwU MÖnY Ki‡e, hLb-

K. my‡ì nvi 5%

L. my‡ì nvi 10%


1. mZ¨ 2. wg_¨v



wewb‡qv‡Mi cÖvwšÍK `¶Zv


wewb‡qv‡Mi cÖvwšÍK `¶Zv

wewb‡qvM cÖKí g~j¨vqb I wewb‡qv‡Mi cÖvwšÍK `¶Zv c×wZ

wewbqvM cÖKí hvPvB‡qi c×wZ¸‡jvi Zzjbvg~jK we‡kølY

wewb‡qv‡Mi wba©viKmg~n

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c×wZwUi h‡_ó eënvi cwijw¶Z nq| G ai‡bi GKwU cÖKí n‡”Q hgybv eûgyLx †mZz cÖKí|

G cv‡V cÖ_‡g Avgiv wewb‡qv‡Mi cÖvwšÍK `¶Zv (MEI) ev Af¨šÍixY gybvdv nvi (IRR) m¤ú‡K©

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cÖwµqv m¤ú‡K© Rvbe|

wewb‡qv‡Mi cÖvwšÍK `¶Zv ev AvšÍt Avq nvi

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cÖZ¨vwkZ Avq nvi ev wewb‡qv‡Mi cÖvwšÍK `¶ZviI cwieZ©b NU‡e| wewb‡qvM cÖK‡íi

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Ggb GKwU nvi‡K †evSv‡bv nq hv Øviv evÆv Ki‡j wewb‡qvM cÖK‡íi cÖZ¨vwkZ Avq cÖev‡ni

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C=R0+R1

(1+m) +R2

(1+m)2 + .....+ Rn

(1+m)n

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mgxKiYwU‡K wb‡¤œv³fv‡eI cÖKvk Kiv hvq-

[R0+R1

(1+m) +R2

(1+m) + .....+ Rn

(1+m) ]-C=0 A_©vr, m n‡jv Ggb GKwU nvi hvi Rb¨ bxU eZ©gvb g~j¨ (NPV) k~‡Yï mgvb nq

A_©bxwZwe`MY wewb‡qv‡Mi cÖvwšÍK `¶Zv‡K Af¨šÍixY (Internal Rate of Return, IRR)

wn‡m‡eI eY©bv K‡i _v‡Kb|

cvV-3

bZzb wewb‡qvM †_‡K

cÖZ¨vwkZ Avq nvi‡K

wewb‡qv‡Mi cÖvwšÍK

`¶Zv ejv nq|



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cÖZ¨vwkZ Av‡qi nvi wb‡ ©k Ki‡Q| Kv‡RB m †K Ggb GKwU nv‡ii m‡½ Zzjbv Ki‡Z n‡e hv

wewb‡qvM Znwej †hvMv‡bi e¨q nvi wb‡ ©k K‡i| hw` wewb‡qvM cÖKí m¤úbœ Kivi c‡_ †Kv‡bv

cÖKvi SyuwK ev AwbðqZv bv _v‡K, Zvn‡j my‡ì nviB n‡e wewb‡qvM Znwej †hvMv‡bi e¨q

nv‡ii m‡e©vrK…ó wb‡ ©kK| my‡ì nvi‡K wb`k©K wn‡m‡e eënv‡ii c‡¶ ywU ¸iæZ¡c~Y© hyw³

i‡q‡Q|

cÖ_gZ : GKRb wewb‡qvMvKvix e¨vsK-F‡Yi gva¨‡g wewb‡qvM Znwej msMÖn Ki‡i Zuv‡K cÖPwjZ

nv‡i my` cÖ vb Ki‡Z nq|

wØZxqZ : wewb‡qvMKvix wb‡Ri A_© wewb‡qvM bv K‡i e¨vs‡K Rgv Ki‡Z cv‡ib| †m‡¶‡Î wZwb

cÖPwjZ nv‡i my` cv‡eb| myZivs wbR¯ Znwej eënv‡ii †¶‡Î my‡ì nvi n‡jv GK ai‡bi

my‡hvM e¨q (opportunity cost) hv wZwb wbR¯ Znwej wewb‡qv‡M bv LvwU‡q e¨vsK ev Ab¨Î

LvUv‡j Avq wn‡m‡e †c‡Z cvi‡Zb|

Ic‡ii Av‡jvPbv †_‡K GUv ¯úó †h, wewb‡qvM cÖK‡íi jvfRbKZv wbY©‡qi Rb¨ wewb‡qv‡Mi

cÖvwšÍK `¶Zvi (m) m‡½ my‡ì nv‡ii (r) Zzjbv Kiv evÃbxq| wewb‡qv‡Mi cÖvwšÍK `¶Zv my‡ì

nvi A‡c¶v †ewk n‡j (m>r) cÖKíwU jvfRbK we‡ewPZ n‡e| Ic‡ii D`vni‡Y g‡b Kiæb,

r=12%| †h‡nZz m=15%, Kv‡RB m>r, A_©vr KwíZ wewb‡qvM cÖKíwU GKwU jvfRbK

cÖKí|

cÖK‡íi jvfRbKZv wbY©q GKwU msL¨v-m~PK D`vniY

g‡b Kiæb, Avcwb GK eQi ’vqx GKwU cÖKí MÖnY Ki‡jb| cÖK‡íi cÖZ¨vwkZ Avq I

wewb‡qv‡Mi cwigvY (UvKvq) wbæiƒc

R0=2000 (cÖK‡íi ïiæ‡Z A_©vr 1 eQi c~Y© nevi Av‡M cÖvße¨ Avq)

R1=4000 (cÖK‡íi †gqv` †k‡l A_©vr 1 eQi c‡i cÖvße¨ Avq)

C=5000 (cÖK‡íi e¨q)

r=15% (my‡ì nvi)

wb‡Pi m~ÎwU eënvi K‡i Avgiv wewb‡qv‡Mi cÖvwš—K `¶Zv (m) wbY©q Ki‡Z cvwi|

C=R0+ mR1

1

ev 5000 = 2000+m1

4000

ev 5000(1+m) =2000 (1+m)+4000

[Dfq c¶‡K (1+m) Øviv ¸Y K‡i]

ev 5000+5000 m =2000+2000 m+4000

ev 3000 m =1000

ev m=33=33% (cÖvq)

†h‡nZz m>r, GwU GKwU jvfRbK cÖKí|

my‡ì nviB n‡e

wewb‡qvM Znwej

†hvMv‡bi e¨q nv‡ii

m‡e©vrK…ó wb‡ ©kK|



wewb‡qv‡Mi cÖvwšÍK `¶Zv I Kvg¨ ev fvimvg¨ wewb‡qvM¯Íi

eZ©gvb g~j¨ c×wZi g‡ZvB wewb‡qv‡Mi cÖvwšÍK `¶Zv c×wZi gva¨‡g Avgiv wewfbœ cÖK‡íi

MÖnY‡hvM¨Zvi µgweb¨vm (ranking) Ki‡Z cvwi| A_©vr m-Gi gvb Abyhvqx cÖKí¸‡jv‡K

cQ‡›ì gvÎv Abyhvqx mvRv‡Z cvwi| GKRb wewb‡qvMKvix ZZ¶Y ch©šÍ wewb‡qvM Ki‡e hZ¶Y

ch©šÍ m=r bv nq m=r cÖvwšÍK cÖK‡íi wb‡ ©kK| myZivs wewb‡qv‡Mi †h cwigv‡Yi Rb¨ m=r nq

ZvB fvimvg¨ ev Kvg¨ wewb‡qvM ¯Íi|

eZ©gvb g~j¨ c×wZ I wewb‡qv‡Mi cÖvwšÍK `¶Zv c×wZi Zzjbv

bxwZMZfv‡e, zwU c×wZ GKB ai‡bi djvdj ev wm×všÍ cÖ vb Ki‡e e‡j Avkv Kiv hvq|

GKwU cÖKí eZ©gvb g~j¨ c×wZ Abyhvqx MÖnY‡hvM¨ n‡j wewb‡qv‡Mi cÖvwšÍK `¶Zv c×wZ

AbyhvqxI MÖnY‡hvM¨ ev jvfRbK we‡ewPZ n‡e| KviY NPV>0 n‡j m>r n‡e| bxU eZ©gvb

g~j¨ Ges wewb‡qv‡Mi cÖvwšÍK `¶Zv wbY©‡qi m~Î¸‡jv Zzjbv Ki‡j welqwU Av‡iv cwi®‹vifv‡e

Abyaveb Kiv hv‡e| Avgiv D‡jøL K‡iwQ †h, m Ggb GKwU nvi hv Øviv cÖZ¨vwkZ Avq‡K evÆv

Ki‡j NPV=0 nq| myZivs m=r n‡j NPV=0 n‡e|

c×wZ y‡Uvi g‡a¨ my¯úó cv_©KÏ i‡q‡Q| eZ©gvbg~j¨ wbY©‡qi my‡ì nvi‡K mivmwi eënvi

Kiv nq| myZivs G c×wZ‡Z cÖKímg~‡ni MÖnY‡hvM¨Zvi µgweb¨vm (ranking) my‡ì nv‡ii

Ici wbf©i K‡i| Ab¨w`‡K, wewb‡qv‡Mi cÖvwšÍK `¶Zv c×wZ‡Z cÖKímg~‡ni MÖnY‡hvM¨Zvi

µgweb¨vm (ranking) wba©vwiZ nq m-Gi gv‡bi wfwË‡Z| ïaygvÎ cÖKímg~‡ni jvfRbKZv

wePvi Ki‡Z m-Gi m‡½ my‡ì nv‡ii Zzjbv Kiv nq| Kv‡RB, `ywU c×wZ‡Z cÖKímg~‡ni wfbœ

wfbœ ranking cvIqv †h‡Z cv‡i|

me‡k‡l, wewb‡qvM cÖKí hvPvB‡qi Rb¨ wewb‡qv‡Mi cÖvwšÍK `¶Zv A‡c¶v eZ©gvb g~j¨ c×wZ

AwaKZi m‡šÍvlRbK djvdj cÖ vb Ki‡Z m¶g| wewb‡qv‡Mi cÖvwšÍK `¶Zv c×wZi me‡P‡q

eo `ye©jZv n‡jv GB c×wZ‡Z wewfbœ cÖKí †_‡K cÖvße¨ bxU Av‡qi ¸iæZ¡ ¯xKvi Kiv nq bv|

GKwU D`vni‡bi mvnv‡h¨ welqwU e¨vL¨v Kiv hvK| aiv hvK A Ges B `ywU wewb‡qvM cÖKí Ges

cÖKí ywU‡Z wewb‡qvM e¨q h_vµ‡g 20 nvRvi I 50 nvRvi UKv| A-Gi cÖvwšÍK `¶Zv

(mA)=30% Ges B-Gi cÖvwšÍK `¶Zv (mB)=25%| wewb‡qv‡Mi cÖvwšÍK `¶Zvi wePv‡i A

cÖKí B A‡c¶v AwaKZi MÖnY‡hvM¨| GLb g‡b Kiæb, Dfq cÖK‡íi e¨q-nvi ev my‡ì nvi

(r)=20%| A cÖK‡íi bxU Avq nvi =(mA-r)=(30-20)%=10%| A_©vr A cÖK‡íi bxU Avq

= (2010%)=2 nvRvi UvKv| Ab¨w`‡K, B cÖK‡íi bxU Avq nvi =(mB-r)=5% | myZivs B

cÖK‡íi bxU Avq =(505%)=25 nvRvi UvKv| bxU Av‡qi †cÖw¶‡Z B cÖKí A A‡c¶v

AwaKZi MÖnY‡hvM¨| wewb‡qv‡Mi cªvwšÍK `¶Zv c×wZi AšÍwb©wnZ GB ye©jZvi Rb¨ eZ©gvb

g~j¨ c×wZ AwaK ¯xK…Z Ges e¨vcKfv‡e eëüZ GKwU c×wZ|

wewb‡qv‡Mi wba©viKmg~n

1| my‡ì nvi (Interest Rate) : wewb‡qv‡Mi g~j wba©viK n‡jv my‡ì nvi| Avgiv Rvwb

wewb‡qvMKvixMY wewb‡qvM Ki‡e wKbv Zv wba©viY Kivi †¶‡Î MEC I my‡ì nv‡ii g‡a¨ Zzjbv

K‡ib| hw` MEC >my‡ì nvi nq Z‡e wewb‡qvM jvfRbK n‡e|

GKRb wewb‡qvMKvix

ZZ¶Y ch©šÍ

wewb‡qvM Ki‡e

hZ¶Y ch©šÍ m=r bv

nq|

GKwU cÖKí eZ©gvb

g~j¨ c×wZ Abyhvqx

MÖnY‡hvM¨ n‡j

wewb‡qv‡Mi cÖvwšÍK

`¶Zv c×wZ

AbyhvqxI MÖnY‡hvM¨

ev jvfRbK we‡ewPZ

n‡e|



MEC = i (my‡ì nvi) nIqv ch©šÍ

wewb‡qvM NU‡Z _v‡K| my‡ì nvi Kg

n‡j Kg jvfRbK cÖKímg~n MÖnY Kiv

n‡e Z_v wewb‡qvM evo‡e| wP‡Îi gva¨‡g

ms‡¶‡c welqwU e¨vL¨v Kiv n‡jv| 8.2

wP‡Î, my‡ì nvi i0 n‡j g~jab wewb‡qvM

NU‡e K0| my‡ì nvi n‡j i1 g~jab

wewb‡qvM NU‡e K1 cwigvY| AZGe

my‡ì nvi Kg‡j wewb‡qvM ev‡o|

2| AwbðqZv msµvšÍ Dcv`vb : †KBbm

g‡b K‡ib, wewb‡qv‡Mi wba©viK wnmv‡e

my‡ì nv‡ii †P‡q MEC-Gi f‚wgKv

†ewk| †hLv‡b MEC n‡jv cy‡ivcywi

cÖZ¨vwkZ Dcv`vb| KviY

wewb‡qvMKvixMY wewb‡qvM

cÖKí m¤ú‡K© D”Pvkv †cvlY

Ki‡j MEC n‡e †ewk|

wewb‡qvMKvix‡ì AwbðqZv ev

cÖZ¨vkv wewfbœ mg‡q wewfbœ

iKg nq| eëmvqx m¤úÖ v‡qi

gvbwmKZv, bZzb KvwiMwi

Dbœqb, ivR‰bwZK welqmg~n

cÖZ¨vwkZ Avq‡K †ewk cÖfvweZ

K‡i| Harvey & Johnson

e‡jb, wewb‡qv‡Mi cÖvwšÍK

`¶Zv (MEC) GKwU wbw ©ó

AÂj ch©šÍ AwbwðZ Ae ’vq

_v‡K| Gi KviY n‡jv- Ac~Y©v½ evRvi Ges eëmvqx‡ì Avq m¤ú‡K© cÖZ¨vkv|

8.3 wP‡Î AwbðqZv msµvšÍ welqwU MEI1, MEI© I MEI2 †iLv Øviv e¨vL¨v Kiv n‡q‡Q| MEI1

†iLv Abymv‡i my‡ì nvi i1 †_‡K i2 n‡j wewb‡qvM evo‡e I1I2 cwigvY| hw` MEI2 †iLv

¯’vbvšÍwiZ n‡q MEI2 nq Z‡e wewb‡qvM K‡g n‡e OI3 cwigvY| my‡ì nvi i1 †_‡K i2 n‡j hw`

MEI1, †iLv MEI nq Z‡e wewb‡qvM I G AcwiewZ©Z _vK‡e| wewb‡qvMKvixMY hw` D”Pvkvev`x

nq (optimistic) Z‡e wewb‡qvM †iLv MEI1 _vK‡e| Avi hw` wewb‡qvMKvixMY nZvkvev`x

(Pessimist) nq Z‡e MEI †iLv n‡e MEI2|

3| we`¨gvb g~ja‡bi cwigvY : hw` cÖv_wgK g~ja‡bi cwigvY †ewk _v‡K Z‡e wewb‡qvMKvixMY

bZzb wewb‡qvM cÖKí MÖnY Ki‡e bv| we`¨gvb g~ja‡bi hw` Ac~Y© eënvi Z_v AwZwi³ ¶gZv

_v‡K Z‡e cÖ‡ivwPZ wewb‡qvM NU‡e bv| ª‡eï Pvwn`v evo‡jI bZzb g~ja‡bi µq bv K‡i †`q

g~ja‡bi c~Y©¶gZv eënv‡ii gva¨‡g evRv‡ii mvgÄm¨Zv weavb Kiv m¤¢e|

4| Av‡qi Íi : †`‡ki †gvU RvZxq Avq hw` µgvMZ evo‡Z _v‡K Z‡e Dcv`vbmg~‡ni Avq

evo‡e, mvgwMÖK Pvwn`v evo‡e, ªe¨ g~j¨ evo‡e, gybvdv evo‡e| djkÖæwZ‡Z cÖ‡ivwPZ wewb‡qv‡Mi

cwigvY evo‡e|

ª‡eï Pvwn`v evo‡jI

bZzb g~ja‡bi µq bv

K‡i †`q g~ja‡bi

c~Y©¶gZv eënv‡ii

gva¨‡g evRv‡ii

mvgÄm¨Zv weavb Kiv

m¤¢e|

MEC = i (my‡ì nvi)

nIqv ch©šÍ wewb‡qvM

NU‡Z _v‡K| my‡ì

nvi Kg n‡j Kg

jvfRbK cÖKímg~n

MÖnY Kiv n‡e Z_v

wewb‡qvM evo‡e|

wewb‡qvMKvix‡ì

AwbðqZv ev cÖZ¨vkv

wewfbœ mg‡q wewfbœ

iKg nq| eëmvqx

m¤úÖ v‡qi

gvbwmKZv, bZzb

KvwiMwi Dbœqb,

ivR‰bwZK welqmg~n

cÖZ¨vwkZ Avq‡K

†ewk cÖfvweZ K‡i|



5| †fv³v‡ì Pvwn`v : eZ©gvb Ges fwel¨r Pvwn`vi n«vm-e„w× wewb‡qv‡Mi cwigvY wba©vi‡Y

f‚wgKv cvjb K‡i| eZ©gvb Pvwn`v e„w× †hgb wewb‡qvM‡K cÖfvweZ Ki‡e †Zgwb fwel¨r Pvwn`v

e„w×i cÖZ¨vkv eZ©gvb wewb‡qvM‡K cÖfvweZ Ki‡e|

6| Zij m¤ú‡ì cwigvY : A_©bxwZ‡Z hw` Zij m¤ú` †ewk _v‡K Z‡e cÖ‡ivwPZ wewb‡qvM

Aek¨B †ewk n‡e| †h mg Í eëmvq cÖwZôvb eo A‡¼i wiRvf© dvÛ Ges Aew›UZ gybvdv nv‡Z

iv‡L Zviv mn‡RB cÖ‡ivwPZ wewb‡qvM e„w× Ki‡Z cv‡i|

7| D™¢veb Ges Avwe®‹vi : wewb‡qvM e„w×i Ic‡i D™¢veb Ges Avwe®‹vi Df‡qB f‚wgKv cvjb

K‡i| G ywU Dcv`vb Drcv`b LiP n«vm K‡i, d‡j bZzb g~ja‡bi MEC e„w× cvq| †hRb¨

wewb‡qvM Aek¨B evo‡e| iv¯ÍvNv‡Ui Dbœqb n‡j, AvevwmK Ae¯’vi Dbœqb n‡j cÖ‡ivwPZ

wewb‡qvM e„w× cv‡e|

8| bZzb `ªe¨ : Drcv`b eë¯’vq bZzb `ª‡eï cÖ‡ek ev AcÖPwjZ c‡Yï evRvi hw` m¤úÖmvwiZ

nq Z‡e cÖZ¨vwkZ Avq n‡e †ewk Ges LiP n‡e Kg, d‡j MEC n‡e †ewk, ¯q¤¢‚Z wewb‡qvM

evo‡e|

9| RbmsL¨vi e„w× : †Kv‡bv †`‡k RbmsL¨v e„w× †c‡j cÖwZwU `ª‡eï evRvi m¤úÖmvwiZ n‡e|

we‡kl K‡i †fvM¨ cY¨ wk‡íi AvqZb evo‡Z _vK‡e Ges ¯q¤¢‚Z wewb‡qvM evo‡e|

10| ivóªxq bxwZ : ivóªxq bxwZ wewb‡qvM wba©vi‡Y ¸iæZ¡c~Y© f‚wgKv cvjb K‡i| miKvi wewb‡qvM

e„w×i ¯v‡_© Ôtax holidayÕ fZz©wK A_ev FY myweav w`‡q wewb‡qvM e„w× Ki‡Z cv‡i| A_ev

cÖZ¨¶ Ki, c‡iv¶ Ki jvB‡mÝ eë¯’vi KovKwo Av‡ivc K‡i wewb‡qvM n«vm Ki‡Z cv‡i|

11| ivR‰bwZK Ae ’v : †Kv‡bv †`‡ki wewb‡qvM Av‡`Š n‡e wKbv Zv wbf©i K‡i ivR‰bwZK

Ae¯’vi Ici| mgvRZvwš¿K miKvi _vK‡j †Kv‡bv mgqB e¨w³MZ wewb‡qvM NU‡e bv| cyuwRev`x

A_©bxwZ‡Z wewb‡qvM †ewk n‡e bv Kg n‡e Zv wbf©i K‡i ivR‰bwZK w ’wZkxjZvi Ici|

ivR‰bwZK w ’wZkxjZv †ewk n‡j wewb‡qvM †ewk n‡e, wecixZ †¶‡Î Kg n‡e| wgkª A_©‰bwZK

†`kmg~‡n wewb‡qvM miKv‡ii a¨vb-aviYvi Ici wbf©i K‡i| MYZvwš¿K eë ’v we`¨gvb _vK‡j

†`‡k wewb‡qvM †ewk nIqvi m¤¢vebv _v‡K| ivR‰bwZK Aw ’wZkxjZv Z_v niZvj, ag©NU, jK-

AvDU, wc‡KwUs, †j-Ad BZ¨vw` wbZ¨w`‡bi NUbv wn‡m‡e wPwýZ nq Ges wewb‡qvM e¨vnZ nq|

wewb‡qvMKvix‡ì AwbðqZv ev cÖZ¨vkv wewfbœ mg‡q wewfbœ iKg nq| eëmvqx m¤úÖ v‡qi gvbwmKZv,

bZzb KvwiMwi Dbœqb, ivR‰bwZK welqmg~n cÖZ¨vwkZ Avq‡K †ewk cÖfvweZ K‡i| ª‡eï Pvwn`v

evo‡jI bZzb g~ja‡bi µq bv K‡i †`q g~ja‡bi c~Y©¶gZv eënv‡ii gva¨‡g evRv‡ii mvgÄm¨Zv

weavb Kiv m¤¢e| ivóªxq bxwZ wewb‡qvM wba©vi‡Y ¸iæZ¡c~Y© f‚wgKv cvjb K‡i|

mvims‡¶c

ivóªxq bxwZ wewb‡qvM

wba©vi‡Y ¸iæZ¡c~Y©

f‚wgKv cvjb K‡i|

ivR‰bwZK

Aw ’wZkxjZv Z_v

niZvj, ag©NU, jK-

AvDU, wc‡KwUs, †j-

Ad BZ¨vw`

wbZ¨w`‡bi NUbv

wn‡m‡e wPwýZ nq

Ges wewb‡qvM e¨vnZ

nq|




ˆbe© w³K cÖkœ


1. A_©bxwZ‡Z Zij m¤ú` †ewk _vK‡j cÖ‡ivwPZ wewb‡qvM †ewk n‡e| mZ¨/wg_¨v

2. wewb‡qv‡Mi cÖvwšÍK `¶Zv cÖK‡íi cÖZ¨vwkZ Av‡qi nvi wb‡ ©k K‡i| mZ¨/wg_¨v

3. wewb‡qv‡Mi cÖvwšÍK `¶Zvi Aci bvg

K. cyuwRi cÖvwšÍK Drcv`b

L. Af¨šÍixY gybvdv nvi ev IRR

M. Kvw•¶Z g~jab gRy‡ì nvi


4. wewb‡qvM cÖK‡íi jvfRbKZvi kZ© n‡”Q-

K. m=r L. m<r M. m>r N. Ic‡ii †Kv‡bvwUB bq|

msw¶ß cÖkœ

1. my‡ì nvi wewb‡qvM‡K wKfv‡e cÖfvweZ K‡i?

2. fvimvg¨ wewb‡qvM Íi wK?

iPbvg~jK cÖkœ

1. wewb‡qv‡Mi wba©viKmg~n Av‡jvPbv Kiæb|

2. wewb‡qv‡Mi cÖvwšÍK `¶Zv (IRR c×wZ) eënvi K‡i wKfv‡e fvimvg¨ wewb‡qv‡Mi Íi wbY©q

Kiv hvq Zv wP‡Îi mvnv‡h¨ e¨vL¨v Kiæb|

3. GKwU wewb‡qvM cÖKí ev Íevq‡b LiP co‡e 10,000 UvKv| cÖKíwU †_‡K 1g I 2q eQ‡i

h_vµ‡g 6,000 I 4,000 UvKv Avq n‡e e‡j cÖZ¨vkv Kiv n‡”Q| cÖKíwUi IRR wnmve

Kiæb|

4. GKwU cÖK‡íi cÖZ¨vwkZ Avq, wewb‡qv‡Mi cwigvY (UvKvq) I my‡ì nvi wb¤œiƒc-

R0=6,000, R1=8,000, C=10,000, r=20%| wewb‡qv‡Mi cÖvwšÍK `¶Zv c×wZ eënvi

K‡i cÖKíwUi jvfRbKZv wePvi Kiæb|


1. mZ¨ 2. mZ¨ 3. L 4. M



A‡_©i Pvwn`v

Demand for Money

Avw`Kv‡j A_© ïay wewbg‡qi gva¨g wnmv‡e eëüZ n‡Zv, eZ©gv‡b wewbg‡qi gva¨g QvovI g~‡jï cwigvcK,

g~‡jï msi¶K I ’wMZ †jb‡`‡bi cwigvcK wnmv‡e A‡_©i eënvi n‡”Q| A_© Qvov eZ©gv‡b †Kv‡bv A_©‰bwZK

Kg©KvÛ‡K wPšÍv Kiv `yiƒn e¨vcvi| ZvB A_©‰bwZK Kvh©Kjvc‡K eyS‡Z n‡j Aek¨B A_© m¤ú‡K© fv‡jv Ávb _vKv

Avek¨K| GB BDwb‡Ui PviwU cv‡V Avgiv A‡_©i msÁv, †hvMvb, cwigvY, ¸iæZ¡, Kvh©vejx, HwZnvwmK Íimg~n,

cwigvY ZË¡ I Pvwn`v ZË¡ m¤ú‡K© we¯ÍvwiZ Rvbe|


cvV-1 : A‡_©i msÁv, †hvMvb I cwigvY

cvV.2 A‡_©i Kvh©vejx I ¸iæZ¡, A‡_©i HwZnvwmK Íimg~n

cvV-3 : A‡_©i cwigvY ZË¡

cvV-4 : A‡_©i Pvwn`v ZË¡

9



A‡_©i msÁv, †hvMvb I cwigvY


A‡_©i msÁv

A‡_©i †hvMvb

gy ªvgvb eë¯’v

FY I FYcÎ

A_© ej‡Z wK †evSvq? Gi DËi meviB Rvbv, A_P Lye mxwgZ msL¨K gvbylB Gi mwVK msÁv

w`‡Z cv‡ib|

gvbe mf¨Zvi †Mvovi w`‡K ªe¨wfwËK wewbgq nZ| Gici bvbviKg ªe¨ A_© wn‡m‡e eëüZ

n‡Zv| cieZ©x ch©v‡q g~jëvb avZz [†mvbv, iæcv BZ¨vw`] A_© wn‡m‡e wPwýZ nq| Gici Av‡m

KvMRx gy ªvi hyM| KvMRx gy`ªv cÖPj‡bi m‡½ m‡½ Ges e¨vsK eëmv‡qi m¤úÖmvi‡Yi d‡j

†P‡Ki Øviv n ÍvšÍi ‡hvM¨ e¨vs‡Ki AvgvbZI wewbg‡qi gva¨g wnmv‡e KvR K‡i| Gme ai‡bi

A‡_©i D™¢‡ei KviY n‡jv G¸‡jvi mvaviY MÖvn¨Zv ev wewbgq‡hvM¨Zv| GZ`m‡Ë¡I A‡_©i msÁv

wbiƒc‡Y A_©bxwZweìv HKgZ¨ †`Lv‡Z cv‡ibwb| Aa¨vcK µvD_v‡ii fvlvq, ÔA_© n‡jv †h

†Kv‡bv `ªe¨ hv wewbg‡qi gva¨g wnmv‡e [A_©vr FY cwi‡kv‡ai Dcvq wnmv‡e] mevi Kv‡Q

MÖnY‡hvM¨ Ges hv hyMcr g~j¨ cwigv‡ci I mÂ‡qi evnb wn‡m‡e KvR K‡iÕ| Aa¨vcK

ievU©mbI GKB my‡i A‡_©i msÁv w`‡q‡Qb| Dchy©³ msÁvwUi ¸iæZ¡ `ywU| cÖ_gZ, A_© n‡Z n‡j

Zv me©RbMÖvn¨ n‡Z n‡e| wØZxqZ, †h †Kv‡bv ªe¨ me©RbMÖvn¨ n‡j Zv A_© wnmv‡e ¯xK…wZ cv‡e|

GB Kvi‡YB avZe gy`ªv, KvMRx gy`ªv I †P‡Ki Øviv n¯ÍvšÍi ‡hvM¨ e¨vs‡Ki PjwZ AvgvbZ ev

PvIqvgvÎ AvgvbZ‡K (demand deposits) wewbg‡qi gva¨g wnmv‡e wPwýZ Kiv n‡q _v‡K| GB

Av‡jvPbv †_‡K GUv ¯úó n‡jv †h A_© wewbg‡qi gva¨g| Avevi, A‡b‡K me©RbMÖvn¨Zvi

Av‡jv‡KI A‡_©i msÁv †`b| `ªe¨ µq-weµ‡q hv wKQy me©RbMÖvn¨ Zv‡K A_© e‡j| Aek¨

eZ©gvb A‡_©i me©RbMÖvn¨Zv AvBbe‡j wbw`©ó K‡i †`qv nq| wewbgq‡hvM¨Zv Ges me©RbMÖvn¨Zv

QvovI †h `ªe¨ g~‡jï cwigvcK, mÂ‡qi fvÛvi Ges FY cwi‡kv‡ai Dcvq wnmv‡e KvR K‡i

Zv‡K A_© e‡j| ZvB A‡_©i msÁv n‡jv, Ôhv wKQy A‡_©i KvR m¤úbœ K‡i Zv‡KB A_© e‡jÕ|

A‡_©i †hvMvb

A_© n‡jv Ggb GKwU ªe¨ hv cwigvc‡hvM¨, hwÌ A‡_©i †hvMv‡bi cwigvc cix¶vg~jK ev

M‡elYvg~jK e¨vcvi (empirical matter)| Avgiv A‡_©i †hvMvb cwigv‡ci wek` e¨vL¨vq bv

wM‡q A‡_©i †hvMv‡bi cwi‡cÖw¶‡Z evwYwR¨K e¨vs‡Ki I A-e¨vswKs Avw_©K ms¯’vi Pvwn`v

AvgvbZ ev AvgvbZx †`bvi g‡a¨ cv_©K¨ wba©viY Kie|

GKwU wbw`©ó mg‡q cÖPwjZ †gvU A‡_©i cwigvY‡K A‡_©i †hvMvb e‡j| g‡b ivL‡Z n‡e A‡_©i

cwigvY n‡jv GKwU Znwej (stock) aviYv| Aciw`‡K A‡_©i cwigv‡Yi cwieZ©b n‡jv cÖevn

cvV 1

wewbgq‡hvM¨Zv Ges

me©RbMÖvn¨Zv QvovI

†h ªe¨ g~‡jï

cwigvcK, mÂ‡qi

fvÛvi Ges FY

cwi‡kv‡ai Dcvq

wnmv‡e KvR K‡i

Zv‡K A_© e‡j|



(flow) aviYv Avevi A‡_©i cwigvY ej‡Z Rbmvavi‡Yi nv‡Z A‡_©i †hvMvb‡K †evSvq| GLv‡b

RbmvaviY ej‡Z miKvi I e¨vsKeë¯’v e¨ZxZ cÖwZwU A_©‰bwZK GKK‡K [†hgb e¨w³,

Drcv`bx ms¯’v, eëmvq cÖwZôvb BZ¨vw`‡K] †evSvq| Rbmvavi‡Yi g‡a¨ miKvi I †`‡ki

e¨vsK¸‡jv‡K AšÍfz©³ Kiv nq bv, KviY G¸‡jv n‡jv A‡_©i †hvMvb`vZv|

A‡_©i †hvMvb †evSv‡bvi Rb¨ wiRvf© e¨vsK PviwU cÖZxK (symbols) eënvi K‡i : M1, M2, M3

I M4| M1-Gi Dcv`vb n‡jv Rbmvavi‡Yi wbKU KvMRx †gvU I avZe gy`ªv Ges evwYwR¨K I

mgevq e¨vs‡Ki †gvU Pvwn`v AvgvbZ I wiRvf© e¨vs‡Ki wbKU ÔAb¨vb¨ AvgvbZÕ| M2 n‡jv M1

Ges WvKNi mÂ‡q e¨vs‡Ki Avgvb‡Zi †hvMdj| M2 Ges e¨vs‡Ki mgq AvgvbZ ev ¯’vqx

Avgvb‡Zi †hvMdj wb‡q M3 MwVZ nq| cwi‡k‡l, M4 Ges WvKN‡ii †gvU AvgvbZ †hvM K‡i

M4 cvIqv hvq| mvaviYfv‡e Aek¨ A‡_©i †hvMvb ej‡Z M1-†KB †evSvq|

GLv‡b ejv ìKvi †h, Avgiv Av‡jvPbvi myweav‡_© A‡_©i †hvMv‡bi m¼xY© cwigvcwUB eënvi

Kie- A_©vr, M1 aviYvwU| Av‡MB ejv n‡q‡Q M1 n‡jv Rbmvavi‡Yi wbKU KvMRx †bvU I

avZe gy`ªv Ges †`‡ki †gvU Pvwn`v Avgvb‡Zi Dcv`vb wb‡q MwVZ| mvs‡KwZK fvlvq

M1=Cp+D GLv‡b Cp ej‡Z Rbmvavi‡Yi wbKU A_© (currency with the public) Ges D ej‡Z

Pvwn`v AvgvbZ‡K †evSvq| †h‡nZz A-e¨vswKs Avw_©K ms¯’vi AvgvbZ †jb‡`b wb®úwËi gva¨g

wnmv‡e eëüZ nq bv, †m‡nZz H me ms¯’vi AvgvbZ A‡_©i †hvMv‡b AšÍfz©³ Kiv nq bv| G‡ì

AvgvbZ¸‡jv ÔA_©Õ bq, cÖvq-A_©| Aa¨vcK m¨vgy‡qjmb (Prof. Samuelson) gšÍe¨ K‡ib †h,

A‡_©i †hvMv‡bi cÖK…Z msÁv iæwPi e¨vcvi, êÁvwbK cÖ‡qvRbxqZvi e¨vcvi bq|


†h c×wZi Øviv †`‡k cÖPwjZ A‡_©i cwigvY I A‡_©i g~j¨ wbqwš¿Z nq Zv‡K gy`ªvgvb eë¯’v

(Monetary Standards) e‡j| GK K_vq, gy`ªv cÖPj‡bi c×wZ I A‡_©i g~j¨ w ’wZkxj ivLvi

D‡Ï‡k¨ †h mg Í e‡›`ve¯Í Kiv nq Zv‡K gy`ªvgvb eë¯’v e‡j| †Kvb& †`k wK ai‡bi gy`ªvgvb

eë¯’v MÖnY Ki‡e Zv †mB †`‡ki A_©‰bwZK Ae ’vi Ici wbf©i K‡i| Dchy³ I mv_©K gy`ªvgvb

eë¯’vq Af¨šÍixY I ê‡`wkK evwY‡Rï w`KwU wePvi Kiv nq| Af¨šÍixY †¶‡Î cÖavb ev

gvbgy`ªvi (standard monetary unit) cÖPj‡bi c×wZ I Af¨šÍixY A‡_©i g~j¨ ev `vg Íi

w ’wZkxj ivLv nq| Ab¨w`‡K, ê‡`wkK evwY‡Rï †¶‡Î A‡_©i ewng~©‡j¨ ev ê‡`wkK wewbgq

nvi wbqš¿Y gy`ªvgvb eë¯’vi mvnv‡h¨ Kiv n‡q _v‡K| gy`ªvgvb eë¯’vi mv_©KZv I `¶Zv GB

KvR¸‡jvi mvd‡jï Øviv wePvi Kiv nq|

gy ªvgvb eë¯’vi †kªYxwefvM

c„w_exi wewfbœ †`‡k G ch©šÍ hZ iK‡gi gy`ªvgvb eë¯’v cÖewZ©Z n‡q‡Q †m¸‡jv cÖavbZ `yÕ

cÖKv‡ii : (1) avZe gy`ªv (metallic standard) Ges (2) AavZe gy`ªvgvb (non-metallic standard)| avZe gy`ªvgvb Avevi `yÕ ai‡bi- GK avZzgvb (mono-metallism) Ges wØavZzgvb

(bimetallism) GKavZzgvb‡K Avevi yÕ fv‡M fvM Kiv hvq : ¯Y©gvb (gold standard) Ges

†iŠc¨gvb (silver standard)| ¯Y©gvb Pvi cÖKvi- K. ¯Y©gy`ªvgvb (gold currency standard), L.

¯Y©wcÊgvb (gold bullion standard), M. ¯Y©wewbgqgvb (gold exchange standard) Ges N.

¯Y©mgZvgvb (gold parity standard)| AavZe gy ªvgvb ej‡Z KvMRx gy`ªvgvb‡K (paper standard) †evSvq| wb‡Pi QKwU‡Z gy`ªvgvb eë¯’vi cÖKvi‡f` †`Lv‡bv n‡jv-

†Kvb& †`k wK ai‡bi

gy ªvgvb eë ’v MÖnY

Ki‡e Zv †mB †`‡ki

A_©‰bwZK Ae ’vi

Ici wbf©i K‡i|




avZe AavZe

GKavZzgvb wØavZzgvb KvMRx gy ªvgvb

¯Y©gvb †iŠc¨gvb

¯Y©gy`ªvgvb ¯Y©wcÛgvb ¯Y©wewbgqgvb ¯Y©mgZvgvb

cÖwZwU gy ªvgvb eë¯’vi êwkó¨ wb‡P Av‡jvPbv Kiv n‡jv-

GKavZzgvb

GKavZzgvb eë¯’vq AvBbwm× gvbgy`ªv ¯Y© ev †iŠc¨ bvgK avZzi Øviv cÖ ‘Z nq| GB gy`ªvgvb

eë¯’vq avZz wbwg©Z gy`ªvB Amxg wewnZ (unlimited legal tender) gy`ªv wnmv‡e cÖPwjZ _v‡K| †h

gy ªvq gy`ªvi Av`vb-cÖ vb, FYMÖnY ev cwi‡kva AvBb Øviv wbw ©ó Zv‡K wewnZ gy ªv e‡j| wewnZ

gy ªv Amxg I mmxg n‡Z cv‡i| †h mg Í gy`ªv †`bv-cvIbv †gUv‡bv I wewbg‡qi Rb¨ †h †Kv‡bv

cwigvY †`qv hvq Zv‡K Amxg wewnZ gy`ªv e‡j| Aciw`‡K, mmxg wewnZ gy ªv n‡jv hv wewbgq I

†`bv cvIbv †gUv‡bvi e¨vcv‡i wbw`©ó cwigv‡Yi †ewk w`‡j †jv‡K wb‡Z A¯xKvi K‡i|

GKavZzgv‡bi êwkó¨ n‡jv- 1. AvBbwm× gvbgy`ªv ¯Y© ev †iŠc¨ Øviv cÖ ‘Z nq, 2. gvbgy`ªvB

Amxg wewnZ gy`ªv, 3. miKv‡ii LvRvwÂLvbv ev UvKkvj †mvbv ev iæcv wb‡q webv e¨‡q ev AwZ

¯í e¨‡q †mvbv ev iæcvi UvKv mieivn Kivi fvi †bq (free coinage), 4. †mvbv ev iæcvi

AMva Avg`vwb-ißvwb _v‡K, 5. KvMRx gy`ªv cÖPwjZ _vK‡jI Zv avZe gy`ªvq fvwO‡q †èvi

(convertible) eë¯’v _v‡K| †MÖU weª‡U‡b 1914 wLª÷vã ch©šÍ GKavZz ¯Y©gvb cÖPwjZ wQj|

wØavZzgvb

†h gy`ªvgvb eë¯’vq ¯Y© I †iŠc¨ Dfq avZz Øviv cÖ ‘Z yÕcÖKv‡ii gy ªv cvkvcvwk cÖPwjZ _v‡K

Zv‡K wØavZzgvb e‡j| 1870 wLª÷vã ch©šÍ wØavZzgvb Bsj¨vÛ Qvov c„w_exi cÖvq me †`‡kB Pvjy

wQj| ¯Y©gv‡bi Avwef©v‡ei ci †_‡K wØavZzgv‡bi †kªôZv bó nq|

êwkó¨ : 1. ywU avZzi, cÖavbZ †mvbv ev †iŠc¨ gy`ªv †`‡ki gvbgy`ªv I Amxg wewnZ gy ªv wnmv‡e

cÖPwjZ _v‡K, 2. avZz `ywUi wewbgq nvi avZz ywUi g~‡jï Øviv wbw ©ó Kiv nq| aiv hvK, †mvbvi

`vg iæcvi `k¸Y| GKwU †mvbvi gy`ªvq hw` 1 †Zvjv †mvbv I GKwU iæcvi gy`ªvq hw` 1 †Zvjv

iæcv _v‡K Zvn‡j 1wU ¯Y©gy`ªvi wewbg‡q 10wU †iŠc¨gy`ªv cvIqv hv‡e| G‡K e‡j wewbgq nvi ev

UvKkv‡ji ì (mint rate), 3. ywU avZziB Aeva gy`ªv¼‡bi eë¯’v _v‡K| A_©vr †h †KD †mvbv

ev iƒcv wb‡q miKv‡ii UvKkvj †_‡K webv e¨‡q †mvbv ev iæcv UvKv †c‡Z cv‡i| Ic‡ii

D`vni‡Y †mvbv I iæcvi wewbgq g~j¨ 1:10 wVK Kiv n‡q‡Q| evRv‡i hw` 1 †Zvjv ¯Y©gy`ªvi

wewbg‡q 11 †Zvjv †iŠc¨ cvIqv hvq Z‡e †jv‡K ¯Y©gy`ªv Mwj‡q †iŠc¨ msMÖn Ki‡e| Aciw`‡K

UvKkv‡ji ì †h‡nZz 1:10 †m‡nZz evRv‡i 1 †Zvjv †mvbvi cwie‡Z© 11 †Zvjv iæcv cvIqv hv‡e

bv| ZvB evRv‡i hv‡Z ¯Y© ev †iŠc¨gy`ªvi g~‡jï cv_©K¨ bv †`Lv †`q †mRb¨ Aeva gy`ªv¼‡bi

eë¯’v _v‡K| †mvbv I iæcvi Aeva Avg`vwb-ißvwb _v‡K|



¯Y©gvb

avZe gy`ªvgvb eë¯’vq ¯Y©gy`ªv A_ev †iŠc¨gy`ªv Dfq avZz wbwg©Z gy`ªv Amxg wewnZ gy ªv wnmv‡e

cÖPwjZ _v‡K| ¯Y©gv‡bi Aax‡b ¯Y©gy`ªv wewbg‡qi gva¨g wnmv‡e cÖPwjZ _v‡K| Aek¨ ¯Y©gy`ªv

Pvjy bv K‡i KvMRx gy`ªvi ØvivI ¯Y©gvb eRvq ivLv hvq| KvMRx gy ªv ¯Y©gy`ªvq wKsev wbw ©ó

cwigvY †mvbvi cwie‡Z© miKvwi UvKkvj †_‡K Zv fvOv‡bvi eë¯’v _vK‡j Zv‡K ¯Y©gvb e‡j|

êwkó¨ : 1. ¯Y©gvb eë¯’vq †`‡ki wewnZ gy`ªvi g~j¨ wbw ©ó IR‡bi †mvbvi g~‡jï Øviv wba©vwiZ

nq| 2. G‡Z Aeva gy`ªv¼‡bi eë¯’v Av‡Q| Gi A_© n‡jv wbw`©ó IR‡bi †mvbv UvKkv‡j Rgv

w`‡j Zv webvg~‡j¨ ev AwZ Aí e¨‡q fvwO‡q †`qvi eë ’v _v‡K| A_ev, KvMRx UvKv Pvjy

_vK‡j Zv ¯Y©gy`ªvq iƒcvšÍiKi‡Yi eë¯’v _v‡K| 3. †`‡ki †gvU A‡_©i cwigvY †mvbvi msiw¶Z

Znwe‡ji Ici wbf©i K‡i| †`‡k †mvbv I A‡_©i cwigv‡Yi g‡a¨ cÖZ¨¶ m¤úK© _v‡K| ¯‡Y©i

cwigvY †e‡o [K‡g] †M‡j †`‡k A‡_©i cwigvY †e‡o [K‡g] hv‡e| 4. G‡Z †mvbvi Aeva

Avg`vwb-ißvwb _v‡K| 5. ¯Y©gv‡bi Aax‡b cÖ‡Z¨K †`‡ki gy`ªvi wewbgq nvi ¯Y©g~‡jï Abycv‡Z

wb‡R †_‡KB w ’i nq| GB ¯qswµqZv (automaticity) ¯Y©gv‡bi Ab¨Zg êwkó¨|

Ab¨vb¨ g~j¨gvb eë¯’vi g‡Zv ¯Y©gv‡bi `ywU D‡Ïk¨ Av‡Q- A‡_©i †hvMvb wbqš¿Y K‡i A‡_©i

Af¨šÍixY g~j¨ w ’i ivLv Ges A‡_©i ewng~©j¨ ev ê‡`wkK wewbgq nvi w ’i ivLv| ¯Y©gv‡bi

¯qswµq MwZwewai ìæY A‡_©i Af¨šÍixY g~j¨ I ewng~©j¨ w ’wZkxj K‡i †jb‡`‡bi DØ„‡Ë

fvimvg¨ i¶v Kiv hvq| ZvB ¯Y©gvb ¯qswµq gy`ªvgvb eë¯’v wn‡m‡e cwiwPZ| ¯Y©gv‡bi

¯qswµqZv `vg ¯Y© cÖevn cÖwµqvi (price-specie-flow mechanism) Øviv Avbqb Kiv nq|

†`‡ki g‡a¨ ¯‡Y©i AvMgb I wbM©gb Aeva nIqvq †jb‡`‡bi DØ„‡Ë AvcbvAvcwb fvimvg¨

cÖwZwôZ nq e‡j G‡K ¯qswµq ¯Y©cÖevn `vg cÖwµqv e‡j| †Kv‡bv †`‡ki †jb‡`‡bi DØ„‡Ëi

cÖwZK‚jZv [Avg`vwb>ißvwb] †`Lv w`‡j †`k †_‡K †mvbv evB‡i P‡j hv‡e| d‡j A‡_©i cwigvY

m¼zwPZ n‡e I `vg¯Íi [Af¨šÍixY] K‡g Avm‡e| `vg¯Íi n«vm cvIqvq H †`‡ki ißvwbi cwigvY

e„w× cv‡e I †mvbv †`‡k cÖ‡ek Ki‡e| Aciw`‡K †jb‡`‡bi DØ„‡Ë AbyK‚j [ißvwb>Avg`vwb}

Ae¯’v NU‡j wecixZ cÖwZwµqv †`Lv †`‡e|

¯Y©gv‡bi cÖKvi‡f`

¯Y©gvb Pvi cÖKvi- 1. ¯Y©gy`ªvgvb- ¯Y©gv‡bi †kªô iƒc, 2. ¯Y©wcÛgvb, 3. ¯Y©wewbgqgvb Ges 4.

¯Y©mgZvgvb|

KvMRx gy ªv

cÖ_g wek¦hy‡×i c‡iB KvMRx gy`ªvgvb cÖPwjZ nq| KvMRx gy`ªvgvb eë¯’vq A_ev wbqwš¿Z

gy ªvgvb eë¯’vq A_ev Avw`ô gy`ªvgvb (fiat standard) eë ’vq KvM‡Ri UvKvB n‡jv †`‡ki gvb

Ges wewnZ gy`ªv (legal tender money)| Aek¨ avZe gy`ªvgvb eë¯’v‡ZI KvM‡Ri UvKvKwo

cÖPwjZ _v‡K GB ai‡bi gy`ªv‡K cÖwZwbwa gy`ªv (representative money) e‡j| hv wb‡R gy`ªv bq

A_P h_v_© gy`ªvi cwieZ©Kiƒ‡c †`‡k Pvjy _v‡K Ges PvIqvgvÎ h_v_© gy`ªvq iƒcvšÍi‡hvM¨ Zv‡K

cÖwZwbwa gy`ªv e‡j| KvMRx gy`ªvgvb eë¯’v ¯íg~‡jï avZe gy`ªv Amxg wewnZ gy`ªv wnmv‡e Pvjy

_vK‡Z cv‡i| KvMRx gy`ªv miKvi I e¨vsK cÖPjb K‡i _v‡K| KvMRx UvKvKwo yÕiK‡gi n‡Z

cv‡i- cwieZ©bxq Ges AcwieZ©bxq| AcwieZ©bxq KvMRx gy`ªv‡K Avw`ó gy`ªv (fiat money) ejv

nq| cÖK…Zc‡¶ KvMRx gy ªv gvÎB AcwieZ©bxq| KvMRx gy`ªvi cwigvY †`‡ki †K› ªxq e¨vsK

wba©viY K‡i| †`‡ki cÖ‡qvR‡bi m‡½ m½wZ †i‡L †K› ªxq e¨vsK KvMRx gy`ªv cÖPjb K‡i| Ab¨

†`‡ki KvMRx gy`ªvi m‡½ †`‡ki KvMRx gy`ªvi wewbgq nvi miKvi wba©viY K‡i|



FY I FYcÎ

Avgiv †`‡LwQ †h wewbgq m¤úv`b KivB A‡_©i cÖv_wgK KvR| wKš‘ wewbgq A_© QvovI †PK,

ûwÛ, cÖwZkÖæwZcÎ BZ¨vwì gva¨‡g m¤úvw`Z nq| Z‡e G¸‡jv‡K A_© bv e‡j A‡_©i cwieZ©

(money substitutes) ev ÔFYcÎÕ (Credit instruments) bv‡g AwfwnZ Kiv nq| mf¨ RM‡Z

†jb‡`‡bi KvRKviev‡ii GKUv †gvUv Ask †µwWU ev F‡Yi gva¨‡g cwiPvwjZ nq e‡j wewbgq

eë¯’vq Gme FYcÎ GKwU ¸iæZ¡c~Y© ¯’vb AwaKvi K‡i Av‡Q|

wfwË : †µwWU ej‡Z FY ev F‡Yi Kvievi †evSvq| †µwW‡Ui evsjv cÖwZkã n‡jv wek¦vm|

wek¦vmB F‡Yi wfwË| wek¦vm Av‡Q e‡jB †`vKvb`vi av‡i wRwbmcÎ †`q, e¨vsK FY cÖ vb K‡i,

†jv‡K e¨vs‡K UvKv AvgvbZ iv‡L BZ¨vw`| Gme KvRKviev‡ii g~‡j¨ _v‡K GKwU K‡i

cÖwZkÖæwZ| AwaKvsk †¶‡Î GB cÖwZkÖæwZ f½ Kiv n‡j AvBb-Av`vj‡Z Zvi cÖwZKvi cvIqv

hvq| wKš‘ AvBb-Av`vjZ cvIbv Av`v‡qi wb‡ ©k w`‡Z cv‡i gvÎ, Av`vq K‡i w`‡Z cv‡i bv|

†`bv`v‡ii hw` cvIbv †gUvevi ¶gZv bv _v‡K, ev BwZg‡a¨ hw` †m †`Dwjqv n‡q c‡o A_ev

AvBb‡K duvwK w`‡q mg Í m¤úwË n¯ÍvšÍi K‡i †d‡j Z‡e cvIbv`v‡ii c‡¶ Av`vj‡Zi wb‡ ©k

ev wWwµ wb‡q we‡kl wKQy Kivi _v‡K bv| myZivs AvBb-Av`vj‡Z ejer‡hvM¨Zv bq, cvi¯úwiK

wek¦vmB F‡Yi g~j wfwË|

êwkó¨ : F‡Yi m‡½ †h mg‡qi cÖkœ RwoZ Av‡Q, G aviYvI Dchy©³ Av‡jvPbv †_‡K Kiv hv‡e|

AvR FYMÖnxZv cvIbv †gUv‡Z cÖwZkÖæwZe× n‡jv, wKš‘ cvIbv †gUvevi mgq Zvi B”Qv ev m½wZ

Abïƒc n‡Z cv‡i| myZivs F‡Yi `ywU êwkó¨ n‡jv- K. wek¦vm Ges L. mgq|

F‡Yi gva¨‡g m¤ú` n ÍvšÍwiZ nq| d‡j †h e¨w³ m¤ú‡ì gvwjK bq †m ¯íKv‡ji Rb¨ Zv

†fvM ev eënvi Kivi AwaKvix nq| FY ej‡Z †mvRvmywR ªe¨ mvgMÖxi n¯ÍvšÍi I Zv †diZ

†`qvi cÖwZkÖæwZI †evSv‡Z cv‡i| †hgb, Avgv‡ì †`‡k K…lK‡ì A‡b‡KB dmj †evbvi mgq

avbPv‡ji FY wb‡q _v‡K| dmj IVvi ci K…lK‡ì FY †bqv avb Pvj my`mn †diZ w`‡Z nq|

wKš‘ eZ©gv‡b AwaKvsk †¶‡Î A_©B FY †`qv nq| d‡j F‡Yi Kvievi n‡q uvwo‡q‡Q MÖnxZv

KZ©„K `vZv‡K fwel¨‡Z A_© cÖ v‡bi cÖwZkÖæwZ|

FYcÎ : FY cwi‡kv‡ai cÖwZkÖæwZ †gŠwLK Ges wjwLZ `yÕcÖKv‡ii nq| ïay †gŠwLK

cÖwZkÖæwZf‡½i Awf‡hvM wb‡q Av`vj‡Z Dcw ’Z nIqv hvq bv, m‡½ m‡½ mv¶¨cÖgvYvwÌ

Dcw ’Z Ki‡Z nq| wjwLZ cÖwZkÖæwZ wKš‘ GKKfv‡eB Av`vj‡Z ejer‡hvM¨, mvaviY †¶‡Î Gi

Ici mv¶¨cÖgvYvwì cÖ‡qvRb nq bv| wjwLZ cÖwZkªwZ ïay LvZvq †jLv _vK‡Z cv‡i, Avevi Zv

FYc‡ÎI wbe× Kiv †h‡Z cv‡i| M„n‡ ’i KvQ †_‡K cvIbvi wnmve hw` ïay gywì LvZvq †jLv

bv †_‡K nvZwPVv‡Z IVv‡bv nq Ges Zv hw` gywì Kv‡Q Rgv _v‡K Z‡e H nvZwPVv n‡jv

FYcÎ| GB FYcÎ Aek¨ n¯ÍvšÍi ‡hvM¨ (negotiable) bq| G‡Z wjwLZ cvIbv ¯qs gyw`‡KB

Av`vq Ki‡Z n‡e| cÖ_g cÖ_g GB ai‡bi n¯ÍvšÍi ‡hvM¨Zvaxb FYcÎB eëüZ n‡Zv| c‡i

n¯ÍvšÍi ‡hvM¨ FYc‡Îi cÖPjb nq| ¯Y©Kv‡ii Kv‡Q A_© Rgv ivL‡j †h iwm` cvIqv †hZ Zv

µ‡g n¯ÍvšÍwiZ n‡Z jvMj| †hgb, iwn‡gi Kv‡Q UvKv Rgv †i‡L Rvjvj †h iwk` †cj Zv w`‡q

†m Avey‡ji KvQ †_‡K gvj µq Ki‡Z mg_© n‡jv| Gi d‡j Rvjv‡ji bq, Avey‡ji UvKv

¯Y©Kv‡ii Kv‡Q Rgv iBj| Gfv‡e n ÍvšÍi ‡hvM¨ FYcÎ eënv‡ii †h myPbv nq Zv `xN©w`b a‡i

µgweKwkZ n‡q eZ©gvb w`‡bi eëmv-evwYR¨ GK ¸iæZ¡c~Y© ¯’vb AwaKvi Ki‡Z mg_© n‡q‡Q|

wewfbœ ai‡bi FYcÎ

eZ©gv‡b wb¤œwjwLZ ai‡bi FbcÎ †`Lv hvq :

wewbgq A_© QvovI

†PK, ûwÛ,

cÖwZkÖæwZcÎ BZ¨vwì

gva¨‡g m¤úvw`Z nq|



K. cÖwZkÖæwZcÎ : cÖwZkÖæwZcÎ (promissory note) Øviv FYMÖnxZv wbw ©ó mgqvšÍ‡i A_ev

PvIqvgvÎ FY cwi‡kv‡ai cÖwZkÖæwZ cÖ vb K‡i| cÖwZkÖæwZcÎ mvaviY n¯ÍvšÍi ‡hvM¨ nq;

FY`vZv GB cÎ Ac‡ii Kv‡Q wewµ Ki‡Z cv‡i| FY eëmvqxiv A‡bK †¶‡Î G ai‡bi

cÖwZkÖæwZc‡Îi weiæ‡× FYcÖ vb K‡i _v‡K| G ai‡bi cÖwZkÖæwZcÎ mvaviYZ Ôn¨vÛ‡bvUÕ e‡j

cwiwPZ|

L. †PK : AvgvbZ (deposit) †_‡K wbw ©ó A_© cÖ vb Kivi Rb¨ AvgvbZKvix e¨vs‡Ki Ici †h

wjwLZ Av‡`k †`q Zv‡KB †PK e‡j| mvaviYZ †PK n¯ÍvšÍi ‡hvM¨ cÖwZkÖæwZcÎ| Z‡e wbivcËvi

Rb¨ hvi bv‡g †PK KvUv n‡q‡Q Zv‡KB A_© cÖ v‡bi wb‡ ©k w`‡q n¯ÍvšÍi ‡hvM¨Zvnxb Kiv †h‡Z

cv‡i| †PK Avevi †iLvw¼Z ev `vMKvUv (crossed) nq| GB †PK †mvRvmywR e¨vs‡K wb‡q †M‡j

bM` UvKv cvIqv hvq bv| †PKwU‡K cÖ_‡g e¨vs‡K Rgv w`‡Z nq, e¨vs‡K Rgv †`qv n‡j †h e¨w³

ev cÖwZôvb †PK †K‡U‡Q Zvi AvgvbZ †_‡K hvi bv‡g †PK KvUv n‡q‡Q Zvi AvgvbZ UvKv

¯’vbvšÍwiZ nq| ZLb †m B”Qv Ki‡j bM` UvKv Zz‡j wb‡Z cv‡i| aiv hvK, Rvjvj mv‡ne Awdm

†_‡K †P‡K †eZb †c‡q‡Qb Ges GB †PK n‡jv †iLvw¼Z †PK| Rvjvj mv‡ne‡K H †PKLvwb

cÖ_‡g wb‡Ri e¨vs‡K Rgv w`‡Z n‡e| ZLb Zvi e¨vsK †h Awdm †PK cÖ vb K‡i‡Q Zvi e¨vs‡Ki

KvQ †_‡K UvKv Av`vq K‡i Rvjvj mv‡n‡ei Avgvb‡Zi N‡i Rgv Ki‡e| Rgv n‡j c‡i Rvjvj

mv‡ne wb‡R †PK †K‡U bM` UvKv Zz‡j wb‡Z cvi‡eb| Avi Awd‡mi e¨vsK I Rvjvj mv‡n‡ei

e¨vsK hw` GKB e¨vsK nq Z‡e Rvjvj mv‡ne †PKLvwb Rgv w`‡jB Awd‡mi wnmve †_‡K Zvi

wnmv‡e wjwLZ cwigvY UvKv n ÍvšÍwiZ n‡e| mvaviY n ÍvšÍi ‡hvM¨ †PK A‡c¶v GB ai‡bi

†iLvw¼Z †PK wbivc`| KviY, e¨vs‡Ki gva¨‡gB Zv fvOv‡Z cviv hvq| GKwU e¨vsK Aci

GKwU e¨vs‡Ki Ici †PK KvU‡j Zv‡K Ôe¨v¼vm© WªvdUÕ (Banker's Draft) e‡j|

†PK A_© bq †Kb : cÖkœ DV‡Z cv‡i, †PK‡K A_© e‡j MY¨ bv K‡i FYcÎ e‡j MY¨ Kiv nq

†Kb? Gi GKvwaK KviY Av‡Q| cÖ_gZ, e¨vs‡Ki AvgvbZ bv _vK‡j †P‡Ki †Kv‡bv g~j¨ †bB|

wØZxqZ, †P‡Ki gva¨‡g †jb‡`‡bi KvR GKev‡iB mgvß nq bv, AvgvbZ ’vbvšÍwiZ Kivi ev

UvKv Zz‡j †bIqvi KvR ZLbI evwK _v‡K| Z…ZxqZ, †gqv` DËxY© n‡q †M‡j †PK GKLÛ

KvM‡RiB kvwgj nq| PZz_© me †PK n ÍvšÍi ‡hvM¨ bq| AZGe, e¨vsK AvgvbZ‡KB e¨vsK m„ó

A_© Ges †PK‡K A‡_©i cwieZ© ev FYcÎ e‡j MY¨ Kiv nq|

M. ûwÛ ev wej Ae G·‡PÄ : Ôwej Ae G·‡PÄÕ†K evsjvq ûwÛ e‡j AwfwnZ Kiv n‡jI hv‡K

wVK ûwÛ e‡j Zvi m‡½ cÖK…Z wej Ae G·‡P‡Äi cv_©K¨ Av‡Q| ûwÛ †jLv nq †`kx fvlvq, wej

Ae G·‡PÄ †jLv nq Bs‡iwR‡Z| KZK¸‡jv ûwÛ cÖwZkÖæwZc‡ÎiB g‡Zv, Avevi KZK¸‡jv wej

Ae G·‡P‡Äi ai‡bi| †gvU K_v, wej Ae G·‡P‡Äi evsjv cÖwZkã ûwÛB K‡i GB cÖK…wZ

eY©bv Kiv n‡jv :

ûwÛ wKfv‡e eëüZ nq : GKw`K †_‡K ûwÛi cÖK…wZ cÖwZkÖæwZc‡Îi cÖK…wZi wecixZ|

cÖwZkÖæwZcÎ cÖ vb K‡i FYMÖnxZv ûwÛ‡Z A_©cÖ v‡bi wb‡ ©k †`q gvj we‡µZv‡K| gvj

we‡µZvi wb‡ ©kc‡Îi †µZv m¤§wZm~PK ¯v¶i Ki‡j Z‡eB Zv ûwÛ‡Z cwiYZ nq| GKwU

D`vni‡Yi mvnv‡h¨ welqwU‡K †evSv‡bv †h‡Z cv‡i| aiv hvK, XvKvi Rbve iweDj nvmvb

eëmvqx jÛ‡bi wgt g¨v‡KwÄi Kv‡Q 1 nvRvi cvDÛ g~‡jï hš¿cvwZ wZb gvm c‡i `vg †`qvi

A½xKvi K‡i µq Ki‡jb| GLb wgt g¨v‡KwÄ Rbve nvmv‡bi bv‡g GKwU wej †K‡U cvVv‡eb|

Rbve nvmvb Zv Ô¯xKvi KijvgÕ e‡j mB Ki‡j Zv ûwÛ‡Z cwiYZ n‡e| GB ûwÛ wZb gvm c‡i

Rbve nvmv‡bi Kv‡Q †cÖiY Ki‡j wZwb 1 nvRvi cvDÛ w`‡Z AvBbZ eva¨ _vK‡eb| GB wZb

gv‡mi Av‡MB hw` wgt g¨v‡KwÄi UvKvi ìKvi nq Z‡e †Kv‡bv e¨vs‡Ki KvQ †_‡K H ûwÛ wZwb

evÆv K‡i wb‡Z cv‡ib| mgqvšÍ‡i e¨vsK Rbve nvmv‡bi KvQ †_‡K UvKv Av`vq K‡i †b‡e|

AvgvbZ (deposit) †_‡K wbw ©ó A_©

cÖ vb Kivi Rb¨

AvgvbZKvix e¨vs‡Ki

Ici †h wjwLZ

Av‡`k †`q Zv‡KB

†PK e‡j| mvaviYZ

†PK n ÍvšÍi‡hvM¨

cÖwZkÖæwZcÎ|

e¨vsK AvgvbZ‡KB

e¨vsK m„ó A_© Ges

†PK‡K A‡_©i cwieZ©

ev FYcÎ e‡j MY¨

Kiv nq|



Gfv‡e ûwÛi mvnv‡h¨ eëmvqxiv av‡i gvjcÎ wK‡bI Avg`vwb K‡i _v‡K| G QvovI ûwÛi

mvnv‡h¨ Avg`vwb-ißvwbi g~j¨ mn‡R †gUv‡bv hvq| wKfv‡e Zv m¤¢e nq Zvi msw¶ß eY©bv wb‡P

Kiv n‡jv|

ûwÛ I we‡ji evRvi : Ic‡ii D`vni‡Y Rbve nvmvb wgt g¨v‡KwÄi KvQ †_‡K av‡i gvj

Avg`vwb K‡i‡Qb| myZivs wZb gvm c‡i Rbve nvmv‡bi mgm¨v n‡e wK K‡i jÛ‡b wgt

g¨v‡KwÄ‡K UvKv cvVv‡bv hvq| hw` aiv hvq, H GKB mgq XvKvi eëmvqx Rbve Avn‡g‡ì

KvQ †_‡K jÛ‡bi Avg`vwbKviK wgt Ugvm H 1 nvRvi cvDÛ g~‡jï gvj Avg`vwb K‡i‡Qb

Z‡e mgm¨vwU mn‡R wg‡U †h‡Z cv‡i| Rbve nvmvb Rbve Avn‡g‡ì KvQ †_‡K wgt Ugv‡mi

¯xKvi Kiv ûwÛwU wK‡b wgt g¨v‡KwÄ‡K cvVv‡j wgt g¨v‡KwÄ wgt Ugv‡mi KvQ †_‡K UvKv Av`vq

K‡i wb‡Z cv‡ib| d‡j Rbve Avn‡g` Zvi ißvwbi g~j¨ XvKvi eëmvqx Rbve nvmv‡bi KvQ

†_‡K Ges wgt g¨‡KwÄ Zvi ißvwbi g~j¨ jÛ‡biB wgt Ugv‡mi KvQ †_‡K cv‡eb| myZivs,

KvD‡KI we‡`k †_‡K UvKv Av`v‡qi ev we‡`‡k UvKv cvVv‡bvi eë¯’v Ki‡Z n‡e bv| Gfv‡e

ûwÛ ev wej µq weµ‡qi Rb¨ cªvq cÖ‡Z¨K DbœZ †`‡kB we‡ji evRvi (bill market) Av‡Q Ges

eZ©gv‡b ûwÛ AšÍe©vwYR¨ I ewn©evwY‡Rï †¶‡Î eûj cwigv‡Y eëüZ nq|

N. ZgmyK : Ab¨vb¨ ai‡bi FYc‡Îi g‡a¨ ZgmyKB (bonds) cÖavb| ZgmyK †gvUvgywU

`xN©‡gqvw` FYcÎ| wW‡eÂvi (debenture) Zgmy‡Ki Ab¨Zg D`vniY|

wewbgq‡hvM¨Zv Ges me©RbMÖvn¨Zv QvovI `ªe¨ g~‡jï cwigvcK, mÂ‡qi fvÛvi Ges FY cwi‡kv‡ai

Dcvq wnmv‡e KvR K‡i Zv‡K A_© e‡j| gy`ªvgvb eë ’vi †¶‡Î †Kv‡bv †`k wK ai‡bi gy`ªvgvb eë¯’v

MÖnb Ki‡e Zv †mB †`‡ki A_©‰bwZK Ae ’vi Ici wbf©i K‡i| c„w_exi wewfbœ †`‡k wewfbœ mg‡q

wewfbœ iK‡gi gy`ªvgvb eë ’v cÖewZ©Z n‡q‡Q|

mvims‡¶c




ˆbe© w³K cÖkœ


1. A‡_©i D™¢‡ei KviY n‡jv Gi me©RbMÖvn¨Zv| mZ¨/wg_¨v

2. M1

-Gi Dcv`vb n‡jv ïay Rbmvavi‡Yi Kv‡Q KvMRx †bvU I avZe gy`ªv| mZ¨/wg_¨v

3. M2 n‡jv M1 Ges WvKN‡i mÂq e¨vs‡Ki Avgvb‡Zi †hvMdj| mZ¨/wg_¨v

4. †Kv‡bv †`‡ki †jb‡`‡bi DØ„‡Ë cÖwZK‚jZv n‡j †`k †_‡K ¯Y© evB‡i P‡j hv‡e|

mZ¨/wg_¨v

5. F‡Yi gva¨‡g m¤ú` n¯ÍvšÍwiZ nq bv| mZ¨/wg_¨v

msw¶ß cÖkœ

1. A‡_©i msÁv wK?

2. M1, M2, M3, I M4 wK?

3. KvMRx gy ªv ej‡Z wK †evSvq?

4. †PK wK?

5. ûwÛ wKfv‡e e¨eüZ nq?

iPbvg~jK cÖkœ

1. msÁvmn A‡_©i †hvMvb Av‡jvPbv Kiæb|

2. gy ªvgvb e¨e¯’v ej‡Z wK †evSvq? Gi †kªYxwefvM m¤‡Ü wek` Av‡jvPbv Kiæb|

3. FY I FYcÎ wK? FYc‡Îi ¸iæZ¡ e¨vL¨v K‡i wewfbœ ai‡bi FYc‡Îi weeiY w`b|

ˆbe© w³K cÖkœ

1. mZ¨ 2. wg_¨v 3. mZ¨ 4. mZ¨ 5. wg_¨v



A‡_©i Kvh©vejx I ¸iæZ¡, A‡_©i HwZnvwmK Íimg~n


A‡_©i Kvh©vejx

A‡_©i ¸iæZ¡

A‡_©i HwZnvwmK Íimg~n

A‡_©i eûwea eënv‡i Avgiv G‡ZvUvB Af¨ Í †h Gi AmvaviYZ¡ eyS‡Z cvwi bv| AvaywbK

wewbgq A_©bxwZ A_© Qvov APj| A‡_©i cÖevn †bB Ggb A_©bxwZ KíbvZxZ| Av‡Mi w`‡b cY¨

wewbgq cÖ_vi gva¨‡g eëmv n‡Zv| yÕc‡¶i wewbg‡qB ïay eëmv n‡Zv| hw` GKRb

A_©bxwZwe` Zvi Pzj KvUv‡Z PvBZ Zvn‡j Zv‡K Ggb bvwcZ‡K Lyu‡R †ei Ki‡Z n‡Zv †h

A_©bxwZ m¤ú‡K© †jKPvi ïb‡Z AvMÖnx| †Zgwbfv‡e †Kv‡bv Awf‡bZv Kvco evbv‡Z PvB‡j

Zv‡K Ggb `wR© Lyu‡R †ei Ki‡Z n‡Zv †h wKbv wm‡bgv-w_‡qUv‡i AvMÖnx| ZLb Gfv‡e Pj‡Zv|

AvaywbK mf¨Zv Aek¨ wewbgq gva¨g Qvov APj|

A_© wewbgq gva¨g nIqvq ˆØZ Pvwn`vi cÖ‡qvRb K‡g‡Q| Av‡Mi w`‡b GK c¶ Ab¨ c‡¶i

Pvwn`v c~i‡Y m¶g n‡jI wewbgq n‡Zv, eëmv n‡Zv| e¨vcviwU A‡bKUv Awf‡bZv-`wR©i g‡Zv|

GK c‡¶i Pvwn`v bv _vK‡j Ab¨ c¶ eëmv Ki‡Z ev wewbgq Ki‡Z cviZ bv|

A‡_©i PviwU mbvZbx Kvh©vejx Av‡Q| Gi g‡a¨ wewbgq gva¨g wn‡m‡e KvR KivUv cÖ_g|

Ab¨¸‡jv n‡jv wnmv‡ei GKK, g~‡jï cwigvcK I e‡Kqv cwi‡kv‡ai wfwË|

wewbg‡qi gva¨g :

wewbgq gva¨g wn‡m‡e cÖPwjZ nIqv‡ZB evwK Kvh©vejx¸‡jvi DrcwË N‡U‡Q| g~‡jï cwigvcK

ej‡Z †evSvq mgq †¶‡Î m¤ú‡ì g~j¨ wbY©q| †Kv‡bv e¨w³ †Kv‡bv m¤ú` aviY Ki‡j

eZ©gv‡bB †m fwel¨‡Zi wewbgq Pzw³ Ki‡Z cv‡i| g~‡jï cwigvcK bv n‡j UvKv wewbgq gva¨g

wn‡m‡e eëüZ n‡Zv bv| eZ©gv‡bi aviYK…Z m¤ú` fwel¨‡Z wewµi Pzw³ Kiv †hZ bv| A‡_©i

RvqMvq AvBmwµg eënvi Ki‡j wK n‡Zv wPšÍv Kiæb| UvKv hw` wgwbU K‡q‡Ki g‡a¨ M‡j †hZ

Zvn‡j wK AvBmwµg †i‡L gvbyl UvKv Rgv‡Zv? Avi we‡µZviv hw` wewbgq gva¨g wn‡m‡e

AvBmwµg MÖnY bv Ki‡Zv Zvn‡j wK n‡Zv? hvB †nvK, A_© QvovI wewbgq gva¨g wn‡m‡e

AvaywbK hy‡M eÛ, ÷K BZ¨vw` eëüZ nq|

wnmv‡ei GKK :

wnmv‡ei GKK ej‡Z †evSvq †h msL¨vq g~j¨ †iKW© Kiv nq ev wnmve ivLv nq| g~j¨ wnmve Kiv

nq A‡_©| Avi A_© n‡jv †mB GKK hvi gva¨‡g ÷K, UvKvi cÖevn BZ¨vw` gvcv nq| †ewkifvM

†`‡kB ¯’vbxq gy`ªv wnmv‡ei GKK| hwÌ D”P gy`ªvùxwZi †`k¸‡jv‡Z Wjvi wnmv‡ei GKK e‡j

MY¨ nq| hwÌ ¯’vbxq gy`ªv wewbgq gva¨g wn‡m‡e cÖPwjZ|

cvV 2

A‡_©i PviwU mbvZbx

Kvh©vejx Av‡Q| Gi

g‡a¨ wewbgq gva¨g

wn‡m‡e KvR KivUv

cÖ_g| Ab¨¸‡jv n‡jv

wnmv‡ei GKK,

g~‡jï cwigvcK I

e‡Kqv cwi‡kv‡ai

wfwË|



g~‡jï cwigvcK :

cY¨ wewbgq eë ’vq AmsL¨ wewbgq nvi _vKvq ªe¨mvgMÖxi †jb‡`‡b Amyweav †`Lv †`qv|

Aciw`‡K, A_© hveZxq A_©‰bwZK †jb‡`‡bi gvcKvwV wnmv‡e KvR K‡i| cY¨ wewbg‡qi hy‡M

wewea `ªe¨mvgMÖxi g~j¨ cwigv‡ci †Kv‡bv mwVK gvcKvwV bv _vKvq wewbgq nvi wba©viY Kiv †hZ

bv| wKš‘ mg Í `ª‡eï g~j¨ A‡_©i Øviv cwigvc Kiv hvq| ª‡eï g~‡jï gvcKvwV wnmv‡e A_©

eëüZ n‡j ywU ª‡eï g~‡jï Zyjbv Kiv hvq| †hgb, K ª‡eï `vg hw` 2 UvKv Ges L ª‡eï

`vg hw` 4 UvKv nq, Zvn‡j Avgiv ej‡Z cvwi †h K `ª‡eï Zzjbvq L `ª‡eï `vg wØ¸Y| A_©vr,

A_© g~j¨ wnmve Kivi GKK wnmv‡e KvR K‡i| A‡_©i gv‡bB me `ª‡eï g~j¨‡K cwigvc Kiv

nq|

e‡Kqv cwi‡kv‡ai wfwË :

`xN©‡gqvw` †jb‡`b (†hgb FY)-Gi †¶‡Î e‡Kqv cwi‡kv‡ai wfwË wn‡m‡e A_© eëüZ nq|

avh©K…Z A_© wbw ©ó mg‡qi g‡a¨ cwi‡kva Kiv nq| avh©K…Z A_©B e‡Kqv cwi‡kv‡ai wfwË| Z‡e

A_©‡KB e‡Kqv cwi‡kv‡ai wfwË n‡Z n‡e Ggb †Kv‡bv K_v †bB| †hgb aiæb F‡Yi †kl

wKw ÍwU avh©K…Z bvI n‡Z cv‡i| yÕc¶ wVK Ki‡Z cv‡i mvgwMÖK g~‡jï Ici wKw Í avh© n‡e

GgbZi FY‡K m~PK FY e‡j| mvaviYZ A_© †kl `y‡Uv KvR K‡i _v‡K| hwÌ Zv

AZ¨vek¨Kxq bq| g~‡jï cwigvcK wn‡m‡e A_© Qvov Ab¨vb¨ m¤úÌ eëüZ nq|

h‡Zv hvB †nvK, A‡_©i †Pnviv †hgb †nvK, AZx‡Z A_© wewbgq gva¨g wn‡m‡e eëüZ n‡q‡Q|

KLbI ev mvgyw`ªK kvgyK, KLbI avZe, A‡bK mgq †mvbv-iæcvi cwie‡Z© KvM‡Ri wnmve|

GLb KvM‡Ri UvKv Av‡Q, †mB m‡½ Av‡Q e¨vs‡Ki B‡j±ªwbK wnmve| Z‡e UzK‡iv KvMR gv‡bB

UvKv bq| KvMRwU ZLbB UvKvi m¤§vb cv‡e hLb Zv cwi‡kv‡ai Rb¨ M„nxZ n‡e| †h Dcv`vb

w`‡qB evbv‡bv †nvK bv †Kb `vg cwi‡kv‡ai Rb¨ M„nxZ n‡jB Zv UvKv| GB K_vwU †_‡K †evSv

hvq, H e ‘wUB UvKv hv `vg cwi‡kv‡ai Rb¨ eëüZ nq GB Avkvq †h cieZ©x c¶I GUv MÖnY

Ki‡e|

A‡_©i ¸iæZ¡

evwY‡Rï †¶‡Î A‡_©i D™¢veb me©v‡c¶v ¸iæZ¡c~Y© D™¢veb e‡j AvaywbK A_© eë¯’vq A_© GKwU

¸iæZ¡c~Y© ¯’vb AwaKvi K‡i Av‡Q| hveZxq A_©‰bwZK Kvh©vejxi g~j †K› ªwe›`y n‡jv A_©|

AvaywbK A_©eë¯’v GKvšÍfv‡e A‡_©i Ici wbf©ikxj, KviY A_© eënv‡ii myweav Amxg| A‡_©i

D™¢ve‡bi d‡jB AvaywbK mgv‡Ri gvbyl‡K Avi mivmwi ªe¨ wewbgq cÖ_vi Amyweavi m¤§yLxb

n‡Z nq bv| A_© wewbg‡qi gva¨g wnmv‡e we‡ewPZ nIqvq wewbgq Kvh©Kjvc A¯vfvweKfv‡e

†e‡o †M‡Q| A_© †fv³v‡K mvaviY µq¶gZv G‡b w`‡q‡Q, †µZvi ¯vaxbZv Abyhvqx `ªe¨ I

†mevmvgMÖx µ‡qi my‡hvM K‡i w`‡q‡Q A_©| GK K_vq, gvby‡li Afve †gUv‡bvi ¶gZvq A‡_©i

f‚wgKv Acwimxg|

A_© Drcv`K‡K Zvi Kg©cwiwa wba©vi‡Y A_©vr Drcv`b I weµqKi‡Yi KvR m¶g K‡i Zz‡j‡Q|

†µZvi Pvwn`v Abyhvqx (hv †µZvi e¨‡qi aib-avi‡Y cÖwZdwjZ nq) Drcv`K ªe¨ Drcv`b

K‡i _v‡K| A_©vr, A_©B Drcv`K‡K Drcv`‡bi aib-aviY w ’i Ki‡Z mvnvh¨ K‡i| GK K_vq,

Drcv`‡Ki Drcv`b wm×v‡šÍi g~‡j i‡q‡Q A_©| ¯í Drcv`‡bi DcKiY¸‡jvi wb‡qv‡Mi

e¨vcv‡iI Drcv`‡Ki Kv‡Q A‡_©i f‚wgKv h‡_ó| Avevi, Drcv`b e¨q I gybvdv wba©vi‡YI A_©

mvnvh¨ K‡i| cwi‡k‡l, A_© Drcv`K‡K AwZgvÎvq we‡klvqY I e„n`vqZ‡b Drcv`b Kvh©

m¤úv`‡b m¶g K‡i‡Q|

ª‡eï g~‡jï

gvcKvwV wnmv‡e A_©

eëüZ n‡j ywU

ª‡eï g~‡jï Zyjbv

Kiv hvq|

Drcv`‡Ki Drcv`b

wm×v‡š—i g~‡j

i‡q‡Q A_©|



A‡_©i eënv‡ii d‡jB Af¨šÍixY I AvšÍR©vwZK evwYR¨ ¯v”Q›`¨Zvi m‡½ m¤úbœ Kiv m¤¢eci

n‡q‡Q| A‡_©i cÖPj‡bi m‡½ ¯qsm¤ú~Y©Zv webó nq| A_© wewbg‡qi gva¨g wnmv‡e cÖPwjZ

nIqvq †`‡ki wewfbœ AÂ‡ji I wfbœ wfbœ †`‡ki Awaevmx‡ì m‡½ †hvMm~Î M‡o D‡V‡Q

mnRfv‡e| Kvh©Z, A‡_©i D™¢ve‡bi c‡iB Af¨šÍixY evwYR¨ AvšÍR©vwZK evwY‡Rï AvKvi wb‡Z

m¶g nq|

FY cwi‡kva I AwMÖg cvIbv †gUv‡bvi e¨vcv‡i A_© mvnvh¨ K‡i| kªwgK Zvi gRywi ª‡e¨vrcv`b

Ges Zvi ewµi Av‡MB †c‡q _v‡K A‡_©i AvKv‡i| A‡_©i gva¨‡g FYcÖ vb A‡bK mnRZi

KvR| Avevi, A‡_©i Aw ÍZ¡ mÂ‡q DrmvwnZ K‡i| mÂq Avevi g~jab MV‡b mnvqZv K‡i hv

A_©‰bwZK Dbœq‡bi g~j PvweKvwV e‡j g‡b Kiv nq| †h †Kv‡bv AvaywbK miKv‡ii AvqmsMÖn,

e¨qwbe©vn I Ab¨vb¨ Kvh©vejx `ª‡eï gva¨‡g m¤úvw`Z bv n‡q A‡_©i gva¨‡gB n‡q _v‡K| GK

K_vq, miKvwi Avq-e¨q I FY msµvšÍ cwiKíbvi †¶‡Î A‡_©i Ae`vb Kg bq|

myZivs Avgiv wbwðZfv‡e ej‡Z cvwi, †h eZ©gvb we‡klvqY I RwUj kªgwefv‡Mi hy‡M A_© n‡jv

me©v‡c¶v kw³kvjx I cÖ‡qvRbxq wewbg‡qi gva¨g| A‡_©i D™¢veb bv NU‡j AvaywbK mgv‡Ri

eZ©gvb Ae ’vi D™¢e NUZ bv, GK_v †Rvi w`‡qB ejv hvq| g‡b ivL‡Z n‡e †h, eZ©gv‡b A_©

wbQK wewbgq NUv‡bvi hš¿ bq|

A‡_©i HwZnvwmK Íimg~n

A_© †h K‡e Avwe®‹…Z n‡qwQj Zvi mgq wbwðZfv‡e ejv m¤¢e bq, hwÌ Gi Avwe®‹vi‡K gvbe

mf¨Zvi cÖ_g c`‡¶c wnmv‡e wPwýZ Kiv nq| A‡_©i D™¢ve‡bi BwZnv‡m Kíbvi Avkªq †bIqv

n‡jI b„ZvwË¡K M‡elYv D³ KvíwbKZv‡K KL‡bv KL‡bv mg_©b K‡i‡Q|

`ªe¨ A_©

cÖvPxb hy‡M we‡kl †Kv‡bv ªe¨‡K wewbg‡qi gva¨g wnmv‡e eënvi Kiv n‡Zv| Z‡e H ªe¨ A_©

wnmv‡e we‡kl GjvKvq mxgve× wQj| A_©vr GB mg¯Í `ªe¨ A‡_©i (commodity money) me©RbMÖvn¨Zv wQj bv| D`vniY¯iƒc, mgy`ªZUeZ©x GjvKvi †jv‡Kiv Kwo, kuvL BZ¨vw`‡K

wewbg‡qi gva¨g wnmv‡e ¯xK…wZ w`Z| Mevw` cï‡KI `xN©Kvj a‡i wewbg‡qi gva¨g wnmv‡e

eënvi Kiv n‡q‡Q| wewbg‡qi gva¨g wnmv‡e †h mg¯Í `ªe¨vw`‡K eënvi Kiv nZ †m¸‡jv‡K

Ô`ªe¨ A_©Õ AvL¨v †`qv nq| Z‡e, GB mg Í `ªe¨ ïay †h wewbg‡qB eëüZ n‡Zv Zv bq, G¸‡jvi

h‡_ó Dc‡hvwMZv wQj e‡j G‡ì cÖZ¨¶ Pvwn`vI wQj| Gme `ªe¨ gy`ªv wewbg‡qi mve©Rbxb

gva¨g wnmv‡e ¯xK…Z bv nIqvq mf¨Zvi cieZ©x av‡c wewfbœ avZz gy`ªv wnmv‡e eëüZ n‡Z

jvMj|

avZe gy`ªv

A_© D™¢‡ei BwZnvm ch©v‡jvPbv Ki‡j †`Lv hvq †h, hveZxq ªe¨ mgv‡R A_© wnmv‡e eëüZ

n‡q‡Q| wKš‘ A_© wnmv‡e g~jëvb avZzi eënvi me©v‡c¶v ¸iæZ¡c~Y©| DrK…ó A_© n‡Z †M‡j Zvi

†h ¸Yvejx _vKv cÖ‡qvRb [ †hgb g~‡jï w ’wZkxjZv, wefvR¨Zv, mn‡R †Pbvi †hvM¨Zv,

me©RbMÖvn¨Zv BZ¨vw`] g~jëvb avZzi (h_v- ¯Y©, †iŠc¨, Zvgª) H me ¸Yvejx _vKvq Zv `xN©Kvj

a‡i wewbg‡qi gva¨g wnmv‡e eëüZ n‡q AvmwQj| wKš‘ avZe gy`ªv eënv‡ii ywU we‡kl

Amyweav cÖKU n‡q D‡VwQj| cÖ_gZ, GBme avZzi ¸Yv¸Y I IRb wba©viY Kiv GKwU we‡kl

Kómva¨ KvR wQj| wØZxqZ, Aí cwigvY †jb‡`‡bi Rb¨ avZe gy ªv‡K †QvU †QvU As‡k wef³

A‡_©i D™¢ve‡bi

c‡iB Af¨šÍixY

evwYR¨ AvšÍR©vwZK

evwY‡Rï AvKvi

wb‡Z m¶g nq|



Kiv mnRZi wQj bv| ev¯ÍweK c‡¶ Zv Am¤¢eB wQj| Avevi eomo iK‡gi †jb‡`‡bi Rb¨

†`‡ki wewfbœ cÖv‡šÍ avZe gy`ªvi cwien‡b AmyweavI Kg wQj bv|

avZe gyy ªv `ªe¨gy`ªvi Zzjbvq DrK…ó n‡jI Dchy©³ Amyweav¸‡jvi Rb¨ e¨vcKfv‡e avZe gy`ªv

wewbg‡qi gva¨g wnmv‡e ¯xK…wZ cvqwb| Z_vwc wewfbœ mg‡q avZe gy`ªv cÖPwjZ wQj| A_©

D™¢‡ei cieZ©x ch©vq n‡jv UvKkv‡j gy`ªvi D™¢veb (coinage)| Z`vwbšÍb ivRviv h‡_vwPZ IRb

I ¸Ym¤úbœ wb‡R‡ì bvgvw¼Z gy`ªv eënvi Ki‡Zb| GB n‡jv UvKkv‡j A‡_©i D™¢veb|

KvMRx gy ªv

GiB wVK cieZ©x hy‡M ïiæ nq KvMRx gy`ªv| avZe gy`ªv nvwi‡q hvIqvi ev Pzwi nIqvi m¤¢vebv

†ewk _vKvq Ges G¸‡jvi ’vbvšÍiKi‡Y Amyweav _vKvq BI‡iv‡ci ewYK m¤úÖ v‡qi †jv‡Kiv I

mvaviY †jv‡Kiv ¯Y©Kv‡ii Kv‡Q H me g~jëvb avZz Mw”QZ ivLZ| wewbg‡q ¯Y©Kvi H e¨w³‡K

GKwU Ôiwm`Õ w`Z hv‡Z AvgvbZKvixi ¯Y©, †iŠ‡cï Rgvi cwigvY †jLv _vKZ| AvgvbZKvix

cÖ‡qvR‡b H iwm` †`wL‡q ¯Y© I †iŠc¨ evwo‡Z G‡b †jb‡`‡bi D‡Ï‡k¨ Zv Ab¨ we‡µZv‡K

w`Z| wKš‘ Gfv‡e A_© cÖ vb RwUj nIqvq Ges Kvjµ‡g H ¯Y©Kvi Ôwek¦vmÕ m„wó Ki‡Z cvivq

AvgvbZKvixiv H iwm` †`wL‡qB †jb‡`b ev wewbgq KvR †m‡i †djZ| Gfv‡e g~jëvb avZzi

cwie‡Z© GKUzK‡iv KvMR mgv‡R †jb‡`‡bi KvR mym¤úbœ KiZ| Gfv‡e D™¢e n‡jv KvMRx

gy ªvi| Ebwesk kZvãx‡Z KvMRx gy`ªv cÖPj‡bi `vwqZ¡ Zz‡j †Ìqv nq evwYwR¨K e¨vs‡Ki nv‡Z|

eZ©gv‡b KvMRx gy ªv cÖPj‡bi GK‡PwUqv ¶gZv †K›`ªxq e¨vs‡Ki nv‡Z b¨¯Í|

FYwfwËK A_©

eZ©gvb we‡k¦ bM` †jb‡`‡bi Zzjbvq FYwfwËK †jb‡`b AwaKZi ¸iæZ¡c~Y©| eZ©gv‡b FYwfwËK

A_© ev e¨vsK A_© (†hgb- †PK, WªvdU BZ¨vw`) †jb‡`b Kv‡R e¨vcKfv‡e eëüZ n‡”Q| FY

e¨ZxZ eZ©gvb A_©bxwZ Kíbv Kiv hvq bv| †`‡ki Af¨šÍ‡i I we‡`‡ki m‡½ †h †jb‡`b nq Zv

AwaKvskB FbwfwËK †jb‡`b| A_©‰bwZK Kvh©Kjvc hZB we Í…Z n‡Z _v‡K, A‡_©i

cÖ‡qvRbxqZv ZZB Zxeª nq| Avi FYwfwËK A_© (credit money) ev e¨vsK Øviv m„ó A_©

cÖPj‡bi m‡½ m‡½ †jb‡`b n‡q †M‡Q A‡bK mnR I myweavRbK| †jb‡`‡bi D‡Ï‡k¨ jvL

jvL, †KvwU †KvwU UvKv eënv‡ii cÖ‡qvRb †bB| cwie‡Z© †PK ev e¨vsK WªvdU we‡k¦i †h †Kv‡bv

cÖv‡šÍ mn‡RB ¯’vbvšÍwiZ Kiv hvq| myZivs FYwfwËK A_© ev FYcÎ KvMRx gy`ªvi Zzjbvq A‡bK

†ewk DrK…ó ev Dc‡hvMx|

Ebwesk kZvãx‡Z

KvMRx gy ªv cÖPj‡bi

`vwqZ¡ Zz‡j †Ìqv

nq evwYwR¨K e¨vs‡Ki

nv‡Z| eZ©gv‡b

KvMRx gy ªv cÖPj‡bi

GK‡PwUqv ¶gZv

†K› ªxq e¨vs‡Ki nv‡Z

b¨ Í|

FYwfwËK A_© ev

FYcÎ KvMRx gy ªvi

Zzjbvq A‡bK †ewk

DrK…ó ev Dc‡hvMx|

A‡_©i PviwU mbvZbx Kvh©vejx Av‡Q| G¸‡jv n‡”Q : wewbg‡qi gva¨g, wnmv‡ei GKK, g~‡jï cwigvcK

I e‡Kqv cwi‡kv‡ai wfwË| hveZxq A_©‰bwZK Kvh©ejxi g~j †K›`ªwe›`y n‡jv A_©|

mvims‡¶c




ˆbe© w³K cÖkœ


1. AvaywbK hy‡M wewbg‡qi gva¨g wnmv‡e A‡_©i cvkvcvwk eÛ, ÷K BZ¨vw` e¨eüZ nq|

mZ¨/wg_¨v

2. A‡_©i D™¢ve‡bi Av‡MB Af¨šÍixY evwYR¨ AvšÍR©vwZK evwY‡R¨i AvKvi wb‡q‡Q| mZ¨/wg_¨v

3. FYwfwËK A_© ev FYcÎ KvMRx gy`ªvi Zzjbvq AwaKZi DrK…ó| mZ¨/wg_¨v

msw¶ß cÖkœ

1. A_© wewbgq gva¨g wn‡m‡e wKfv‡e KvR K‡i?

2. FYwfwËK A_© wK?

iPbvg~jK cÖkœ

1. A‡_©i ¸iæZ¡mn Gi Kvh©vejx Av‡jvPbv Kiæb|

2. A‡_©i HwZnvwmK Íimg~n we‡kølY Kiæb|


1. mZ¨ 2. wg_¨v 3. mZ¨



A‡_©i cwigvY ZË¡


A‡_©i cwigvY Z‡Ë¡i fvl¨

A‡_©i cwigvY Z‡Ë¡i mgv‡jvPbv

A‡_©i GKwU GK‡Ki (†hgb, UvKv, cvDÛ) wewbg‡q †h cwigvY `ªe¨ I †mevmvgMÖx cvIqv hvq,

Zv‡K A‡_©i g~j¨ e‡j| GK K_vq, A‡_©i g~j¨ ej‡Z A‡_©i mvaviY µq¶gZv‡K †evSvq| GK

GKK A‡_©i wewbg‡q hw` †ewk cwigv‡Y ªe¨ I †mevmvgMÖx †Kbv hvq Zvn‡j eyS‡Z n‡e A‡_©i

µq¶gZv †ewk| myZivs A‡_©i µq¶gZv ev A‡_©i g~j¨ `vg¯Í‡ii mv‡_ m¤úK©hy³| †`‡k

`vg Íi †ewk n‡j Kg cwigv‡Y ªe¨mvgMÖx †Kbv hvq| Aciw`‡K, Kg `vg Í‡i †ewk cwigvY

`ªe¨mvgMÖx †Kbv hvq| AZGe, ªe¨mvgMÖxi `vg ÍiB A‡_©i g~j¨ ev µq¶gZvi Bw½Z †`q Ges

`vg Í‡ii mv‡_ A‡_©i g~‡jï m¤úK© wecixZ| GB A‡_© A‡_©i g~‡jï aviYv GKwU ÔAv‡cw¶KÕ

aviYv gvÎ| A‡_©i g~j¨ I `vg Í‡ii wecixZgyLx m¤úK© wb¤œ wjwLZfv‡e cÖKvk Kiv hvq-

P=1

VM Ges VM=1P

†hLv‡b P= `vg¯Íi Ges VM= A‡_©i g~j¨

`vg Í‡ii cwieZ©‡bi mv‡_ mv‡_ A‡_©i g~‡jï cwieZ©b N‡U| `vg Íi †e‡o †M‡j A‡_©i g~j¨

K‡g| A_©vr, GK GKK A‡_©i wewbg‡q Kg cwigv‡Y ªe¨mvgMÖx †Kbv hvq| Avevi, `vg Íi K‡g

†M‡j A‡_©i g~j¨ ev‡o| A_©vr, GK GKK A‡_©i wewbg‡q eZ©gv‡b †ewk cwigv‡Y ªe¨mvgMÖx

†Kbv hvq| AZGe, A‡_©i g~‡jï cwieZ©b Rbmvavi‡Yi A_©bxwZ‡Z GK ai‡bi Aw ’iZv †`Lv

†`q| A‡_©i g~‡jï †Kb cwieZ©b †`Lv †`q ev †Kvb& wel‡qi Øviv A‡_©i g~j¨ wba©vwiZ nq Zvi

e¨vL¨v cvIqv hvq A‡_©i cwigvb Z‡Ë¡|

wKfv‡e mvaviY `vg Íi wba©vwiZ nq ev mvaviY `vg Í‡i IVvbvgv †Kb nq Zvi e¨vL¨v K¬vwmK¨vj

A‡_©i cwigvY Z‡Ë¡ †g‡j| G¨vWvg w¯§_ †_‡K ïiæ K‡i Avj‡d«W gvk©vj [1920-i `kK Aewa]

ch©šÍ cÖwZwU K¬vwmK¨vj A_©bxwZwe` mvgwMÖK e¨q ev mvgwMÖK Pvwn`v I `vg Í‡ii g‡a¨ m¤úK©

†`Lv‡Z wM‡q A_©‡KB gyL¨ f‚wgKv †`b| Gu‡ì g‡Z-

A‡_©i †hvMv‡bi ev cwigv‡Yi Ici A‡_©i g~j¨ wecixZfv‡e wbf©ikxj| A_ev, `vg Íi I A‡_©i

cwigv‡Yi g‡a¨ m¤úK© cÖZ¨¶| †`‡k A‡_©i cwigvY wØ¸Y n‡j `vg ÍiI wØ¸Y n‡e| Avevi

A‡_©i cwigvY K‡g A‡a©K n‡j g~j¨ ÍiI K‡g A‡a©K n‡e| GwUB A‡_©i cwigvY Z‡Ë¡i g~jK_v|

GB ZË¡wU 1586 mv‡j me©cÖ_g cÖPvwiZ n‡jI 1911 mv‡ji gvwK©b A_©bxwZwe` Aviwfs

wdkv‡ii nv‡Z c~Y©Zv jvf K‡i| wKQyKvj c‡i Bsj¨v‡Ûi †KgweªR wek¦we`¨vj‡qi K‡qKRb

cÖw_Zhkv A_©bxwZwe` wdkv‡ii A‡_©i cwigvY Z‡Ë¡i wfbœZi e¨vL¨v †`b| Aek¨ g~j e³‡eï

†Kv‡bv cwieZ©b Kiv nqwb|

AbywgZ kZ©vejx

A‡_©i cwigvYZË¡ `ywU kZ©vejxi Ici cÖwZwôZ| cÖ_gZ, †`‡k Pvwn`v I †hvMv‡bi mvgwMÖK

fvimvg¨ †_‡K Ô†mÕ-Gi wewai [Say's law : "Supply creates its own demand"- Ò†hvMvb wb‡Ri

cvV 3

ªe¨mvgMÖxi `vg ÍiB

A‡_©i g~j¨ ev

µq¶gZvi Bw½Z

†`q Ges `vg Í‡ii

mv‡_ A‡_©i g~‡jï

m¤úK© wecixZ|

A‡_©i †hvMv‡bi ev

cwigv‡Yi Ici

A‡_©i g~j¨

wecixZfv‡e

wbf©ikxj|



Pvwn`v wb‡RB m„wó K‡iÓ] Rb¨| wØZxqZ, †`‡k c~Y© wb‡qvM _v‡K| ZvB Drcv`‡bi †Kv‡bv

DcKiY AeëüZ ev Ajm n‡q c‡o _v‡K bv|

A‡_©i cwigvY Z‡Ë¡i fvl¨

A‡_©i cwigvY Z‡Ë¡i mg_©K‡ì g‡Z Ab¨vb¨ `ª‡eï g‡Zv A‡_©i g~j¨ Zvi Pvwn`v I †hvMv‡bi

Ici wbf©i K‡i| A‡_©i g~j¨ wba©vi‡Y A‡_©i cwigvY Z‡Ë¡i fvl¨ n‡”Q : bM` †jb‡`b (cash

transaction version) ev wdkv‡ii fvl¨| A‡_©i Pvwn`v I †hvMv‡bi Ici A‡_©i g~j wbf©i K‡i|

A‡_©i Pvwn`vi K_v ej‡Z wM‡q wdkvi A‡_©i cÖv_wgK Kv‡Ri wewbg‡qi gva¨‡gi IciB †Rvi

†`b| A‡_©i Pvwn`vi m„wó nq A‡_©i mv‡_ wewbgq‡hvM¨ ªe¨ I †mevmvgMÖxi cwigvY †_‡K|

ˆ`bw›`b †jb‡`‡bi D‡Ï‡k¨ A‡_©i Pvwn`v †`Lv †`q| †`‡k bM` A‡_©i †gvU Pvwn`v n‡jv

weµq‡hvM¨ hveZxq `ªe¨mvgMÖx (T) Ges Zv‡ì `v‡gi ¸Ydj (P)| A_©vr, A‡_©i †gvU Pvwn`v

=PT| A‡_©i †hvMvb ej‡Z †Kv‡bv GKwU wbw ©ó gyn~‡Z© †`‡k †gvU A‡_©i cwigvY‡K †evSvq|

wKš‘, A‡_©i †hvMvb Gi cÖPjb †e‡Mi (velocity of circulation) IciI wbf©ikxj| GKwU wbw ©ó

mg‡q GK GKK A_© KZevi n ÍvšÍwiZ nq Zv‡K A‡_©i cÖPjb †eM e‡j| GKwU 10 UvKvi †bvU

hw` cuvPevi nvZe`j [GwUB A‡_©i cÖPjb †eM] K‡i Zvn‡j H †bvUwU 50 UvKv g~‡jï

`ªe¨mvgMÖx wKb‡Z cv‡i| A‡_©i cwigvY‡K (M) Zvi cÖPjb †eM (V) wM‡q ¸Y Ki‡j †`‡k †gvU

A‡_©i †hvMvb KZ Zv Rvbv hvq| A_©vr, A‡_©i †gvU †hvMvb = MV

GB Z‡Ë¡ ejv nq †h A_© eë¯’vq †gvU Avw_©K e¨q memgq weµq‡hvM¨ hveZxq ªe¨mvgMªxi †gvU

g~‡jï m‡½ Awfbœfv‡e mgvb (identically equal) nq| A_©vr,

MV=piqi=PT............................... (1) Avgiv Av‡MB M, V, P Ges T ej‡Z wK †evSvq Zv e¨vL¨v K‡iwQ| 1 bs mgxKi‡Yi (wmMgv

wPý) n‡jv mgwó wbY©‡qi wPý, pi n‡jv cÖwZwU ¯Zš¿ ª‡eï `vg¯Íi Ges qi n‡jv cÖwZwU ¯Zš¿

weµq‡hvM¨ `ª‡eï cwigvY| wdkvi g‡b Ki‡Zb †h ¯íKv‡j cÖvwZôvwbK êwk‡óï [h_v, A_©vw`

ev †eZb cÖ v‡bi mgq (payment period)] Rb¨ A‡_©i cÖPjb †eM AcwiewZ©Z _v‡K| Avevi,

A_©eë¯’vq †h‡nZz me mg‡qB c~Y© wb‡qv‡Mi Ae ’v weivR K‡i †m‡nZz T-I w ’i _v‡K| V Ges

T-Gi w ’iZv †evSv‡bvi Rb¨ 2 bs mgxKi‡Y V Ges T gv_vq evi wPý emv‡bv n‡q‡Q| A_©vr 1

bs mgxKiYwU‡K wb¤œwjwLZfv‡e cÖKvk Kiv hvq-

MV- =PT- ................................. (2)

A_ev, P=V-

T- M ........................... (3)

A‡_©i †hvMv‡bi Ici `vg Í‡ii wbf©ikxjZv 3 bs mgxKiYwU‡Z †`Lv‡bv n‡q‡Q|

A‡_©i †hvMvb miKvi ev †K›`ªxq e¨vsK KZ©„K wbqwš¿Z n‡j `vg¯Íi wba©vi‡Yi ZË¡ cvIqv hvq|

GB ZË¡ e‡j †h `vg¯Íi A‡_©i †hvMv‡bi mgvbycvwZK nq| Ab¨fv‡e ej‡Z †M‡j ejv nq †h

K¬vwmK¨vj Z‡Ë¡ A_© wbi‡c¶ (neutral)| Gi A_© n‡jv †h A‡_©i †hvMv‡bi cwieZ©b ïaygvÎ

Avw_©K `vg Í‡iiB (absolute price level) cwieZ©b Av‡b| A‡_©i †hvMv‡bi cwieZ©b cÖK…Z

(relative) `vg Í‡ii Ici †Kv‡bv cÖfve we Ívi K‡i bv| A‡_©i cwigvY evo‡j †gvU Avq, wb‡qvM

¯Íi, my‡ì nvi BZ¨vw` ev¯Íe ev cÖK…Z welq¸‡jv AcwiewZ©Z _v‡K|

1 Ges 2 bs mgxKi‡Y M ej‡Z miKvi ev †K› ªxq e¨vsK cÖPwjZ KvMRx I avZe gy`ªv‡KB (ev

bM` UvKvKwo) †evSv‡bv n‡q‡Q| AvaywbK FYwfwËK mgv‡R bM` A_© QvovI e¨vsK AvgvbZ

A‡_©i cwigvY evo‡j

†gvU Avq, wb‡qvM

Íi, my‡ì nvi

BZ¨vw` ev¯—e ev

cÖK…Z welq¸‡jv

AcwiewZ©Z _v‡K|

A‡_©i †hvMvb ej‡Z

†Kv‡bv GKwU wbw ©ó

gyn~‡Z© †`‡k †gvU

A‡_©i cwigvY‡K

†evSvq|

†`‡k bM` A‡_©i

†gvU Pvwn`v n‡jv

weµq‡hvM¨ hveZxq

ªe¨mvgMÖx (T) Ges

Zv‡ì `v‡gi ¸Ydj

(P)|



wewbg‡qi gva¨g wnmv‡e KvR K‡i| GLb e¨vsK AvgvbZ‡K M Ges Gi cÖPjb †eM‡K V Øviv

wPwýZ Ki‡j 2 bs mgxKi‡Yi wb¤œwjwLZ iƒc cvIqv hvq-

MV+M'V'=PT ......................... (3) A_ev, P=

MV+M'VT

wdkvi g‡b K‡ib †h Ab¨vb¨ Ae¯’v AcwiewZ©Z _vK‡j A_©vr hw` V, V, T Ges M I M Gi

AbycvZ w ’i _v‡K, Zvn‡j M I M †h nv‡i evo‡e Avw_©K `vg¯ÍiI †mB nv‡i evo‡e|

mgv‡jvPbv

A‡_©i cwigvY Z‡Ë¡i eûwea mgv‡jvPbv Kiv n‡q‡Q| cÖ_gZ, GB ZË¡ GKgvÎ c~Y© wb‡qv‡Mi

¯Í‡iB Kvh©Kix nq| †`‡k c~Y© wb‡qvM _vK‡j Ges V, V, T Ges M I M-Gi Abycv‡Z †Kv‡bv

cwieZ©b bv n‡jI ïay M I M Gi cwieZ©‡b P-Gi cwieZ©b nq| Avgiv Rvwb †h c~Y©

wb‡qv‡Mi Ae ’vq T AcwiewZ©Z _v‡K| GB Ae ’v‡Z M (A_ev, M I M) evov‡bv n‡jI T ev‡o bv| AZGe M evo‡j P Aek¨B evo‡e Ges Zv M-Gi mgvbycvwZK nv‡i evo‡e| wKš‘

†KBbm e‡jb †h A_©eë¯’vq c~Y© wb‡qv‡Mi Ae ’v GKwU A¯vfvweK NUbv| ¯vfvweK Ae ’v n‡jv

Ac~Y© wb‡qv‡Mi Ae¯’v| Ac~Y© wb‡qv‡Mi Í‡i A‡_©i cwigvY e„w× Kg©wb‡qvM evwo‡q ªe¨mvgwMÖi

Drcv`b evwo‡q †`q| A_©vr, †`k hLb c~Y© wb‡qv‡Mi Í‡ii wb‡P _v‡K ZLb M evo‡j T ev‡o,

wKš‘ P ev‡o bv| ZvB ejv nq †h Ac~Y© wb‡qv‡Mi Ae ’vq A‡_©i cwigvY Z‡Ë¡i e³e¨ A‡K‡Rv

n‡q c‡o| Avevi, Ac~Y© wb‡qv‡Mi Ae ’vq M †h nv‡i ev‡o †m nv‡i hw` T ev‡o Zvn‡j P w ’i

_vK‡e| M-Gi nv‡ii e„w×i Zzjbvq hw` T-Gi e„w×i nvi †ewk nq Zvn‡j P-Gi e„w×i nvi Kg

n‡e| myZivs G‡¶‡ÎI wdkvixq hyw³ (P-Gi e„w×i nvi M-Gi e„w×i nv‡ii mgvbycvwZK nq)

mwVK e‡j cÖgvwbZ n‡jv bv|

wØZxqZ, Pjgvb A_©eë¯’vq V, V, T BZ¨vw` w ’i _v‡K bv| A‡_©i cwigv‡Y n«vm-e„w×i m‡½

m‡½ A‡_©i cÖPjb †e‡Mi cwieZ©b nIqvUvB ¯vfvweK| Av‡MB ejv n‡q‡Q †h Ac~Y© wb‡qv‡Mi

Rb¨ A_©eë¯’vq T KL‡bv w ’i _v‡K bv| GgZve ’vq, A‡_©i cwigv‡Yi †Kv‡bv cwieZ©b bv nIqv

m‡Ë¡I V, V A_ev T-Gi cwieZ©‡b `vg Í‡ii cwieZ©b N‡U| GB A‡_© GB mgxKi‡Yi cÖwZwU

Dcv`vb G‡K Ac‡ii Ici wbf©ikxj bq e‡j g‡b Kiv wVK bq|

Z…ZxqZ, wdkvixq wewbgq mgxKiYwU GKwU A‡f` (identity) gvÎ| Gi A_© n‡jv MV I PT

me mgq mgvb| MV I PT me mgq mgvb n‡j GB mgZvi mvnv‡h¨ `vg¯Íi wba©viY Kiv hvq

bv|

PZz_©Z, K¬vwmK¨vj Z‡Ë¡ `vg Íi I A‡_©i cwigv‡Yi g‡a¨ †h m¤úK© †`Lv‡bv n‡q‡Q Zv n‡jv

cÖZ¨¶ I mgvbycvwZK| mgv‡jvPbv K‡i ejv nq †h G‡ì g‡a¨ m¤úK© cÖZ¨¶I bq| wdkvi

A‡_©i †hvMv‡bi g‡a¨ evwYwR¨K e¨vsK m„ó Fb A_©‡K we‡ePbv Ki‡jI Fbiƒcx A‡_©i m‡½ †h

my‡ì nv‡ii m¤úK© Av‡Q Zv wZwb Av‡jvPbv K‡ibwb| Avevi, A‡_©i cwigv‡Yi cwieZ©b cÖ_‡gB

my‡ì nvi‡K `vg Íi‡K bq cÖfvweZ K‡i Ges †gvU Drcv`b I `vg Íi my‡ì nv‡ii Øviv

cÖfvweZ nq| `vg Í‡ii cwieZ©‡bi cÖwµqvwU n‡jv wb¤œiæc-

A‡_©i cwigv‡Yi cwieZ©bmy‡ì nv‡ii cwieZ©bwewb‡qv‡Mi cwieZ©bDrcv`b, wb‡qvM

I Avq¯Í‡ii cwieZ©b`vg¯Í‡ii cwieZ©b|

Ac~Y© wb‡qv‡Mi

Ae ’vq A‡_©i

cwigvY Z‡Ë¡i e³e¨

A‡K‡Rv n‡q c‡o|

Pjgvb A_©eë ’vq V,

V, T BZ¨vw` w ’i

_v‡K bv|



cÂgZ, †KBb‡mi g‡Z `vg Íi Avq Í‡ii Øviv wba©vwiZ nq- A‡_©i cwigvY Øviv bq| Zuvi g‡Z

Avq Íi e„w×i A_©B n‡jv Kvh©Kix Pvwn`vi e„w×| c~Y© wb‡qv‡Mi ¯Í‡i †cuŠQv‡bvi ci A_© eë¯’vq

Kvh©Kix Pvwn`v †e‡o †M‡j `vg ÍiI e„w× cvq| myZivs `vg Íi wba©vi‡Y A‡_©i †hvMvb‡K GKgvÎ

kw³ e‡j g‡b Kiv fzj| `vg Íi wba©vi‡Y Avq, e¨q, mÂq, wewb‡qvM BZ¨vw` Dcv`vb¸‡jvi

¸iæZ¡ †Kv‡bv As‡k Kg bq|

cwi‡k‡l, ev Í‡e A‡_©i cwigv‡Yi e„w× QvovB `vg Í‡ii e„w× N‡U| †hgb, hy×, Drcv`bx e¨qe„w×

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†jb‡`b Ges mveavbZv Aej¤‡bi Kvi‡Y A‡_©i †h Pvwn`v, y‡UvB A‡_©i wewbgq gva¨g Kv‡Ri

K_v g‡b Kwi‡q †`q| wewbgq gva¨g wn‡m‡e A‡_©i MÖnY‡hvM¨ZvB Pvwn`vi ZviZ‡gï m„wó

K‡i| Z‡e g~‡jï cwigvcK wn‡m‡eI UvKvi f‚wgKv mgvb ¸iæZ¡c~Y©| hvi cÖfve Avgiv †Kv‡bv

e¨w³i †cvU©‡dvwjI‡Z †`L‡Z cvB| gvbyl ev †Kv‡bv e¨w³ wb‡Ri m¤ú`¸‡jv †hfv‡e aviY K‡i

ZvB Zvi †cvU©‡dvwjI| A‡b‡K aviYv Ki‡Z cv‡i †h gvbyl m‡e©v”P cÖvwß Abymv‡i †cvU©‡dvwjI

MVb Ki‡e| wKš‘, cÖvwßi AwbðqZvi Kvi‡Y †Kv‡bv GKwU m¤ú` w`‡q †cvU©‡dvwjI ˆZwi

SzuwKc~Y©| †Kv‡bv wbw`©ó †kqv‡ii g~j¨ eQ‡i wØ¸Y n‡j m¤ú‡ì cwigvY evo‡e| wKš‘ wØ¸Y

cwigv‡Y K‡g †M‡j ZLb wK n‡e? GRb¨B †Kv‡bv my¯’ gw Í‡®‹i gvbyl Zvi hveZxq Avq †Kv‡bv

wbw ©ó GKwU m¤ú‡ì Ici wewb‡qvM K‡i bv| h‡ZvLvwb m¤¢e SzuwK Kgv‡Z †m wewfbœ ai‡bi

m¤ú` µq K‡i|

†kqvi ev e‡Ûi g‡Zv AwbðqZvc~Y© m¤ú‡ì †P‡q gvbyl A_©‡K m¤ú` wn‡m‡e MÖnY Ki‡Z

AvMÖnx| KviY A‡_©i wee„Z ev eZ©gvb evRvig~j¨ wbY©‡q AwbðqZv Kg| gvbyl ZvB A_© a‡i

ivL‡Z ¯v”Q›`¨‡eva K‡i| Uweb Zvi ÔwjwKDwWwU †cÖdv‡iÝ A¨vR we‡nwfqvi UzqvW© wi¯‹Õ †jLvq

GB e¨vcviwUi e¨vLv w`‡q‡Qb| Zvi g‡Z, A‡_©i Pvwn`v wbf©i K‡i cÖZ¨vwkZ Bì (Avq) Ges

A_© mv‡c‡¶ Ab¨vb¨ m¤ú‡ì SzuwKi cwigv‡Yi Ici| GB SzuwKi cwigvY m¤ú`¸‡jvi Av‡qi

ZviZg¨ w`‡q cwigvc Kiv nq| Uweb †`wL‡q‡Qb, Ab¨vb¨ m¤ú‡ì Av‡qi cwigvc e„w× A_© a‡i

ivLvi LiP e„w× †c‡j A‡_©i Pvwn`v n«vm cvq| Ab¨fv‡e, Ab¨vb¨ m¤ú‡ì Av‡qi SzuwK evo‡j

A‡_©i Pvwn`v e„w× N‡U| GB SzuwK Kgv‡bvi Rb¨B wewb‡qvMKvixiv ¯í SzuwK ev SzuwKnxb m¤ú`

†LuvR K‡i| Ab¨vb¨ †kqv‡ii g‡Zv mÂq wnmve ev PjwZ wnmv‡eI mgvb SzuwK Av‡Q| hwÌ

†Kv‡bv †Kv‡bv †¶‡Î G¸‡jv‡Z cÖvwßi gvÎv †ewk|

fwel¨‡Zi m¤¢vebvi K_v †f‡e A‡_©i Pvwn`vi ZviZ‡gï Ae¯’vi Kvi‡Yi m‡½ †jb‡`b I

mveavbZvi D‡Ï‡kï wgj i‡q‡Q| my‡ì nv‡ii e„w×i Rb¨ `xN© mg‡qi eÛ Bì e„w× cv‡e| d‡j

A‡_©i M2 As‡ki Pvwn`v K‡g hv‡e| mÂq wnmv‡ei wewb‡qvM cÖvwßi nvi e„w× cv‡e| d‡j

†jv‡Kiv A_© (M1)-Gi e`‡j mÂq wnmv‡e wewb‡qvM K‡i †cvU©‡dvwjIi cÖvwßi e„w× NUv‡e|

Z‡e †Kv‡bv †Kv‡bv wewb‡qvMKvix (e„nr cÖwZôvb, eëmvwqK Uªv÷, e¨vsK BZ¨vw`) ïay mÂq

wn‡m‡e bq SzuwKgy³ D”P my`hy³ m¤úÌ µq K‡i| †UªRvwi wej ev wmwW (mvwU©wd‡KU Ad

wW‡cvwRU) Ggb m¤ú`|

my‡ì Avq h‡Zv

Kg‡e mveavbZv

Aej¤b †nZz LiP

Z‡Zv evo‡e|

†kqvi ev e‡Ûi g‡Zv

AwbðqZvc~Y©

m¤ú‡ì †P‡q gvbyl

A_©‡K m¤ú` wn‡m‡e

MÖnY Ki‡Z AvMÖnx|




ˆbe© w³K cÖkœ

(mwVK DËiwUi wPwýZ Kiæb)

1. A_© AwaKZi Zij m¤úwË (liquid asset)| mZ¨/wg_¨v

2. †jb‡`‡bi D‡Ï‡k¨ M2 RwoZ| mZ¨/wg_¨v

3. A_© cÖvwßi mgq h‡Zv `xN© nq A_© a‡i ivLvi cwigvY Z‡Zv K‡g| mZ¨/wg_¨v

4. my‡`i nv‡ii e„w×i Rb¨ M2 As‡ki Pvwn`v †e‡o hv‡e| mZ¨/wg_¨v

msw¶ß cÖkœ

1. †jb‡`‡bi D‡Ï‡k¨ A‡_©i Pvwn`v wK?

2. mveavbZv Aej¤‡b wKfv‡e A‡_©i Pvwn`v m„wó nq?

1. fwel¨‡Zi K_v wPšÍv K‡i wK A‡_©i Pvwn`v nq?

iPbvg~jK cÖkœ

1. A‡_©i Pvwn`v ZË¡ Av‡jvPbv Kiæb|


1. mZ¨ 2. wg_¨v 3. wg_¨v 4. wg_¨v

jW© †KB‡Ýi g‡Z, wZbwU Kvi‡Y A‡_©i Pvwn`v i‡q‡Q| K. †jb‡`b D‡Ïk¨, L. mveavbZv Aej¤‡b, M.

fwel¨r †f‡e| GB wZbwU Kvi‡Yi ev D‡Ï‡k¨i mw¤§wjZ Pvwn`vB gvby‡li A‡_©i cÖK…Z Pvwn`v|

mvims‡¶c



gy ªvùxwZ, gRywi I †eKviZ¡

Inflation, Wage and Unemployment

hLb Drcv`b e„w×i Zzjbvq `ªe¨g~j¨ e„w× µgvMZ e„w× cvq, A_©vr A‡_©i g~j¨ µgvMZ n«vm †c‡Z _v‡K, †mB

Ae¯’v‡K A_©bxwZ‡Z gy`ªvùxwZ ejv nq| gy`ªvùxwZ A_©bxwZi GKwU ¸iæZ¡c~Y© welq| Avevi wdwjcm †iLv

†eKvi‡Z¡i nv‡ii m‡½ gRywi e„w×i nvi I gy`ªvùxwZi nv‡ii m¤úK© cÖKvk K‡i| G BDwb‡Ui wZbwU cv‡V

gy ªvùxwZ, wdwjc&m †iLv Ges g~j¨ I gRywii eÜb m¤‡Ü Av‡jvPbv Kiv n‡q‡Q|


cvV-1 : gy ªvùxwZ

cvV-2 : wdwjcm †iLv

cvV-3 : g~j¨ I gRywii eÜb

10



gy`ªvùxwZ


gy ªvùxwZi msÁv

gy ªvùxwZi KviYmg~n

gy ªvùxwZRwbZ Ae¯’v

gy ªvùxwZi cÖKvi‡f`

gy ªvùxwZi msÁv wewfbœ A_©bxwZwe` wewfbœfv‡e cÖ vb K‡i‡Qb| e¯‘Z, `v‡gi µgvMZ e„w×B

n‡jv gy`ªvùxwZ| gy`ªvùxwZi A_© `vg †ewk _vKv bq, eis `v‡gi e„w× Ae¨vnZ _vKv‡KB

gy ªvùxwZ †evSvq| gy`ªvùxwZ‡K wbw ©ó mg‡qi †cÖw¶‡Z we‡kølY Kiv KwVb| eis GwU n‡jv

MwZkxj we‡kølY| GK eQ‡ii †cÖw¶‡Z gy ªvùxwZ‡K we‡kølY bv K‡i `xN© mg‡qi †cÖw¶‡Z `v‡gi

Trend line-Gi †cÖw¶‡Z gy ªvùxwZ‡K we‡kølY Kiv nq| gy`ªvùxwZ cwigv‡c †fv³vi g~j¨ m~PK

Drcv`‡Ki ev cvBKvwi g~j¨ m~PK Ges GNP Deflator †K eënvi Kiv nq|

gy ªvùxwZ ej‡Z †Kv‡bv GK- ywU c‡Yï g~j¨ e„w×‡K †evSvq bv| eis mvgwMÖK A_©bxwZi mKj

c‡Yï Mo g~j¨ e„w×‡K †evSvq| RbM‡Yi e¨‡qi †ewki fvM Ask †hme c‡Yï Rb¨ e¨q nq

†mme c‡Yï g~j¨ evo‡j gy`ªvùxwZ n‡eB| †hgb evwo fvov, Lv`¨`ªe¨, R¡vjvwb| Gme cY¨ I

†mevi g~j¨ evo‡j gy`ªvùxwZ `ªæZ Z¡ivwšZ nq|

cÖ‡dmi Gardner Ackley- Gi g‡Z, Ô`v‡gi e„w× Ae ’v‡K Avgiv gy`ªvùxwZ ej‡Z cvwi, D”P

`vg‡K bq| Ab¨ aviYvq gy`ªvùxwZ n‡jv GKwU Afvimvg¨ Ae¯’v| GwU‡K MwZkxjfv‡e we‡kølY

Kiv cÖ‡qvRb, w ’wZkxjfv‡e bq|

cÖ‡dmi Samuelson- Gi g‡Z, Ôgy`ªvùxwZ ej‡Z Avgiv ey‡S _vwK hLb `ªe¨ I Drcv`‡bi

Dcv`vb `vg mvwe©Kfv‡e evo‡Z _v‡K- iæwU, Mvwo, PzjKvUvi `vg evo‡Z _v‡K; gRywi, LvRbv

BZ¨vwì `vg evo‡Z _v‡K|Õ

Harry Johnson- Gi g‡Z, Ôw ’wZkxj `vg e„w×‡K gy`ªvùxwZ †evSvq|Õ

Poigou- Gi g‡Z, ÔhLb Drcv`b Kv‡h©i m¤úÖmvi‡Yi †P‡q Avw_©K Av‡qi m¤úÖmviY †ewk nq

ZLb gy`ªvùxwZ †`Lv †`q|Õ

J.M. Keynes- Gi g‡Z, Ôc~Y© wb‡qvM AwR©Z nIqvi ci mvgwMÖK Pvwn`v evo‡j `vg¯Íi ev‡oÕ-

GwUB cÖK…Zc‡¶ gy`ªvùxwZ| c~Y© wb‡qv‡Mi c~‡e©I hw` gy`ªvùxwZ m„wó nq Zv n‡e Bottleneck

inflation|

Milton Friedman- Gi g‡Z, Ôgy`ªvùxwZ me mgq Ges me©ÎB Avw_©K e¨vcvi| Drcv`‡bi †P‡q

†ewk nv‡i A‡_©i †hvMvb evo‡jB GwU m„wó nq|Õ

Ic‡ii msÁvmg~n †_‡K G wm×v‡šÍ Avmv hvq, gy`ªvùxwZ wewfbœ Kvi‡Y m„wó nq| Z‡e gy`ªvùxwZ

n‡jv A_©bxwZi GKwU Ae ’v, hLb `vg¯Íi µgvš‡q evo‡Z _v‡K| mvgwqK `vg Íi e„w×‡K

gy ªvùxwZ ejv hv‡e bv| KviY GKB eQ‡i evRvi g~‡jï IVv-bvgv n‡eB| ZvB GKevi `v‡gi

cvV-1

gy ªvùxwZi A_© `vg

†ewk _vKv bq, eis

`v‡gi e„w× Ae¨vnZ

_vKv‡KB gy ªvùxwZ

†evSvq|

mvgwqK `vg¯—i

e„w×‡K gy ªvùxwZ ejv

hv‡e bv| KviY GKB

eQ‡i evRvi g~‡jï

IVv-bvgv n‡eB| ZvB

GKevi `v‡gi DÌvb

†_‡K gy ªvùxwZ nqwb

e‡j eQie¨vcx `v‡gi

DÌvb-cZ‡bi Mo

Ges c~e©eZ©x eQ‡ii

m‡½ ev c~e©eZ©x Ab¨

†Kv‡bv wfwË eQ‡ii

`vg Í‡ii m‡½ Zzjbv

K‡iB gy ªvùxwZ

Ae ’v ejv hvq|



DÌvb †_‡K gy`ªvùxwZ nqwb e‡j eQie¨vcx `v‡gi DÌvb-cZ‡bi Mo Ges c~e©eZ©x eQ‡ii m‡½

ev c~e©eZ©x Ab¨ †Kv‡bv wfwË eQ‡ii `vg Í‡ii m‡½ Zzjbv K‡iB gy`ªvùxwZ Ae ’v ejv hvq|

gy ªvùxwZi nvi

gy ªvùxwZi nvi (P)= (P)=

P1-P0

t1-t0P0

100

ev (P)=

dpdtP0

100

mgvavb P =

dpdtP 100=

170-100

7

100

100=

70

7

=10%

gy`ªvùxwZi KviYmg~n

gy ªvùxwZ wewfbœ Kvi‡Y m„wó n‡Z cv‡i| wewfbœ A_©bxwZwe` gy ªvùxwZi wewfbœ KviY D‡jøL

K‡i‡Qb| wb‡¤œ Gme KviY¸‡jv D‡jøL Kiv n‡jv|

1. A‡_©i †hvMvb e„w× : K¬vwmK¨vj A_©bxwZwe`‡`i g‡Z, g~j¨¯Íi e„w×i Ab¨Zg KviY n‡jv A‡_©i

†hvMvb e„w×| †hgb Kzjeb© e‡jb ÔToo much money chases too few goodsÕ. A‡_©i †hvMvb

†e‡o hvIqvB gy`ªvùxwZi KviY| wdmv‡ii mgxKi‡Y-

MV=PT P=

MVT hLb V Ges T w¯’i _v‡K| ZvB M hw` nv‡i ev‡o Zvn‡j p I nv‡i evo‡e| Z_v

p=M-V

T

2. miKvwi e¨q e„w× : miKvwi e¨q evo‡j mvgwMÖK Pvwn`v ev‡o| ZLb †hvMvb w¯’i _vK‡j

`vg Íi evo‡e| †mRb¨ miKvwi e¨q e„w×i d‡j `vg Íi ev‡o Z_v gy`ªvùxwZ m„wó nq|

3. NvUwZ A_© ms¯’vb : †Kv‡bv A_©bxwZ‡Z miKvi hw` miKvwi e¨q e„w×i Rb¨ NvUwZ A_©ms¯’vb

K‡i Zvn‡j Aek¨B mvgwMÖK Pvwn`v evo‡e Ges `vg¯Íi †e‡o hv‡e| GLv‡b ïay A‡_©i †hvMvb

e„w×i †P‡qI cÖwZwµqv †ewk co‡e| A_ev ïay miKvwi e¨q e„w×i †P‡q cÖwZwµqv †ewk co‡e|

A_©vr `vg¯Íi †e‡o hv‡e| miKvwi e¨q evovi d‡j IS †iLv Wv‡b m‡i hvq| d‡j mvgwMÖK Pvwn`v

ev‡o Ges `vg¯Íi evo‡e|

4. A‡_©i cÖPjb MwZ evov : A‡_©i cÖPjb MwZ evo‡j Z_v A_© gvby‡li Kv‡Q c~‡e©i †P‡q Kg

cQ›`bxq n‡j gvby‡li e¨q cÖebZv †e‡o hv‡e| G‡Z `vg¯Íi †e‡o hv‡e|

mgm¨v : 1990 mv‡j †Kv‡bv †`‡ki g~j¨¯Í‡ii m~PK wQj 100| 1997 mv‡j hw` g~j¨¯Í‡ii

m~PK 170 nq Zvn‡j gy`ªvùxwZi nvi KZ?

P=`vg Íi t=mgq t0=wfwË eQi t1=eZ©gvb eQi

miKvwi e¨q evo‡j

mvgwMÖK Pvwn`v

ev‡o| ZLb †hvMvb

w ’i _vK‡j `vg Íi

evo‡e| †mRb¨

miKvwi e¨q e„w×i

d‡j `vg Íi ev‡o

Z_v gy`ªvùxwZ m„wó

nq|



5. hy‡×i e¨q wbe©vn : †Kv‡bv †`k hy‡× Rwo‡q co‡j cÖPzi e¨q Ki‡Z nq| GRb¨ miKvi bZzb

gy ªv Qvc‡j `vg Íi ev‡o| A_ev †fvM¨ cY¨ wk‡íi KuvPvgvj, hy×v¯Í ˆZwi wk‡í ’vbvšÍi n‡Z

cv‡i| mvgwMÖK Drcv`b eë¯’v wech©¯Í nIqvi d‡j `vg Íi †e‡o †h‡Z cv‡i| c‡Yï mieivn

eë¯’v wewNœZ n‡jI `vg Íi †e‡o †h‡Z cv‡i| Avevi RbM‡Yi g‡a¨ hw` cY¨ cvIqv hv‡e bv-

Ggb cÖZ¨vkv m„wó nq Zvn‡jI `vg Íi †e‡o †h‡Z cv‡i| hy‡×i mgq miKvi hw` FYc‡Îi

gva¨‡g A_© msMÖn K‡i Zvn‡j hy×cieZ©x mg‡q D³ FYc‡Îi A_© miKvi †diZ w`‡j RbM‡Yi

µq ¶gZv †e‡o hvq Ges `vg¯Íi evo‡e|

7. Ki n«vm-e„w× : miKvi cÖZ¨¶ Ki n«vm Ki‡j RbM‡Yi µq ¶gZv evo‡e| d‡j `vg Íi

evo‡Z cv‡i| Avevi c‡iv¶ Ki Av‡ivc Ki‡j e¨wóK „wó‡Z `vg evo‡e, d‡j `vg Íi evo‡e|

ZvB Ki eë¯’vI gy`ªvùxwZi KviY n‡Z cv‡i|

8. gRywi e„w× : kªg evRv‡i Ac~Y© cÖwZ‡hvwMZv we`¨gvb _vK‡j gRywi Abgbxq n‡q c‡o|

GiciI kªwgK‡ì gRywi e„w×i Av‡›`vj‡b gRywi e„w× †c‡j Ab¨ †Kv‡bv Kvi‡Y DcKiY g~j¨

evo‡j LiP e„w×RwbZ gy`ªvùxwZ m„wó n‡e| LiP e„w× †c‡j kª‡gi wb‡qvM K‡g hvq| ZLb

mvgwMÖK †hvMvb K‡g Ges `vg¯Íi †e‡o hvq| d‡j gy`ªvùxwZ m„wó nq|

9. RbmsL¨v e„w× : gy`ªvùxwZ GKwU MwZkxj aviYv| ZvB RbmsL¨vMZ Pj‡Ki cwieZ©b n‡j

gy ªvùxwZ m„wó n‡Z cv‡i| RbmsL¨v `ªæZ ev‡o wKš‘ †fvM¨ c‡Yï Drcv`b ZZ ev‡o bv ZLb

`vg ¯Í‡i †e‡o hvq| gy`ªvùxwZi m„wó nq|

10. cÖvK…wZK y‡h©vM : †Kv‡bv †`‡k cÖvK…wZK y‡h©vM †`Lv w`‡j `vg Íi evo‡Z cv‡i| †hvMv‡bi

†gŠwjK cÖ‡qvRbxq Drcv`vb Ges Drcv`b eë¯’v wech©¯Í nq| G‡Z c‡Yï †hvMvb K‡g hvq

Ges `vg¯Íi †e‡o hvq|

11. `ªe¨ evRv‡i Ac~Y© cÖwZ‡hvwMZv : ªe¨ evRv‡i hw` miKvi n¯Í‡¶c K‡i Z_v b~¨bZg `vg

wba©viY K‡i †`q, Zvn‡j gy`ªvùxwZ m„wó n‡Z cv‡i Avevi GK‡PwUqv, Awj‡Mvcwj ai‡bi evRvi

m„wó n‡jI g~j¨¯Íi †e‡o †h‡Z cv‡i|

Ic‡i gy`ªvùxwZi wewfbœ KviY D‡jøL Kiv n‡q‡Q| Gi †h †Kv‡bv GKwU Kvi‡Y gy`ªvùxwZ m„wó

n‡Z cv‡i; Avevi GKvwaK KviY GKm‡½ NU‡Z cv‡i| hvi d‡j gy ªvùxwZ m„wó nq|

gy ªvùxwZRwbZ Ae¯’v

gy ªvùxwZRwbZ Ae ’vq †Kv‡bv A_©bxwZ fzM‡Q wKbv Zv wb‡¤œi j¶Ymg~n †`‡L Avgiv eyS‡Z

cvie-

cÖ_gZ : MZ w`‡bi `v‡gi †P‡q c‡ii w`‡bi `vg †ewk Ges Giƒc cÖwZw`bB hw` g~j¨ evo‡Z

_v‡K Ges Zv `xN© mgq Pj‡Z _v‡K Zvn‡j gy`ªvùxwZ i‡q‡Q e‡j aiv hvq| GK gv‡m `vg ev‡o

c‡ii gv‡m K‡g- G‡Z gy ªvùxwZ n‡q‡Q ejv hv‡e bv|

wØZxqZ : Ackley-Gi g‡Z, gy ªvùxwZ †Kv‡bv Static welq bq, Dynamic welq| eQ‡ii ci

eQi hw` `vg evo‡Z _v‡K Z‡e gy`ªvùxwZ n‡q‡Q ejv hv‡e|

hy‡×i mgq miKvi

hw` FYc‡Îi gva¨‡g

A_© msMÖn K‡i

Zvn‡j hy×cieZ©x

mg‡q D³ FYc‡Îi

A_© miKvi †diZ

w`‡j RbM‡Yi µq

¶gZv †e‡o hvq Ges

`vg Íi evo‡e|

ªe¨ evRv‡i hw`

miKvi n Í‡¶c K‡i

Z_v b~¨bZg `vg

wba©viY K‡i †`q,

Zvn‡j gy ªvùxwZ m„wó

n‡Z cv‡i Avevi

GK‡PwUqv,

Awj‡Mvcwj ai‡bi

evRvi m„wó n‡jI

g~j¨ Íi †e‡o †h‡Z

cv‡i|



Z…ZxqZ : Milton Friedman- Gi g‡Z, gy ªvùxwZ n‡jv GKwU Avw_©K NUbv| A‡_©i †hvMv‡bi

†ni‡d‡ii Kvi‡YB GwU m„wó nq Ges wewfbœ A_©‰bwZK Pj‡Ki m‡½ mgwšZ n‡q GwU Zxeª n‡q

I‡V|

PZz_©Z : Keynes- Gi g‡Z, A_©bxwZ‡Z AwZwi³ mvgwMÖK Pvwn`vB `vg¯Íi e„w×i g~j KviY|

ZvB A_©bxwZ‡Z hw` Drcv`bkxjZv bv ev‡o Zvn‡j gy`ªvùxwZ Ae¯’v m„wó n‡e|

cÂgZ : †Kv‡bv A_©bxwZ‡Z hw` gRywi evo‡Z _v‡K, DcKi‡Yi `vg evo‡Z _v‡K, Avg`vwb

c‡b¨i g~j¨ evo‡Z _v‡K, gy`ªvi Aeg~j¨vqb nq Zvn‡j A_©bxwZ‡Z gy`ªvùxwZ Ae ’v m„wó n‡q‡Q

A_ev AwP‡iB n‡e eyS‡Z n‡e|

lôZ : gy`ªvùxwZi nvi 1%, 2%, 3%, 5%, 10%, 50%, 100%, 500% n‡Z cv‡i| KZ %

n‡e Zv mywbw ©ó bq| Z‡e `v‡gi e„w× NU‡Q Ges Zv hw` Ae¨vnZ _v‡K Zvn‡j gy`ªvùxwZ i‡q‡Q

ejv hv‡e|

gy ªvùxwZi cÖKvi‡f`

wewfbœ welq‡K wfwË a‡i gy`ªvùxwZ‡K msÁvwqZ Kiv nq| gy ªvùxwZi nvi ev MwZi wfwË‡Z

gy ªvùxwZ‡K wb‡Pi Q‡K †`Lv‡bv hvq|

gy ªvùxwZ

GB cÖKvi¸‡jv Avevi K‡qKwU fv‡M wef³| wb‡P G¸‡jv Av‡jvPbv Kiv nj-

MwZwfwËK gy`ªvùxwZ

wµwcs gy`ªvùxwZ : `vg Íi hLb LyeB Av‡¯Í evo‡Z _v‡K, ZLb Zv‡K wµwcs gy`ªvùxwZ e‡j|

c`mÂix gy ªvùxwZ : `vg Íi hLb kZKiv 5 fvM nv‡i evo‡Z Zv‡K ZLb Zv‡K c`mÂix

gy ªvùxwZ e‡j|

avegvb gy`ªvùxwZ : `vg Íi hLb `ªæZ MwZ‡Z evo‡Z _v‡K Ges e„w× cÖwµqv hw` miKv‡ii

wbqš¿Y bv Zv‡K ZLb Zv‡K avegvb gy`ªvùxwZ e‡j|

jçgvb gy ªvùxwZ : gy ªvùxwZi nvi hLb 100%-Gi Ic‡i D‡V hvq ZLb Zv‡K jçgvb

gy ªvùxwZ e‡j|

mgqwfwËK gy`ªvùxwZ

kvwšÍKvjxb gy`ªvùxwZ : ¯vfvweK Ae ’vq hLb †Kv‡bv †`‡k hy×weMÖn bv _v‡K ZLb †h gy`ªvùxwZ

nq Zv‡K kvwšÍKvjxb gy`ªvùxwZ e‡j|

hy×Kvjxb gy`ªvùxwZ : hy×Kvjxb mgq Drcv`b e¨vnZ nIqvq, mieivn e¨e¯’v APj nIqvq,

Avg`vwb e¨vnZ nIqvq, bZzb gy`ªv Qvcv‡bv BZ¨vw` Kvi‡Y †h `vg Íi ev‡o Zv‡K hy×Kvjxb

gy ªvùxwZ e‡j|

wbqš¿YwfwËK cÖZ¨vkvwfwËK KviYwfwËK AÂjwfwËK mgqwfwËK MwZwfwËK

`vg¯—i hLb kZKiv

5 fvM nv‡i evo‡Z

Zv‡K ZLb Zv‡K

c`mÂix gy ªvùxwZ

e‡j|



hy× cieZ©x gy ªvùxwZ : hy× cieZ©x mgq miKvi hy×Kvjxb mg‡q M„nxZ FY cwi‡kva I my`

cwi‡kv‡ai d‡j RbM‡Yi µq¶gZv ev‡o Ges `vg¯Íi ev‡o hv‡K hy× cieZ©x gy`ªvùxwZ e‡j|

AÂjwfwËK gy`ªvùxwZ

RvZxq/†`kxq gy`ªvùxwZ : GKwU †`‡ki Af¨šÍixY A_©‰bwZK Pj‡Ki cwieZ©‡bi d‡j †h

gy ªvùxwZ m„wó nq Zv †`kxq gy ªvùxwZ|

AvšÍR©vwZK gy`ªvùxwZ : GKwU †`‡ki ªe¨g~j¨ hLb Ab¨vb¨ †`‡ki gy`ªvùxwZ Øviv ZvwoZ nq

ZLb Zv‡K AvšÍR©vwZK gy`ªvùxwZ e‡j| we‡`‡k gy`ªvùxwZ n‡j †`‡ki ißvwb †e‡o hvq Ges

Avg`vwb K‡g hv‡e, ªæZ gy`ªvùxwZ n‡e|

KviYwfwËK gy`ªvùxwZ

Pvwn`vRwbZ gy`ªvùxwZ : miKvwi e¨q e„w×, wewb‡qvM e„w× ev †fvM e„w× †c‡j mvgwMÖK Pvwn`v

ev‡o Ges `vg¯Íi ev‡o| `vg¯Í‡ii GB e„w×‡K Pvwn`vRwbZ gy`ªvùxwZ e‡j|

gy ªvRwbZ gy`ªvùxwZ : A‡_©i †hvMvb e„w×i d‡j `vg Íi †e‡o _v‡K| G‡K gy ªvRwbZ gy`ªvùxwZ

e‡j|

NvUwZ A_© ms¯’vbRwbZ gy`ªvùxwZ : bZzb gy`ªv Qvcv‡bvi gva¨‡g A_©ms¯’vb K‡i e¨q evo‡j

`vg Íi †ewk nv‡i evo‡e| `vg¯Í‡ii GB e„w×‡Z NvUwZ A_©ms¯’vbRwbZ gy`ªvùxwZ e‡j|

FY m¤úÖmviYRwbZ gy`ªvùxwZ : evwYwR¨K e¨vsK¸‡jv F‡Yi m¤úÖmviY Ki‡j A_©bxwZi e¨q

Kivi ¶gZv ev‡o Ges `vg¯Íi ev‡o| G‡K FY m¤úÖmviYRwbZ gy ªvùxwZ e‡j|

LiPRwbZ gy`ªvùxwZ

gRywi e„w×RwbZ gy`ªvùxwZ : gRywi e„w× †c‡j ev DcKiYvwì `vg evo‡j kª‡gi wb‡qvM bv K‡g

Drcv`b K‡g, mvgwMÖK †hvMvb K‡g| d‡j `vg Íi ev‡o| G‡K gRywi e„w×RwbZ gy`ªvùxwZ e‡j|

†hvMvb NvUwZRwbZ gy`ªvùxwZ : cÖvK…wZK y‡h©vM ev hy‡×i mgq A_©bxwZi mvgwMÖK †hvMvb n«vm

cvq Ges `vg¯Íi ev‡o| G‡K †hvMvb NvUwZRwbZ gy`ªvùxwZ e‡j|

gybvdvRwbZ gy`ªvùxwZ : GK‡PwUqv I Awj‡Mvcwj evRv‡ii cÖfv‡e Drcv`bKvixiv evowZ gybvdv

evov‡Z †Póv Ki‡j Drcv`b Kg‡e, `vg evo‡e| `vg Í‡ii GB e„w×‡K gybvdvRwbZ gy`ªvùxwZ

e‡j|

cÖZ¨vkvwfwËK gy`ªvùxwZ

cÖZ¨vwkZ gy ªvùxwZ : †h ai‡bi gy`ªvùxwZ RbMY Avkv K‡i Zv hw` N‡U hvq Z‡e Zv‡K

cÖZ¨vwkZ gy ªvùxwZ‡K e‡j| evsjv‡`‡k 5% gy`ªvùxwZ‡K cÖZ¨vwkZ aiv nq|

AcÖZ¨vwkZ gy ªvùxwZ : †h ai‡bi gy`ªvùxwZ RbMY Avkv K‡i bv, nVvr †Kv‡bv Kvi‡Y N‡U hvq|

G ai‡bi gy`ªvùxwZ AcÖZ¨vwkZ gy`ªvùxwZ e‡j|

wbqš¿YwfwËK gy`ªvùxwZ

Ae`wgZ gy`ªvùxwZ : †Kv‡bv †`‡ki miKvi hw` gy`ªvùxwZ wbqš¿‡Y †Kv‡bv c`‡¶c MÖnY K‡i

Zvn‡j †mB gy`ªvùxwZ‡K Ae`wgZ gy ªvùxwZ ejv nq|

hy×Kvjxb mgq

Drcv`b e¨vnZ

nIqvq, mieivn

eë ’v APj nIqvq,

Avg`vwb e¨vnZ

nIqvq, bZzb gy ªv

Qvcv‡bv BZ¨vw`

Kvi‡Y †h `vg Íi

ev‡o Zv‡K hy×Kvjxb

gy ªvùxwZ e‡j|

we‡`‡k gy ªvùxwZ n‡j

†`‡ki ißvwb †e‡o

hvq Ges Avg`vwb

K‡g hv‡e, ªæZ

gy ªvùxwZ n‡e|

†Kv‡bv †`‡ki miKvi

hw` gy ªvùxwZ wbqš¿‡Y

†Kv‡bv c`‡¶c MÖnY

K‡i Zvn‡j †mB

gy ªvùxwZ‡K Ae`wgZ

gy ªvùxwZ ejv nq|

gRywi e„w× †c‡j ev

DcKiYvwì `vg

evo‡j kª‡gi wb‡qvM

bv K‡g Drcv`b

K‡g, mvgwMÖK †hvMvb

K‡g| d‡j `vg Íi

ev‡o| G‡K gRywi

e„w×RwbZ gy ªvùxwZ

e‡j|‡`‡k gy`ªvùxwZ n‡j

†`‡ki ißvwb †e‡o hvq

Ges Avg`vwb K‡g hv‡e,

`ªæZ gy`ªvùxwZ n‡e|



Aeva gy`ªvùxwZ : hw` †Kv‡bv †`‡ki gy`ªvùxwZ wbqš¿‡Y miKvi †Kv‡bv c`‡¶c bv †bb Zvn‡j

Zv‡K Aeva gy`ªvùxwZ e‡j|


ˆbe© w³K cÖkœ


1. miKvi cÖZ¨¶ Ki n«vm Ki‡j RbM‡Yi µq ¶gZv evo‡e| d‡j `vg Íi Kg‡Z cv‡i|

mZ¨/wg_¨v

2. miKvwi e¨q e„w×i d‡j mvgwMÖK Pvwn`v I `vg¯Íi ev‡o| G‡K Pvwn`vRwbZ gy`ªvùxwZ e‡j|

mZ¨/wg_¨v

msw¶ß cÖkœ

1. gy ªvùxwZi nvi wK?

2. GKwU A_©bxwZ gy`ªvùxwZRwbZ Ae ’vq fzM‡Q, †mUv wKfv‡e †evSv hvq?

iPbvg~jK cÖkœ

1. gy ªvùxwZ Kv‡K e‡j? Gi KviY¸‡jv wK?

2. gy ªvùxwZ KZ cÖKvi I wK wK? we ÍvwiZ Av‡jvPbv Kiæb|


1. wg_¨v 2. mZ¨

gy`ªvùxwZ n‡jv A_©bxwZi Ggb GKwU Ae ’v, hLb `vg Íi µgvš‡q evo‡Z _v‡K| wewfbœ Kvi‡Y

gy`ªvùxwZ m„wó n‡Z cv‡i| †hgb, A‡_©i †hvMvb e„w×, miKvwi e¨q e„w×, NvUwZ A_© ms ’vb, A‡_©i cÖPjb

MwZ evov, hy‡×i e¨q wbe©vn, Kivi n«vm e„w×, gRywi e„w×, RbmsL¨v e„w× BZ¨vw`| G¸‡jvi †h †Kv‡bv

GKwU Kvi‡Y gy`ªvùxwZ m„wó n‡Z cv‡i, Avevi GKvwaK KviY GKm‡½ NU‡Z cv‡i| gy`ªvùxwZi nvi ev

MwZi wfwË‡Z gy`ªvùxwZ‡K wewfbœ fv‡M fvM Kiv hvq|

mvims‡¶c



wdwjcm †iLv


wdwjcm †iLv wK

wdwjcm †iLv eivei mÂvjb I ¯’vbvšÍi

wdwjcm †iLvi AvK…wZ I êwkó¨

A. W. Philips Gi †jLv "The Relation Between Unemployment and the Rate of Change of Money wage in the United Kingdom 1861-1957" wk‡ivbv‡g Economica Rvb©v‡j 1958

mv‡j GKwU wbeÜ jÛb ¯‹zj Ae B‡KvbwgK KZ©„K me©cÖ_g cÖKvwkZ nq| Tobin e‡jb GwU

kZvãxi †kªôZg mvgwóK A_©bxwZi wbeÜ| †hLv‡b gRywi e„w×i nvi, †eKvi‡Z¡i nvi I

gy ªvùxwZi nv‡ii g‡a¨ GKwU Nwbô †hvMm~Î †`Lvb nq|

wdwjcm weªwUk A_©bxwZi Ici M‡elYv K‡ib Ges 1861-1957 mvj ch©šÍ mg‡qi Aweb¨ Í

Z_¨ MÖnY K‡ib| hvi gva¨‡g wZwb GKwU †iLvi Aw ÍZ¡ j¶¨ K‡ib hv‡K wdwjcm †iLv e‡j|

wdwjc&m †iLv n‡jv Ggb GKwU †iLv †h †iLvi cÖwZwU we› y‡Z †eKvi‡Z¡i nv‡ii m‡½ gRywi

e„w×i nvi I gy`ªvùxwZ nv‡ii m¤úK© cÖKvk cvq|

g~j wdwjcm †iLv‡K mnR‡eva¨ K‡i Dc ’vcb Kiv hvq| 10.1 bs wP‡Î GKwU KvíwbK Phillips Curve (PC) A¼b Kiv n‡q‡Q| wP‡Îi

j¶Yxq †h gRywii cwieZ©‡bi nv‡ii m‡½

†eKvi‡Z¡i nv‡ii wecixZ m¤úK© we`¨gvb

Ges wdwjc&m †iLv Wvb w`‡K wb¤œMvgx|

Z‡e Lye †ewk †eKvi‡Z¡i cwieZ©‡bi nv‡i

Phillips Curve (PC) †iLv Lvov bq, we Í…Z

(flatter) Avevi Kg †eKvi‡Z¡i nv‡ii

Phillips Curve (PC) †iLv †ek Lvov

(steeper)| Gi A_© ùvovq GB †h hLb

†eKv‡Z¡i nvi Lye †ewk ZLb mvgvb¨

gRywi evov‡j †eKviZ¡ A‡bK Kg‡e|

Avevi †eKvi‡Z¡i nvi hLb Lye Kg ZLb

gRywi cwieZ©‡bi nvi Lye †ewk n‡e Z_v

gRywi ZLb †ewk nv‡i evov‡Z n‡e| GiciI †eKviZ¡ Kg Kg‡e| GLv‡b gRywi I gy`ªvùxwZ

m¤úwK©Z nq| A_©vr D”P †eKvi‡Z¡ gRywi cwieZ©‡bi nvi Kg e‡j gy`ªvùxwZi nviI Kg _v‡K,

wb¤œ †eKvi‡Z¡ gRywi †ewk evov‡Z nq, d‡j g~j¨ ÍiI †e‡o hvq| ZvB wdwjc&m †iLvq gRywi

gy ªvùxwZi nvi I †eKvi‡Z¡i nv‡ii g‡a¨ cQ›`bxqZvi (Trade off) my‡hvM Av‡Q| GLv‡b bxwZ

cÖ‡YZv‡ì ¸iæZ¡ ¯úó n‡q I‡V|

†UªW Ad K_vwUi mnR cwifvlv Ki‡j cQ›`bxqZv †evSvq| wdwjc&m †iLv g~jZ GKwU Trade off line cÖwZwU we› y‡Z mgvR cQ›` Ki‡e gy`ªvùxwZi nvi †ewk MÖnY Ki‡e bv †eKvi‡Z¡i nvi

cvV-2

wdwjc&m †iLv n‡jv

Ggb GKwU †iLv †h

†iLvi cÖwZwU we› y‡Z

†eKvi‡Z¡i nv‡ii

m‡½ gRywi e„w×i nvi

I gy ªvùxwZ nv‡ii

m¤úK© cÖKvk cvq|

D”P †eKvi‡Z¡ gRywi

cwieZ©‡bi nvi Kg

e‡j gy ªvùxwZi nviI

Kg _v‡K, wb¤œ

†eKvi‡Z¡ gRywi †ewk

evov‡Z nq, d‡j g~j¨

ÍiI †e‡o hvq| ZvB

wdwjc&m †iLvq gRywi

gy ªvùxwZi nvi I


g‡a¨ cQ›`bxqZvi

(Trade off) my‡hvM

Av‡Q| GLv‡b bxwZ

cÖ‡YZv‡ì ¸iæZ¡

¯úó n‡q I‡V|

gRywii nv‡ii m‡½


wecixZ m¤úK©

i‡q‡Q, Avevi gRywii

e„w×i nv‡ii m‡½

gy ªvùxwZi nv‡ii

abvZ¡K m¤úK©

i‡q‡Q|



†ewk MÖnY Ki‡e| gRywii nv‡ii m‡½ †eKvi‡Z¡i nv‡ii wecixZ m¤úK© i‡q‡Q, Avevi gRywii

e„w×i nv‡ii m‡½ gy`ªvùxwZi nv‡ii abvZ¡K m¤úK© i‡q‡Q| ZvB gRywii e„w×i nv‡ii cwieZ©‡bi

m‡½ gy`ªvùxwZi nv‡ii abvZ¥K m¤úK© Ges †eKvi‡Z¡i wecixZ m¤úK© i‡q‡Q| gRywi bxwZ Øviv

gy ªvùxwZ I †eKvi‡Z¡i nvi cÖfvweZ nq| GRb¨ mgvR‡K cQ›` Ki‡Z n‡e, Zviv wK gy ªvùxwZ

†ewk Pvq bvwK †eKiZ¡ †ewk Pvq| G cQ›`bxqZvB n‡jv Trade off| wP‡Î f‚wg A‡¶ †eKvi‡Z¡i

nvi I j¤ A‡¶ gRywi e„w×i nvi we‡eP¨|

gy ªvùxwZ, gRywi Ges †eKvi‡Z¡i

g‡a¨ Trade off e¨vL¨vq wdwjcm

†iLv e¨eüZ nq| †Kv‡bv

A_©bxwZ‡Z cÖe„w×i nvi 2 fvM

n‡j Ges gRywi e„w×i nvi hw` 2

fvM nq Zvn‡j H A_©bxwZ‡Z

gy ªvùxwZi nvi n‡e k~b¨| G

Ae¯’vq 10.2 wP‡Îi D we› y‡Z

Trade off wba©vwiZ n‡q‡Q|

gy ªvùxwZi nvi k~b¨ n‡j

†eKvi‡Z¡i nvi n‡e 8%| G

Ae¯’vq gRywi e„w×i nvi n‡jv

2%| Gici gRywi e„w×i nvi

4% n‡j gy`ªvùxwZi nvi n‡e

2%| G Ae¯’vq †eKviZ¡ K‡g

4.5% G †b‡g Avm‡e| Ges

wP‡Î C we› y‡Z Trade off wba©vwiZ n‡q‡Q| Gici gRywi e„w×i nvi 6%, gy ªvùxwZi nvi 4%

n‡j †eKi‡Z¡i nvi n‡e 3% †hLv‡b Trade off we›`y B| gRywi hw` 8% nv‡i e„w× cvq ZLb

gy ªvùxwZi nvi 6%| G Ae¯’vq †eKvi‡Z¡i nvi n‡e 2.5%, †hLv‡b Trade off we›`y n‡jv A|

wdwjc&m †iLvi eivei mÂvjb I ¯’vbvšÍi

K. wdwjc&m †iLvi eivei mÂvjb

wdwjc&m †iLvi eivei mÂvjb ej‡Z wdwjc&m †iLvi GKwe› y †_‡K Ab¨ we› y‡Z ’vbvšÍi‡K

†evSvq| A_©vr gRywii nv‡ii

cwieZ©b n‡j wdwjc&m †iLv GK

we› y †_‡K Ab¨ we› y‡Z ’vbvšÍwiZ

nq| G‡Z wdwjc&m †iLv eivei

mÂvjb N‡U|

Abyiƒcfv‡e gRywi e„w×i †¶‡Î

wecixZ hvÎv m„wó n‡e|

1| gy`ªv APjxKiY : miKvi

we‡kl ai‡bi gy ªv APjxKiY

K‡i gy ªvi †hvMvb n«vm Ki‡Z

cvi|

2| GKvD›U wmR KiY : miKvi

we‡kl †kªYxi e¨vs‡Ki GKvD›U

gRywii nv‡ii

cwieZ©b n‡j

wdwjc&m †iLv GK

we› y †_‡K Ab¨

we› y‡Z ’vbvšÍwiZ

nq| G‡Z wdwjc&m

†iLv eivei mÂvjb

N‡U| gRywii nv‡ii

m‡½ †eKvi‡Z¡i

nv‡ii wecixZ m¤úK©

i‡q‡Q, Avevi gRywii

e„w×i nv‡ii m‡½

gy ªvùxwZi nv‡ii

abvZ¡K m¤úK©

i‡q‡Q|



wmR K‡i A‡_©i cÖevn wbqš¿Y Ki‡Z cv‡i|

10.3 wP‡Î j¶Yxq †h gRywi e„w×i nvi A †_‡K B †Z Kgvi d‡j †eKvi‡Z¡i nvi AíB

†e‡o‡Q| Gici B †_‡K gRywi e„w×i nvi C n‡j †eKvi‡Z¡i nvi †e‡o hvq U1 †_‡K U2| hv

A‡bK †ewk, G‡Z wdwjc&m †iLvi B †_‡K C we› y‡Z mÂvjb N‡U| GwUB wdwjc&m †iLvi

eivei mÂvjb|

10.4 ÔKÕ wP‡Î YF n‡jv c~Y© wb‡qv‡Mi RvZxq Avq| AD1=AS Øviv P1 `vg Íi Ges Y1 cÖK…Z

G.N.P wba©vwiZ nq †hLv‡b c~Y© wb‡qv‡Mi Av‡qi †P‡q RvZxq Avq Kg| Gici miKvwi e¨q

n«vm, Ki e„w× ev A‡_©i †hvMvb n«vm †c‡j mvgwMÖK Pvwn`v †iLv ev‡g ’vbvšÍwiZ n‡q AD2 n‡e;

P2 `vg Í‡i Y2 RvZxq Avq wba©vwiZ n‡e| G Ae¯’vq RvZxq Avq †hgb K‡g‡Q, †eKvi‡Z¡i nvi

†Zgwb †e‡o‡Q| Gici hw` mvgwMÖK Pvwn`v K‡g AD3 nq Zvn‡j `vg Íi n‡e P3 Ges RvZxq

Avq K‡g n‡e Y3 cwigvY| RvZxq Avq Kgvi Kvi‡Y †eKviZ¡ †e‡o U3 n‡e| mvgwMÖK Pvwn`v

AD †_‡K hw` AD1 n‡Zv Zvn‡j gy`ªvùxwZ n‡Zv PF ch©v‡q| G Ae ’vq A_©bxwZ Full employment ev c~Y© wb‡qv‡M †cuŠQZ Ges †Kv‡bv †eKviZ¡ _vKZ bv| ÔLÕ wP‡Î P1 gy`ªvùxwZ

nv‡i †eKvi‡Z¡i nvi n‡jv U1 hv A' we›`y‡Z †`Lv‡bv n‡q‡Q| gy`ªvùxwZi nvi K‡g P2 n‡j

†eKvi‡Z¡i nvi n‡e U2 cwigvY, hv C' we› y‡Z †`Lv‡bv n‡q‡Q| gy`ªvùxwZi nvi K‡g P3 n‡j

†eKvi‡Z¡i nvi n‡e U3 cwigvY, hv C' we› y‡Z †`Lv‡bv n‡q‡Q| A', B' I C' we› y¸‡jv †hvM

K‡i Avgiv wdwjc&m †iLv †c‡q _vwK| GLv‡b j¶Yxq AS w ’i Ae ’vq AD evo‡j †eKviZ¡

K‡g, gy`ªvùxwZ ev‡o Ges wdwjc&m †iLv eivei mÂvjb N‡U|

L. wdwjc&m †iLv ¯’vbvšÍi

W* =f(U)+ P* ........... wdwjc&m †iLvi mgxKiY

W* = gRywi e„w×i nvi,

U= †eKvi‡Z¡i nvi

P* = `vg¯Íi cwieZ©‡bi nvi|

= `vg¯Íi mnM| K¬vwmK¨vj‡`i g‡Z =1 Ges Pig †KBbmxq‡`i g‡Z =0 ZvB ¯vfvweK

Ae¯’vq 0<<1 n‡e| Gevi W* =f(U)+ P* n‡jv cÖv_wgK wdwjc&m †iLv| Gici `vg Íi

AS w ’i Ae ’vq AD

evo‡j †eKviZ¡ K‡g,

gy ªvùxwZ ev‡o Ges

wdwjc&m †iLv eivei

mÂvjb N‡U|



†e‡o P* 1 n‡j 0<<1 n‡e| Z‡e wdwjc&m †iLv Ic‡i ’vbvšÍwiZ n‡e| A_©vr P* 1 `vg Í‡i

wdwjc&m †iLv W* =f(U)+ P* 1 n‡e|

2| cÖZ¨vkvi cwieZ©b

wdwjc&m †iLv‡K †eKvi‡Z¡i nv‡ii m‡½ gy`ªvùxwZi nv‡ii m¤úK© Øviv cÖKvk Ki‡j,

=-(U-U- ) =gy`ªvùxwZi nvi, *= cÖZ¨vwkZ gy ªvùxwZi nvi Ges (U-U- ) n‡jv †eKvi‡Z¡i nvi I

¯vfvweK †eKvi‡Z¡i nv‡ii eëavb, n‡jv wdwjc&m †iLvi Xvj|

3| mvgwMÖK †hvMv‡bi n«vm-e„w× I wdwjc&m †iLvi ¯’vbvšÍi

mvgwMÖK †hvMvb evo‡j GKB †eKvi‡Z¡i `vg Íi K‡g, d‡j wdwjc&m †iLv wb‡P ’vbvšÍwiZ nq|

10.5 bs wP‡Î mvgwMÖK †hvMvb †iLv AS †_‡K AS1 n‡j `vg Íi cÖwZwU wb‡qv‡MB Kg‡e| d‡j

PC †iLv wb‡P ¯’vbvšÍwiZ n‡q PC1 nq|

wdwjc&m †iLvi AvK…wZ I êwkó¨mg~n

Avgiv Rvwb wdwjc&m †iLv n‡jv gRywi I g~‡jï cwieZ©‡bi nv‡ii m‡½ m‡½ †eKvi‡Z¡i nv‡ii

Trade off †iLv| †hLv‡b `ywU êwkó¨ ¯úó n‡q I‡V|



1. wdwjc&m †iLv evg †_‡K

Wvbw`‡K wb¤œMvgx : wdwjc&m

†iLvi mgxKiY W* =g(u) Gi

†¶‡Î dW* /d u<0 Z_v wdwjc&m

†iLv Wvbw`‡K wb¤œMvgx| Gi

KviY AwZwi³ kª‡gi †hvMvb

evo‡j gRywi Kg‡e| A_©vr

†eKviZ¡ evo‡j gRywi e„w×i nvi

Kg‡e| ZvB gRywi e„w×i nvi

Ges †eKvi‡Z¡i nv‡ii g‡a¨

wecixZ m¤úK© we`¨gvb| GRb¨

wdwjc&m †iLv Wvbw`‡K wb¤œMvgx

n‡e| 10.6 bs wP‡Î Wvbw`‡K

wb¤œMvgx wdwjc&m †iLv †`Lv‡bv n‡q‡Q| wP‡Îi wdwjc&m †iLvi Xvj Z_v wdwjc&m †iLvi Ici

Aw¼Z ¯úk©‡Ki Xvj FYvZ¥K|

2. wdwjc&m †iLv g~j we›`yi w`‡K DËj : wdwjc&m †iLv g~j we›`yi w`‡K DËj n‡e| Gi KviY

n‡jv w ’i nv‡i †eKviZ¡ Kg‡j gRywi ea©gvb nv‡i ev‡o| d‡j wdwjc&m †iLv Aek¨B DËj n‡e|

hLb gRywi e„w×i nvi (W* ) Amx‡gi w`‡K hvIqv ïiæ K‡i ZLb †eKvi‡Z¡i nvi k~b¨ n‡Z

_v‡K| Ab¨fv‡e ejv hvq

FYvZ¥K (-) †eKvi‡Z¡i nvi

KLbB †`Lv hvq bv| Ab¨w`‡K

cÖvwZôvwbK cÖwZeÜKZv (†UªW

BDwbqb, miKvwi bxwZ) Kvi‡Y

gRywi e„w×i nvi wbw ©ó ¯Í‡ii

wb‡P bvg‡Z cv‡i bv| gRywii

nv‡ii cwieZ©‡b mg‡qi

cÖ‡qvRb| ZvB †eKviZ¡ `ªæZ

evo‡Z _v‡K| d‡j gRywi e„w×i

nvi Amxg n‡Z cv‡i bv| ZvB

100% †eKviZ¡ Ae¯’vq me©wb¤œ

gRywii nvi †`Lv‡bv nq| GRb¨

wdwjc&m †iLv Wvbw`‡K wb¤œMvgx †_‡K f‚wg A‡¶i mgvšÍivj nIqvi cÖeYZv †`Lv †`q|

mnRfv‡e ejv hvq †eKviZ¡ w ’i nv‡i Kg‡j gRywi ea©gvb nv‡i ev‡o ZvB G Ae¯’vq wdwjc&m

†iLv AwaKZi ev Lvov nq| 10.7 wP‡Îi e we›`y‡Z wdwjc&m †iLvi Xv‡ji †P‡q f we›`y‡Z

wdwjc&m †iLvi Xvj Kg Ges `yB we›`yi Xv‡ji cwieZ©‡bi nvi abvZ¥K, d‡j wdwjc&m †iLv g~j

we› yi w`‡K DËj|

3. wdwjc&m †iLvi aviYMZ ˆewkó¨ : wdwjc&m †iLv n‡jv Ggb GKwU †iLv †h †iLvi cÖwZwU

we› y‡Z †eKvi‡Z¡i nv‡ii m‡½ gRywi e„w×i nv‡ii Trade off e¨vL¨v K‡i| Ab¨w`‡K GwU

gy ªvùxwZi nv‡ii m‡½ †eKvi‡Z¡i nv‡ii Trade off e¨vL¨v K‡i| Avevi wdwjc&m †iLvi wewfbœ

we› y †eKvi‡Z¡i nv‡ii m‡½ gy`ªvùxwZ I gRywii nv‡ii g‡a¨ Trade off e¨vL¨v K‡i| †hLv‡b

gRywii nv‡ii m‡½ †eKvi‡Z¡i nv‡ii wecixZ m¤úK© cÖwZwôZ nq| gRywi e„w×i d‡j gy`ªvùxwZ

†eKviZ¡ evo‡j gRywi

e„w×i nvi Kg‡e|

ZvB gRywi e„w×i nvi

Ges †eKvi‡Z¡i

nv‡ii g‡a¨ wecixZ

m¤úK© we`¨gvb|

cÖvwZôvwbK

cÖwZeÜKZv (†UªW

BDwbqb, miKvwi

bxwZ) Kvi‡Y gRywi

e„w×i nvi wbw ©ó

Í‡ii wb‡P bvg‡Z

cv‡i bv| gRywii

nv‡ii cwieZ©‡b

mg‡qi cÖ‡qvRb|



m„wó nq| d‡j mvgwMÖK Pvwn`v e„w×i gva¨‡g †eKviZ¡ n«vm cvq| ZvB gRywii nv‡ii m‡½

†eKvi‡Z¡i nv‡ii wecixZ m¤úK© cÖwZwôZ nq|


ˆbe© w³K cÖkœ

mwVK DËiwU wPwýZ Kiæb

1. hLb †eKvi‡Z¡i nvi Lye †ewk ZLb mvgvb¨ gRywi evov‡j †eKviZ¡ A‡bK evo‡e|

mZ¨/wg_¨v

2. A_©bxwZ‡Z cÖe„w×i nvi 4 fvM n‡j Ges gRywi e„w×i nvi hw` 4 fvM nq Zvn‡j H

A_©bxwZ‡Z gy`ªvùxwZi nvi n‡e 8 fvM| mZ¨/wg_¨v

3. AS w ’i Ae¯’vq AD evo‡j †eKviZ¡ K‡g, gy`ªvùxwZ ev‡o Ges wdwjcm †iLv eivei

mÂvjb N‡U| mZ¨/wg_¨v

4. gRywi e„w×i nvi Ges †eKvi‡Z¡i nv‡ii g‡a¨ wecixZ m¤úK© we`¨gvb| mZ¨/wg_¨v

msw¶ß cÖkœ

1. wdwjc&m †iLv wK?

2. wdwjc&m †iLv †Kb evg †_‡K Wvbw`‡K wb¤œMvgx?

iPbvg~jK cÖkœ

1. wdwjc&m †iLv wK? wdwjcm †iLv eivei mÂvjb I ¯’vbvšÍi e¨vL¨v Kiæb|

2. wdwjcm †iLvi msÁvmn Gi AvK…wZ I ˆewkó¨ Av‡jvPbv Kiæb|


1. wg_¨v 2. wg_¨v 3. mZ¨ 4. mZ¨

wdwjc&m †iLv n‡jv Ggb GKwU †iLv †h †iLvi cÖwZwU we›`y‡Z †eKvi‡Z¡i nv‡ii m‡½ gRywi e„w×i nvi I

gy`ªvùxwZ nv‡ii m¤úK© cÖKvk cvq| gRywii nv‡ii cwieZ©b n‡j wdwjc&m †iLv GK we›`y †_‡K Ab¨

we›`y‡Z ’vbvšÍwiZ nq| mvgwMÖK †hvMvb w ’i Ae ’vq mvgwMÖK Pvwn`v evo‡j †eKviZ¡ K‡g, gy ªvùxwZ

ev‡o Ges wdwjc&m †iLv eivei mÂvjb N‡U|

mvims‡¶c



g~j¨ I gRywii eÜb


¯vfvweK †eKvi‡Z¡i nvi

gy ªvùxwZi Z¡wiZ e„w× ZË¡ I wdwjcm †iLvi ¯’vbvšÍi

wd«Wg¨vb-†djc&m wdwjc&m †iLvi mgv‡jvPbv K‡ib| Zv‡ì g‡Z, wdwjc&m †iLv GKwU

¯íKvjxb welq Z‡e GwU w ’wZkxj bq| GwU cÖZ¨vwkZ| hv gy`ªvùxwZi nvi cwieZ©‡bi Øviv

cÖfvweZ nq| wgëb wd«Wgvb 1958 mv‡j Ges †djc&m 1973 mv‡j ywU c„_K c„_K wbe‡Ü

wdwjc&m †iLv m¤‡Ü GKwU ¸iæZ¡c~Y© Z_¨ Dc¯’vcb K‡ib| wdwjc&m †iLvi g~j AbywgwZ

cÖZ¨vwkZ gy`ªvùxwZi nvi w ’i _vK‡e| G yÕRb A_©bxwZwe`B GB AbywgwZi mZ¨Zv wb‡q m‡›`n

cÖKvk K‡ib| KviY Zv‡ì g‡Z RbM‡Yi cÖZ¨vkv cwieZ©b n‡e| d‡j cÖZ¨vwkZ gy`ªvùxwZ I

cÖK…Z gy`ªvùxwZi nv‡ii eëavb m„wó nq|

=* - (U-U- ) = cÖK…Z gy`ªvùxwZi nvi, = cÖZ¨vwkZ gy`ªvùxwZi nvi ev wdwjc&m †iLvi †Q`K|

U= †eKvi‡Z¡i nvi| U= ¯vfvweK †eKvi‡Z¡i nvi| = wdwjc&m †iLvi Xvj| =* n‡j U (†eKvi‡Z¡i nvi) Gi evov-Kgv - Gi gvb cÖfvweZ Ki‡e| Z_v wdwjc&m †iLv eivei bovPov

n‡e, Avevi *> n‡j wdwjc&m †iLv Ic‡i ’vbvšÍwiZ n‡e| *< n‡j wdwjc&m †iLv wb‡P

¯’vbvšÍwiZ n‡e|

wd«Wg¨vb-†djc&m g‡b K‡ib, weMZ K‡qK eQi hver hw` gy`ªvùxwZi nvi evo‡Z _v‡K Zvn‡j

RbM‡Yi cÖZ¨vwkZ gy`ªvùxwZi nvi †ewk n‡e| G Ae ’vq ¯vfvweK †eKvi‡Z¡i nv‡i cÖZ¨vwkZ

gy ªvùxwZi nvi evo‡e Z_v *> n‡e| d‡j wdwjc&m †iLv Dc‡i ’vbvšÍwiZ n‡e| Zv‡ì

g‡Z-

1. wdwjc&m †iLvq gRywi-g~j¨ I †eKvi‡Z¡i g‡a¨ †h †UªW-Ad †`Lvb nq Zv n‡e ¯íKvjxb

(¯íKvj A‡bK mgq wb‡q n‡Z cv‡i)| Avgiv Rvwb †Kv‡bv mgq gy`ªvùxwZ m„wó n‡j `vg evovi

Kvi‡Y gybvdv ev‡o gybvdv evo‡j wb‡qvM ev‡o, wb‡qvM evo‡j †eKviZ¡ K‡g| ZvB gy ªvùxwZi

d‡j RvZxq Avq ev‡o Ges wb‡qvM ev‡o|

10.8 bs (K) wP‡Î j¤ A‡¶ gy`ªvùxwZi nvi Ges f‚wg A‡¶ mvgwMÖK †hvMvb we‡eP¨|

gy ªvùxwZi nvi evo‡Z _vK‡j mvgwMÖK †hvMvb evo‡Z _v‡K| (L) wP‡Î gy`ªvùxwZi nv‡ii mv‡_

†eKvi‡Z¡i nv‡ii wecixZ m¤úK© wdwjc&m †iLvq cÖKvk cvq|

cvV-3

wd«Wg¨vb-†djc&m

g‡b K‡ib, weMZ

K‡qK eQi hver

hw` gy ªvùxwZi nvi

evo‡Z _v‡K Zvn‡j

RbM‡Yi cÖZ¨vwkZ

gy ªvùxwZi nvi †ewk

n‡e| G Ae ’vq

¯vfvweK †eKvi‡Z¡i

nv‡i cÖZ¨vwkZ

gy ªvùxwZi nvi

evo‡e Z_v *>

n‡e|



2. `xN©Kv‡j mvgwMÖK †hvMvb †iLv n‡e j¤ A‡¶i mgvšÍivj Zv‡`i g‡Z, m¤úwK©Z wdwjc&m

†iLv n‡e Djø¤ cÖK…wZi| Gi A_© `xN©Kv‡j †eKviZ¡ gy`ªvùxwZ †_‡K ¯vaxb n‡e| ÔKÕ wP‡Î

gy ªvùxwZi m‡½ mvgwMÖK †hvMv‡bi m¤úK© †`Lv‡bv n‡q‡Q| `xN©Kv‡j GKwU ¯vfvweK †eKvi‡Z¡

fvimvg¨ Z_v c~Y© wb‡qvM ¯xKvi Kiv nq| GB c~Y© wb‡qvM Ae¯’vq A_©bxwZ‡Z gy`ªvùxwZ m„wó

n‡jI mvgwMÖK †hvMvb w¯’i _v‡K| d‡j mvgwMÖK †hvMvb †iLv j¤ A‡¶i mgvšÍivj nq|

10.9 ÔKÕ wP‡Î j¤ A‡¶ gy`ªvùxwZ Ges f‚wg A‡¶ cÖK…Z RvZxq Avq cwigvc Kiv n‡q‡Q| ÔLÕ

wP‡Î ¯vfvweK †eKvi‡Z¡i nv‡i A_©bxwZ gy`ªvùxwZi m‡½ Aw ’wZ ’vcK m¤ú‡K© Ave× n‡q‡Q|

3. gy`ªvùxwZi cÖZ¨vkv ¯íKvjxb †hvMvb †iLv‡K ¯’vbvšÍi Ki‡e| hv Avevi wdwjc&m †iLv‡K

¯’vbvšÍi Ki‡e| G ZË¡wU GwU cÖKvk K‡i †h, Stagflation A_©bxwZi m~Î¸‡jv‡K e¨Zq NUvq bv|

hw` cÖZ¨vwkZ gy ªvùxwZi nvi ev‡o Zvn‡j gy`ªvùxwZ I †eKviZ¡ evo‡e|

`xN©Kv‡j GKwU

¯vfvweK †eKvi‡Z¡

fvimvg¨ Z_v c~Y©

wb‡qvM ¯xKvi Kiv

nq| GB c~Y© wb‡qvM

Ae ’vq A_©bxwZ‡Z

gy ªvùxwZ m„wó n‡jI

mvgwMÖK †hvMvb w ’i

_v‡K| d‡j

mvgwMÖK †hvMvb

†iLv j¤ A‡¶i

mgvšÍivj nq|



¯vfvweK †eKvi‡Z¡i nvi (The Natural-Rate-Hypothesis): †h †Kv‡bv A_©bxwZ‡Z `xN©Kv‡j PvKwi cwieZ©b, PvKwiPy¨wZ, cybt PvKwicÖvwß, †j-Ad BZ¨vw`

Pj‡Z _v‡K| kªwgK I eëmvq cÖwZôvb gvwjKMY Gme †¶‡Î wm×všÍ MÖnY K‡i| mvgwMÖKfv‡e

GB wm×všÍmg~n RvZxq †eKviZ¡‡K mg‡q mg‡q cÖfvweZ K‡i| ¯vfvweK †eKviZ¡ ej‡Z AweiZ

†hme c` k~b¨ nq Ges c~iY nq Zv‡K †evSvq| wdWg¨vb-†djc&m-Gi g‡Z, †mB †eKviZ¡‡K

¯vfvweK †eKviZ¡ †evSvq †h †eKvi‡Z¡ cÖZ¨vwkZ I cÖK…Z gy`ªvùxwZi nvi ci¯úi mgvb nq|

Ab¨fv‡e ejv nq, ¯vfvweK †eKviZ¡ gy`ªvùxwZi nvi Øviv cÖfvweZ nq bv| G Z‡Ë¡i g~j K_v nj

hyw³kxj e¨w³ †Kv‡bv mgqB A‡_©i gvqvq (Money illusion) cÖfvweZ nq bv| A_©vr †Kv‡bv

A_©bxwZ‡Z ch©vß Z_¨ Rvbv _vK‡j g~j¨, gRywi I Avq 10% evo‡j RbM‡Yi wb‡qvM I

†eKvi‡Z¡i wm×všÍ cwiewZ©Z n‡e bv| hw` A_©bxwZ‡Z 5% ¯vfvweK †eKviZ¡ _v‡K †hLv‡b

cÖZ¨vwkZ I cÖK…Z gy ªvùxwZ hw` 8% nq Zvn‡j RbMY g‡b Ki‡e Zv‡ì cªK…Z Pj‡Ki †Kv‡bv

cwieZ©b nqwb| ZvB †eKvi‡Z¡i nv‡ii cwieZ©b nIqvi †Kv‡bv KviY _vK‡e bv| g~j¨ I gRywi

e„w×‡K Zviv Avw_©K welq wn‡m‡eB †`L‡e| Z‡e cÖZ¨vwkZ I cªK…Z gy`ªvùxwZi nv‡ii eëavb

n‡j Money illusion †`Lv †`‡e| hLb cÖZ¨vwkZ gy`ªvùxwZi †P‡q cÖK…Z gy`ªvùxwZ †ewk n‡e

ZLb ¯vfvweK †eKvi‡Z¡i †P‡q †eKviZ¡ Kg‡e| Avevi cÖZ¨vwkZ gy`ªvùxwZi †P‡q cÖK…Z

gy ªvùxwZ Kg n‡j †eKviZ¡ evo‡e|

10.10 wP‡Îi gva¨‡g welqwU †`Lv‡bv hvq| wP‡Î j¤ A‡¶ gy`ªvùxwZi nvi (P*) Ges f‚wg A‡¶

†eKvi‡Z¡i nvi (U*) we‡eP¨| E(P)=0 nj cÖv_wgK wdwjc&m †iLv, 0% gy`ªvùxwZi nv‡i

¯vfvweK †eKviZ¡ Un, †hLv‡b cÖZ¨vwkZ I cÖK…Z gy`ªvùxwZi nvi mgvb (hv k~‡bï mgvb)|

Gevi bxwZ cÖ‡YZvMY hw` g‡b K‡ib ¯vfvweK †eKvi‡Z¡i nvi A‡bK †ewk Av‡Q, Zvn‡j bxwZ

cÖ‡YZv‡ì e¨q evo‡e| hv dv‡g©i Pvwn`v evov‡e, `vg evov‡e, wb‡qvM evo‡e, Un †_‡K †eKviZ¡

U1-G †b‡g Avm‡e, hv A_©bxwZ‡K a †_‡K b †Z ¯’vbvšÍwiZ Ki‡e| †eKvi‡Z¡i nvi‡K cwieZ©b

Ki‡e Z_v †eKvi‡Z¡i nvi Kg‡e| G Ae ’vq 5% gy`ªvùxwZi m„wó n‡j kªwgK †kªYx AZx‡Z m„ó

5% gy`ªvùxwZ c~i‡Yi Rb¨ Pvc †`‡e Ges gRywi Íi 5% evo‡e| hw` wb‡qvMKvixiv G ai‡bi

`vwe cÖZ¨vL¨vb K‡i Zvn‡j Frictional Unemployment K‡g hv‡e| kªwgKiv ZLb Kv‡Ri my‡hvM

LyuR‡e| G Ae¯’vq Phillips E(P)=5% -G ’vbvšÍwiZ n‡e| gRywi 5% evo‡j ev kªwgKMY

Kv‡Ri my‡hvM LyR‡jB Gi wdwjc&m †iLvi Ici ¯’vbvšÍwiZ n‡e| Gi d‡j hw` Avevi bxwZ

¯vfvweK †eKviZ¡

ej‡Z AweiZ †hme

c` k~b¨ nq Ges

c~iY nq Zv‡K

†evSvq| wdWg¨vb-

†djc&m-Gi g‡Z,

†mB †eKviZ¡‡K

¯vfvweK †eKviZ¡

†evSvq †h †eKvi‡Z¡

cÖZ¨vwkZ I cÖK…Z

gy ªvùxwZi nvi

ci¯úi mgvb nq|



cÖ‡YZviv g‡b K‡i †eKviZ¡ Kgv cÖ‡qvRb Zvn‡j cy‡e©i gZ cÖwµqvq ïiæ n‡e E(P)+5%

Phillips †iLvi c †_‡K d we› y‡Z ’vbvšÍwiZ n‡e Ges me‡P‡q d †_‡K e we› y‡Z ¯’vbvšÍwiZ n‡q

E(P)=10% †iLvq iƒcvšÍwiZ n‡e|

gy`ªvùxwZi Z¡wiZ e„w× ZË¡ I wdwjc&m †iLvi ¯’vbvšÍi

¯vfvweK †eKvi‡Z¡i †P‡q wb¤œ Í‡ii †eKviZ¡ eRvq ivLvi †¶‡Î wKfv‡e gy ªvùxwZ µgvš‡q e„w×

N‡U Zv G‡Z e¨vL¨v Kiv nq| aiv hvK †eKvi‡Z¡i ¯vfvweK nvi nj 5%| GwU 4% eRvq

ivL‡Z n‡j gy`ªvùxwZ Z¡wiZ e„w× Ki‡e| GUvB gy`ªvùxwZi Z¡wiZ e„w× Z‡Ë¡i g~j K_v| aiv hvK

cÖZ¨vwkZ I cÖK…Z gy`ªvùxwZi nvi 5% Avi †eKvi‡Z¡i ¯vfvweK nvi 5%| bxwZ cÖ‡YZvMY

†eKvi‡Z¡i ¯vfvweK nvi 4% bvwg‡q Avb‡Z Pvq| miKvwi e¨q e„w× †c‡j `vg Íi 5% e„w×

cvq| d‡j †eKvi‡Z¡i nvi 4%-G †b‡g Av‡m| 10.11 wP‡Îi A_©bxwZ PC2 †iLvq c †_‡K b ¯’vbvšÍwiZ nq|

5% gy`ªvùxwZi nv‡i RbM‡Yi

cÖZ¨vwkZ gy`ªvùxwZi nvi evo‡e|

GwU hw` 2% †_‡K †e‡o 4% nq

Zvn‡j Phillips †iLv PC2 †_‡K

¯’vbvšÍwiZ n‡q PC4 n‡e| PC4

-

G 4% †eKviZ¡ eRvq ivL‡Z n‡j

7% gy`ªvùxwZi nvi cÖ‡qvRb

co‡e| b© we›`y‡Z 7% gy`ªvùxwZi

nv‡i wdwjcm †iLv Ic‡i

¯’vbvšÍwiZ n‡e Ges Zv hw` PC10

nq Zvn‡j 4% †eKviZ¡ eRvq

ivLvi Rb¨ 13% gy`ªvùxwZi

cÖ‡qvRb co‡e| b'' we› y‡Z 13%

gy ªvùxwZ n‡j Avevi cÖZ¨vwkZ gy`ªvùxwZi nvi evo‡Z _vK‡e| GLv‡b wm×v‡šÍ Avmv hvq †h

Avw_©K I ivR¯ KZ©„c¶ hw` †eKvi‡Z¡i ¯vfvweK nv‡ii †P‡q Kg †eKviZ¡ eRvq ivL‡Z Pvq

Zvn‡j Aek¨B cÖZ¨vwkZ gy ªvùxwZi nvi †ewk ivL‡Z n‡e| G cÖwµqv Ae¨vnZ ivL‡j Zv Z¡wiZ

gy ªvùxwZ e‡j we‡ewPZ n‡e| GKB cÖwµqv e¨vL¨v Kiv nq ¯vfvweK wdwjc&m †iLvi AweiZ

¯’vbvšÍ‡ii gva¨‡g|

10.12 bs wP‡Î mnRfv‡e

U% †_‡K U%-G bvwg‡q

Avmv‡K g~j¨- gRywii

abvZ¡K cÖwµqvq PC

†iLvi AweiZ DÌvb

†`Lv‡bv n‡q‡Q| G ZË¡wU

g~j¨ I gRywii eÜb

(Wage-Price Spiral) bv‡gI A_©bxwZ‡Z

cwiwPZ|

`xN©Kvjxb wdwjc&m †iLv

Avw_©K I ivR¯

KZ©„c¶ hw`

†eKvi‡Z¡i ¯vfvweK

nv‡ii †P‡q Kg

†eKviZ¡ eRvq ivL‡Z

Pvq Zvn‡j Aek¨B

cÖZ¨vwkZ gy ªvùxwZi

nvi †ewk ivL‡Z

n‡e| G cÖwµqv

Ae¨vnZ ivL‡j Zv

Z¡wiZ gy ªvùxwZ e‡j

we‡ewPZ n‡e| GKB

cÖwµqv e¨vL¨v Kiv nq

¯vfvweK wdwjc&m

†iLvi AweiZ

’vbvšÍ‡ii gva¨‡g|



Avgiv Rvwb ¯íKvjxb wdwjc&m †iLv gy`ªvùxwZ I †eKvi‡Z¡i g‡a¨ wecixZ m¤úK© cÖKvk K‡i|

GKB mv‡_ gRywi e„w×i nvi †eKvi‡Z¡i nv‡ii g‡a¨I wecixZ m¤úK© cÖKvk K‡i| gy`ªvùxwZi

nvi Kg n‡j ev gRywi e„w×i nvi Kg n‡j †eKviZ¡ †ewk n‡e Ges gy`ªvùxwZi nvi ev gRywi e„w×i

nvi †ewk n‡j †eKviZ¡ n‡e Kg, hv g~jZ g~j wdwjc&m †iLvi cÖwZcv`¨ welq| wd«Wg¨vb-†djc&m

G aviYvi mv‡_ MwZkxj welq m¤ú„³ K‡ib| wd«Wg¨vb †djc&m-Gi g‡Z cÖZ¨vwkZ gy`ªvùxwZi

nvi Ges cÖK…Z gy`ªvùxwZi nvi hLb GKB _v‡K ZLb w ’wZkxj Ae¯’v _v‡K| G Ae ’vq

†eKvi‡Z¡i ¯vfvweK nvi we`¨gvb _v‡K| Gici hw` cÖK…Z gy`ªvùxwZi nvi cÖZ¨vwkZ gy`ªvùxwZi

nv‡ii †P‡q †ewk nq Ges Zv hw` K‡qK eQi hver AweiZ _v‡K Zvn‡j cÖZ¨vwkZ gy`ªvùxwZi

nviI evo‡e| ZLb ¯íKvjxb wdwjc&m †iLv Ici ¯’vbvšÍwiZ n‡e| GK Ae¯’vq gRywii nviI

GKB nv‡i evo‡e hv cÖZ¨vwkZ I cÖK…Z gy`ªvùxwZi nvi‡K Avevi mgvb Ki‡e| d‡j `xN©Kv‡j

Av‡iv GKwU w ’wZkxj Ae ’v Avm‡e| Gfv‡e mg‡q mg‡q cÖZ¨vwkZ I cÖK…Z gy`ªvùxwZi nvi

mgvb mv‡c‡¶ †hvM K‡i `xN©Kvjxb wdwjc&m †iLv cvIqv hvq| AZGe `xN©Kvjxb wdwjc&m †iLv

nj Ggb GKwU †iLv †h †iLvi cÖwZwU we› y‡Z gRywii nv‡ii (gy`ªvùxwZi nvi) mv‡_ †eKvi‡Z¡i

nv‡ii m¤úK© cÖKvk K‡i|

`xN©Kvjxb wdwjc&m †iLv j¤ A‡¶i mgvšÍivj :

1| wd«Wg¨v‡bi hyw³ : wd«Wg¨vb I †dj&cm-Gi g‡Z RbM‡Yi g‡a¨ †Kv‡bv A_©gvqv (Money

illusion) _vK‡e bv| A_©vr gRywi, g~j¨ I Avq hw` GKB nv‡i ev‡o Zvn‡j kªwgK I Drcv`‡Ki

wm×v‡šÍi cwieZ©b n‡e bv| Zv‡`i mvgwMÖK Pvwn`v evo‡j gy`ªvùxwZi nvi evo‡e, hv ¯íKv‡j

Drcv`b, wb‡qvM I cÖK…Z gRywi‡K cÖfvweZ Ki‡e| hv mwZ¨ AcÖZ¨vwkZ| wKš‘ `xN©Kv‡j kªwgKiv

eyS‡Z cvi‡e Ges kªwgKiv ewa©Z g~j¨¯Í‡ii mgvb gRywi e„w×i Pvc †`‡e Ges mdj n‡e| d‡j

cÖK…Z gRywi `xN©Kv‡j w ’i _vK‡e| Avi hw` gvwjKMY gRywi e„w× bvI K‡i Zvn‡j kªwgKiv

fv‡jv Kv‡Ri Rb¨ †QvUvQywU Avi¤¢ Ki‡e, d‡j Pvwn`v e„w×i Kvi‡Y m„ó ewa©Z wb‡qvM Avi eRvq

ivLv hv‡e bv| A_©bxwZ †eKvi‡Z¡i ¯vfvweK nv‡i c`vc©Y Ki‡e| A_©vr `xN©Kv‡j †eKvi‡Z¡i

`xN©Kvjxb wdwjc&m

†iLv nj Ggb GKwU

†iLv †h †iLvi cÖwZwU

we› y‡Z gRywii nv‡ii

(gy ªvùxwZi nvi)

mv‡_ †eKvi‡Z¡i

nv‡ii m¤úK© cÖKvk

K‡i|



¯^vfvweK nvi eRvq _vK‡e| Avgiv Rvwb, kª‡gi Pvwn`v cÖK…Z gRywi I A‡c¶K Ges kª‡gi

†hvMvb †KBb&mxq g‡Z Avw_©K gRywii A‡c¶K| A_©vr

DL=f(W/P0) ev, DL(P0)=f(W) f’(W/P0)<0

SL=f(W)

wd«Wg¨v‡bi g‡Z, kª‡gi †hvMvb `xN©Kv‡j cÖK…Z gRywii A‡c¶K, ¯íKv‡j bq| kª‡gi †hvMvb

Avw_©K gRywi I cÖZ¨vwkZ gRywi Í‡ii Ici wbf©i K‡i|

SL=g(W/Pe0), g’(W/Pe

0)>0

10.13 bs wP‡Î GLv‡b Pe cÖZ¨vwkZ g~j¨ Íi| kªgevRv‡ii fvimvg¨ †_‡K Avgiv mn‡RB Dj¤

cÖK…wZi wdwjc&m †iLv †c‡Z cvwi| wP‡Î †eKvi‡Z¡i ¯vfvweK nvi NF cwigvY| †hLv‡b

DL(P0)=SL(P0e) Øviv W0 gRywi wba©vwiZ nq| Gici miKvi †eKviZ¡ Kgv‡bvi Rb¨ e¨q e„w×

Ki‡j ev mnR Avw_©K bxwZ MÖnY Ki‡j `vg Íi †e‡o hv‡e| d‡j kª‡gi Pvwn`v n‡e DL(P1)|

A_©bxwZ AvšÍtmvgwqKfv‡e f we›`y‡Z fvimvg¨ AR©b Ki‡e| wKš‘ `xN©Kv‡j cÖZ¨vwkZ g~j¨ Íi

†e‡o hv‡e Ges Zv gy ªvùxwZi nv‡ii mgvb n‡e; d‡j kª‡gi †hvMvb †iLv ev‡g m‡i wM‡q

DL(P0)=SL(P1e) n‡e| †hLv‡b ewa©Z wb‡qvM _vK‡e bv| c~e©Zb ¯vfvweK nv‡i †b‡g Avm‡e|

Gfv‡e A_©bxwZ efghi c_ a‡i Pj‡Z _vK‡e| GLv‡b ef we›`y‡Z Mgb nj wdwjc&m

†iLv eivei mÂvjb| A_©vr gRywi evo‡j wb‡qvM ev‡o ev †eKviZ¡ K‡g, hv ¯íKvjxb welq| e we› y‡Z cÖZ¨vwkZ I cÖK…Z gy`ªvùxwZ ci¯úi mgvb| Gici g we›`y †_‡K i we›`y‡ZI `xN©Kv‡j

cÖZ¨vwkZ I cÖK…Z gy`ªvùxwZi nvi mgvb n‡eB| †hLv‡b cÖwZwU ¯Í‡iB ¯vfvweK †eKviZ¡ _vK‡e|

d‡j `xN©Kv‡j wdwjc&m †iLv Aek¨B j¤ A‡¶i mgvšÍivj n‡e|

10.14 bs wP‡Î welqwU †`Lv‡bv nj|

wP‡Î 0% gy`ªvùxwZi nv‡i G we› y‡Z A_©bxwZ ¯vfvweK nv‡i †eKviZ¡ wb‡q fvimvg¨ AR©b

K‡i‡Q| Gici miKvi ivR¯bxwZ I Avw_©K bxwZ MÖnY Ki‡j `vg Íi evo‡e Z_v cÖK…Z

gy ªvùxwZ>cÖZ¨vwkZ gy`ªvùxwZ n‡e| †eKviZ¡ mvgwqKfv‡e MG cwigvY Kg‡e| d‡j A_©bxwZ



G †_‡K H-G ¯’vbvšÍwiZ n‡e| BwZg‡a¨ kªwgKiv eyS‡Z cvi‡e `vg¯Íi †e‡o‡Q| ZvB gRywi

e„w×i Rb¨ Pvc †`‡e| gRywi evo‡j cÖZ¨vwkZ `vg Íi †e‡o hv‡e; d‡j wdwjc&m †iLv PC1 †_‡K

PC2

†Z ’vbvšÍwiZ n‡e cÖZ¨vwkZ (Pe=2%) I cÖK…Z (P=2%) Ae¯’vq N we›`y‡Z A_©bxwZ

`xN©Kv‡j Ae ’vb Ki‡e| †hLv‡b ¯vfvweK nv‡i †eKviZ¡ _vK‡e| wb‡qvMKvixMY gRywi bv

evov‡jI kªwgKiv fv‡jv Kv‡Ri Rb¨ †QvUvQywU Ki‡e| d‡j ¯vfvweK nv‡i †eKviZ¡ m„wó n‡e|

A_©bxwZ N we› y‡Z ’vbvšÍwiZ n‡e| Gici Avevi miKvi m¤úÖmviYgyLx bxwZ Aej¤b Ki‡j

A_©bxwZ me©‡kl dj wn‡m‡e 4% gy`ªvùxwZ‡Z PC3 wdwjc&m †iLv m„wó n‡e| hv R we›`y‡Z

`xN©Kv‡j fvimvg¨ AwR©Z n‡e| Abyiƒcfv‡e PC4-Gi T we› y `xN©Kv‡j Kvg¨ n‡e| GB G, N, R

I T we›`y¸‡jv †hvM Ki‡j `xN©Kvjxb wdwjc&m †iLv cvIqv hvq hv j¤ A‡¶i mgvšÍivj| †hLv‡b

gy ªvùxwZ, gRywii nvi I †eKvi‡Z¡i nv‡ii g‡a¨ `xN©Kv‡j †Kv‡bv Trade off _v‡K bv|


ˆbe© w³K cÖkœ


1. wd«Wg¨vb †djc&m-Gi g‡Z wdwjc&m †iLv gy`ªvùxwZi nvi Øviv cÖfvweZ nq| mZ¨/wg_¨v

2. wd«Wg¨vb- †djc&m ZË¡ †`Lvq †h, hw` cÖZ¨vwkZ gy`ªvùxwZi nvi ev‡o Zvn‡j gy`ªvùxwZ I

†eKviZ¡ evo‡e| mZ¨/wg_¨v

3. cÖZ¨vwkZ gy ªvùxwZi †P‡q cÖK…Z gy`ªvùxwZ Kg n‡j †eKviZ¡ Kg‡e| mZ¨/wg_¨v

4. `xN©Kvjxb wdwjc&m †iLvi cÖwZwU we› y gRywii nv‡ii m‡½ †eKvi‡Z¡i nv‡ii m¤úK© cÖKvk

K‡i| mZ¨/wg_¨v

5. `xN©Kv‡j †eKvi‡Z¡i ¯vfvweK nvi eRvq _vK‡e| mZ¨/wg_¨v

msw¶ß cÖkœ

1. wd«Wg¨vb- †djc&m Z‡Ë¡i g~j welq wK?

iPbvg~jK cÖkœ

1. ¯vfvweK †eKvi‡Z¡i nvi e¨vL¨v Kiæb|

2. gy ªvùxwZi Z¡wiZ e„w× ZË¡ I wdwjcm †iLvi ¯’vbvšÍi Av‡jvPbv Kiæb|

3. Ô`xN©Kvjxb wdwjc&m †iLv j¤ A‡¶i mgvšÍivjÕ- e¨vL¨v Kiæb|


1. mZ¨ 2. mZ¨ 3. wg_¨v 4. mZ¨ 5. mZ¨

wd«Wg¨vb †djc&m g‡b K‡ib, weMZ K‡qK eQi hver hw` gy`ªvùxwZi nvi evo‡Z _v‡K Zvn‡j RbM‡Yi

cÖZ¨vwkZ gy`ªvùxwZi nvi †ewk n‡e| G Ae ’vq ¯vfvweK †eKvi‡Z¡i nv‡i cÖZ¨vwkZ gy`ªvùxwZi nvi

evo‡e| `xN©Kv‡j GKwU ¯vfvweK †eKvi‡Z¡ fvimvg¨ Z_v c~Y© wb‡qvM ¯xKvi Kiv nq| GB c~Y© wb‡qvM

Ae ’vq A_©bxwZ‡Z gy`ªvùxwZ m„wó n‡jI mvgwMÖK †hvMvb w ’i _v‡K| `xN©Kvjxb wdwjc&m †iLv n‡jv

Ggb GKwU †iLv †h †iLvi cÖwZwU we›`y‡Z gRywii nv‡ii mv‡_ †eKvi‡Z¡i nv‡ii m¤úK© cÖKvk K‡i|

mvims‡¶c



miKvwi A_©eë¯’v

Public Finance

miKvwi A_©eë¯’v Ggb GKwU welq hv ivRbxwZ I A_©bxwZi mxgvšÍ‡iLvq Aew ’Z| eZ©gvbKv‡j wewfbœ Kvi‡Y

miKvwi A_©eë¯’vi ¸iæZ¡ e¨vcKfv‡e e„w× †c‡q‡Q| ZvB AvaywbKKv‡j miKvwi A_©eë¯’v ïay miKvi wKfv‡e Avq

K‡i Ges wKfv‡e Zv e¨q K‡i Zv Av‡jvPbv K‡iB ¶všÍ nq bv| GKK_vq miKvwi Avq-e¨‡qi AšÍwb©wnZ hveZxq

A_©‰bwZK Dcv`vb miKvwi A_©eë¯’vi Awe‡”Q`¨ Ask| GB BDwb‡U miKvwi A_©eë¯’vi msÁv I cwiwa Av‡jvPbv

Kiv n‡q‡Q| GQvovI evRvi A_©bxwZi e¨_©Zv I miKv‡ii f‚wgKv, MY ª‡eï aviYv I ZË¡mg~n Av‡jvwPZ n‡q‡Q|

miKvwi A_©eë¯’vq Ab¨Zg ¸iæZ¡c~Y© aviYv Ki, K‡ii Kvbyb, ZË¡mg~n, KivNvZ, Ki mÂvjb, AvcZb, evRvi I

K‡ii AvcZb welq¸‡jv GB BDwb‡Ui QqwU cv‡V eY©bv Kiv n‡q‡Q|


cvV-1 : miKvwi A_© eë¯’vi msÁv I cwiwa

cvV-2 : evRvi A_©bxwZi e¨_©Zv, miKv‡ii f‚wgKv

cvV-3 : MY ªe¨ : aviYv I ZË¡

cvV-4 : K‡ii msÁv, êwkó¨ I Kvbyb

cvV-5 : Ki eë¯’vi ZË¡mg~n, evsjv‡`‡ki Ki KvVv‡gv we‡kølY

cvV-6 : KivNvZ, Ki mÂvjb, AvcZb, evRvi I K‡ii AvcZb

11



miKvwi A_© eë ’vi msÁv I cwiwa


miKvwi A_© eë¯’vi msÁv

miKvwi A_© eë¯’vi kvLv

miKvwi A_© eë¯’vi cwiwa

miKvwi A_© eë¯’vi msÁv

miKvwi A_© eë¯’v A_©bxwZi GgbwKQy A_©‰bwZK Kg©KvÛ wb‡q e¨vL¨v K‡i †hLv‡b miKvi

RwoZ _v‡K| GB kv ¿ miKv‡ii Avq, e¨q I FY msµvšÍ welqmg~n wb‡q ch©v‡jvPbv K‡i|

miKvwi A_© eë¯’v K_vwU miKvi I A_© eë¯’v ev A_©bxwZ Ges ivRbxwZi mxgv‡iLvq Aew ’Z|

Aa¨vcK Dalton e‡jb, miKvwi A_© eë¯’v n‡jv Hme welqmg~‡ni g‡a¨ GKwU hv A_©bxwZ I

ivRbxwZi mxgv‡iLvq Aew ’Z| GwU miKvwi KZ©„c‡¶i Avq I e¨q m¤ú‡K© ch©v‡jvPbv K‡i Ges

GKwUi m‡½ Av‡iKwUi mgšq mvab K‡i|

miKvwi A_© eë¯’v ivRbxwZ‡Z A_©‰bwZK Kg©KvÛ evQ-wePvi Kivi m~Pbv K‡i A_©vr †Kvb

KvRwU Kiv DwPZ I †KvbwU Kiv DwPZ bq- GB cÖkœ‡K mvg‡b †i‡L A_©‰bwZK bxwZ-wba©viY

Kivi †Póv K‡i| GRb¨ A_©bxwZi GB Ask‡K Normative economics ejv nq| miKvwi A_©

eë¯’vq ZvwË¡K hyw³ Ges ev¯ÍweK welqmg~n‡K AZ¨waK ¸iæZ¡ w`‡q we‡ePbv Kiv nq| †Kv‡bv

GKwU A_©‰bwZK Kg©KvÛ Ki‡Z †M‡j Zvi gyL¨ I Avbylw½K myweav Ges Amyweavmg~n‡K

Zzjbvg~jKfv‡e wePvi K‡i wm×všÍ MÖnY Kiv nq|

De Macro-Gi g‡Z, ÔmiKvwi A_©eë¯’v iv‡óªi Drcv`bkxj †mBme Kvh©µg‡K we‡kølY K‡i,

hv mw¤§wjZ Afve c~i‡Yi cÖqvm †bq|Õ

Findlay Shirras-Gi g‡Z Ôms‡¶‡c miKvwi A_© eë¯’v n‡jv miKvwi e¨q Ges miKvwi

KZ©„c‡¶i dvÛ e„w×i m‡½ m¤úwK©Z bxwZgvjvi we‡kølY|Õ

AviI A‡bK A_©bxwZwe` miKvwi A_© eë¯’vi msÁv w`‡q‡Qb Z‡e †mme msÁvi †Kv‡bvwU

A¯úó, †Kv‡bvwU AZ¨šÍ we¯Í…Z Ges †Kv‡bvwU AZ¨šÍ msKxY©| me welq we‡ePbv K‡i Avgiv

miKvwi A_© eë¯’v m¤ú‡K© Ab¨Zg we‡klÁ Aa¨vcK H. Groves-Gi msÁv MÖnY Ki‡Z cvwi,

ÔmiKvwi A_©eë¯’v n‡”Q A_©bxwZi Ggb GKwU Ask hv ivR¨ Ges ¯’vbxq miKv‡ii Avq I e¨q

ch©v‡jvPbv K‡i| AvaywbKKv‡j miKvwi A_©eë¯’vq PviwU wefvM AšÍfz©³ Av‡Q| miKvwi Avq,

miKvwi e¨q, miKvwi FY Ges ivR¯bxwZ I ivR¯ cÖkvm‡bi gZ bxwZmn mvwe©K ivR¯ c×wZi

K‡qKwU mgm¨v|Õ myZivs ejv hvq miKvwi A_© eë¯’vq iv‡óªi me ai‡bi Avq, e¨q, FY I

wewb‡qvM msµvšÍ mgm¨v I Zv‡ì mgvav‡bi welq AšÍfz©³ _v‡K|

miKvwi A_© eë¯’vi cwiwa

miKvwi A_© eë¯’v Adam Smith Kw_Z (invisible hand) ev Laissez faire aviYvi wec‡¶

DÌvcb g‡Zi Øviv MwVZ| †hLv‡b miKvi GKwU bxie hš¿ bq, eis miKvi GKwU kw³kvjx

cvV-1

miKvwi A_© eë ’v

ivRbxwZ‡Z

A_©‰bwZK Kg©KvÛ

evQ-wePvi Kivi

m~Pbv K‡i A_©vr †Kvb

KvRwU Kiv DwPZ I

†KvbwU Kiv DwPZ bq

GB cÖkœ‡K mvg‡b

†i‡L A_©‰bwZK

bxwZ-wba©viY Kivi

†Póv K‡i| GRb¨

A_©bxwZi GB Ask‡K

Normative economics ejv nq|



PvwjKv kw³| miKvi RbM‡Yi myL-`ytL fv‡jv-g›` m„wói Rb¨ †Kv‡bv As‡k Kg `vqx bq|

Kv‡RB miKvwi A_©eë¯’v RbKj¨vY‡K ¸iæZ¡ w`‡q we‡ePbv K‡i|

miKvwi A_© eë¯’v ïay miKv‡ii Av‡qi Drm I e¨‡qi aib wb‡q e¨vL¨v K‡i bv, cÖ‡qvRb‡ev‡a

F‡Yi mieivn †Kv_v †_‡K Avm‡e Ges wKfv‡e Zv e¨q Kiv n‡e Zv wb‡qI e¨vL¨v K‡i|

eZ©gvb we‡k¦ `wi ª †`kmg~‡ni `vwi‡ ª i yóPµ (Vicious Circle of Poverty) †f‡O †djvi Rb¨

miKvwi Avq-e¨q cÖwµqv eënvi Kiv nq| Low Level equilibrium trap KvwU‡q IVvi Rb¨

A_©bxwZwe`‡ì Kw_Z Minimum Critical Effort MÖn‡Yi `vwqZ¡ miKvwi Avq-e¨‡qi; hv miKvwi

A_© eë¯’vq wba©viY Kiv nq|

miKvwi A_© eë¯’v wZbwU kvLvq (Branch) wef³ :

(i) Allocation branch (ii) Distribution branch (iii) Stabilisation branch

(i) Allocation branch A_©bxwZ‡Z wewfbœ Drm †_‡K wKfv‡e Avq Avm‡e; †Kvb LvZ †_‡K

KZUzKz Avq Avm‡e Zv e¨vL¨v K‡i|

mvgvwRK ªe¨ h_v : cÖwZi¶v, eb¨v wbqš¿Y cÖKí, iv Ív-NvU, nvmcvZvj BZ¨vwì Rb¨ wK

cwigvY A_© cÖ‡qvRb Zv Kvg¨fv‡e wba©viY KivB Allocation branch-Gi KvR|

(ii) A_©‰bwZK Kj¨vY e„w×i ¯v‡_© miKv‡ii ivR¯ e¨q wewfbœ Lv‡Z e›Ub KivB Distibution

branch-Gi `vwqZ¡|

(iii) Ab¨w`‡K Stabilisation branch-G wKfv‡e A_©bxwZ‡Z c~Y© wb‡qvM eRvq ivLv hvq Ges

gy ªvùxwZ I gy`ªv ms‡KvPb Ae¯’v †iva Kiv hvq Zv e¨vL¨v K‡i|

eZ©gvbKv‡j wewfbœ Kvi‡Y miKvwi A_©eë¯’vi ¸iæZ¡ e¨vcKfv‡e e„w× †c‡q‡Q| ZvB

AvaywbKKv‡j miKvwi A_©eë¯’v ïay miKvi wKfv‡e Avq K‡i Ges wKfv‡e Zv e¨q K‡i Zv

Av‡jvPbv K‡iB ¶všÍ nq bv| miKv‡ii Avq-e¨q bxwZ, RvZxq Drcv`b, A_© m¤ú‡ì e›Ub,

wewfbœ cÖKvi eëmvq, wewfbœ †kªYxi †jvK BZ¨vw`‡K wKfv‡e cÖfvevwšZ K‡i ZvI G kv‡ ¿i

Av‡jvP¨ welq| GK K_vq, miKvwi Avq-e¨‡qi AšÍwb©wnZ hveZxq A_©‰bwZK Dcv`vb Ges Gi

cÖwZwµqvmg~nI miKvwi A_© eë¯’vi Awe‡”Q`¨ A½|

G kv¯¿ cÖK…Zc‡¶ ivR¯bxwZ MÖnY I ev Íevqb‡KB ch©v‡jvPbv K‡i| miKvwi A_© eë ’vq g~jZ

cuvPwU welq wb‡q ch©v‡jvPbv Kiv nq|

1| miKvwi Avq (Government Revenue) :

miKvwi A_© eë¯’v miKv‡ii ivR¯ Avq e„w×i c×wZmg~n Ges K‡ii bxwZgvjv wb‡q e¨vL¨v

K‡i|

2| miKvwi e¨q (Government Expenditure) :

miKvwi A_© eë¯’v miKvwi e¨‡qi bxwZ Ges miKvwi e¨‡qi cÖfvemg~n wb‡q ch©v‡jvPbv K‡i|

3| miKvwi FY (Public Debt) :

miKvwi A_© eë¯’v miKvwi FY MÖn‡Yi c×wZ Ges miKvwi FY eë¯’vcbv wb‡q ch©v‡jvPbv

K‡i|

miKvwi A_© eë ’v

ïay miKv‡ii Av‡qi

Drm I e¨‡qi aib

wb‡q e¨vL¨v K‡i bv,

cÖ‡qvRb‡ev‡a F‡Yi

mieivn †Kv_v †_‡K

Avm‡e Ges wKfv‡e

Zv e¨q Kiv n‡e Zv

wb‡qI e¨vL¨v K‡i|



4| Avw_©K cwiPvjbv (Financial Management) : miKvwi A_©eë¯’vi GKwU As‡k miKv‡ii ev‡RU cÖYqb Ges wnmve-wbKvkmg~n wb‡q Av‡jvPbv

Kiv nq|

5| A_©‰bwZK w¯’wZkxjZv (Economic Stability) :

miKvwi A_© eë¯’vi GKwU As‡k ivR¯bxwZi gva¨‡g A_©‰bwZK w ’wZkxjZv i¶v Kivi Rb¨

eë¯’v MÖnY Kiv nq|

Dcmsnv‡i, Avgiv ej‡Z cvwi, GUv A_©bxwZi Ggb GKwU Ask †hLv‡b miKv‡ii Avq-e¨q I

FY msµvšÍ Kvh©µ‡gi Øviv RbM‡Yi mvwe©K Kj¨vY e„w× K‡i Avq, wb‡qvM, Drcv`b e„w×i

gva¨‡g gy`ªvùxwZ I gy`ªvms‡KvPb Ae¯’v cÖwZ‡iva Ki‡Z wK cÖwµqv MÖnY Kiv DwPZ Avi †KvbwU

DwPZ bq, Zv e¨vL¨v K‡i|


ˆbe© w³K cÖkœ


1| miKvwi A_© eë¯’v ïay miKv‡ii Av‡qi Drm I e¨‡qi aib wb‡q e¨vL¨v K‡i| mZ¨/wg_¨v

2| mvgvwRK ª‡eï Rb¨ wK cwigvY A_© cÖ‡qvRb Zv Kvg¨fv‡e wba©viY KivB Allocation

Branch-Gi KvR| mZ¨/wg_¨v

msw¶ß cÖkœ

1| miKvwi A_© eë¯’v KqwU kvLvq wef³? wjLyb|

iPbvg~jK cÖkœ

1| miKvwi A_© eë¯’vi msÁv I cwiwa Av‡jvPbv Kiæb|


1. wg_¨v 2. mZ¨

miKvwi A_©eë ’v

A_©bxwZi Ggb GKwU

Ask †hLv‡b

miKv‡ii Avq-e¨q I

FY msµvšÍ

Kvh©µ‡gi Øviv

RbM‡Yi mvwe©K

Kj¨vY e„w× K‡i Avq,

wb‡qvM, Drcv`b

e„w×i gva¨‡g

gy ªvùxwZ I

gy ªvms‡KvPb Ae ’v

cÖwZ‡iva Ki‡Z wK

cÖwµqv MÖnY Kiv

DwPZ; Avi †KvbwU

DwPZ bq; Zv e¨vL¨v

K‡i|

miKvwi A_© eë ’v ivRbxwZ‡Z A_©‰bwZK Kg©KvÛ evQ-wePvi Kivi m~Pbv K‡i A_©vr †Kvb KvRwU Kiv

DwPZ I †KvbwU Kiv DwPZ bq GB cÖkœ‡K mvg‡b †i‡L A_©‰bwZK bxwZ-wba©viY Kivi †Póv K‡i| GRb¨

A_©bxwZi GB Ask‡K Normative economics ejv nq| miKvwi A_©eë ’v A_©bxwZi Ggb GKwU Ask

†hLv‡b miKv‡ii Avq-e¨q I FY msµvš— Kvh©µ‡gi Øviv RbM‡Yi mvwe©K Kj¨vY e„w× K‡i Avq,

wb‡qvM Drcv`b e„w×i gva¨‡g gy`ªvùxwZ I gy`ªvms‡KvPb Ae ’v cÖwZ‡iva Ki‡Z wK cÖwµqv MÖnY Kiv

DwPZ; Avi †KvbwU DwPZ bq; Zv e¨vL¨v K‡i|

mvims‡¶c



evRvi A_©bxwZi e¨_©Zv, miKv‡ii f‚wgKv


evRvi A_©bxwZi e¨_©Zvi aib

miKvwi A_© eë¯’vi f‚wgKv

K¬vwmK¨vj Aeva evRvi eë ’v aviYvwU c~Y© cÖwZ‡hvwMZvg~jK evRvi eë ’vi Ici wfwË K‡i M‡o

D‡VwQj| †hLv‡b-

(1) AmsL¨ †µZv I AmsL¨ we‡µZv

(2) mgRvZxq ªe¨

(3) Drcv`b †¶‡Î Aeva cÖ‡ek I cÖ ’v‡bi AwaKvi

(4) evRvi m¤ú‡K© c~Y© Ávb

(5) miKvwi n¯Í‡¶c _vK‡e bv

(6) Dcv`vbmg~‡ni c~Y© MwZkxjZv Ges

(7) cwienb LiP †bB

kZ©mg~n a‡i †bIqv nq, Gi †cÖw¶‡Z Pvwn`v I †hvMv‡bi NvZ-cÖwZNv‡Z m¤ú‡ì Kvg¨ e›Ub

wbwðZ Ki‡e| `¶ e›Ub n‡jv Ggb Ae ’v hLb KvD‡K ¶wZMÖ¯Í bv K‡i A‡bï Kj¨vY evov‡bv

hvq bv| A_©vr K¬vwmK¨vj Aeva evRvi eë¯’v †c‡i‡Uvi Kvg¨Zvi kZ© cvjb K‡i| MY `ªe¨ bv

_vK‡j, cwienb LiP k~b¨ n‡j Ges GK‡PwUqv Kvievi bv _vK‡j †fv³v I Drcv`K‡ì g‡a¨

`ªe¨ Dcw ’Z _v‡K, Z‡e evRvi eë ’v Kvh©Ki n‡e bv| Ab¨w`‡K c~Y© cÖwZ‡hvwMZvi kZ©mg~‡ni

jsNb NU‡j `¶ e›Ub wbwðZ nq bv| Avevi †Kv‡bv mgq me kZ© we`¨gvb †_‡K MY ªe¨

AeZ©gvb _vK‡jI evRvi eë ’v `¶ m¤ú` e›U‡b e¨_© nq| G‡K A‡b‡KB evRvi eë¯’vi

e¨_©Zv e‡j D‡jøL K‡ib| cÖK…Z c‡¶ GwU evRvi eë ’vi e¨_©Zv ejvi †P‡q evRvi Z‡Ë¡i

e¨_©Zv ejvB †kªq; evRvi ZË¡ e¨vL¨vq A‡bK RwUj Dcv`vb‡K eR©b K‡i e¨vL¨v Kiv n‡q‡Q|

evRvi A_©bxwZi e¨_©Zvi aib t

1. AbywgZ k‡Z©i Aev¯ÍeZv t

†hme AbywgZ kZ© †bqv n‡q‡Q Zv ev¯Í‡e Lyu‡R cvIqv KwVb| ev¯Í‡e GK‡PwUqv Kvievi,

GK‡PwUqv cÖwZ‡hvwMZv, Wz‡qvcwj I Awj‡Mvcwj evRvi eë¯’vi cÖvavb¨ †ewk| ZvB c~Y©

cÖwZ‡hvwMZvi fvimv‡gï †h kZ©mg~n _vKv cÖ‡qvRb Zv evRvi eë¯’vq cÖwZdwjZ nq bv| Ac~Y©

cÖwZ‡hvwMZvg~jK evRv‡i `vg _v‡K †ewk I Drcv`b nq Kg| ZvB Ac~Y© cÖwZ‡hvwMZvq evRvi

ZË¡ e¨_© nq| G Ae¯’vq miKvi GK‡PwUqv Kvievi wbqš¿Y Ki‡Z cv‡i, hv `vg Kg Ges

Drcv`b †ewk Ki‡Z mnvqZv K‡i| A_ev c~Y© cÖwZ‡hvwMZvi evavmg~n `~ixKiY Ki‡Z cv‡i|

cvV-2

cÖwZ‡hvwMZvi

fvimv‡gï †h

kZ©mg~n _vKv

cÖ‡qvRb Zv evRvi

eë ’vq cÖwZdwjZ

nq bv| Ac~Y©

cÖwZ‡hvwMZvg~jK

evRv‡i `vg _v‡K

†ewk I Drcv`b nq

Kg|



2. c~Y© cÖwZ‡hvwMZv I Externalities :

m¤ú‡ì Kvg¨ e›Ub ej‡Z ¯xKvi Kiv nq Pvwn`v I †hvMvb †iLvmg~‡n †fv³v‡ì cÖK…Z cQ›`

Ges Drcv`bKvix‡ì cÖK…Z Li‡Pi cÖwZdjb NU‡e| ev¯Í‡e A‡bK `ª‡eï Pvwn`v †iLvq

†fv³v‡ì cÖK…Z cQ‡›ì cÖwZdjb N‡U bv| †hgb GKRb GKwU d¬ vU evwoi GKvsk fvov wb‡Z

Pvq| d¬ v‡Ui AvqZb I AvK…wZ Abymv‡i fvov †bq Ges LvRbv cÖ vb K‡i| d¬v‡Ui wbP Zjvq

GKwU dz‡ji evMvb _vKvq (A‡bï evMvb) d¬ v‡Ui Pvwn`v †iLvq †h Kj¨vY cÖKvk K‡i Zv dzj

evMv‡bi Kj¨vY we‡ePbv K‡i bv| evRvi Pvwn`v †iLv †fv³v‡ì cÖK…Z cQ›` cÖKvk Ki‡Z cv‡i

bv| abvZ¥K ewn¯’ †fvM cÖfve _vK‡j cÖK…Z cQ‡›ì evRvi Pvwn`v †iLv _v‡K „k¨gvb evRvi

Pvwn`v †iLvi Ic‡i|

3. Avq e›U‡b evRvi e¨_©Zv :

aiv hvK cÖwZwU evRv‡i cÖK…Z cQ›` I cÖK…Z Li‡Pi cªwZdjb Øviv c~Y© cÖwZ‡hvwMZvg~jK evRvi

M‡o DV‡jv| Gici cÖ‡Z¨K Drcv`bKvix gybvdv me©vwaK Ki‡e Ges Dcv`vbmg~‡ni

Drcv`bkxjZv Abymv‡i g~j¨ cÖ vb Kiv n‡e| wKš‘ PvjvK, kw³kvjx, cwikªgx, `¶, we‡klÁ,

ˆcZ…K m¤ú‡ì AwaKvix‡ì Avq evRvi cÖwµqvq A‡bK †ewk| Avevi †evKv, Ajm I A`¶‡ì

Avq evRvi cÖwµqvq A‡bK Kg n‡e| G Ae ’vq mgv‡Ri Avq êlg¨ cÖKU iƒc aviY Ki‡e|

evRvi eë ’v G mgm¨vi mgvavb w`‡Z cv‡i bv| ivR‰bwZK cÖwµqvq cÖMwZkxj Ki I e¨q

cÖwµqvq Giƒc mgv‡R e›U‡b mgZv Avbv m¤¢e|

5. MY`ª‡eï †¶‡Î evRvi Z‡Ë¡i e¨_©Zv :

A‡bK cY¨ I †mev _v‡K hv RbMY Drcv`b K‡i bv; wKš‘ †fvM K‡i| hv MY `ªe¨ wn‡m‡e

cwiwPZ| Giƒc ª‡eï êwkó¨ n‡jv : (1) AwefvR¨ ªe¨, (2) mw¤§wjZ †fv‡Mi my‡hvM Ges (3)

cÖvwšÍK LiP k~b¨| †hLv‡b evRvi ZË¡ cY¨ g~j¨ wba©vi‡Y e¨_© nq| †mLv‡b evRvi Z‡Ë¡i

ms‡kvab K‡i g~j¨ wba©viY Kiv nq| wb‡Pi Q‡K †`Lv‡bv n‡jv|

A‡bK cY¨ I †mev

_v‡K hv RbMY

Drcv`b K‡i bv;

wKš‘ †fvM K‡i| hv

MY ªe¨ wn‡m‡e

cwiwPZ| Giƒc

ª‡eï êwkó¨ n‡jv :

(1) AwefvR¨ ªe¨,

(2) mw¤§wjZ †fv‡Mi

my‡hvM Ges (3)

cÖvwšÍK LiP k~b¨|

evRvi e¨_©Zvi KviY

AcÖwZØ›Øx †fvM

Ges ewÂZ KiY

†bB

GK‡PwUqv Kvievi ewnt ’cÖfve

FYvZ¥K abvZ¥K

Drcv`‡b evRvi

AcviM

evRvi ewnt ’ wnmve

myweav Ki‡Z cv‡i

bv Ges wb¤œmieivn

Ki‡e

wb¤œ Drcv`b n‡e I

`vg †ewk

evRvi ewnt ’ LiP

wnmve Ki‡Z cv‡i bv

Ges AwZmieivn Ki‡e

MY`ªe¨

wgkª `ªe¨

Gi Drcv`b A‡bï

¶wZ K‡i Ges

GKR‡bi †fvM

Ab¨R‡bi ¶wZ K‡i

µq K‡i I µq bv

K‡i DcK…Z n‡e



Laissez-Faire aviYv :

Laissez-Faire aviYvwU me©cÖ_g hy³iv‡óª weKwkZ nq| wesk kZvãxi K¬vwmK¨vj A_©bxwZwe`MYB

Laissez-Faire-Gi cÖe³v| Gi g‡a¨ Graham Summer-B Laissez-Faire-Gi w`K-wb‡ ©kbv

cÖ vb K‡ib| Zviv ¯xKvi K‡ib, m¤ú‡ì AwaKvi _vK‡e cÖMwZkxj Drcv`‡Ki| D”P

†gavm¤úbœ, m¤ú`kvjxivB A_©bxwZ wbqš¿Y Ki‡e| miKvi mxwgZ cwim‡i wbqš¿Y Av‡ivc

Ki‡e| mvgvwRK wbivcËvi Rb¨B miKvi Ki Av‡ivc Ki‡e|

K¬vwmK¨vj A_©bxwZweìv g‡b Ki‡Zb, ivóªxq e¨q gv‡bB Abyrcv`bkxj e¨q| e¨w³MZ e¨q

ivóªxq e¨‡qi Zzjbvq Drcv`bkxj| myZivs miKvwi e¨q †gUv‡bvi Rb¨ Ki avh© Ki‡j mgv‡Ri

Drcv`bkxjZv n«vm cv‡e| †Kbbv Ki e¨w³MZ K‡g©v`¨gmn mg¯Í †¶‡Î e¨w³¯vZš¿ ¶zYœ K‡i|

cÖL¨vZ divwm A_©bxwZwe` †R. we. †m (J. B. Say) e‡jwQ‡jb, me Avw_©K cwiKíbvi g‡a¨ ¯í

e¨q DËg Ges mKj cÖKvi K‡ii g‡a¨ †mwU DËg hvi cwigvY me‡P‡q Kg| e¨w³¯vZš¿ ev‡`

wek¦vmx †Kv‡bv †Kv‡bv K¬vwmK¨vj A_©bxwZwe` ZvB Af¨šÍixY kvwšÍ-k„•Ljv I †`‡ki mve©‡fŠgZ¡

i¶vi Rb¨ †hUzKz e¨‡qi cÖ‡qvRb Zv‡K miKvwi e¨q I K‡ii mxgv wn‡m‡e wb‡`©k K‡i‡Qb|

wKš‘ AvaywbK A_©bxwZweìv miKvwi e¨q I Ki m¤ú‡K© Dchy©³ gZev` MÖnY K‡ibwb| Zuv‡ì

g‡Z, cÖwZwU Ki Lvivc GBiƒc g‡b Kivi †Kv‡bv KviY †bB| †hgb gv`K `ª‡eï Ici D”Pnv‡i

Av‡ivwcZ Ki Gi eënvi n«v‡mi gva¨‡g g‡` Avm³ e¨w³‡ì RxebgvÎvi gvb e„w×‡Z mvnvh¨

Ki‡Z cv‡i| Avevi A‡bK †¶‡Î e¨w³i Zzjbvq miKvi AwaKZi Drcv`bkxjfv‡e A_© e¨q

Ki‡Z cv‡ib| D`vniY¯iƒc ejv hvq ¯‹zj, K‡jR, nvmcvZvj BZ¨vw` ’vc‡bi Rb¨ miKvwi e¨q

wbtm‡›`‡n mgv‡Ri Kj¨vY e„w× K‡i| Z‡e †h‡Kv‡bv miKvwi e¨q DËg bq| †hgb- AcÖ‡qvR‡b

hy‡×i Rb¨ e¨q wbtm‡›`‡n mgv‡Ri Rb¨ AKj¨vYKi|

myZivs †`Lv hvq e¨q I K‡ii Zzjbvg~jK cÖwZwµqv we Í…Zfv‡e ch©v‡jvPbv e¨ZxZ miKvwi A_©

eë¯’vi MÖnY‡hvM¨Zv m¤ú‡K© my¯úó †Kv‡bv e³e¨ cÖKvk Kiv hvq bv| Z‡e G K_v ejv hvq,

miKvwi Avq I e¨q bxwZ Ggbfv‡e cwiPvwjZ nIqv DwPZ hv‡Z mgvR GUv †_‡K me©vwaK

myweav ev Z…wß AR©b Ki‡Z cv‡i| A_©vr Avq I e¨‡qi wfwË‡Z †Kv‡bv e¨w³ †hgb me©vwaK

myweav AR©b Ki‡Z Pvq, †miƒc miKv‡iiI DwPZ Zvi Ki I e¨q bxwZ Ggbfv‡e cwiPvjbv Kiv

hv‡Z mgvR me©vwaK Kj¨vY ¯Í‡i †cuŠQv‡Z cv‡i| AvaywbK Kj¨vYKvgx ivóª Aek¨ G D‡Ïk¨

mvg‡b †i‡L Gi Avq-e¨q bxwZ cwiPvjbv K‡i|

GLb cÖkœ n‡”Q, wKfv‡e miKvwi Avqe¨q bxwZ mgv‡Ri Kj¨vY m‡e©v”P ¯Í‡i DcbxZ Ki‡Z cv‡i?

GB cÖ‡kœi DË‡i ejv hvq, miKvwi Avq I e¨‡qi cwieZ©b mgv‡Ri GK †kªYxi †jv‡Ki KvQ

†_‡K Ab¨ †kªYxi †jv‡Ki Kv‡Q µq ¶gZv n ÍvšÍi Ki‡Z cv‡i| Avevi m¤ú‡ì eënvwiK

Drm ¯’vbvšÍi K‡i Drcv`‡bi cÖK…wZ I KvVv‡gv‡Z cÖ‡qvRbxq cwieZ©b mva‡b m¶g| Z`ycwi G

Dfq bxwZ cÖZ¨¶ I c‡iv¶fv‡e Kg©ms¯’v‡bi cwieZ©b K‡i _v‡K| Gme cwieZ©b hw`

mvgwMÖKfv‡e mvgvwRK myweav m‡e©v”P ch©v‡q DcbxZ n‡Z mvnvh¨ K‡i Z‡e miKv‡ii Avq I

e¨q Kvh©µg DËg Ges MÖnY‡hvM¨|

me©vwaK mvgvwRK myweav AR©‡bi j‡¶¨ miKvwi Avq-e¨q bxwZ wb‡¤œv³fv‡e cwiPvjbv Kiv

ìKvi :

(i) miKvwi e¨‡qi mvgvwRK myweav µgn«vmgvb A_P K‡ii mvgvwRK e¨q / fvi / Z¨vM

µgea©gvb| GRb¨ Avq I e¨q Ggb Í‡i wba©viY Kiv DwPZ hv‡Z e¨‡qi cÖvwšÍK mvgvwRK myweav

K‡ii cÖvwšÍK Z¨vM ev e¨‡qi mgvb nq|

K¬vwmK¨vj

A_©bxwZweìv g‡b

Ki‡Zb, ivóªxq e¨q

gv‡bB Abyrcv`bkxj

e¨q| e¨w³MZ e¨q

ivóªxq e¨‡qi Zzjbvq

Drcv`bkxj| myZivs

miKvwi e¨q

†gUv‡bvi Rb¨ Ki

avh© Ki‡j mgv‡Ri

Drcv`bkxjZv n«vm

cv‡e| †Kbbv Ki

e¨w³MZ K‡g©v`¨gmn

me †¶‡Î

e¨w³¯vZš¿ ¶zYœ

K‡i|

miKvwi Avq I e¨q

bxwZ Ggbfv‡e

cwiPvwjZ nIqv

DwPZ hv‡Z mgvR

GUv †_‡K me©vwaK

myweav ev Z…wß AR©b

Ki‡Z cv‡i| AvaywbK

Kj¨vYKvgx ivóª

Aek¨ G D‡Ïk¨

mvg‡b †i‡L Gi Avq

e¨q bxwZ cwiPvjbv

K‡i|



(ii) miKvwi e¨q wewfbœ †¶‡Î Ggbfv‡e e›Ub Ki‡Z n‡e hv‡Z cÖ‡Z¨K Drm †_‡K cÖvwšÍK

mvgvwRK myweav mgvb _v‡K|

(iii) Kifvi wewfbœ Dr‡mi g‡a¨ Ggbfv‡e e›Ub Kiv ìKvi †h, cÖwZwU Dr‡mi cÖvwšÍK mvgvwRK

fvi/Z¨vM mgvb nq|

ev¯Í‡e Aek¨ Z¨vM ev myweav cwigvc Kiv cÖvq Am¤¢e| GRb¨ Aa¨vcK H. Dalton I U.K. Hicks g‡b K‡ib, miKvwi Avq-e¨q Kvh©µg hw` (i) Drcv`b I †fvM †¶‡Î Dbœqb; (ii) e›U‡bi †¶‡Î êlg¨ n«vm (iii) c~Y© wb‡qvM AR©b Ges (iv) A_©‰bwZK w ’wZkxjZv eRvq BZ¨vw`

D‡Ïk¨ mvab Ki‡Z cv‡i Z‡e me©vwaK mvgvwRK myweav AwR©Z n‡q‡Q e‡j †gvUvgywUfv‡e a‡i

†bqv hvq|

Drcv`b I †fvM †¶‡Î Dbœqb

Drcv`b I †fvM †¶‡Î Dbœqb g~jZ m¤ú‡ì Kvg¨ e›U‡bi Ici wbf©i K‡i| Drcv`b †¶‡Î

g‡bvcwj ev Iwj‡Mvcwji Aw ÍZ¡ _vK‡j A‡bK mgq mvgvwRK Kj¨v‡Yi cwicš’x cY¨ AwaK

cwigv‡Y cÖ ‘Z n‡Z cv‡i| †Zgb Ae ’vq miKvi Ki ev fZz©wK bxwZ cÖ‡qvM K‡i m¤ú‡ì e›Ub

Kvg¨ Í‡i DbœZ Ki‡Z cv‡ib hv‡Z mvgvwRKfv‡e cÖ‡qvRbxq c‡Yï Drcv`b e„w× cvq| †Kbbv

†Zgb Ae¯’vq mvgvwRK Kj¨vY D”PZi Í‡i †cuŠQ‡Z cv‡i|

Avq e›U‡b êlg¨ n«vm

mvgvwRK myweav m‡e©v”P ch©v‡q †cuŠQv‡bvi Rb¨ miKvi mgv‡Ri Avq êlg¨ `~ixKi‡Y Ki ev e¨q

bxwZ cÖ‡qvM Ki‡Z cv‡ib| cÖMwZkxj Ki bxwZi gva¨‡g miKvi GB D‡Ïk¨ wKfv‡e mvab

Ki‡Z cv‡ib Zv wb‡Pi mviwY‡Z wb‡ ©k Kiv n‡jv t

we‡eP¨

†jvK‡ì

†kªYx

Avq Íi

(UvKv)

K‡ii nvi Ki cÖ v‡bi

cwigvY

Ki cÖ v‡bi ci

Avq Íi

c~e©eZ©x

êlg¨

cieZ©x

êlg¨

A 10,000 35 35000 6500 - -

B 7,000 25 1750 5250 3000 12500

C 4,000 12 480 3520 3000 1730

D 2,000 10 200 1800 2000 1720

E 1,000 0 - 1000 1000 800

mviwY †_‡K †evSv hvq, miKvi mgv‡Ri wewfbœ †kªYxi Avq êl‡gï cwiwa cÖMwZkxj Ki bxwZi

gva¨‡g n«vm Ki‡Z cv‡i| Ab¨w`‡K Kijä Avq mgv‡Ri ~e©j †jvK‡ì Kj¨vY e„w×i Rb¨ e¨q

Ki‡Z cv‡i| GB wØgyLx miKvwi Kvh©µg mvgvwRK myweav e„w×i mnvqK|

c~Y© wb‡qvM AR©b

†hme †`‡k evRvi eë¯’vq Ac~Y© wb‡qvM Ae ’v eZ©gvb, †mLv‡b miKv‡ii Avq-e¨q bxwZi

gva¨‡g A_©bxwZ‡Z c~Y© wb‡qvM AR©‡b h‡_ó mnvqZv Ki‡Z cv‡i|

A_©‰bwZK w ’wZkxjZv i¶v Kiv

c~Y© wb‡qvM w ’wZkxj ch©v‡q a‡i ivLvi Ici mvgvwRK Kj¨v‡Yi Íi A‡bKUv wbf©i K‡i|

miKv‡ii wewfbœ Avw_©K nvwZqvi- †hgb Ki, e¨q, fZz©wK BZ¨vwì mvnv‡h¨ Dchy©³ D‡Ïk¨

miKvi mgv‡Ri

wewfbœ †kªYxi Avq

êl‡gï cwiwa

cÖMwZkxj Ki bxwZi

gva¨‡g n«vm Ki‡Z

cv‡i| Ab¨w`‡K

Kijä Avq mgv‡Ri

~e©j †jvK‡ì Kj¨vY

e„w×i Rb¨ e¨q Ki‡Z

cv‡i| GB wØgyLx

miKvwi Kvh©µg

mvgvwRK myweav e„w×i

mnvqK|



AR©‡b D‡jøL‡hvM¨ f‚wgKv cvjb Ki‡Z cv‡i| †hgb gy`ªvùxwZi mgq DØ„Ë ev‡RU Ges gy`ªv

ms‡KvP‡bi mgq NvUwZ ev‡R‡Ui Avkªq MÖnY Ki‡Z cv‡ib|

Dchy©³ Av‡jvPbvi †cÖw¶‡Z ejv hvq miKvi A_© eë¯’vi Kvh©µg myôz I cwiKwíZfv‡e AbymiY

Ki‡j GUv mvgvwRK myweav m‡e©v”P ch©v‡q DcbxZ Ki‡Z m¶g n‡Z cv‡i|


ˆbe© w³K cÖkœ


1| Ac~Y© cÖwZ‡hvwMZvq evRvi ZË¡ e¨_© nq| mZ¨/wg_¨v

2| miKvi mgv‡Ri wewfbœ †kªYxi Avq êl‡gï cwiwa cÖMwZkxj Ki bxwZi gva¨‡g e„w× K‡i

_v‡K| mZ¨/wg_¨v

msw¶ß cÖkœ

1| MY`ª‡eï †¶‡Î evRvi Z‡Ë¡i e¨_©Zv wK?

iPbvg~jK cÖkœ

1| evRvi Z‡Ë¡i e¨_©Zvi aib wK?

2| evRv‡ii e¨_©Zvq miKvwi A_©eë¯’vi f‚wgKv Av‡jvPbv Kiæb|


1. mZ¨ 2. wg_¨v

cÖwZ‡hvwMZvi fvimv‡gï †h kZ©mg~n _vKv cÖ‡qvRb Zv evRvi eë ’vq cÖwZdwjZ nq bv| Ac~Y© cÖwZ‡hvwMZvg~jK

evRv‡i `vg _v‡K †ewk I Drcv`b nq Kg| A‡bK cY¨ I †mev _v‡K hv RbMY Drcv`b K‡i bv; wKš‘ †fvM

K‡i| hv MY ªe¨ wn‡m‡e cwiwPZ| Giƒc ª‡eï êwkó¨ n‡jv : (1) AwefvR¨ ªe¨, (2) mw¤§wjZ †fv‡Mi my‡hvM

Ges (3) cÖvwšÍK LiP k~b¨| K¬vwmK¨vj A_©bxwZweìv g‡b Ki‡Zb, ivóªxq e¨q gv‡bB Abyrcv`bkxj e¨q| e¨w³MZ

e¨q ivóªxq e¨‡qi Zzjbvq Drcv`bkxj| myZivs miKvwi e¨q †gUv‡bvi Rb¨ Ki avh© Ki‡j mgv‡Ri Drcv`bkxjZv

n«vm cv‡e| †Kbbv Ki e¨w³MZ K‡g©v`¨gmn me †¶‡Î e¨w³¯vZš¿ ¶zYœ K‡i| miKvwi Avq I e¨q bxwZ Ggbfv‡e

cwiPvwjZ nIqv DwPZ hv‡Z mgvR GUv †_‡K me©vwaK myweav ev Z…wß AR©b Ki‡Z cv‡i| AvaywbK Kj¨vYKvgx ivóª

Aek¨ G D‡Ïk¨ mvg‡b †i‡L Gi Avq e¨q bxwZ cwiPvjbv K‡i|

mvims‡¶c



MY ªe¨ : aviYv I ZË¡


e¨w³MZ `ªe¨

mvgvwRK ev MY`ªe¨

MY`ª‡eï g~j¨ wba©viY cÖwµqv

m¨vgy‡qjm‡bi cY¨ wefvRb g‡Wj

Aa¨vcK R.A.Musgrave `ª‡eï cÖK…wZ Abymv‡i ªe¨‡K wZbwU fv‡M wef³ K‡ib, hv miKvwi

A_©eë¯’vq LyeB ¸iæZ¡ iv‡L| wZwb `ªe¨‡K-

(i) e¨w³MZ ªe¨

( ii) mvgvwRK ev MY`ªe¨

( iii) Quasi-social goods wn‡m‡e wef³ K‡ib|

Gme `ªe¨mg~‡ni `vg wba©viY, Kvg¨ e›Ub Ges Drcv`b cÖwµqv miKvwi A_© eë¯’vi Av‡jvPbvq

¯’vb cvq| cÖv_wgKfv‡e G wZb ai‡bi `ª‡eï cÖK…wZ wb‡q Av‡jvPbv Kiv cÖ‡qvRb|

(K) e¨w³MZ ªe¨ ( Private goods) t

e¨w³MZ ªe¨ ej‡Z Avgiv Ggb me ªe¨‡K eywS †h ªe¨¸‡jv GKRb e¨w³ Aev‡a Drcv`b I

†fvM Ki‡Z cv‡i| ªe¨¸‡jv ¶z`ª ¶z`ª GK‡K wefvR¨ _v‡K| GKRb †fv³v ev cwievi Aev‡a

†fvM Ki‡Z cv‡i| GKR‡bi †fvM e„w× Ab¨Rb‡K ewÂZ Ki‡e| GKwU kvwo, GKwU wd«R,

GKwU wmMv‡iU, evRv‡ii me‡P‡q eo gvQwU- e¨w³MZ `ª‡eï D`vniY|

1. e¨w³MZ ª‡eï g~j¨ evRv‡i Pvwn`v I †hvMv‡bi mgZv Øviv wba©vwiZ n‡e| †hLv‡b ª‡eï

cÖvwšÍK Dc‡hvM=`vg Ges `vg=cÖvwšÍK LiP kZ© (P=MC) mv‡c‡¶ Pvwn`v= †hvMvb (D=S) kZ©

cvwjZ n‡e| evRvi eë¯’v Gme `ª‡eï †¶‡Î Kvh©Ki|

2. `ªe¨¸‡jv ¶z`ª ¶z`ª GK‡K wefvR¨ ev Degree of jointness n‡jv k~b¨|

3. Gme `ª‡eï †¶‡Î ewÂZKiY bxwZ Z_v Principle of Exclusion cÖ‡hvR¨| GKR‡bi †fvM

Øviv Ab¨Rb weZvwoZ nq| GKwU eo Bwjk gvQ evRv‡i `kRb †µZv cQ›` Kij, GKRb

wKbj, evwK bqRb ewÂZ n‡e| ZvB weï× e¨w³MZ ª‡eï †¶‡Î ewÂZKi‡Yi gvÎv ev Degree of Exclusion nj Ô1Õ-Gi mgvb|

4. Giƒc ª‡eï †¶‡Î GKRb Drcv`bKvix Øviv Ab¨ Drcv`bKvix cÖfvweZ nq|

5. e¨w³MZ ª‡eï †¶‡Î Drcv`bKvixiv gybvdv cÖe„wË Øviv cwiPvwjZ| gybvdv Av‡Q Drcv`b

n‡e; gybvdv bvB, Drcv`b n‡e bv|

6. e¨w³MZ `ª‡eï †¶‡Î Externality _vK‡Z cv‡i| †fvM Ges Drcv`b Dfq †¶‡Î

Externality _vKv ¯vfvweK|

cvV-3

e¨w³MZ ªe¨ ej‡Z

Avgiv Ggb me

ªe¨‡K eywS †h

ªe¨¸‡jv GKRb

e¨w³ Aev‡a Drcv`b

I †fvM Ki‡Z cv‡i|



(L) mvgvwRK ev MY`ªe¨ (Social or Pure public goods ) t

mvgvwRK ªe¨ ev MY`ªe¨ ej‡Z Avgiv Ggb me `ªe¨‡K ey‡S _vwK †h `ªe¨¸‡jv mgv‡Ri

cÖ‡Z¨‡KB mw¤§wjZfv‡e †fvM K‡i| Giƒc ªe¨¸‡jv ¶z`ª ¶z`ª GK‡K wefvR¨ bq| G¸‡jv we‡kl

Drcv`b eë¯’vq Drcvw`Z nq, hv cÖ‡Z¨K †fv³v cÖ‡qvRb g‡Zv eënvi Ki‡Z cv‡i| †hgb-

†`‡ki cÖwZi¶v eë ’v| cÖwZi¶v eë ’v bv _vK‡j cª‡Z¨K e¨w³ ev wkícwZi GKwU K‡i

kw³kvjx cÖwZi¶v eë¯’v M‡o Zzj‡Z n‡Zv| wKš‘ ivóªxq cÖwZi¶v eë¯’v _vKvq Giƒc cÖwZi¶vi

djvdj mevB †fvM K‡i| Abyiƒcfv‡e cywjk, wewWAvi, dvqvi mvwf©m, GKwU gnvmoK cÖK…Z

MY`ªe¨| MY`ª‡eï K‡qKwU êwkó¨ Av‡Q| †hgb-

1. MY ªe¨ †hŠ_fv‡e †fvM Kiv nq| mKj e¨w³i mgvb AwaKvi _v‡K| †mLv‡b Degree of jointness Ô1Õ-Gi mgvb| †ewk †ewk A_© Øviv †ewk †fvM Kiv hvq bv| Gme ªe¨ ¶z`ª ¶z`ª

GK‡K wefvR¨ bq|

2. MY ª‡eï †¶‡Î Principle of Exclusion Kvh©Ki bq| MY ª‡eï †fvM KvD‡K ewÂZ Ki‡Z

cv‡i bv| Gme `ª‡eï Drcv`‡b e¨w³MZ D‡`¨vM cÖvqB cwijw¶Z nq bv| MY`ª‡eï †¶‡Î

Degree of Exclusion n‡jv k~b¨-Gi mgvb|

3. MY`ª‡eï cÖvwšÍK e¨q MCi(Y)=0 ev k~b¨ _v‡K| Z‡e my‡hvM LiP k~b¨ bq|

4. MY ª‡eï †¶‡Î evRvi ZË¡ Kvh©Ki nq bv| e¨w³MZ ª‡eï g~j¨ †hfv‡e wba©viY Kiv nq

MY`ª‡eï †ejvq Zv Kvh©Ki bq|

5. MY ª‡eï †¶‡Î Drcv`‡b ewn ’ cÖfve _vK‡e I †fv‡Mi †¶‡Î Zv _v‡K bv| GKR‡bi †fvM

Øviv Abïv cÖfvweZ nq bv e‡jB GB myweav we`¨gvb _‡K|

6. MY ª‡eï Drcv`b cÖvqB e„n`vqZb| ZvB Drcv`b †¶‡Î µgn«vmgvb LiP Ae¯’v _vK‡Z

cv‡i|

7. MY`ª‡eï g~j D‡Ïk¨ n‡jv mgvRKj¨vY e„w× Kiv|

(M) Quasi-Social goods t

wKQy wKQy `ªe¨ ev †mev Av‡Q hv miKvi mieivn K‡i| Z‡e G‡¶‡Î GKR‡bi †fvM Ab¨Rb‡K

ewÂZ Ki‡Z cv‡i| mgv‡Ri Drcv`b `¶Zv e„w×i ¯v‡_© G ai‡bi †mev I `ªe¨ Drcv`b Kiv

nq| G `ªe¨ ev †mevmg~n mgv‡Ri Rb¨ cÖ‡qvRbxq, hv e¨w³MZ ch©v‡q mieivn Kiv n‡jI

RbM‡Yi Rb¨ cy‡iv Kj¨vY w`‡Z cv‡i bv| G¸‡jv ¸YMZ I cwigvYMZfv‡e ¶z`ª ¶z`ª GK‡K

wefvR¨ n‡Z cv‡i| miKvwi ¯‹z‡j †jLv-cov mxwgZ Avm‡bi| ¯í g~‡j¨ QvÎ‡ì Rb¨ ycy‡ii

Lvev‡ii eë ’v Kiv, ¯í g~‡j¨ wPwKrmv wefvR¨ cÖK…wZi ev whwb †ewk A_© †`‡eb wZwb †Kwe‡b

_vK‡eb Ges whwb Kg A_© †`‡eb wZwb mvaviY †e‡W _vK‡eb| Abyiƒc miKvwi Avevm f‚wg,

ÔmiKvwi †jK, meB Quasi-Public goods| ZvB Quasi-Public goods-Gi †¶‡Î Degree of jointness Kg Ges Exclusion †ewk| G ai‡bi `ª‡eï g‡a¨ Publicness †hgb Av‡Q, †Zgwb

PrivatenessI Av‡Q|

MY`ª‡eï g~j¨ wba©viY cÖwµqv (†¯”Qv wewbgq ZË¡)

MY`ª‡eï we‡kl wKQy êwkó¨ Av‡Q hv g~j¨ wba©vi‡Y RwUjZv m„wó K‡i|

cÖ_gZ : MY ªe¨ †hŠ_ cY¨, Z_v AwefvR¨ cY¨| †h Rb¨ †Kv‡bv †fv³v Kg Ges †Kv‡bv †fv³v

†ewk †fvM Ki‡Z cv‡i bv| mevB‡K mgvb †fvM Ki‡Z nq|

mvgvwRK ªe¨ ev

MY ªe¨ ej‡Z Avgiv

Ggb me ªe¨‡K ey‡S

_vwK †h ªe¨¸‡jv

mgv‡Ri cÖ‡Z¨‡KB

mw¤§wjZfv‡e †fvM

K‡i| Giƒc ªe¨¸‡jv

¶z ª ¶z ª GK‡K

wefvR¨ bq|

wKQy wKQy ªe¨ ev †mev

Av‡Q hv miKvi

mieivn K‡i| Z‡e

G‡¶‡Î GKR‡bi

†fvM Ab¨Rb‡K

ewÂZ Ki‡Z cv‡i|

G ªe¨ ev †mevmg~n

mgv‡Ri Rb¨

cÖ‡qvRbxq, hv

e¨w³MZ ch©v‡q

mieivn Kiv n‡jI

RbM‡Yi Rb¨ cy‡iv

Kj¨vY w`‡Z cv‡i

bv|



wØZxqZ: G¸‡jv mw¤§wjZfv‡e †fvM Kiv nq| †hRb¨ GKR‡bi †fvM Øviv Ab¨R‡bi †fvM

cÖfvweZ nq bv| A_©vr Principle of Exclusion Kvh©Ki nq bv Ges

Z…ZxqZ : Gi cÖvwšÍK LiP cÖvqB k~b¨ nq|

Gme êwk‡óï Kvi‡Y e¨w³MZ ª‡eï g‡Zv MY ª‡eï g~j¨ wba©viY Kiv hvq bv| Gi †cÖw¶‡Z

MY`ª‡eï g~j¨ wba©vi‡Y H. R. Bowen Ges Eric Lindahl †¯”Qv wewbgq ZË¡ (Voluntary Exchange Principle) cÖ vb K‡ib| e¨w³MZ ª‡eï evRvi Pvwn`v †iLv Avbyf‚wgKfv‡e †hvM

K‡i cvIqv hvq| MY ª‡eï evRvi Pvwn`v †iLv Gfv‡e cvIqv hvq bv| MY`ª‡eï evRvi Pvwn`v

†iLv Dj¤fv‡e (Vertical) †hvM K‡i A¼b K‡ib Bowen| wZwb `ª‡eï cig g~‡jï †cÖw¶‡Z

`ª‡eï Pvwn`v cÖKvk K‡ib| hv‡K ‘Bowen scale’ e‡j| Ab¨w`‡K Lindhahl `ª‡eï g~‡jï

Av‡cw¶K †kqvi‡K we‡ePbv K‡i g~j¨ wba©viY K‡ib hv‡K Lindahl scale e‡j| Bowen

e¨w³MZ Pvwn`v †iLv‡K Dj¤fv‡e (Vertical) †hvM K‡i evRvi Pvwn`v †iLv A¼b K‡ib|

MY`ªe¨ †f‡O weµq Kiv hvq bv e‡jB Giƒc Kiv nq|

Bowen Model-Gi †iLv wPÎ cÖKvkt

11.1 wP‡Î j¤ A‡¶ MY`ª‡eï `vg I f‚wg A‡¶ Pvwn`v I †hvMv‡bi cwigvY cÖKvk Kiv n‡q‡Q|

hLb aa I bb n‡jv A I B e¨w³i Pvwn`v †iLv, hv‡K Vertical †hvM K‡i (M1U+M1T=M1S1, MER+MEQ=MEP, M2Y+M2X=M2W) evRvi Pvwn`v †iLv AvuKv n‡q‡Q| Ab¨w`‡K MY ª‡eï

†hvMvb w¯’i Li‡Pi m¤§yLxb e‡j f‚wg A‡¶i mgvšÍivj †hvMvb †iLvi Øviv MEP=0P `vg

wba©vwiZ nq| Bowen- Gi g‡Z, ME cwigvY Drcv`b n‡e| OM1 Drcv`b n‡j Pvwn`v `vg

†hvMvb `v‡gi †P‡q †ewk| d‡j ª‡eï cwigvY evo‡e| Avi OM2 Drcv`b n‡j Pvwn`v `vg

†hvMvb `v‡gi †P‡q Kg| d‡j ª‡eï cwigvY Kg‡e| Kv‡RB ME Drcv`‡b MEP `v‡gi B Ask

MEQ †fv³v Ges MEQ Ask A †fv³v enb Ki‡e| Gfv‡e MY`ª‡eï `vg wba©vwiZ n‡e|



Lindhal model (Voluntary Exchange theory) t

aiv hvK, mgv‡R `yÕRb e¨w³ A I B| mevB X, Y `ywU e¨w³MZ `ªe¨ Ges g GKwU MY`ªe¨ †fvM

K‡i|

11.2 bs wP‡Î aa nj A e¨w³i MY ª‡eï Pvwn`v †iLv Ges bb n‡jv B e¨w³i Pvwn`v †iLv| evg

w`‡K Dj¤fv‡e B e¨w³ KZ Ask enb Ki‡Z Pvq Zv †`Lv‡bv n‡q‡Q| Wvbw`‡K Dj¤fv‡e B

e¨w³ Ici †_‡K wb‡Pi w`‡K KZUzKz Ask enb Ki‡Z Pvq Zv †`Lv‡bv n‡q‡Q| ywU †iLv wb‡Pi

f‚wg I Ici w`‡K f‚wg A‡¶ MY ª‡eï Pvwn`v cwigvc K‡i| E2 `ª‡eï †¶‡Î A e¨w³i 100%

Ki ev g~j¨ cÖ vb Ki‡Z Pvq Ges B e¨w³ Pvq 75%; d‡j 175% g~j¨ cÖ vb Ki‡Z cÖ ‘Z|

Kv‡RB MY ª‡eï Pvwn`v †ewk I ªe¨ evo‡e| Avevi E1 ª‡eï †¶‡Î A enb Ki‡Z Pvq 25%

I B enb Ki‡Z Pvq 25% A_©vr †gvU 50% e¨q enb Ki‡Z cÖ ‘Z| Kv‡RB MY ª‡eï cwigvY

Kg‡e| E cwigvY ªe¨ A e¨w³ 55% Ges B e¨w³ 45% enb Ki‡Z Pvq hv 100%-Gi

mgvb| Kv‡RB OE0 fvimvg¨ MY ªe¨| Gfv‡e MY`ª‡eï g~j¨ cwigv‡ci †¶‡Î eëüZ †¯‹j‡K

Lindhal Scale e‡j| G Z‡Ë¡ †h e¨w³ hZUzKz Kj¨vY †fvM K‡i †m ZZUzKz g~j¨ cÖ vb Ki‡e|

m¨vgy‡qjm‡bi cY¨ wefvRb g‡Wj (mvaviY fvimv‡gï gva¨‡g MY ª‡eï g~j¨ wba©viY) t

Paul Samuelson 1955 mv‡j ÔThe Review of Economics and StatisticsÕ-G Zvi cY¨

wefvRb g‡Wj e¨vL¨v K‡ib| Exclusion cost or Transaction cost k~b¨ Ae¯’vq MY`ªe¨ I

e¨w³MZ ª‡eï `¶ e›Ub cÖwµqv e¨vL¨vq wZwb mvaviY g‡Wj eënvi K‡ib| †hLv‡b MY`ªe¨ I

e¨w³MZ `ª‡eï cv_©K¨, Drcv`b m¤úK© Ges LiP enb cÖwµqv GB g‡W‡j e¨vL¨v Kiv nq|

GKB m‡½ MY ª‡eï eënvi Øviv mgvRKj¨vY e„w× cv‡e; Kg‡e bv| GwU mvaviY fvimv‡gï

gva¨‡g cÖ vb K‡ib|

m¨vgy‡qjmb weï× MvwYwZK I R¨vwgwZK c×wZ‡Z Zvi cY¨ wefvRb g‡Wj e¨vL¨v K‡ib| GB

cY¨ wefvRb g‡WjwU wP‡Îi gva¨‡g my›ìfv‡e cÖKvk K‡ib| 11.3 bs wP‡Î K I M wP‡Îi

gva¨‡g m¨vgy‡qjm‡bi g‡WjwU e¨vL¨v Kiv n‡jv| aiv hvK †fv³v‡ì cQ›` A‡c¶K †`qv

Av‡Q| K wP‡Î j¤ A‡¶ MY`ª‡eï cwigvY Ges f‚wg A‡¶ e¨w³MZ ª‡eï cwigvY †`Lv‡bv

n‡q‡Q| EF n‡jv e¨w³MZ I Drcv`b m¤¢vebv †iLv| †`q ªe¨ `ywU A I B e¨w³i g‡a¨ e›Ub

MY ªe¨ I e¨w³MZ

ª‡eï cv_©K¨,

Drcv`b m¤úK©

Ges LiP enb

cÖwµqv GB g‡W‡j

e¨vL¨v Kiv nq|

GKB m‡½ MY ª‡eï

eënvi Øviv

mgvRKj¨vY e„w×

cv‡e; Kg‡e bv|

GwU mvaviY

fvimv‡gï gva¨‡g

cÖ vb K‡ib|



Kiv n‡e| MY ª‡eï Kj¨vY cÖPwjZ Avq e›Ub †_‡K cwigvc Kiv m¤¢e| e¨w³MZ c‡Yï

AvKv‡i A e¨w³i Avq n‡jv OC Ges B e¨w³i Avq n‡jv CD| mgv‡Ri †gvU Avq n‡jv

OC+OD=OE cwigvY| OE †gvU Av‡q A e¨w³i †kqvi n‡jv OC/OE Ges B e¨w³i †kqvi

n‡jv OD/OE|

miKvi RbM‡Yi Kj¨vY m‡e©v”PKiY Ki‡Z Pvq| KvD‡K ¶wZ bv K‡i A‡bï Kj¨vY evov‡bv

miKv‡ii D‡Ïk¨| MY`ª‡eï Abycw ’wZ‡Z A e¨w³ I1 wbi‡c¶ †iLvi C we›`y‡Z †fvM K‡i

(L wP‡Î) Ges B e¨w³ I1 wbi‡c¶ †iLvi D we›`y‡Z †fvM K‡i (M wP‡Î)|

wbi‡c¶ †iLvmg~n MY`ªe¨ I e¨w³MZ `ª‡eï cQ›`bxqZv cÖKv‡k m¶g| cÖv_wgK Ae¯’vq

miKvi hw` OG cwigvY MY ªe¨ mieivn K‡i Z‡e e¨w³MZ ª‡eï †hvMvb n‡e OL cwigvY|

GB cwigvY ª‡eï ga¨ †_‡K A e¨w³i Dc‡hvM wVK ivL‡Z n‡j Zv‡K I1 wbi‡c¶ †iLvq OG cwigvY MY ªe¨ I OS cwigvY e¨w³MZ ªe¨ †fvM Kivi my‡hvM w`‡Z n‡e| ZvB B e¨w³ OG cwigvY MY ªe¨ Ges OL-OS=OK cwigvY e¨w³MZ ªe¨ †fv‡Mi my‡hvM cv‡e| Gi d‡j B

†fv³v I2 wbi‡c¶ †iLvq Ae ’vb Ki‡e| A-Gi Kj¨vY K‡gwb A_P B e¨w³i Kj¨vY †e‡o‡Q|

ZvB OG cwigvY MY ªe¨ mgvRKj¨vY e„w× K‡i| OG cwigvY MY ªe¨ †fv‡Mi Kvi‡Y A e¨w³i

e¨w³MZ †fvM Z¨vM Ki‡Z nq OC-OS=SC cwigvY| Ges B e¨w³i OD-OK=KD cwigvY hv

miKvi OG cwigvY MY ª‡eï g~j¨ wn‡m‡e A I B e¨w³i KvQ †_‡K Av`vq Ki‡e|

†hLv‡b-

MVGPA+MVGP

B=MCG......…….................(i) P=PA+PB ................................................. (ii) G=GA=GB ............................................... (iii)

Ic‡ii (i), (ii) I (iii) bs mgxKi‡Yi Øviv Kvg¨ Ae ’vi kZ© cvwjZ nq| (i) bs mgxKi‡b

MVGPA+MVGP

B=MCG Øviv cÖKvk cvq e¨w³MZ `ª‡eï (P) wfwË‡Z MY ª‡eï (G) cÖvwšÍK

Kj¨vYmg~‡ni (A) I (B) e¨w³i †hvMdj Aek¨B e¨w³MZ `ª‡eï wfwË‡Z MY ª‡eï cÖvwšÍK

LiP ci¯úi mgvb n‡e| (ii) Øviv cÖKvk cvq †gvU e¨w³MZ `ªe¨= A I B e¨w³i †fvM ev

OL=OS+OK Ges (iii) bs mgxKi‡Y cÖKvk cvq me †fv³vB mgcwigvY MY ªe¨ †fvM Ki‡e|



miKvi hw` OJ cwigvY MY ªe¨ mieivn K‡i Z‡e e¨w³MZ ª‡eï mieivn n‡e OU cwigvY|

G‡¶‡Î B e¨w³i Dc‡hvM (I1) G w ’i ivL‡j B e¨w³ e¨w³MZ `ªe¨ †fvM Ki‡e OR cwigvY|

(M) wP‡Î T we› y‡Z A e¨w³ OJ cwigvY MY ªe¨ I OQ cwigvY e¨w³MZ `ªe¨ †fvM K‡i| (L)

wP‡Î P we› y‡Z A-Gi Kj¨vY †e‡o I2 wbi‡c¶ †iLvq †cuŠ‡Q| G‡¶‡Î A e¨w³ OJ cwigvY

MY`ªe¨ †fv‡Mi Rb¨ QC cwigvY e¨w³MZ ªe¨ g~j¨ wn‡m‡e cÖ vb Ki‡e Ges B e¨w³ OJ cwigvY MY ª‡eï Rb¨ RD cwigvY g~j¨ cÖ vb Ki‡e| †hLv‡b (i), (ii) I (iii) bs kZ© Kvh©Kix

n‡e| wPÎ L †Z NPC †hvM K‡i A e¨w³i †fvM m¤¢vebv †iLv Ges MWD †hvM K‡i B e¨w³i

†fvM m¤¢vebv †iLv cvIqv hvq|

ZvB wm×všÍ n‡jv mvgwMÖK fvimvg¨ we‡køl‡Yi Øviv e¨w³MZ I MY ªe¨ Kvg¨ e›U‡b I LiP en‡b

m¨vgy‡qjm‡bi cY¨ wefvRb g‡Wj ¸iæZ¡c~Y© Ae`vb iv‡L| GKB m‡½ MY`ª‡eï cÖ‡qvRbxqZv

Ges mgvRKj¨vY e„w×‡Z MY ª‡eï f‚wgKv GB g‡W‡j ¯úó n‡q I‡V|


ˆbe© w³K cÖkœ


1| e¨w³MZ `ªe¨ ej‡Z Ggb ªe¨‡K †evSvq hv GKRb e¨w³ Aev‡a Drcv`b I †fvM Ki‡Z

cv‡i| mZ¨/wg_¨v

2| mvgvwRK ªe¨ ¶z`ª ¶z`ª GK‡K wefvR¨| mZ¨/wg_¨v

msw¶ß cÖkœ

1| e¨w³MZ `ª‡eï êwkó¨¸‡jv wK?

2| mvgvwRK ev MY`ª‡eï êwkó¸‡jv wK?

iPbvg~jK cÖkœ

1| †¯^”Qv wewbgq ZË¡ Av‡jvPbv Kiæb|

2| m¨vgy‡qjm‡bi cY¨ wefvRb g‡WjwU Av‡jvPbv Kiæb|


1. mZ¨ 2. wg_¨v

e¨w³MZ `ªe¨ ej‡Z Avgiv Ggb me `ªe¨‡K eywS †h `ªe¨¸‡jv GKRb e¨w³ Aev‡a Drcv`b I †fvM

Ki‡Z cv‡i| ªe¨¸‡jv ¶z`ª ¶z`ª GK‡K wefvR¨ _v‡K| mvgvwRK `ªe¨ ev MY`ªe¨ ej‡Z Avgiv Ggb me

`ªe¨‡K ey‡S _vwK †h `ªe¨¸‡jv mgv‡Ri cÖ‡Z¨‡KB mw¤§wjZfv‡e †fvM K‡i| Giƒc ªe¨¸‡jv ¶z`ª ¶z`ª

GK‡K wefvR¨ bq| G¸‡jv we‡kl Drcv`b eë ’vq Drcvw`Z nq, hv cÖ‡Z¨K †fv³v cÖ‡qvRb g‡Zv

eënvi Ki‡Z cv‡i| wKQy wKQy `ªe¨ ev †mev Av‡Q hv miKvi mieivn K‡i| Z‡e G‡¶‡Î GKR‡bi

†fvM Ab¨Rb‡K ewÂZ Ki‡Z cv‡i| G `ªe¨ ev †mevmg~n mgv‡Ri Rb¨ cÖ‡qvRbxq, hv e¨w³MZ ch©v‡q

mieivn Kiv n‡jI RbM‡Yi Rb¨ cy‡iv Kj¨vY w`‡Z cv‡i bv| MY`ªe¨ I e¨w³MZ `ª‡eï cv_©K¨,

Drcv`b m¤úK© Ges LiP enb cÖwµqv GB g‡W‡j e¨vL¨v Kiv nq| GKB m‡½ MY ª‡eï eënvi Øviv

mgvRKj¨vY e„w× cv‡e; Kg‡e bv| GwU mvaviY fvimv‡gï gva¨‡g cÖ vb K‡ib|

mvims‡¶c



K‡ii msÁv, êwkó¨ I Kvbyb


K‡ii msÁv

K‡ii êwkó¨

Ki av‡h©i Kvbybmg~n

Ki n‡jv RbMY KZ©„K miKvi‡K eva¨Zvg~jKfv‡e cÖ‡`q A_©, hvi wewbg‡q e¨w³ †Kv‡bv DcKvi

`vwe Ki‡Z cv‡i bv|

E.R.A.Seligman e‡jb, ÔKi n‡jv we‡kl †Kv‡bv myweav e¨wZ‡i‡K Rb¯v‡_© miKvwi e¨q

wbe©v‡ni Rb¨ e¨w³ KZ©„K miKvi‡K eva¨Zvg~jKfv‡e cÖ‡`q A_©Õ|

Aa¨vcK Taussig-Gi g‡Z, ÔmiKvi‡K †`q Ab¨vb¨ A_© cÖ vb Ges K‡ii g‡a¨ cv_©K¨ n‡jv

GB †h, Ki cÖ vbKvix K‡ii wewbg‡q miKv‡ii Kv‡Q mivmwi †Kv‡bv cÖwZ`vb `vwe K‡i bv|Õ

miKv‡ii ivR¯ Av‡qi GKwU ¸iæZ¡c~Y© Ges wPivPwiZ Drm n‡jv Ki, hv RbMY A_ev wewfbœ

Drcv`bKvix I Abyrcv`bkxj ms¯’vi KvQ †_‡K Av`vq Kiv nq|

Taylor-Gi g‡Z ÔcÖZ¨¶ †Kv‡bviƒc cÖwZ`vb Avkv bv K‡i RbMY eva¨Zvg~jKfv‡e miKvi‡K †h

cwigvY A_© cÖ vb K‡i Zv‡K Ki e‡j|

K‡ii wewbg‡q wK †`qv n‡e G cÖkœ RbMY Ki‡Z cv‡i bv| Z‡e miKvi‡K Ki w`‡Z n‡e, GwU

eva¨Zvg~jK| ivóªxq †mev mevB †fvM K‡i, hv „k¨gvb I A`„k¨gvb n‡Z cv‡i| ejv nq †h,

miKvi‡K Ki cÖ vb K‡i †Kv‡bv cÖwZ`vb bv cvIqv †M‡jI RbMY A`„k¨ †h cÖwZ`vb cvq Zvi

g~j¨ K‡ii A‡_©i †P‡q A‡bK †ewk| K‡ii †cQ‡b AvBbMZ êaZvi cÖkœ RwoZ| Auberon

Herbert g‡b K‡ib, ÔKi †Kv‡bv mgq ˆbwZKfv‡e wePvh© bqÕ|

K‡ii êwkó¨mg~n

K‡ii msÁv †_‡K Avgiv †gŠwjK wKQy êwkó¨ Lyu‡R cvB| miKvi Av‡qi Drm wn‡m‡e K‡ii

Ici †ewk wbf©ikxj| K‡ii g~j êwkó¨mg~n n‡jv-

cÖ_gZ, Ki eva¨Zvg~jK t K‡ii msÁv †_‡K †`Lv hvq Ki n‡jv miKvi‡K eva¨Zvg~jKfv‡e

cÖ‡`q A_© hvi wewbg‡q †Kv‡bv wKQy `vwe Kiv hvq bv| miKvi Zvi cÖ‡qvR‡b e¨w³, ms ’v ev

m¤úÖ v‡qi GKUv As‡ki Ici Ki Av‡ivc Ki‡Z cv‡i| e¨w³ Ki A¯xKvi Ki‡Z cv‡i bv|

Z‡e AvcwË Ki‡Z cv‡i, AvB‡bi Avkªq wb‡Z cv‡i| Avevi †KD Ki cÖ vb Ki‡Z A¯xKvi

Ki‡j miKvi AvB‡bi gva¨‡g K‡ii A_© Av`vq Ki‡Z cv‡i Ges kvw¯Í w`‡Z cv‡i|

wØZxqZ, Ki miKv‡ii ivR‡¯i eo Drm t miKv‡ii ivR¯ Av‡qi cÖvq 70-80 fvMB Ki †_‡K

Av‡m| ZvB ivR‡¯i me‡P‡q eo Drm Ki| miKvi K‡ii Ici Av¯’vkxj LvK‡Z cv‡i| miKvi

Zvi e¨‡qi AvqZb K‡ii fwel¨r m¤¢vebvi w`‡K j¶¨ †i‡LB wba©viY K‡ib| K‡ii wfwË

cvV-4

ivóªxq †mev mevB

†fvM K‡i, hv

„k¨gvb I A „k¨gvb

n‡Z cv‡i| miKvi‡K

Ki cÖ vb K‡i †Kv‡bv

cÖwZ`vb bv cvIqv

†M‡jI RbMY A „k¨

†h cÖwZ`vb cvq Zvi

g~j¨ K‡ii A‡_©i

†P‡q A‡bK †ewk|

K‡ii †cQ‡b

AvBbMZ êaZvi cÖkœ

RwoZ|



cwieZ©b n‡j Ges bZzb Ki Av‡iv‡ci my‡hvM _vK‡j miKvi Zv eënvi Ki‡Z Kvc©Y¨ K‡ib

bv|

Z…ZxqZ, Ki I †mevi m¤úK© A-AvbycvwZK t K‡ii m‡½ ivóªxq †mevi †Kv‡bv m¤úK© †bB| whwb

Ki †ewk †`‡eb wZwb miKvwi †mev †ewk cv‡eb, Ggb †Kv‡bv bxwZ †bB| eis whwb Ki mivmwi

†`b bv, wZwbI ivóªxq †mev cv‡eb| ivóªxq mvaviY †mev mevB cÖ‡qvRb g‡Zv †fvM K‡ib| †hgb

†mbvevwnbx ev cywjk evwnbx bv _vK‡j cÖwZwU wkícwZ ev m¤ú`kvjx‡ì †mbvevwnbx ˆZwi Ki‡Z

n‡Zv| GLb Gi cÖ‡qvRb †bB| AvBb RbM‡Yi m¤ú` i¶v K‡i| Gi †cQ‡b miKv‡ii kw³

KvR K‡i| ZvB Ki`vZviv Zv‡ì cÖ‡qvRbxq wbivcËv hZUzKz ìKvi Zv †c‡q _v‡Kb| Z‡e me

ivóªxq †mev mgvb ev cÖ‡qvRb g‡Zv cvIqv m¤¢e bq|

PZz_©Z, we‡kl D‡Ïk¨ mva‡bi nvwZqvi t †`‡ki A_©‰bwZK w¯’wZkxjZv i¶v Kiv I †eKvi

†_‡K †`k‡K i¶vi D‡Ï‡k¨ Ki Av‡ivc Kiv nq| gy`ªvùxwZ ev gy`ªvms‡KvPb wbqš¿‡Y Ki

eë¯’vi mvnvh¨ †bqv nq| †`‡ki Avq êlg¨ wbqš¿‡Y Ki me‡P‡q †ewk mnvqK| miKv‡ii

ivR¯ Av`v‡qi Drm wn‡m‡eB ïay K‡ii ¸iæZ¡ ¯xKvi Kiv nq bv eis we‡kl D‡Ï‡k¨ Ki

¸iæZ¡c~Y© f‚wgKv cvjb K‡i| GwU K‡ii GKwU ¸iæZ¡c~Y© êwkó¨|

Ki av‡h©i Kvbybmg~n (Canons of Taxation) t

Ki Av‡iv‡ci D‡Ïk¨ ivR¯ msMÖn Kiv| GRb¨ GKwU Kvg¨ Ki KvVv‡gv MVb Kiv ìKvi|

DbœZ Ki KvVv‡gv MVb Ki‡Z wKQz wba©viYx _vKv cÖ‡qvRb| hvi gva¨‡g mgv‡R Ki KvVv‡gvi

†hŠw³KZv hvPvB Kiv hvq| †hŠw³KZvmn Ki Av‡ivc Ki‡Z bv cvi‡j K‡ii D‡Ïk¨ e¨vnZ

n‡e| GRb¨ cÖL¨vZ A_©bxwZwe` Adam Smith PviwU wba©viYx cÖ vb K‡ib| GQvov

A_©bxwZwe`MY Av‡iv wKQy wba©viYx cÖ vb K‡ib hv wb¤œiƒc t

(1) mgZvi Kvbyb (Canon of Equality) t

Adam Smith Zuvi weL¨vZ MÖš’ Wealth of Nations-G e‡jb, ÔmiKv‡ii e¨q wbe©v‡ni Rb¨

cÖ‡Z¨K †`‡ki bvMwiK‡K wbR wbR mvg_© Abyhvqx Ki †`qv DwPZ| A_©vr iv‡óªi Avkª‡q †_‡K

†h †hiƒc my‡hvM †fvM Ki‡e †m †mB Abycv‡Z miKvwi Kv‡Ri e¨q fvi enb Ki‡e|Õ w¯§_-Gi

e³e¨ Abymv‡i cÖ‡Z¨K e¨w³ Zv‡ì mvg_© Abymv‡i Ki fvi enb Ki‡e| d‡j mgv‡R mgZv

cÖwZwôZ n‡e| GB bxwZ Abymv‡i Ki cÖ vbKvix‡ì †h Z¨vM ¯xKvi Ki‡Z nq Zv cÖ‡Z¨K

Ki`vZvi Rb¨ mgvb n‡Z n‡e| d‡j mgv‡Ri Z¨vM n‡e me©wb¤œ| Gi A_© GB †evSvq bv †h,

cÖ‡Z¨K Ki`vZv GKB cwigvY Ki †`‡e| eis abx e¨w³ †ewk nv‡i Ges `wi ª e¨w³ Kg nvi Ki

cÖ vb Ki‡e| w¯§‡_i GB e³e¨ †_‡K K‡ii DcKvi ZË¡, Ki cÖ vb ¶gZv ZË¡ I †mevi

Drcv`b e¨q Z‡Ë¡i m„wó n‡q‡Q| GwU miKvwi A_© eë ’vq LyeB ¸iæZ¡ iv‡L| cÖMwZkxj Ki

Av‡iv‡ci mg_©‡b †h bxwZ KvR K‡i|

(2) wbðqZvi Kvbyb (Canon of Certainty) t

K‡ii cÖK…wZ, K‡ii nvi, Ki KvVv‡gv I Ki Av`v‡qi eë ’v BZ¨vw` m¤ú‡K© miKvi I Ki`vZv

Df‡qi ¯úó aviYv _vKv cÖ‡qvRb| RbMY‡K Aek¨B aviYv w`‡Z n‡e KLb, wKfv‡e, wK nv‡i,

KZUzKz Ki w`‡Z n‡e| d‡j RbMY Kó K‡i n‡jI Ki cwi‡kva K‡i †fvM e¨q †gUv‡Z cv‡i|

Avevi miKvi hv‡Z mn‡R Zvi Avq m¤‡Ü ¯úó aviYv cvq Ki KvVv‡gv‡Z Zv _vKv cÖ‡qvRb|

Gi d‡j ev‡RU cÖYqb mnR n‡e|

Adam Smith Zuvi

weL¨vZ MÖš’ Wealth of Nations-G e‡jb,

ÔmiKv‡ii e¨q

wbe©v‡ni Rb¨ cÖ‡Z¨K

†`‡ki bvMwiK‡K

wbR wbR mvg_©

Abyhvqx Ki †`qv

DwPZ| A_©vr iv‡óªi

Avkª‡q †_‡K †h

†hiƒc my‡hvM †fvM

Ki‡e †m †mB

Abycv‡Z miKvwi

Kv‡Ri e¨q fvi enb

Ki‡e|ÕÕ



(3) myweavi Kvbyb (Canon of Convenience) t

GB m~Î Abymv‡i Ki wbe©vPb, Ki Av‡ivc Ges Ki Av`vq †hb Ki`vZv I miKv‡ii c‡¶

myweavRbK nq| A¨vWvg w¯§_ e‡jb, ÔcÖ‡Z¨K Ki Ggb mg‡q ev Ggbfv‡e Av‡ivc Ki‡Z n‡e

hv‡Z Ki cÖ vbKvix‡ì c‡¶ myweavRbK nq|Õ †h c×wZ‡Z Ki cÖ vb I Ki Av`vq Kiv

RbM‡Yi Rb¨ myweavRbK †mB c×wZ‡Z Ki Av‡ivc Kiv ìKvi| Ki Av‡ivc I Ki Av`vq

Ki‡Z mgq I m¤ú` hv‡Z Kg e¨q nq †mw`‡K j¶¨ ivL‡Z n‡e| cÖZ¨¶ Ki Av‡ivc I Av`v‡q

mgq I m¤ú` e¨q †ewk| Ab¨w`‡K c‡iv¶ Ki Lye mn‡RB †fv³v‡ì KvQ †_‡K Av`vq Kiv

nq| †fv³viv c‡iv¶ Ki cÖ vb Ki‡Z †Zgb Amyweavi m¤§yLxb nq bv| evsjv‡`‡ki g‡Zv †`‡k

c‡iv¶ Ki myweav Kvby‡bi †cÖw¶‡Z hyw³m½Z|

(4) wgZe¨wqZvi Kvbyb (Canon of Economy) t

Ki msMÖ‡ni Rb¨ miKvi‡K e¨q Ki‡Z nq| Ki Av‡ivc Kivi d‡j Ki Av`v‡q e¨q hv‡Z LyeB

Kg nq †mw`‡K j¶¨ ivL‡Z n‡e| Ki †_‡K AwR©Z Av‡qi †P‡q Ki Av`v‡qi e¨q hw` †ewk nq

Z‡e Ki mgv‡R ytL KóB evov‡e| e¨qeûj Ki hZ`~i m¤¢e cwinvi Ki‡Z n‡e| †hgb

evsjv‡`‡k f‚wg ivR¯ Avq Ges e¨q cÖvq mgvb| wgZe¨wqZvi `„wó‡KvY †_‡K G ai‡bi Ki

cwinvi Kiv DwPZ|

(5) Drcv`bkxjZvi Kvbyb (Canon of Productivity) t

Ki Av‡iv‡ci gyL¨ D‡Ïk¨ ivR¯ msMÖn Kiv| ZvB Kiv‡iv‡ci Av‡M Aek¨B wePvi-we‡ePbv Kiv

DwPZ hv‡Z ch©vß ivR¯ msM„nxZ nq| bZzb Ki hw` †ewk ivR¯ msMÖ‡n mnvqK nq Z‡e KiwU

Drcv`bkxj GwU ejv hvq| †ewk msL¨K Ki cwinvi K‡i Ggb GK ev GKvwaK Ki Av‡ivc

Kiv ìKvi hv‡Z AwaK ivR¯ msMÖ‡n mnvqK nq| AvqKi, Uvb©Ifvi U¨v·, gyj¨ ms‡hvRb Ki,

hvKvZ BZ¨vw` Ki Av‡iv‡ci wPšÍv bv K‡i †ewk ivR¯ cÖ vbKvix GKwU ev GKvwaK Ki

Ggbfv‡e Av‡ivc Kiv cÖ‡qvRb hv‡Z Bw¯úZ ivR¯ msMÖn Kiv hvq| G‡¶‡Î Ki eë ’v

Drcv`bkxj n‡e|

(6) mijZvi bxwZ (Canon of Simplicity) t

GB bxwZ Abymv‡i Ki eë ’v AZ¨šÍ mnR‡eva¨ nIqv cÖ‡qvRb| hv‡Z Ki`vZv mn‡R eyS‡Z

cv‡i Ges Ki cwi‡kv‡a RwUjZv bv †`Lv †`q| Ki eë¯’v RwUj n‡j Ki`vZv Ki Dc‡`óvi

mvnvh¨ wb‡Z eva¨ nq Ges K‡ii cÖwZ Abxnv Av‡m| RwUj Ki eë ’v `yb©xwZi m„wó K‡i|

AvaywbK A_©bxwZweìv Ki eë¯’v mij Kivi Rb¨ mycvwik K‡ib|

(7) w ’wZ ’vcKZvi bxwZ (Canon of Elasticity) t

Ki nvi Aek¨B w ’wZ ’vcK nIqv DwPZ| Ki nvi mn‡R cwieZ©b‡hvM¨ n‡j Ki KvVv‡gv

w ’wZ ’vcK e‡j cÖZxqgvb n‡e| A_©bxwZi mg„w×‡Z Ki nvi evwo‡q gy ªvùxwZ wbqš¿Y Kiv hvq|

Avevi g›`v Kv‡j Ki nvi n«vm K‡i g~j¨ Íi e„w× Kiv hvq| miKvi Zvi ivR¯ n«vm-e„w×i Rb¨

Ki nvi cwieZ©b Ki‡Z cvi‡j A_©‰bwZK w ’wZkxjZv AR©b Kiv †h‡Z cv‡i|

(8) wewfbœZvi bxwZ (Canon of diversity) t

GB bxwZ Abymv‡i GKwU gvÎ K‡ii Ici wbf©i Kiv wVK bv| KviY Ki`vZv Ki duvwK †`qvi

†Póv K‡i| hw` GKvwaK Ki Av‡ivc Kiv nq Z‡e Giƒc duvwK †`qv mnR n‡e bv| †h †kªYxi

e¨w³‡ì Ici †h ai‡bi Ki Av‡ivc Ki‡j duvwK w`‡Z cvi‡e bv Zv‡ì Ici †mB ai‡bi Ki

cÖZ¨¶ Ki Av‡ivc I

Av`v‡q mgq I m¤ú`

e¨q †ewk| Ab¨w`‡K

c‡iv¶ Ki Lye

mn‡RB †fv³v‡ì

KvQ †_‡K Av`vq Kiv

nq|

A_©bxwZi mg„w×‡Z

Ki nvi evwo‡q

gy ªvùxwZ wbqš¿Y Kiv

hvq| Avevi g›`v

Kv‡j Ki nvi n«vm

K‡i g~j¨ Íi e„w× Kiv

hvq|



Av‡ivc Kiv DwPZ| †fv³v‡ì Ici e¨q Ki ev ªe¨ Ki, †ckvRxex I eëmvqxi Ici AvqKi,

gybvdv Ki ev g~j¨ ms‡hvRbx Ki Av‡ivc Kiv DwPZ|

(9) mgš‡qi bxwZ (Canon of Co-ordiation) t

wewfbœ ai‡bi K‡ii g‡a¨ mgšq mvab cÖ‡qvRb| Ki Av‡ivcKvix KZ…©c‡¶i g‡a¨ GKwU Nwbô

†hvMm~Î _vKv cÖ‡qvRb| GKB e¨w³ ev `ª‡eï Ici †K› ªxq miKvi , ivR¨ miKvi Ges ¯’vbxq

miKvi hw` Ki Av‡ivc K‡i Z‡e Ki RbM‡Yi Kv‡Q †evSv iƒ‡c wPwýZ n‡e| ZvB ¯’vbxq

miKvi, ivR¨ miKvi Ges †K› ªxq miKv‡ii g‡a¨ Nwbô †hvMm~Î _vKv Avek¨K| hv‡Z K‡ii

gva¨‡g miKv‡ii D‡Ïk¨ mdj nq Ges RbMY Kó bv cvq|


ˆbe© w³K cÖkœ


1| Ki I †mevi m¤úK© AvbycvwZK| mZ¨/wg_¨v

2| w¯§_-Gi g‡Z, cÖ‡Z¨K e¨w³ Zv‡ì mvg_© Abymv‡i Ki fvi enb Ki‡e| mZ¨/wg_¨v

msw¶ß cÖkœ

1| K‡ii mgZvi Kvbyb wK?

iPbvg~jK cÖkœ

1| K‡ii msÁvmn êwkó¨¸‡jv Av‡jvPbv Kiæb|

2| K‡ii Kvbybmg~n wK? e¨vL¨v Kiæb|


1. wg_¨v 2. mZ¨

ivóªxq †mev mevB †fvM K‡i, hv `„k¨gvb I A „k¨gvb n‡Z cv‡i| miKvi‡K Ki cÖ vb K‡i †Kv‡bv

cÖwZ`vb bv cvIqv †M‡jI RbMY A „k¨ †h cÖwZ`vb cvq Zvi g~j¨ K‡ii A‡_©i †P‡q A‡bK †ewk|

K‡ii †cQ‡b AvBbMZ êaZvi cÖkœ RwoZ| K‡ii wKQy †gŠwjK êwkó¨ Av‡Q| Ki wba©vi‡Yi Rb¨ †hme

Kvbyb i‡q‡Q †m¸‡jv n‡jv- mgZvi Kvbyb, wbðqZvi Kvbyb, myweavi Kvbyb, wgZe¨wqZvi Kvbyb BZ¨vw`|

mvims‡¶c



Ki eë ’vi ZË¡mg~n, evsjv‡`‡ki Ki KvVv‡gv we‡kølY


Ki eë¯’vi ZË¡mg~n

Z‡Ë¡i cÖ‡qvM I Î“wU

evsjv‡`‡ki Ki KvVv‡gv

Kifvi e›U‡b mgZv

Ki miKvwi Kvh©vejxi A_©ms¯’vb K‡i A_©vr miKvwi e¨‡qi A_©ms¯’vb K‡i| aviYv Kiv nq †h,

miKvwi e¨q †_‡K †`‡ki bvMwiKiv mevB mgfv‡e DcK…Z nq| myZivs Kifvi me Ki`vZvi

g‡a¨ mgfv‡e ew›UZ nIqv DwPZ| A_©vr Ki`vZvMY cÖ‡Z¨‡K K‡ii Ôb¨vh¨ AskfvMÕ (Fair share) enb Kiv DwPZ| Z‡e Kifvi e›U‡b mgZv ev b¨vh¨Zvi cÖkœwU Awbevh©iƒ‡c GKwU g~j¨

wePv‡ii (Value judgement) cÖkœ| mgZvwewkó Kifvi e›U‡bi †Kv‡bv êÁvwbK wfwË †bB|

mg-mvgwqK mgv‡Ri gvby‡li g‡bvfw½i HKg‡Zï Ici wfwË K‡i Giƒc mgZvwfwËK Kifvi

e›Ub wb‡`©k Kiv hvq| Kifvi e›U‡b mgZvi cÖ‡kœi ywU cÖavb Dcv`vb i‡q‡Q : mg-Ae ’vi

cÖwZwU e¨w³i cÖwZ mgAvPiY Kiv (Equal treatment of equals) Ges Amg Ae¯’vi e¨w³‡ì

cÖwZ MÖnY‡hvM¨ Av‡cw¶K AvPiY Kiv (Acceptable relative treatment of persons in different circumstances)|

cÖ_g Dcv`vbwU wb‡q we‡kl †Kv‡bv mgm¨v †bB| wKš‘ wØZxq Dcv`vbwU wb‡q bvbvwea mgm¨v

†`Lv †`q| G m¤ú‡K© mevB GKgZ †h, hviv ÔAwaK fv‡jv Ae¯’vq Av‡QÕ Zviv AwaK cwigv‡Y

Ki cÖ vb Ki‡e A_©vr K‡ii AwaKZi †evSv enb Ki‡e| wKš‘ Ôfv‡jv Ae ’vÕ Kv‡K e‡j Ges

wewfbœ Ae¯’vi e¨w³‡ì Ici Av‡cw¶K Kifvi wKiƒc nIqv DwPZ Zv wb‡q h‡_ó gZwe‡iva

Av‡Q Ges Gi m¤ú~Y© m‡šÍvlRbK mgvavb †bB|

mg-Ae¯’v ej‡Z wK †evSvq, Amg-Ae ’vi cwigvc wK BZ¨vw` welq wePvi-we‡ePbv K‡i mgZvi

wfwË‡Z Kifvi e›U‡bi `ywU cÖavb Z‡Ë¡i D™¢e n‡q‡Q- DcKvi ZË¡ Ges cÖ vb ¶gZv ZË¡|

DcKvi ZË¡ ev bxwZ

(Benefit theory of Principle)

DcKvi ZË¡ eû †jL‡Ki Ae`v‡b mg„×| mß`k kZvãxi †jLKMY me© cÖ_g Kifvi e›U‡bi GB

Z‡Ë¡i aviYv cÖ vb K‡ib| GB Z‡Ë¡i me©v‡c¶v D‡jøL‡hvM¨ D‡`¨v³v n‡jb myB‡W‡bi GwiK

wjÛj| wZwb 1919 mv‡j GB Z‡Ë¡i GKwU AvaywbK e¨vL¨v cÖ vb K‡ib|

K‡ii DcKvi Z‡Ë¡i wkKo miKvwi A_© kv‡¯¿i `vg ZË¡ ev †¯^”QvK…Z wewbgq Z‡Ë¡i Ici

my`„pfv‡e cÖwZwôZ| †Kv‡bv e¨w³ †Kv‡bv (e¨w³MZ ev miKvwi) `ª‡eï †fvM Ggbfv‡e web¨¯Í

K‡i †hb †fvM †_‡K cÖvß cÖvwšÍK DcKvi I Gi cÖvwšÍK LiP ci¯úi mgvb nq| G †_‡K

cÖZxqgvb nq †h, miKvwi ªe¨ †fvM K‡i e¨w³iv †h DcKvi jvf K‡i, cÖ‡Z¨‡Ki KvQ †_‡K †m

Abycv‡Z Ki Av`vq Kiv DwPZ| A_©vr b¨vq I mgZvi wfwË‡Z Kifvi e›Ub Ki‡Z n‡j miKvwi

cvV-5

Kifvi e›U‡b mgZvi

cÖ‡kœi ywU cÖavb

Dcv`vb i‡q‡Q : mg-

Ae ’vi cÖwZwU e¨w³i

cÖwZ mgAvPiY Kiv

Ges Amg Ae ’vi

e¨w³‡ì cÖwZ

MÖnY‡hvM¨ Av‡cw¶K

AvPiY Kiv|



`ª‡eï †fvM †_‡K †h e¨w³ hZUv DcKvi jvf K‡i Zv‡K †m Abycv‡Z Kifvi enb Ki‡Z n‡e|

GUv ¯úó †h, Ômg-Ae ’vÕ ej‡Z G Z‡Ë¡ mg-DcKvi †evSv‡bv n‡q‡Q| d‡j jwä DcKv‡ii

wfwË‡Z cÖ‡Z¨K e¨w³i Kifv‡ii ZviZg¨ NU‡e| e¨w³‡ì Av‡qi Kvg¨ wb‡qvMweb¨vm AR©‡bi

Rb¨ Ges miKv‡ii Kvh©vejxi Kvg¨ Íi wba©vi‡Yi Rb¨ me Ki‡K GLv‡b `vg wn‡m‡e we‡ePbv

Kiv n‡q‡Q Ges `vgiƒc Ki Av`vq wKiƒ‡c b¨vh¨fv‡e m¤úbœ Kiv hvq Zv GB Z‡Ë¡ we‡ePbv Kiv

n‡q‡Q| myZivs DcKvi ZË¡ ïay Kifvi e›U‡bi ZË¡B bq eis GUv Ki I miKvwi e¨q bxwZ

hyMcrfv‡e wba©vi‡Yi ZË¡| miKvwi ª‡eï Kvg¨ Íi Ges GB cwigvY ªe¨ mieiv‡n †h LiP nq

Zv wewfbœ DcK…Z e¨w³i g‡a¨ b¨vh¨fv‡e e›Ub wKfv‡e wba©viY Kiv hvq Zv Avgiv wjÛ‡ji

g‡W‡ji mvnv‡h¨ †`Lv‡Z cvwi|

g‡b Kwi, mgv‡R GKwU miKvwi ªe¨ G mieivn Kiv nq hv mgv‡R emevmKvix `yÕRb e¨w³, A

I B mgvbfv‡e †fvM K‡i| GLb mgm¨v n‡j G-Gi Kvg¨ ¯Íi G* wba©viY Ges G* mieiv‡ni

Rb¨ †h LiP nq Zv wbe©vn Kivi Rb¨ A I B e¨w³i g‡a¨ fvimvg¨ Kifvi e›Ub| g‡b Kwi, A

e¨w³ K‡ii h Ask enb K‡i, Zvn‡j hw` Oh1 nq, Zvn‡j B e¨w³ K‡ii (1-h) Ask enb

Ki‡e| 11.4 bs wP‡Îi mvnv‡h¨ mgm¨vwU we‡kølY Kiv hvq| 11.4 bs wP‡Îi Avbyf‚wgK A‡¶

miKvwi ªe¨ G-Gi cwigvY wb‡ ©k Kiv n‡q‡Q|

evg w`‡Ki Dj¤ A‡¶ A e¨w³i Ki Ask h Ges Wvb w`‡Ki Dj¤ A‡¶ D‡ëvw`K †_‡K B

e¨w³i Ki Ask (1-h) cwigvc Kiv n‡q‡Q| AA I BB †iLv `ywU h_vµ‡g A I B e¨w³i

miKvwi ª‡eï Pvwn`v †iLv wb‡ ©k K‡i| AA †iLvwU OA we› y‡K g~j we› y a‡i Ges BB †iLvwU

OB we› y‡K g~j we› y a‡i A¼b Kiv n‡q‡Q| GUv ¯úó †h, Pvwn`v †iLv ywU µgn«vmgvb Dc‡hvM

wewai AbywgZ k‡Z©i Ici wbf©i K‡i Aw¼Z n‡q‡Q| g‡b Kwi, cÖ_‡g A e¨w³i Rb¨ h1 Ki

Ask wba©viY Kiv n‡jv (A_©vr B e¨w³i Rb¨ 1-h1 Ki Ask)| G Ae¯’vq A e¨w³ G1 cwigvY

miKvwi ªe¨ †fvM Ki‡Z Pvq, wKš‘ B e¨w³ Pvq G2 cwigvY miKvwi ªe¨| ¯úóZB yÕe¨w³i

Pvwn`vi g‡a¨ gZ cv_©K¨ i‡q‡Q Ges fvimvg¨ Ae ’vq DcbxZ nIqv m¤¢e nqwb| myZivs Avevi

GKwU weKí Ki Ask cÖ¯Íve Kiv nq Ges A I B e¨w³i miKvwi `ª‡eï Pvwn`v Zzjbv Kiv nq|



GUv mn‡R `„ó †h, hZ¶Y ch©šÍ bv h* Ki As‡k DcbxZ nIqv hvq ZZ¶Y GB tatonnment cÖwµqv Pj‡Z _v‡K| h* Ki As‡k Dfq e¨w³B miKvwi ª‡eï GKgvÎ Íi G* †c‡Z Pvq|

A_©vr cÖ Ë Pvwn`v †iLvi wfwË‡Z G* n‡”Q miKvwi `ª‡eï Kvg¨ ¯Íi Ges GB cwigvY ªe¨

mieiv‡ni Rb¨ †h LiP nq Zv Ki wn‡m‡e A e¨w³i KvQ †_‡K h* Ask Ges B e¨w³i KvQ

†_‡K 1-h* Ask Av`vq Kiv nq| GUv ¯úó †h, hwÌ Dfq e¨w³ miKvwi ªe¨ mgcwigv‡Y

(G*) †fvM K‡i, Zviv Ki Ask mgvbfv‡e enb K‡i bv| Ki Ask wbf©i K‡i Zv‡ì e¨w³MZ

Pvwn`vi Ici A_©vr Zv‡ì miKvwi ª‡eï e¨w³MZ g~j¨vq‡bi Ici ev cQ›`µ‡gi Ici| GB

we‡kl †¶‡Î A e¨w³i Ki Ask fvM B e¨w³i Ki Ask fvM A‡c¶v Kg (h*<(1-h*)|

DcKvi Z‡Ë¡i cÖ‡qvM

ev¯Íe RM‡Z Ki KvVv‡gv D™¢ve‡b DcKvi Z‡Ë¡i cÖ‡qvM m¤ú‡K© Avgiv cix¶v K‡i †`Le|

Avgiv wewfbœ cÖKvi Ki D™¢ve‡bi †¶‡Î G Z‡Ë¡i cÖ‡qvM wePvi Kie|

(1) mvaviY DcKvi Ki (A general benefit tax) t

†`‡k ïay DcKvi Ki cÖPwjZ _vK‡j cª‡Z¨K e¨w³i miKvwi ª‡eï Pvwn`v Abyhvqx Zvi Ici

Ki Av‡ivc Kiv n‡e| wewfbœ e¨w³i cQ›`µg wewfbœ e‡j me †jv‡Ki Ici †Kv‡bv mvaviY Ki

digyjv cÖ‡qvM Kiv hvq bv| cª‡Z¨K e¨w³i wbR¯ g~j¨vqb Abyhvqx Zvi Ici Ki Av‡ivc Kiv

n‡e| Avgiv Pvwn`v ZË¡ †_‡K Rvwb †h, †Kv‡bv ª‡eï Pvwn`v `ªe¨wUi `vgI †fv³vi Av‡qi Ici

wbf©i K‡i| ªe¨wU hw` wbK…ó `ªe¨ (inferior good) bv nq, Zvn‡j †fv³vi Avq e„w×i m‡½ m‡½

`ªe¨wUi Pvwn`v e„w× cvq| A_©vr Avgiv ej‡Z cvwi †h, †Kv‡bv wbw`©ó cwigvY miKvwi ª‡eï Rb¨

D”P Av‡qi †jv‡Kiv AwaK `vg w`‡Z cÖ ‘Z _v‡K| G Abyhvqx wewfbœ Av‡qi †jv‡Ki Ici wewfbœ

nv‡i DcKvi Ki Av‡ivc Kiv hvq| Z‡e Giƒ‡c Av‡ivwcZ Ki cÖMwZkxj n‡e wKbv Zv wbf©i

K‡i mvgvwRK ª‡eï Avq I `vg w ’wZ ’vcKZvi Ici| Avgiv Rvwb, ª‡eï Pvwn`vi (Q) Avq

(Y) w ’wZ ’vcKZv Ey=(Q/Q)/(Y/Y) Ges Pvwn`vi `vg (P ) w ’wZ ’vcKZv Ep=(Q/Q)/ (P/P) †hLv‡b = mvgvb¨ cwieZ©b| GLvb †_‡K Avgiv cvB Ki`v‡gi (P) Avq w ’wZ ’vcKZv

(Income elasticity of tax price), (P/P)/(Y/Y)=Ey/Ep)| GB w¯’wZ ’vcKZv Avq e„w× †c‡j

Ki`vg kZKiv wK nv‡i e„w× cv‡e A_©vr Avq e„w× †c‡j Av‡ivwcZ Ki kZKiv wK nv‡i e„w×

cvIqv DwPZ, Zv cÖ vb K‡i| hw` GB w ’wZ ’vcKZvi gvb GKK nq Zvn‡j `vg I Avq GKB

kZKiv nv‡i e„w× cvq Ges `vg I Av‡qi AbycvZ w ’i _v‡K| myZivs KiwU n‡e mgvbycvwZK|

Abyiƒcfv‡e hw` Ey/Ep>1, `vg I Avq AbycvZ e„w× cvq Ges KiwU n‡e cÖMwZkxj Ges hw`

Ey/Ep<1 nq Zvn‡j KiwU n‡e A‡avMwZkxj (regressive)| myZivs D™¢~Z KiKvVv‡gv

mgvbycvwZK hw` Ey=Ep, cÖMwZkxj hw` Ey>Ep

Ges A‡avMwZkxj hw` Ey<Ep

Avgv‡ì g‡b ivL‡Z n‡e, GB digyjv AvKl©Yxq n‡jI Gi ev¯Íe cÖ‡qvM mnR bq| KviY,

e¨w³MZ ª‡eï †¶‡Î evRvi ch©‡e¶Y †_‡K †hgb Avgiv ª‡eï `vg I Avq w ’wZ ’vcKZv

wn‡me Ki‡Z cvwi, miKvwi ª‡eï †¶‡Î Zv cvwi bv| ZvQvov wewfbœ miKvwi ª‡eï Avq I `vg

w ’wZ ’vcKZv wewfbœ n‡Z cv‡i e‡j †`‡ki mvgwMÖK Ki KvVv‡gv wba©vi‡Yi welqwU Av‡iv RwUj

n‡q hvq| Z‡e GB Abykxj‡bi g~j¨ GB †h, DcKvi KiI †h cÖMwZkxj n‡Z cv‡i Zv Avwe®‹vi

Kiv|

†Kv‡bv wbw ©ó cwigvY

miKvwi ª‡eï Rb¨

D”P Av‡qi †jv‡Kiv

AwaK `vg w`‡Z

cÖ ‘Z _v‡K| G

Abyhvqx wewfbœ Av‡qi

†jv‡Ki Ici wewfbœ

nv‡i DcKvi Ki

Av‡ivc Kiv hvq|

Z‡e Giƒ‡c Av‡ivwcZ

Ki cÖMwZkxj n‡e

wKbv Zv wbf©i K‡i

mvgvwRK ª‡eï Avq

I `vg w ’wZ ’vcKZvi

Ici|



(2) wbw ©ó DcKvi Ki (Specific benefit taxes) t

mvaviY DcKvi K‡ii aviYv GKwU ZvwË¡K cÖZ¨q wn‡m‡e AvKl©Yxq| wKš‘ DcKvi Z‡Ë¡i eûj

cÖ‡qvM j¶¨ Kiv hvq wewfbœ K‡ii †¶‡Î, †hLv‡b DcK…Z e¨w³i KvQ †_‡K cÖvß DcKv‡i

cwigv‡Yi Ici wfwË K‡i Ki Av`vq Kiv hvq| Av‡jvP¨ miKvwi ªe¨wUi Rb¨ A_©ms¯’vb Kiv

nq wd, eënviKvixi `vg (user charges) ev Dcïé (toll) Av`vq K‡i| jvB‡mÝ, kni

cwienb, wegvbe›`‡ii myweav BZ¨vwì Rb¨ A_© Av`vq †gvUvgywU GB ch©v‡q c‡o|

(3) `vg Av`v‡qi cwie‡Z© Ki (Taxes in lieu of charges) t

†Kv‡bv †Kv‡bv †¶‡Î `vg Av`vq Kiv Awf‡cÖZ wKš‘ LyeB e¨qeûj| Gme †¶‡Î cÖZ¨¶ `vg

Av`v‡qi cwie‡Z© cwic~iK ª‡eï Ici Ki Av‡ivc Kiv hvq| †hgb, hy³iv‡óª moK eënv‡ii

Rb¨ cÖZ¨¶ `vg Av`vq bv K‡i M¨v‡mvwjb I †gvUi Mvwoi Ici Ki Av‡ivc Kiv nq|

DcKvi Z‡Ë¡i myweav (Merits of benefit theory)

wb¤œwjwLZ hyw³i wfwË‡Z DcKvi ZË¡ mg_©b Kiv nq|

(1) Avgiv Rvwb †h, e¨w³MZ ª‡eï †¶‡Î †Kv‡bv e¨w³ †h cwigvY ªe¨ ev †mevKvh© †fvM K‡i

Zv‡K †m Abyhvqx `vg cÖ vb Ki‡Z nq| myZivs GB bxwZi wfwË‡Z miKvwi ª‡eï †fvM †_‡K

†h e¨w³ †h cwigvY DcKvi jvf K‡i Zv‡K †mB cwigvY Ki cÖ vb Kiv DwPZ|

(2) GB ZË¡ Abymv‡i Ki avh© bv K‡i hw` Ab¨ †Kv‡bv Z‡Ë¡i wfwË‡Z Ki-KvVv‡gv D™¢veb Kiv

nq Zvi A_© n‡e GK e¨w³ hv †fvM K‡i Ab¨ GK e¨w³ Zvi Rb¨ `vg cÖ vb K‡i| wKš‘ G‡Ki

†fv‡Mi Rb¨ A‡bï Z¨vM ¯xKvi mg_©b Kiv hvq bv|

(3) DcKvi ZË¡ ev‡R‡Ui Ki I e¨q Dfq w`K we‡ePbv K‡i| c¶všÍ‡i cÖ vb ¶gZv ZË¡ ïay

ev‡R‡Ui K‡ii w`KwU wb‡q Av‡jvPbv K‡i| myZivs DcKvi ZË¡ cÖ vb ¶gZv Z‡Ë¡i Zzjbvq

c~Y©Zi Av‡jvPbv cÖ vb K‡i|

(4) DcKvi ZË¡ miKvwi Kv‡h©i cwigvY I Ki Ask e›Ub hyMcrfv‡e wba©vi‡Yi GKwU †KŠkj

cÖ vb K‡i|

(5) DcKvi ZË¡ miKvwi ªe¨ Drcv`b e¨‡qi cwi‡cÖw¶‡Z h_vh_ cwigv‡Y Drcvw`Z n‡Z

mvnvh¨ K‡i| Gi d‡j miKvwi ª‡eï Drcv`b mvgwMÖK Pvwn`vi Zzjbvq Kg ev †ewk n‡Z cv‡i

bv| d‡j RvZxq m¤ú‡ì AcPqI nq bv|

(6) DcKvi Z‡Ë¡i Av‡iKwU we‡kl w`K n‡jv, GwU mgv‡Ri wewfbœ e¨w³i cQ›`µ‡gi m‡½

miKvwi ª‡eï †hvMv‡bi mshyw³ NUvq|

wKš‘ Gme myweav _vK‡jI G Z‡Ë¡i wKQy †gŠwjK Î“wU i‡q‡Q|

DcKvi Z‡Ë¡i Î“wUmg~n (Limitations of Benefit Theory)

(1) e¨w³MZ ªe¨ I miKvwi ª‡eï g‡a¨ Zzjbv A‡hŠw³K| KviY, †hme `ªe¨ e¨w³MZ D‡`¨v‡M

Drcv`b Kiv m¤¢eci nq bv, †mme `ªe¨ †hvMv‡bi Rb¨B miKvi‡K GwM‡q Avm‡Z nq| ZvQvov,

AwaKvsk mgq miKv‡ii Kvh© †_‡K mevB mvaviYfv‡e DcK…Z nq| GKRb e¨w³ miKvwi Kvh©

†_‡K KZUzKz DcKvi jvf K‡i Zv c„_Kfv‡e wbY©q Kiv hvq bv| DcKvi Z‡Ë¡i wfwË‡Z Kifvi

e›Ub Ki‡Z n‡j wewfbœ e¨w³i DcKv‡ii cwigvY m¤ú‡K© Rvb‡Z n‡e| mvaviYZ Avq, m¤ú`

BZ¨vw`‡K DcKv‡ii m~PK wn‡m‡e MYbv Kiv nq| wKš‘ †Kv‡bv e¨w³i cÖvß DcKv‡ii m‡½ Zvi

hy³iv‡óª moK

eënv‡ii Rb¨ cÖZ¨¶

`vg Av`vq bv K‡i

M¨v‡mvwjb I †gvUi

Mvwoi Ici Ki

Av‡ivc Kiv nq|



Avq I m¤ú‡ì †Kv‡bv m¤úK© bvI _vK‡Z cv‡i| G †¶‡Î DcKvi ZË¡ Abyhvqx Ki avh© Ki‡j

Zv cÖvß cÖK…Z DcKv‡ii m‡½ m½wZwenxb nq|

(2) †Kv‡bv †Kv‡bv †¶‡Î e¨w³we‡k‡li cÖvß DcKv‡ii cwigvY cwigvc‡hvM¨ n‡jI DcKvi ZË¡

Abymv‡i Kifvi e›Ub Kiv hvq bv| KviY, Gme †¶‡Î Gi cÖ‡qvM Avq cybe©›Ub m¤ú‡K© cÖPwjZ

mvgvwRK g~j¨‡ev‡ai cwicš’x n‡Z †`Lv hvq| G ZË¡ Abyhvqx Kifvi e›Ub Ki‡j A‡bK †¶‡Î

abx I `wi`ª Dfq‡K mg-cwigvY Ki cÖ vb Ki‡Z nq| wKš‘ `wi`ª e¨w³i Ki cÖ v‡bi A_© Zvi

Rxeb hvc‡bi Rb¨ b~¨bZg cÖ‡qvRbxq ª‡eï †fvM DrmM© Kiv| Ab¨w`‡K abx e¨w³i Ki

cÖ v‡bi A_© wejvm `ª‡eï †fvM Z¨vM Kiv ev mÂ‡qi Ask we‡kl DrmM© Kiv| myZivs GB

`„wó‡KvY †_‡K DcKvi ZË¡ mg_©b Kiv hvq bv|

ZvQvov †Kv‡bv †Kv‡bv †¶‡Î †hgb, wk¶v, Rb¯v¯’ BZ¨vw` †_‡K `wi ª RbmvaviY abx‡ì

Zzjbvq †ewk DcKvi jvf K‡i| Gi A_© Gme †mevKv‡h©i Rb¨ `wi ª‡ì‡K abx A‡c¶v AwaK

nv‡i Ki cÖ vb Ki‡Z n‡e| wKš‘ GB hyw³ AvaywbK Kj¨vYgyLx wPšÍvavivi m¤ú~Y© cwicš’x| GK

K_vq, GB ZË¡ miKv‡ii Av‡qi cybe©›Ub D‡Ïk¨, hvi gva¨‡g miKvi GK †kªYxi †jv‡Ki cÖK…Z

Avq n«v‡mi cwie‡Z© Ab¨ GK †kªYxi †jv‡Ki cÖK…Z Avq e„w× Ki‡Z Pvq, Zv m¤ú~Y©fv‡e D‡c¶v

K‡i|

(3) Kifvi e›U‡bi GB m~Î K‡ii cÖPwjZ msÁvi m‡½ m½wZc~Y© bq| †Kbbv, Ki eva¨Zvg~jK

Ges K‡ii m‡½ cÖvß DcKv‡ii †Kv‡bv cÖZ¨¶ wewbg‡q cÖZ¨c©Y m¤úK© †bB| wKš‘ GB ZË¡

Abymv‡i Av‡ivwcZ Ki miKvwi ª‡eï Rb¨ †¯”Qvg~jK `vg cÖ vb Ges DcKv‡ii m‡½ K‡ii

cÖZ¨¶ wewbg‡q cÖZ¨c©Y m¤úK© ’vc‡bi †Póv K‡i| d‡j G ai‡bi Ki, Ki bv n‡q `v‡gi PwiÎ

jvf K‡i|

(4) DcKvi ZË¡, we‡klZ wjÛ‡ji †¯”Qvg~jK wewbgq bxwZ, miKvwi ª‡eï Rb¨ e¨w³MY

Zv‡ì mwVK cQ›`µg cÖKvk K‡i GB AbywgZ k‡Z©i wfwËi Ici cÖwZwôZ| wKš‘ miKvwi

`ª‡eï Rb¨ cQ›`µg Abyhvqx `vg cÖ vb Ki‡Z n‡j e¨w³MY KLbB Zv‡ì mwVK cQ›`µg

cÖKvk Ki‡e bv eis Zv Kwg‡q ej‡e| †Kbbv, mwVK cQ›`µg e¨³ bv K‡iI e¨w³MY miKvwi

`ªe¨ †fvM Ki‡Z cv‡i| GKgvÎ †fv‡U ivR‰bwZK cÖwµqv Øviv GB cQ›`µg wba©viY Kiv hvq|

(5) e¨w³‡ì mwVK cQ›`µg †Kv‡bv bv †Kv‡bvfv‡e Rvbv _vK‡jI DcKvi bxwZ cÖ‡qvM K‡i

mvgvwRK ª‡eï Kvg¨ cwigvY Abb¨fv‡e (uniquely) wba©viY Kiv Ges GB D‡Ï‡k¨ wK cwigvY

e¨w³MZ ªe¨ DrmM© Ki‡Z n‡e Ges †Kvb e¨w³ AwaK cwigv‡Y ev †Kvb e¨w³ Kg cwigv‡Y

DrmM© Ki‡e Zv wba©viY Kiv m¤¢e bq| Av‡qi Kvg¨ e›Ub m¤ú‡K© A_©bxwZ ewnf‚©Z g~j¨ wePv‡ii

eënvi e¨ZxZ DcKvi bxwZ cÖ‡qvM Øviv mvgvwRK ª‡eï Kvg¨ cwigvY wba©viY Kiv hvq bv|

Dchy©³ Av‡jvPbv †_‡K mn‡RB cÖZxqgvb nq †h, Ki KvVv‡gv D™¢ve‡bi bxwZ wn‡m‡e DcKvi

Z‡Ë¡i wKQy myweav _vK‡jI GUv eûwea Amyweavi fv‡i cxwoZ| cÖK…Zc‡¶ miKvwi ª‡eï LiP

e›U‡bi bxwZ wn‡m‡e GwU mvaviYZ mgZv m~‡Îi cwicš’x Ges mvgwMÖK Ki KvVv‡gv wba©vi‡Y Gi

cÖ‡qvMwm×Zv mxwgZ| Z‡e †Kv‡bv †Kv‡bv †¶‡Î †hLv‡b e¨w³‡ì cÖvß DcKv‡ii cwigvY

c„_Kfv‡e wbY©q Kiv hvq Ges †mLv‡b Ki fvi e›Ub mgZv m~‡Îi cwicš’x bq, †mme †¶‡Î

Kifvi e›U‡b GB Z‡Ë¡i cÖ‡qvM Kiv hvq| †hgb, moK eënv‡ii Rb¨ M¨v‡mvwjb I †gvUi

Mvwoi Ici Ki, cywjk, AwMœwbe©vcK evwnbx, cvwb mieivn eë ’v, cwienb eë ’v cÖK…wZ †_‡K

DcKvi jv‡fi Rb¨ ’vbxq Ki, ’vbxq †Kv‡bv Dbœqb Kv‡Ri Rb¨ we‡kl Ki BZ¨vw` GB

ch©vqfz³|

DcKvi ZË¡ miKv‡ii

Av‡qi cybe©›Ub

D‡Ïk¨, hvi gva¨‡g

miKvi GK †kªYxi

†jv‡Ki cÖK…Z Avq

n«v‡mi cwie‡Z© Ab¨

GK †kªYxi †jv‡Ki

cÖK…Z Avq e„w× Ki‡Z

Pvq, Zv m¤ú~Y©fv‡e

D‡c¶v K‡i|

mvaviYZ Avq, m¤ú`

BZ¨vw`‡K DcKv‡ii

m~PK wn‡m‡e MYbv

Kiv nq| wKš‘ †Kv‡bv

e¨w³i cÖvß DcKv‡ii

m‡½ Zvi Avq I

m¤ú‡ì †Kv‡bv

m¤úK© bvI _vK‡Z

cv‡i| G †¶‡Î

DcKvi ZË¡ Abyhvqx

Ki avh© Ki‡j Zv

cÖvß cÖK…Z DcKv‡ii

m‡½ m½wZwenxb nq|



cÖ vb ¶gZv ZË¡ (Ablity to Pay Theory) t

cÖ vb ¶gZv ZË¡wU eû A_©bxwZwe`, mgvRwe` I ivRbxwZwe‡ì Ae`v‡b mg„×| GB Z‡Ë¡i

aviYvwU AwZ cyi‡bv| GB Z‡Ë¡ ïay ivR¯^ Av`v‡qi w`KB wb‡ ©k K‡i bv eis A_©‰bwZK Kj¨vY

m‡e©v”PKiY Ges Avq e›U‡b mgZvi w`KI wb‡ ©k K‡i| GB ZË¡wU †lvok kZvãxi cÖ_gfv‡M

me© cÖ_g Guicciardini-Gi wbe‡Ü cÖKvwkZ nq| wZwb AvbycvwZK AvqK‡ii c‡¶ hyw³ †`Lvb|

†lvok kZvãxi †kl fv‡M Bodin Ki cÖ vb ¶gZv Z‡Ë¡i Ici e³e¨ iv‡Lb| Gi ci eû

†jLK †hgb gvbeZvev`x iæ‡kv (Rousseau), Av`k©ev`x ms¯‹viK Sismondi, evRvi wewai

cÖe³v Say, J.S. Mill, mgvRev`x Wagnar Ges wbDwW‡ji cÖe³v Roosvelt Ki cÖ v‡bi mvg_©

Z‡Ë¡i Ici Ae`vb iv‡Lb| Zv‡ì e³‡eï g~j K_v wQj ÔEquality in taxation means

equality of SacrificeÕ|

J.S. Mill K‡ii DcKvi ZË¡‡K cy‡ivcywi eR©b K‡ib Ges cÖ vb ¶gZv I Z‡Ë¡i DrK…óZv hvPvB

K‡ib| cÖ vb ¶gZv Z‡Ë¡ wZbwU welq‡K ¸iæZ¡ †`qv nq|

cÖ_gZ : e¨‡qi w`K we‡ePbv K‡i Z_v e¨q †`q a‡i wb‡q K‡ii e›Ub cÖwµqv wK n‡e Zv cÖ vb

¶gZv Z‡Ë¡i ¸iæZ¡ cvq|

wØZxqZ : cÖ vb ¶gZv Z‡Ë¡ mgv‡Ri †gvU Z¨vM me©wb¤œKi‡Yi Rb¨ K‡ii e›Ub‡K

b¨vqcivqYZvi †P‡q Kj¨vYg~jK A_©bxwZi „wó‡Z e¨vL¨v K‡i| †hLv‡b e¨‡qi w`K we‡ePbv Kiv

nq bv|

Z…ZxqZ : ev‡R‡U e¨‡qi w`K‡KI Ki e›U‡bi g‡Zv ¸iæZ¡ w`‡Z n‡e| KviY e¨q cÖwµqvq

†hŠw³KZv Øviv Kj¨vY m‡e©v”PKiY Kiv hvq|

Ki cÖ vb ¶gZv Z‡Ë¡i g~j K_v n‡jv, cÖ‡Z¨K e¨w³ Zv‡ì mvg_© Abymv‡i Ki cÖ vb Ki‡e|

Ki cÖ vb †_‡K cÖ‡Z¨‡Ki Z¨vM ci¯úi mgvb n‡e| abx‡ì Z¨vM Ges Kg Av‡qi e¨w³‡ì

Z¨vM ci¯úi mgvb n‡e| abx‡ì Z¨vM Ges Kg Av‡qi e¨w³‡ì Z¨vM ci¯úi mgvb n‡j

mgv‡Ri Avq e›U‡b mgZv Avm‡e| mgvRKj¨vY m‡e©v”PKi‡Y mnvqZv Ki‡e| Ki cÖ v‡bi

mvg‡_© i m~PK wn‡m‡e wewfbœ A_©bxwZwe` wewfbœ e¯‘MZ m~P‡Ki K_v D‡jøL K‡ib| Ki cÖ v‡bi

mvg‡_© i m~PK wn‡m‡e wZbwU wfwË n‡jv-

(i) m¤úwË t m¤úwË n‡jv Ki cÖ v‡bi Ab¨Zg m~PK| †Kvb cwiev‡ii wK cwigvY m¤ú` Av‡Q

Zvi Ic‡iB wbf©i Ki‡e| Av‡qi †P‡q m¤ú` †ewk wbivc` Ges Kg SyuwKc~Y©|

(ii) Avq t e¨w³i ev cwiev‡ii Avq K‡ii m~PK wn‡m‡e f‚wgKv cvjb K‡i| hv‡ì Avq †ewk

Zv‡ì Kj¨vY †ewk| Rxeb aviY Dc‡hvMx Av‡qi †P‡q †ewk Avq‡K K‡ii AvIZvq Avbv †h‡Z

cv‡i| Avq‡K wba©viK wn‡m‡e a‡i wb‡j K‡i mgZv i¶v Kiv mnR nq|

(iii) e¨q t †fvM Ki cÖ v‡bi mvg_© wn‡m‡e f‚wgKv cvjb K‡i| KviY e¨‡qi gva¨‡g e¨w³i

mwZ¨Kvi Dc‡hvM m¤‡Ü aviYv cvIqv hvq| †fvM e¨q‡K Ki cÖ v‡bi mvg‡_© i m~PK wn‡m‡e

¸iæZ¡ w`‡q we‡ePbv K‡ib J.F. Due Ges Nicholas Kaldor| †fvM e¨‡qi Ici Ki Av‡ivc

Ki‡j ˆØZ Ki mgm¨v _v‡K bv|

J.S. Mill-Gi cÖ vb ¶gZv ZË¡ mgZ¨vM aviYvmg~n Ki nvi wba©vi‡Y ¸iæZ¡c~Y© f‚wgKv cvjb

K‡i|

mgZ¨vM aviYvmg~‡ni Dbœq‡b Ae`vb iv‡Lb Cohen-stuart Ges Edgeworth. Zviv mgZ¨vM

aviYvmg~n‡K wZb fv‡M fvM K‡ib|

Ki cÖ vb ¶gZv

Z‡Ë¡i g~j K_v n‡jv,

cÖ‡Z¨K e¨w³ Zv‡ì

mvg_© Abymv‡i Ki

cÖ vb Ki‡e| Ki

cÖ vb †_‡K cÖ‡Z¨‡Ki

Z¨vM ci¯úi mgvb

n‡e| abx‡ì Z¨vM

Ges Kg Av‡qi

e¨w³‡ì Z¨vM

ci¯úi mgvb n‡e|



(i) Pig mgZ¨vM (Equal Absolute Sacrifice) t Pig mgZ¨vM ej‡Z Ki cÖ v‡bi d‡j †gvU

Z¨v‡Mi cwigvY cÖ‡Z¨K cwigvY cÖ‡Z¨K e¨w³i mgvb n‡e| MvwYwZKfv‡e-

(ii) mgvbycvwZK Z¨vM (Equal Proportional Sacrifice) t GB bxwZ Abymv‡i Ki cÖ v‡bi d‡j

Z¨v‡Mi cwigvY I †gvU Av‡qi Dc‡hv‡Mi AbycvZ cÖ‡Z¨K e¨w³i mgvb n‡e| MvwYwZKfv‡e-

(iii) mg-cÖvwšÍK Z¨vM (Equal Marginal Sacrifice) t GB bxwZ Abymv‡i cÖ‡Z¨K e¨w³i cÖvwšÍK

Z¨vM ci¯úi mgvb n‡e| MvwYwZKfv‡e-

11.5 bs wP‡Îi gva¨‡g wewfbœ Z¨vM bxwZ Abymv‡i Kifvi e›Ub cÖwµqv e¨vL¨v Kiv hvq| wP‡Î

f‚wg A‡¶ Avq Ges j¤ A‡¶ Dc‡ii As‡k Av‡qi †gvU Dc‡hvM Ges wb‡Pi As‡k Av‡qi

cÖvwšÍK Dc‡hvM cwigvc Kiv n‡q‡Q| †hLv‡b OZ ev DC n‡jv Rxeb aviY Dc‡hvMx Avq, CE

n‡jv Av‡qi †gvU Dc‡hvM †iLv Ges CF n‡jv Av‡qi cÖvwšÍK Dc‡hvM †iLv| aiv hvK B e¨w³

Kg abx Ges A e¨w³ A‡c¶vK…Z †ewk abx e¨w³| A e¨w³i ZG cwigvY Avq Rxeb aviY

mgPig Z¨vM (Equal Absolute Sacrifice)=U(Y)-U(Y-T)

mgvbycvwZK Z¨vM (Equal Proportional Sacrifice)=U(Y)-U(Y-T)

U(Y)

mg-cÖvwš—K Z¨vM (Equal Marginal Sacrifice)=dU(Y-T)d(Y-T)



Dc‡hvMx Av‡qi †P‡q †ewk Avq Ges B e¨w³i Ki‡hvM¨ Avq n‡jv ZH cwigvY| A e¨w³i †gvU

Dc‡hvM IE cwigvY Ges cÖvwšÍK Dc‡hvM n‡jv GF cwigvY| Ab¨w`‡K B e¨w³i Av‡qi †gvU

Dc‡hvM n‡jv JK cwigvY Ges cÖvwšÍK Dc‡hvM n‡jv HL cwigvY|

aiv hvK, MG cwigvY Ki Av‡ivc Kiv n‡e| mgPig Z¨vMbxwZ Abymv‡i cÖ‡Z¨K e¨w³i †gvU

Z¨v‡Mi cwigvY mgvb n‡Z n‡e|

†hLv‡b A e¨w³ NG cwigvY Ki cÖ vb Ki‡e Ges B e¨w³ TH cwigvY Ki cÖ vb Ki‡e Ges

NG+TH=MG|

wP‡Îi A e¨w³i †gvU Dc‡hvM n«vm EP=B e¨w³i †gvU Dc‡hvM n«vm KQ|

mgvbycvwZK Z¨vMbxwZ Abymv‡i A e¨w³i Ki cÖ vb Ki‡e RG Ges B e¨w³ Ki cÖ vb Ki‡e

SH|

†hLv‡b RG+SH=MG GB †¶‡Î Z¨v‡Mi AbycvZ n‡jv

EWIE =KU

JK |

Ab¨w`‡K mgcÖvwšÍK Z¨vM bxwZ Abymv‡i A e¨w³ Ki cÖ vb Ki‡e VG cwigvY Ges B e¨w³i

Ki cÖ vb Ki‡e VH cwigvY|

†hLv‡b VG+VH=MG cÖ‡Z¨‡Ki cÖvwšÍK Z¨vM Vn cwigvY †mLv‡b †gvU Z¨vM EX+KY me©wb¤œ|

D‡jøL¨, Av‡qi †gvU Dc‡hvM I cÖvwšÍK Dc‡hvM msL¨vi gva¨‡g cwi‡gq Ges cÖvwšÍK Dc‡hvM

µgn«vmgvb we‡ePbv Kiv n‡q‡Q|

wewfbœ mgZ¨vM aviYvi †cÖw¶‡Z K‡ii Av‡cw¶K †evSv Ges Ki KvVv‡gvi cÖMwZkxjZvi gvÎv

mvigg© AvKv‡i wb‡Pi Q‡K †`Lv‡bv n‡jv-

Z¨vMbxwZmg~n K‡ii fvi Ki KvVv‡gv‡Z Av‡cw¶K

cÖMwZkxjZvi gvÎv

abx e¨w³ (A)

A‡c¶vK…Z Kg

abx e¨w³ (B)

1. mgPig Z¨vMbxwZ me‡P‡q Kg LyeB †ewk me‡P‡q Kg

2. mgAvbycvwZK

Z¨vMbxwZ

Av‡cw¶Kfv‡e

†ewk

Av‡cw¶Kfv‡e

Kg

Av‡cw¶Kfv‡e †ewk 1<2<3

3. mgcÖvwšÍK

Z¨vMbxwZ

me‡P‡q †ewk me‡P‡q Kg me‡P‡q †ewk

cÖ vb ¶gZv Z‡Ë¡i Ac~Y©v½Zv t

Ki KvVv‡gv D™¢ve‡b cÖ vb ¶gZv Z‡Ë¡i cÖ‡qvMwm×Zv m¤ú‡K© A‡b‡KB m‡›`n cÖKvk K‡i‡Qb|

KviY G Z‡Ë¡i wKQy †gŠwjK Amyweav i‡q‡Q|

(1) G ZË¡ †h `ywU AbywgZ k‡Z©i Ici M‡o D‡V‡Q Zv‡ì wm×Zv m¤ú‡K© m‡›`n i‡q‡Q|

(K) µgn«vmgvb Avq Dc‡hvM wewa t

A‡bK A_©bxwZwe‡ì g‡Z, Avq e„w×i m‡½ m‡½ Gi Dc‡hvM n«vm cvq G aviYv mwVK bq|

Zv‡ì g‡Z, ªe¨ †fv‡Mi †¶‡Î Zv GKBfv‡e KvR Ki‡e Ggb bq| e¯‘Z, c‡¶ Dc‡hvM n«vm

bv †c‡q w ’i _vK‡Z cv‡i, GgbwK e„w×I †c‡Z cv‡i| KviY, gvby‡li Afv‡ei AšÍ †bB| Avq

e„w×i m‡½ gvby‡li RxebhvÎvi gvb DbœZ nq Ges †m GB gvb eRvq ivL‡Z m‡Pó nq| ZvQvov,



Avq e„w×i d‡j gvbyl wbZ¨-bZzb `ªe¨vw` †fv‡Mi myweav jvf K‡i| d‡j ewa©Z Avq †fv‡Mi

¶gZvI e„w× cvq|

(L) Dc‡hv‡Mi AvšÍe© w³K Zzjbv

Dc‡hv‡Mi AvšÍe© w³K Zzjbvi AbywgZ kZ©wU wbf©i K‡i Dc‡hv‡Mi cwigvYMZ cwigv‡ci

(cardinal measure) AbywgZ k‡Z©i Ici| wKš‘ iwebm&, wnKm& Ges K¨vjW‡ii Ôbe¨ Kj¨vY

A_©bxwZ‡ZÕ †Rvi w`‡q ejv n‡q‡Q, Dc‡hv‡Mi c~iYevPK cwigvc (ordinal measure) we‡ePbv

Kiv AwaKZi DËg| Ges Dc‡hvM c~iYevPKfv‡e cwigvc‡hvM¨ a‡i wb‡j Dc‡hv‡Mi

AvšÍe© w³K Zzjbv Avi m¤¢e bq|

(2) GB ZË¡ ev‡R‡Ui e¨‡qi w`K wb‡q †gv‡UB Av‡jvPbv K‡i bv| K‡ii d‡j mgvR wKfv‡e

cÖfvweZ nq GB ZË¡ ïay ZvB Av‡jvPbv K‡i| wKš‘ Ki ivR¯ wKfv‡e e¨wqZ nq Zv †Zgb

¸iæZ¡c~Y© bq| wKš‘ ev‡R‡Ui Dfq w`K we‡ePbv bv _vK‡j †Kv‡bv wbw`©ó wm×v‡šÍ DcbxZ nIqv

m¤¢eci bq|

Dchy©³ Î“wUmg~‡ni cwi‡cÖw¶‡Z A‡b‡K cÖ vb ¶gZv ZË¡‡K åvwšÍRbK I Aev¯Íe e‡j g‡b

K‡ib| wKš‘ Avgv‡ì ¯§iY ivLv cÖ‡qvRb †h, Ki eë ’vq mgZv ev b¨v‡qi †h †Kv‡bv ZË¡

g‡bvMZ (subjective) n‡Z eva¨ Ges H ZË¡I GKB ai‡bi mgv‡jvPbvi m¤§yLxb n‡e| G cÖm‡½

hv wePvh© Zv n‡”Q, G Z‡Ë¡i ZvwË¡K wfwË wVK wKbv Ges ev Íe †¶‡Î GB ZË¡wU hyw³c~Y© wfwË‡Z

cÖ‡qvM Kiv hvq wKbv| Avgiv †`‡LwQ †h GB Z‡Ë¡i ZvwË¡K wfwË AwbwðZ| Z‡e GB ZË¡ ev¯Íe

†¶‡Î cÖ‡qvM Kiv hvq| e¨w³i cÖ vb ¶gZv GKwU hyw³c~Y© Ges eënvwiK gvb`Ê| Dciš‘ GB

ZË¡ AvaywbK mvgvwRK g~j¨‡ev‡ai m‡½ mvgÄm¨c~Y©| d‡j AvaywbKKv‡j GB Z‡Ë¡i RbwcÖqZv

j¶¨ Kiv hvq|

evsjv‡`‡ki Ki KvVv‡gv we‡kølY t

Avq e›U‡bi mgZv m„wó I ivR¯ Avq me©vwaK Kivi Rb¨ Ki KvVv‡gvi MVb Ges ev¯Íevqb

evsjv‡`‡ki g‡Zv Dbœqbkxj †`‡k GKwU ¸iæZ¡c~Y© welq| evsjv‡`‡ki g‡Zv Dbœqbkxj †`‡k

cÖvq 70 fvM †jvK `vwi ª mxgvi wb‡P evm K‡i, 52% †jvK f‚wgnxb, cÖvq 33% Kg©¶g †jvK

†eKvi| G †cÖ¶vc‡U evsjv‡`‡ki Ki KvVv‡gv myôz I b¨vqcivqY nIqv Avek¨K| †`‡ki Dbœqb

e¨‡qi 10% †_‡K 35% gvÎ †`kxq m¤ú` Øviv †gUv‡bv nq| Af¨šÍixY m¤ú‡ì eo Drm Ki|

ZvB Î“wUc~Y© Ki KvVv‡gv wb‡q Dbœqb cÖZ¨vkv Kiv hvq bv| evsjv‡`‡ki Ki KvVv‡gv wKiƒc Zv

e¨vL¨v Ki‡Z n‡j K‡ii Drmmg~n, K‡ii aib, K‡ii nvi Ges Ki msMÖn cÖwµqv BZ¨vw`

welqmg~n ch©v‡jvPbv Kiv cÖ‡qvRb|

(1) Ki KvVv‡gv `ye©j t

DbœZ Ki KvVv‡gvi Rb¨ cÖZ¨¶ Ki I †gvU K‡ii AbycvZ †ewk nIqv DwPZ| KviY, cÖZ¨¶ Ki

c‡iv¶ K‡ii †P‡q †ewk cÖMwZkxj nv‡i Av‡ivc Kiv hvq| cÖZ¨¶ Ki Avq êlg¨ n«v‡m

mnvqK| evsjv‡`‡ki cÖZ¨¶ Ki I †gvU K‡ii AbycvZ 1996-Õ97 mv‡j wQj 17 fvM| A_P

wgqvbgvi, fviZ I B‡›`v‡bwkqvi g‡Zv †`‡kI GB AbycvZ hLvµ‡g 64% Ges 66%| †Kv‡bv

†`‡ki Ki KvVv‡gvi wba©viK wnmv‡e ¸iæZ¡c~Y© f‚wgKv cvjb K‡i Ki I G.D.P-Gi AbycvZ|

PZz_© cÂevwl©Kx cwiKíbv Kv‡j Ki I G.D.P-Gi AbycvZ wQj 9%| A_P evsjv‡`‡ki g‡Zv

Dbœqbkxj †`k †hgb- fviZ, wgqvbgvi, B‡›`v‡bwkqv I †Kwbqv‡Z Ki I G.D.P-i AbycvZ wQj

DbœZ Ki KvVv‡gvi

Rb¨ cÖZ¨¶ Ki I

†gvU K‡ii AbycvZ

†ewk nIqv DwPZ|

KviY, cÖZ¨¶ Ki

c‡iv¶ K‡ii †P‡q

†ewk cÖMwZkxj nv‡i

Av‡ivc Kiv hvq|



h_vµ‡g 10%, 11%, 13% I 17.3%| G „wó‡Z evsjv‡`‡ki Ki KvVv‡gv ye©j ej‡j

AZz¨w³ n‡e bv|

(2) cÖZ¨¶ K‡ii wfwË `ye©j t

evsjv‡`‡k cÖZ¨¶ K‡ii aib wZbwU|

(K) e¨w³MZ AvqKi

(L) K…wl AvqKi I

(M) f‚wg Ki|

evsjv‡`‡k †gvU K‡ii g‡a¨ cÖZ¨¶ K‡ii AbycvZ 1996-Õ97 mv‡j 17 fvM wQj| Gi g‡a¨

cÖvq 76% AvqKi I K‡c©v‡ikb Ki Ges 5% n‡jv f‚wg Ki Ges ÷¨v¤ú wWDwUi cwigvY n‡jv

19 fvM| D‡jøL¨, 1990 mv‡j K…wl Rwgi 25 weNvi wb¤œ gvwjKvbv †¶‡Î f‚wg Ki gIKzd Kiv

n‡q‡Q| †h Kvi‡Y cÖZ¨¶ K‡ii wfwË Av‡iv `ye©j n‡q‡Q| K…wl Avgv‡ì RvZxq Av‡q 37%

Ae`vb iv‡L| wKš‘ K‡ii †¶‡Î K…wli Ae`vb †gv‡UI D‡jøL‡hvM¨ bq| GRb¨ evsjv‡`‡ki

cÖZ¨¶ Ki KvVv‡gv AZ¨šÍ `ye©j|

(3) c‡iv¶ K‡ii Ici wbf©ikxj t

evsjv‡`‡ki Ki KvVv‡gvi GKwU D‡jøL‡hvM¨ w`K n‡jv c‡iv¶ K‡ii Ici gvÎvwZwi³

wbf©ikxjZv| wØZxq cÂevwl©Kx cwiKíbvi wnmve †_‡K †`Lv hvq †h †gvU Ki ivR‡¯i 80%

wQj c‡iv¶ Ki| Z…Zxq cÂevwl©Kx cwiKíbvq evsjv‡`‡k GB nvi wQj 79% Ges 1996-Õ97

mv‡j wQj 83%, wgqvbgv‡i 51%, B‡›`v‡bwkqvq 65%, KvbvWvq cÖvq 34%| †h Rb¨

evsjv‡`‡ki KvVv‡gv‡Z cÖMwZkxjZv Avbv hvq bv| GQvov Z…Zxq cÂevwl©Kx cwiKíbv Ki‡j

c‡iv¶ K‡ii g‡a¨ Avg`vwb ïé I AveMvix ïé, †gvU Ki ivR¯ Av‡qi 30% AwR©Z nq| hv

1990-Gi Av‡M cÖvq 55 fv‡Mi †ewk wQj| 1996-Õ97 mv‡j Avg`vwb ï‡éi cÖfve weivUfv‡e

K‡g‡Q| wb‡Pi Q‡K evsjv‡`‡ki eZ©gvb Ki Av`v‡qi Ae¯’v †`Lv‡bv n‡q‡Q|

Ki 1995-96 mv‡j Av`vq 1996-97 mv‡j Av`vq

Avg`vwb ïé 3850 4252

AveMvix Ki 180 207

VAT 3790 4440

m¤ú~iK Ki 1712 2173

AvqKi 1583 1735

f‚wgKi 170 185

÷¨v¤ú wWDwU 477 527

Ab¨vb¨ 471 555

†gvU 12233 14074

Drm : A_© gš¿Yvjq

Z‡e Avg`vwb Í‡i g~j¨ ms‡hvRb K‡ii Avq A‡bK †e‡o‡Q| Drcv`b ¯Í‡i g~j¨ ms‡hvRb K‡ii

AvqI A‡bK †e‡o‡Q| Gw`K †_‡K j¶¨ Ki‡j evsjv‡`‡ki Ki KvVv‡gv A‡bKUv ê‡`wkK

evwY‡Rï Ici wbf©ikxj| Z_v ¯-A_©bxwZi Ici cÖwZwôZ bq|

(4) K‡ii aib A™¢zZ :

evsjv‡`‡ki Ki

KvVv‡gvi GKwU

-D‡j L‡hvM¨ w`K

n‡jv c‡iv¶ K‡ii

Ici gvÎvwZwi³

wbf©ikxjZv|



evsjv‡`‡ki Ki KvVv‡gv‡Z Avq Ki, K‡c©v‡ikb Ki, f‚wg Ki, m¤úwË Ki K…wl Avq Ki,

†mPKi, AveMvix Ki, AveMvix ïé, Avg`vwb-ißvwb ïé, weµhKi, Turn Over Tax, cÖf…wZ

ai‡bi Ki eë ’v we`¨gvb wQj| hv mwZ¨B A™¢zZ| Gme K‡ii nvi G‡KK c‡Yï GKK iKg

Ges G‡KK wfwË‡Z G‡KK iKg wQj| ïay ZvB bv Tax on Tax mgm¨vI RwUj cÖK…wZi wQj|

K‡ii nv‡ii †¶‡Î Slab Rate I Flat Rate we`¨gvb wQj| m¤úÖwZ Ki KvVv‡gv‡Z wKQyUv ms¯‹vi

Avbv n‡q‡Q| c‡iv¶ K‡ii †¶‡Î GKgvÎ VAT †K Kvh©Kix Kivi c`‡¶c †bqv n‡q‡Q| VAT

nvi 15% wba©viY Kiv n‡q‡Q| ZeyI miKvi wewfbœ mgm¨vi Kvi‡Y m¤ú~iK Ki, AveMvix Ki,

Turn Over Tax cÖf…wZ Ki, Ki KvVv‡gv‡Z ’vb w`‡q‡Q| ïay ZvB bv VAT KvVv‡gv‡Z RwUjZv

G‡b‡Q| KviY VAT GKwU D”P gv‡bi A_©bxwZi aviYv, hv A_©bxwZi D”P wk¶vavix †jvK Qvov

†`‡ki †KD mn‡R ey‡S bv| G `„wó‡Z Ki KvVv‡gv AvcvZZ A™¢z` e‡jB g‡b nq| Z‡e fzj

ïw×i gva¨‡g bZzb Ki KvVv‡gv‡Z D”Pgvb G‡b w`‡Z cv‡i|

(5) Ki cÖkvmb `ye©j I Z‡_ï Ach©vßZv :

evsjv‡`‡ki Ki cÖkvmb `ye©j, `yb©xwZ civqb Ges ¯RbcÖxwZ myjf| Ki cÖkvmKMY fv‡jv

cÖwk¶YcÖvß bq| Zviv bZzb Ki KvVv‡gv RbMY‡K eywS‡q w`‡Z cv‡i bv| †hgb eZ©gvb VAT

c×wZ †Kgb, RbM‡Yi ¯v‡_© wKbv Zv †evSv‡bvi ¶gZv cÖkvm‡bi †bB| `¶ Ki cÖkvmb DbœZ

Ki KvVv‡gvi GKwU ¸iæZ¡c~Y© wba©viK| Avgv‡ì †`‡ki eëmvqx Ges RbMY Zv‡ì Avq,

m¤úwË I µq weµ‡qi mwVK Z_¨ iv‡L bv Ges cÖKvk K‡i bv| m¤úÖwZ VAT c×wZ Pvjy Kivi

ci nq‡Zv G ai‡bi wnmve-wbKvk eva¨Zvg~jK n‡e Ges Ki KvVv‡gv DbœZ n‡Z cv‡i|

(6) K‡ii wfwË cÖMwZkxj bq :

evsjv‡`‡ki Ki eë ’v cªMwZkxj wKbv Zv Rvb‡Z n‡j K‡ii Mo I cÖvwšÍK nvi m¤‡Ü Rvbv

ìKvi| evsjv‡`‡k AvqKi cÖMwZkxj n‡jI m¤ú` Ki I f‚wg Ki cÖMwZkxj bq,

A‡avtMwZkxj| wejvmeûj ªe¨ I AZ¨vek¨Kxq ª‡eï Ici GKB nv‡i Ki Av‡ivc Kiv nq

e‡j Ki eë¯’v A‡avtMwZkxj cÖK…wZi nq|

Ic‡ii Av‡jvPbv †_‡K Dcmsnv‡i ejv hvq †h, evsjv‡`‡k Ki KvVv‡gv †gv‡UI DbœZ bq| GwU

eûwea mgm¨vq RR©wiZ|

Kifvi e›U‡b mgZvi cÖ‡kœi `ywU cÖavb Dcv`vb i‡q‡Q : mg-Ae ’vi cÖwZwU e¨w³i cÖwZ mgAvPiY Kiv

Ges Amg Ae ’vi e¨w³‡ì cÖwZ MÖnY‡hvM¨ Av‡cw¶K AvPiY Kiv †Kv‡bv wbw ©ó cwigvY miKvwi ª‡eï

Rb¨ D”P Av‡qi †jv‡Kiv AwaK `vg w`‡Z cÖ ‘Z _v‡K| mg-Ae ’v ej‡Z wK †evSvq, Amg-Ae ’vi

cwigvc wK BZ¨vw` welq wePvi-we‡ePbv K‡i mgZvi wfwË‡Z Kifvi e›U‡bi ywU cÖavb Z‡Ë¡i D™¢e

n‡q‡Q- DcKvi ZË¡ Ges cÖ vb ¶gZv ZË¡| Avq e›U‡bi mgZv m„wó I ivR¯ Avq me©vwaK Kivi Rb¨

Ki KvVv‡gvi MVb Ges ev¯—evqb evsjv‡`‡ki g‡Zv Dbœqbkxj †`‡k GKwU ¸iæZ¡c~Y© welq|

mvims‡ÿc



KivNvZ, Ki mÂvjb, AvcZb, evRvi I K‡ii AvcZb


KivNvZ

Ki mÂvjb

K‡ii AvcZb

K‡ii djvdj

K‡ii g~jabxKiY

wewfbœ evRvi I K‡ii AvcZb

KivNvZ (Impact of Tax)

Ki emv‡bvi ci †Kv‡bv e¨w³ ev cÖwZôvb‡K Gi cÖv_wgK Avw_©K fvi enb Ki‡Z nq| GB

fvi‡K KivNvZ ejv nq| Ab¨ K_vq ejv hvq, e¨w³ ev cÖwZôvb †_‡K miKvi cÖv_wgK ch©v‡q

†h Ki Av`vq K‡ib, K‡ii cÖ_g AvNvZ Zvi ev Zv‡ì Ici c‡o‡Q ejv hvq| mvaviYZ

miKvwi LvZvq KivNvZ enbKvix †jvK ev cÖwZôv‡bi bvg Ki`vZv wnmv‡e AšÍf‚©³ _v‡K|

D`vniY¯iƒc ejv hvq, cÖwZ Ub wPwbi Ici hw` 5 UvKv Ki Av‡ivc Kiv nq Z‡e cÖv_wgK

Ae¯’vq GUv wPwbi Drcv`bKvix‡K enb Ki‡Z n‡e| G‡¶‡Î KivNvZ Zvi Ici co‡e|

Ki AcmviY/mÂvjb (Shifting of Tax)

Av‡ivwcZ K‡ii fvi Ac‡ii Ici Pvwc‡q †`qvi cÖ‡Póv‡K Ki AcmviY ev mÂvjb ejv hvq|

mvaviYZ Ki cÖ v‡bi ¶gZv _vK‡jI †Kv‡bv e¨w³ ev cÖwZôvb Gi fvi wb‡Ri Ici ivL‡Z Pvq

bv| GRb¨ Ki Av‡ivc Kiv n‡j Gi cÖv_wgK fvi enbKvix e¨w³ ev cÖwZôvb Zv Ab¨ †Kv‡bv

e¨w³ ev cÖwZôv‡bi Ici Pvwc‡q †`qvi †Póv K‡i| GB cÖ‡Póv‡K Ki mÂvjb wnmv‡e AwfwnZ

Kiv nq| awi GKRb Drcv`bKvixi c‡Yï Ici ïé Ki Av‡ivc Kiv n‡jv| G‡¶‡Î KivNvZ

Drcv`‡Ki Ici coj| GLb Drcv`K Zvi c‡Yï g~j¨ e„w×i gva¨‡g K‡ii fvi Ab¨‡ì Ici

Pvwc‡q †`qvi †Póv Ki‡e| Gfv‡e K‡ii P‚ovšÍ fvi wb‡R enb bv K‡i A‡bï Ici †`qvi

cÖ‡Póv‡K Ki mÂvjb ejv nq| GB cÖ‡Póv †Kv‡bv mgq m¤ú~Y©fv‡e mdj, Avevi †Kv‡bv mgq

AvswkKfv‡e mdj n‡Z cv‡i| Avevi cyivcywi e¨_© n‡Z cv‡i|

Ki mÂvj‡bi gvÎv I cÖK…wZ g~jZ wbf©i K‡i c‡Yï Pvwn`v I †hvMv‡bi w ’wZ ’vcKZv, Gi

cÖK…wZ I ¸Yv¸Y, c‡Yï g~j¨ m¤ú‡K© †fv³v I Drcv`bKvix‡ì cÖZ¨vkv BZ¨vwì Ici| GB

w`K †_‡K wPšÍv Ki‡j Ki mÂvjb we¯Í…Z A‡_© wZb ai‡bi n‡Z cv‡i|

(i) jyKvwqZ (Concealed) mÂvjb|

(ii) m¤§yLeZ©x (Forward) mÂvjb|

(iii) cðvrgyLx (Backward) mÂvjb|

cvV-6

Ki mÂvj‡bi gvÎv I

cÖK…wZ g~jZ wbf©i

K‡i c‡Yï Pvwn`v I

†hvMv‡bi

w ’wZ ’vcKZv, Gi

cÖK…wZ I ¸Yv¸Y,

c‡Yï g~j¨ m¤ú‡K©

†fv³v I

Drcv`bKvix‡ì

cÖZ¨vkv BZ¨vwì

Ici|



†Kv‡bv ª‡eï Ici Ki Av‡ivc Ki‡j Gi g~j¨ AcwiewZ©Z †i‡L Drcv`K c‡Yï ¸YMZ gvb ev

cwigvY n«vm K‡i K‡ii cÖv_wgK fvi A‡bï Ici Pvwc‡q †`qvi †Póv Ki‡Z cv‡ib| GB

cÖeYZv‡K jyKvwqZ Ki mÂvjb ejv nq|

Ab¨w`‡K K‡ii cÖv_wgK fvi enbKvix hw` GUv cieZ©x ch©v‡q Pvwc‡q w`‡Z cv‡ib Z‡e G‡K

m¤§yL mÂvjb ejv nq| c¶všÍ‡i cÖv_wgK †Póv m‡Ë¡I hw` Kifvi m¤§y‡L mÂvjb Kiv m¤¢e bv

nq Ges GUv P‚ovšÍfv‡e Zv‡K enb Ki‡Z nq Z‡e G‡K K‡ii cðvrgyLx mÂvjb ejv nq|

†hgb †Kv‡bv Drcv`K Zvi Ici Av‡ivwcZ K‡ii fvi †µZv‡ì Ici Pvwc‡q w`‡Z m¶g n‡Z

cv‡ib| G‡¶‡Î K‡ii mÂvjb m¤§y‡L n‡q‡Q ejv hvq| Ab¨w`‡K Drcv`K c‡Yï KuvPvgvj

we‡µZv‡ì‡K Kg `v‡g KuvPvgvj weµ‡q eva¨ Ki‡Z cv‡ib| †m‡¶‡Î K‡ii fvi Zv‡ì Ici

Pvcv‡bvi e¨vcv‡i mvdj¨jvf Ki‡eb| K‡ii mÂvjb G‡¶‡Î cðvrgyLx n‡e|

m¤§yLeZ©x Ges cðvrgyLx Ki mÂvjb (Forward and Backward Shifting)

K‡ii cÖv_wgK fvi (impact) ev KivNvZ enbKvix e¨w³ ev cÖwZôvb hLb Gi fvi Ab¨ †Kv‡bv

e¨w³ ev cÖwZôv‡bi Ici Pvwc‡q w`‡Z m¶g nq ZLb GB Pvwc‡q †`qvi cÖwµqv‡K K‡ii

m¤§yLeZ©x mÂvjb ejv nq| †hgb, †Kv‡bv c‡Yï we‡µZv hw` c‡Yï Ici Av‡ivwcZ Ki †ewk

g~j¨ Av`v‡qi gva¨‡g †µZv‡ì Ici Pvwc‡q w`‡Z cv‡i Z‡e G‡¶‡Î Ki mÂvjb m¤§yLeZ©x

n‡e| Ab¨w`‡K Pvwc‡q †`qvi cÖ‡Póv m‡Ë¡I hw` we‡µZv‡K K‡ii fvi P‚ovšÍfv‡e c‡Yï g~j¨

Av`v‡qi gva¨‡g enb Ki‡Z nq Z‡e GB cÖwµqv‡K K‡ii cðvrgyLx mÂvjb ejv nq|

m¤§yL Ges cðvrgyLx mÂvjb Avevi AvswkK n‡Z cv‡i| †hgb- cY¨ K‡ii †ejvq Gi fvi

†µZv Ges we‡µZv Df‡q AvswkKfv‡e enb Ki‡Z cv‡i| G‡¶‡Î K‡ii mÂvjb AvswkK n‡e|

g‡b Kwi, †Kv‡bv c‡Yï evRvi g~j¨ 10 UvKv| awi Gi cÖwZ GK‡Ki Ici 5 UvKv weµq Ki

emv‡bv n‡jv| GLb hw` we‡µZv cY¨wUi g~j¨ 3 UvKv e„w× Ki‡Z cv‡ib A_©vr 13 UvKvq weµq

Ki‡Z cv‡ib, Z‡e K‡ii Ask we‡kl A_©vr 3 UvKvi fvi †µZv‡ì Ici Pvcv‡bv m¤¢e n‡e|

evwK 2 UvKvi Ki Zv‡K enb Ki‡Z n‡e| G‡¶‡Î 3 UvKvi Ki m¤§y‡L cwiPvwjZ n‡e Ges

evwK 2 UvKv Ki cðvrgy‡L mÂvwjZ n‡e| Gfv‡e K‡ii mÂvjb m¤§yL Ges cðvr Dfq w`‡K

n‡Z cv‡i| Ab¨w`‡K we‡µZv hw` K‡ii mgcwigv‡Y c‡Yï g~j¨ evov‡Z cv‡ib A_©vr c‡Yï

g~j¨ 15 UvKvq DbœxZ Ki‡Z cv‡ib Z‡e Gi m¤ú~Y© fvi †µZv‡ì Ici Pvcv‡bv m¤¢e| †m‡¶‡Î

K‡ii fvi m¤ú~Y©fv‡e m¤§y‡L mÂvwjZ n‡e| c¶všÍ‡i hw` we‡µZv c~‡e©i g~‡j¨ 10 UvKvq weµq

Ki‡Z eva¨ nb, Z‡e c‡Yï Kvh©Kix g~j¨ (effective) ùvov‡e (10-5)=5 UvKv| G †¶‡Î K‡ii

m¤ú~Y© Ask Zv‡K enb Ki‡Z n‡e| d‡j Ki mÂvjb G †¶‡Î m¤ú~Y©fv‡e cðvrgyLx n‡e|

K‡ii cÖv_wgK fvi

(impact) ev

KivNvZ enbKvix

e¨w³ ev cÖwZôvb

hLb Gi fvi Ab¨

†Kv‡bv e¨w³ ev

cÖwZôv‡bi Ici

Pvwc‡q w`‡Z m¶g

nq ZLb GB

Pvwc‡q †`qvi

cÖwµqv‡K K‡ii

m¤§yLeZ©x mÂvjb

ejv nq|



11.6 bs wP‡Îi mvnv‡h¨ Ki mÂvj‡bi GB wZbwU m¤¢ve¨ Ae¯’v e¨vL¨v Kiv n‡jv|

wP‡Îi Dj¤ I f‚wg A‡¶ c‡Yï g~j¨ (P) I cwigvY (Q) wb‡ ©k Kiv n‡q‡Q| D c‡Yï Pvwn`v

†iLv| S Ges S1 Ki Av‡iv‡ci c~e©eZ©x I cieZ©x †hvMvb †iLv| wPÎvbyhvqx cÖwZ GKK c‡Yï

Ici Av‡ivwcZ K‡ii cwigvY ab; (a) wP‡Î Ki Av‡iv‡ci ci we‡µZv GKB g~‡j¨ cY¨ weµq

Ki‡Z eva¨ n‡e| †Kbbv Gi Pvwn`v m¤ú~Y©iƒ‡c w ’wZ ’vcK| d‡j we‡µZv‡K G‡¶‡Î m¤ú~Y© Ki

enb Ki‡Z n‡e| A_©vr wPÎvbyhvqx Ki Av‡iv‡ci ci c‡Yï evRvi g~j¨ aQ1 n‡jI we‡µZv

Avm‡j bQ1 cv‡e, ab cwigvY Ki Zv‡K Kg g~‡jï AvKv‡i enb Ki‡Z n‡e| d‡j G‡¶‡Î

K‡ii mÂvjb m¤ú~Y©fv‡e cðvrgyLx n‡q‡Q ejv hvq| Ab¨w`‡K (b) wPÎvbyhvqx Ki Av‡iv‡ci ci

c‡Yï g~j¨ K‡ii mgcwigv‡Y A_©vr ab cwigv‡Y e„w× cv‡e| d‡j K‡ii m¤ú~Y© fvi c‡Yï

†µZv‡ì‡K enb Ki‡Z n‡e| K‡ii mÂvjb G‡¶‡Î cy‡ivcywi m¤§yLeZ©x n‡e| c¶všÍ‡i (c)

wPÎvbyhvqx Ki Av‡iv‡ci ci c‡Yï g~j¨ c~‡e©i Zzjbvq ac cwigvY e„w× cv‡e| A_P K‡ii

cwigvY ad hv ac A‡c¶v †ewk| d‡j G‡¶‡Î K‡ii GKvsk ac †µZviv †ewk g~j¨ cÖ v‡bi

gva¨‡g Ges evwK Ask bc we‡µZviv enb Ki‡e| K‡ii mÂvjb ZvB G‡¶‡Î AvswkKfv‡e

cðvrgyLx Ges AvswkKfv‡e m¤§yLeZ©x n‡e|

Ki mÂvjb m¤§y‡L bv cðv‡Z msNwUZ n‡e Zv g~jZ wbf©i K‡i Ki Av‡ivwcZ c‡Yï Pvwn`v I

†hvMv‡bi w¯’wZ ’vcKZvi Ici| mvaviYZ †Kv‡bv c‡Yï Pvwn`v cy‡ivcywi w ’wZ ’vcK n‡j Ki

mÂvjb m¤ú~Y©fv‡e cðvrgyLx n‡Z cv‡i| Ab¨w`‡K Pvwn`v m¤ú~Y©iƒ‡c Aw ’wZ ’vcK n‡j Ki

mÂvjb cy‡ivcywi m¤§yLeZ©x n‡Z cv‡i| †Kv‡bv c‡Yï †hvMvb m¤ú~Y©iƒ‡c w ’wZ ’vcK ev

Aw ’wZ ’vcK n‡j Ki cy‡ivcywifv‡e m¤§yL ev cðv‡Z mÂvwjZ n‡e| c¶všÍ‡i c‡Yï Pvwn`v I

†hvMvb hw` †gvUvgywUfv‡e w ’wZ ’vcK nq Z‡e Ki mÂvjb AvswkKfv‡e cðvrgyLx Ges

AvswkKfv‡e m¤§yLeZ©x n‡e|

K‡ii AvcZb (Incidence of Tax)

Ki Av‡ivc Kivi ci hw` Gi mÂvjb Avi¤¢ nq Z‡e GK mgq Zv †kl n‡q hvIqvi K_v|

Gfv‡e mÂvj‡bi †kl ch©v‡q K‡ii Avw_©K fvi †h e¨w³ ev cÖwZôv‡bi Ici c‡o Gi AvcZb

†m‡¶‡Î c‡o‡Q ejv hvq| myZivs K‡ii AvcZb ej‡Z Avgiv Gi Avw_©K fv‡ii P‚ovšÍ

Avkªq ’j eywS| awi GKRb Drcv`‡Ki c‡Yï Ici Ki emv‡bv n‡jv| †m K‡ii mgcwigv‡Y

`ªe¨g~j¨ e„w× K‡i Gi fvi †fv³v‡ì Ici Pvcv‡Z m¶g n‡jv| G‡¶‡Î K‡ii AvcZb c‡Yï

†fv³v‡ì Ici c‡o‡Q ejv hvq|

†Kv‡bv †Kv‡bv A_©bxwZwe` K‡ii AvcZb‡K Gi mvwe©K djvd‡ji m‡½ m¤ú„³ K‡i‡Qb| †hgb

D. Dosser g‡b K‡ib, Ki cÖK…Z Av‡qi Ici †h mvwe©K cÖwZwµqv (total effect) m„wó K‡i Zv‡K

Gi AvcZb ejv nq|

wewfbœ A_©bxwZwe` K‡ii AvcZb m¤ú‡K© GKvwaK aviYv cÖ vb K‡i‡Qb| †hgb Aa¨vcK U.K. Hicks AvcZb‡K wewae× I Kvh©Kix wnmv‡e wb‡ ©k K‡i‡Qb| Avevi Aa¨vcK gvm‡MÖf mywbw ©ó

(specific), cÖ‡f`g~jK Ges mylg ev‡RU AvcZ‡bi K_v D‡jøL K‡i‡Qb| Z‡e AvcZ‡bi aviYv

m¤ú‡K© A_©bxwZwe`‡ì g‡a¨ gZcv_©K¨ _vK‡jI Gi wb‡¤œv³ êwkó¨ m¤ú‡K© Zviv GKgZ|

(i) K‡ii AvcZb Gi Avw_©K fvi cÖKvk K‡i|

(ii) GUv cÖZ¨¶|

(iii) GUv KivNvZ A_ev mÂvj‡bi (Shifting) †kl ¯Í‡i cwijw¶Z n‡Z cv‡i|

Ki mÂvjb m¤§y‡L bv

cðv‡Z msNwUZ n‡e

Zv g~jZ wbf©i K‡i

Ki Av‡ivwcZ c‡Yï

Pvwn`v I †hvMv‡bi

w ’wZ ’vcKZvi Ici|



K‡ii djvdj

Ki Av‡ivc Kiv n‡j GUv Ki`vZv Ges A_©bxwZi Ici KwZcq cÖwZwµqv m„wó K‡i| GB

cÖwZwµqv Drcv`b, mÂq, wewb‡qvM, m¤ú‡ì e›Ub BZ¨vwì cwieZ©‡bi AvKv‡i †`Lv w`‡Z

cv‡i| Gme cwieZ©b‡K K‡ii djvdj ejv nq| K‡ii djvdj ZvB Gi cÖv_wgK fvi

(impact) ch©v‡q †hgb †`Lv w`‡Z cv‡i, †Zgwb Gi mÂvj‡bi wewfbœ ch©v‡q D™¢e n‡Z cv‡i|

†hgb AvqK‡ii K_v aiv hvK| †Kv‡bv e¨w³i Ici GB Ki Av‡ivc Kiv n‡j cÖv_wgK Ae ’vq

Zvi †fvM I mÂ‡qi Ici FYvZ¥K cÖwZwµqv m„wó n‡e| Avevi †fvM n«vmmn Drcv`b I

wewb‡qvM cieZ©x ch©v‡q n«vm Ki‡Z cv‡i| Gfv‡e KivNvZ ch©vq †_‡K Avi¤¢ K‡i Ki AvcZb

¯Í‡i K‡ii djvdj cwijw¶Z n‡e Ges GgbwK Gi ciI Ki `xN©‡gqvw` wewfbœ cªwZwµqv

A_©bxwZ‡Z m„wó Ki‡Z cv‡i|

K‡ii djvdj ïf Ges Aïf n‡Z cv‡i| Aïf djvdj‡K K‡ii fvi wn‡m‡e wb‡ ©k Kiv hvq|

G ai‡bi fvi yB ai‡bi n‡Z cv‡i| Avw_©K fvi I cÖK…Z fvi| Avw_©K fvi Ki`vZvi

eënvi‡hvM¨ Avq (disposable income) n«vm wb‡`©k K‡i| Avw_©K fvi Avevi cÖZ¨¶ Ges

c‡iv¶- GB yB ai‡bi n‡Z cv‡i| cÖZ¨¶ Avw_©K fvi miKv‡ii Kv‡Q cÖ Ë K‡ii cwigvY

wb‡ ©k K‡i| Ab¨w`‡K Ki cÖ v‡bi e¨vcv‡i †h Avbymw½K e¨q nq Zv Gi c‡iv¶ Avw_©K fvi

wb‡ ©k K‡i|

Ab¨w`‡K Ki Av‡iv‡ci Ici Drcv`b, wb‡qvM, mÂq BZ¨vw` n«vm †c‡j G‡ì‡K K‡ii Aïf

djvdj wn‡m‡e wPwýZ Kiv nq| Giƒc djvdj‡K K‡ii cÖK…Z fvi ejv nq| K‡ii cÖK…Z fvi

Avevi cÖZ¨¶ I c‡iv¶ n‡Z cv‡i| Ki Av‡iv‡ci ci Ki`vZv †h cwigvY Z¨vM (sacrifice) ¯xKvi Ki‡Z nq Zv GUv cÖZ¨¶ cÖK…Z fvi wb‡`©k K‡i| Ab¨w`‡K Ki`vZv c‡iv¶fv‡e †h

cwigvY Z¨vM ¯xKvi K‡i Zv n‡”Q K‡ii c‡iv¶ cÖK…Z fvi|

K‡ii g~jabxKiY (Tax Capitalization)

K‡ii g~jabxKiY‡K GK we‡kl ai‡bi cðvrgyLx Ki AcmviY bv‡g AwfwnZ Kiv hvq|

g~jabxKi‡Yi d‡j Kiv‡ivwcZ e ‘ ev m¤ú‡ì g~‡jï cwieZ©b N‡U| g~‡jï cwieZ©b m¤ú‡ì

Ici Av‡ivwcZ K‡ii mgvb nq| G‡¶‡Î Ki Av‡ivwcZ m¤ú‡ì KwZcq êwkó¨ _vK‡Z n‡e-

(i) g~jab `ªe¨ ev m¤ú` ¯’vqx ai‡bi (durable) n‡Z n‡e| †hgb Rwg, wewìs BZ¨vw`|

(ii) ¯í‡gqv‡` ev †Kv‡bv wbw ©ó mg‡q Gi †hvMvb A¯’wZ ’vcK n‡e|

(iii) we‡eP¨ m¤ú` Avq-m¤úbœ n‡e|

(iv) fwel¨r K‡ii cÖK…wZ c~e©v‡ý Abygvb‡hvM¨ (foroseeable) (v) wewfbœ wewb‡qv‡Mi g‡a¨ Ki Amg (unequal) n‡e|

Dchy©³ kZ©vax‡b Avgiv GKwU D`vni‡Yi mvnv‡h¨ K‡ii g~jabxKi‡Yi welq e¨vL¨v Ki‡Z

cvwi| g‡b Kwi, GKLÛ Rwgi †gvU Avq 1000 UvKv Ges GB Avq Drcbœ Ki‡Z e¨q nq 800

UvKv| Zvn‡j H Rwgi wbU Avq ùvov‡e- (1000-800)=200 UvKv| hw` Rwgi wewb‡qvM Avq

nvi kZKiv 10 UvKv nq Z‡e e¨ZxZ wewb‡qv‡Mi g~j¨ ùvov‡e 200/100=2000 UvKv| GLb

hw` GB Rwgi Ici K‡ii cwigvY evwl©K 80 UvKv nq Z‡e Gi wbU evwl©K Avq (200-

80)=120 UvKv n‡e| Ki Av‡iv‡ci ci ZvB c~‡e©i Avq nv‡i Rwgi wbU evwl©K g~j¨ ùvov‡e

120/0.10=1200 UvKv|

K‡ii djvdj ïf

Ges Aïf n‡Z

cv‡i| Aïf

djvdj‡K K‡ii fvi

wn‡m‡e wb‡ ©k Kiv

hvq| G ai‡bi fvi

yB ai‡bi n‡Z

cv‡i| Avw_©K fvi I

cÖK…Z fvi|

K‡ii g~jabxKiY‡K

GK we‡kl ai‡bi

cðvrgyLx Ki

AcmviY bv‡g

AwfwnZ Kiv hvq|

g~jabxKi‡Yi d‡j

Kiv‡ivwcZ e ‘ ev

m¤ú‡ì g~‡jï

cwieZ©b N‡U|

g~‡jï cwieZ©b

m¤ú‡ì Ici

Av‡ivwcZ K‡ii

mgvb nq|



evRvi I K‡ii AvcZb (Market and tax incidence)

c~Y© cÖwZ‡hvwMZv Ges K‡ii ’vbvšÍi (Shifting of Tax under Perfect Competition)

c~Y© cÖwZ‡hvwMZv n‡”Q Ggb evRvi eë ’v †hLv‡b GKwU mgRvZxq c‡Yï eû msL¨K ¶z`ª †µZv

Ges we‡µZv eZ©gvb _v‡K Ges GKevi c‡Yï g~j¨ †hvMvb I Pvwn`vi gva¨‡g wba©vwiZ n‡j

†Kv‡bv †µZv ev we‡µZvi c‡¶ GUv cwieZ©b Kiv m¤¢e bq| Aa¨vcK gvk©vj Giƒc evRvi

eë¯’vi Kvh©µg mg‡qi wfwË‡Z wb‡ ©k K‡i‡Qb|

(i) evRvi mgq (Market Period)

(ii) ¯íKvjxb mgq (Short run/ Period)

(iii) `xN©KvjxY mgq (Long run/ Period)

Avgiv mg‡qi wfwË‡Z GB evRvi eë ’vq Drcv`b e¨‡qi Ici Av‡ivwcZ GKwU K‡ii

¯’vbvšÍ‡ii welq ch©v‡jvPbv Ki‡ev| Drcv`b e¨‡qi Ici †h Ki Av‡ivc Kiv n‡e Av‡jvPbvi

myweav‡_© g‡b Kwi GUv GKK ai‡bi Ki (unit tax) |

evRvi mgq Ges GKK K‡ii ’vbvšÍi (Market Period and Shifting of unit tax)

evRvi mg‡q †Kv‡bv dv‡g©i c‡¶ Pvwn`vi n«vm-e„w× †nZz Drcv`b n«vm ev e„w× Kiv m¤¢e bq|

A_©vr GB mg‡q c‡Yï †hvMvb cy‡ivcywi Aw ’wZ ’vcK _v‡K| kvK&-mwâi evRvi Gi GKwU cÖK…ó

D`vniY| GB mg‡q c‡Yï Ici Ki emv‡bv n‡j dv‡g©i c‡¶ GUv m¤§y‡L ¯’vbvšÍi (forward

shifting) Kiv m¤¢e bq| G‡¶‡Î ’vbvšÍ‡ii cÖK…wZ n‡e cðvrgyLx (backwar shifting)| Ki

Av‡iv‡ci d‡j G‡¶‡Î dv‡g©i †jvKmvb n‡e| GB ¶wZi cwigvY wbf©i K‡i Ki Av‡iv‡ci ci

†m Zvi c‡Yï †hvMv‡b KZUv mvgÄm¨ weavb Ki‡Z cvi‡e Zvi Ici| †hme `ªe¨ cPbkxj

Zv‡ì †ejvq †jvKmvb †ewk Ges Av‡cw¶Kfv‡e AcPbkxj `ª‡eï †¶‡Î GUv Kg n‡e| evRvi

mg‡q K‡ii ’vbvšÍi 11.7 wP‡Îi mvnv‡h¨ ms‡¶‡c e¨vL¨v Kiv n‡jv|

wP‡Îi Dj¤ I f‚wg A‡¶ c‡Yï g~j¨

(P) Ges cwigvY (Q) wb‡ ©k Kiv

n‡q‡Q| S †iLv c‡Yï m¤ú~Y©

Aw ’wZ ’vcK (completely inelastic) †hvMvb wb‡`©k K‡i A_©vr

evRvi mg‡q Gi †hvMv‡bi cwigvY

OQ1; D1D1 Ki Av‡iv‡ci c~‡e©

c‡Yï Pvwn`v †iLv| G Ae¯’vq Ki

Av‡iv‡ci c~‡e© c‡Yï g~j¨ n‡e

OP1; g‡b Kwi c‡Yï Ici GKK

Ki (unit tax) emv‡bvi ci

cwiewZ©Z Pvwn`v †iLv DD; G

Ae¯’vq c‡Yï evRvi g~j¨ I cwigvY

c~‡e©i g‡Zv OQ Ges OQ1 Í‡i

AcwiewZ©Z _vK‡e| wKš‘ we‡µZv‡ì Kv‡Q Gi wbU g~j¨ OP1 †_‡K OP2 Í‡i n«vm cv‡e| Ab¨

K_vq ejv hvq, †h‡nZz c‡Yï GKK cÖwZ K‡ii cwigvY P1P2, †m‡nZz †gvU Ki P1P2EH

we‡µZv‡K enb Ki‡Z n‡e| A_©vr G‡¶‡Î K‡ii g~j¨ I Drcv`b cÖfve k~b¨, A_P Gi ’vbvšÍi

cðvrgyLx n‡e|

¯í‡gqv` Ges K‡ii ’vbvšÍi (Short-run period and the shifting of tax)

Drcv`b e¨‡qi Ici

†h Ki Av‡ivc Kiv

n‡e Av‡jvPbvi

myweav‡_© g‡b Kwi

GUv GKK ai‡bi

Ki|



¯í‡gqv‡` c~Y© cÖwZ‡hvwMZvq -Kvh©iZ GKwU eëmvq cÖwZôvb ev wk‡íi c‡¶ Gi c v›U (plant) AcwiewZ©Z †i‡L Drcv`b †KŠk‡ji cwieZ©‡bi gva¨‡g Drcv`‡b cwieZ©b Avbv m¤¢e| A_©vr

eëmvq cÖwZôvb ev wkí cwieZ©bkxj DcKiY (Variable factors) cwieZ©b K‡i Drcv`b e„w×

ev n«vm Ki‡Z cv‡i| GB mg‡q eëmvq cÖwZôvb †jvKmv‡b Drcv`b Ki‡Z ivwR n‡e hw` c‡Yï

`vg Gi Mo cwieZ©bkxj e¨q A‡c¶v †ewk nq| dv‡g©i Drcv`‡bi Ici GKK Ki Av‡ivc

Ki‡j Zv Drcv`b n«vm Ki‡e| eëmvq cÖwZôvbmg~‡ni GB Drcv`b n«vm wk‡íi Drcv`b n«vm

Ki‡e|

¯í †gqv‡` dv‡g©i cÖvwšÍK e¨q †iLvi GKvsk c‡Yï †hvMvb †iLv wb‡`©k K‡i| cÖvwšÍK e¨q

†iLvi †h Ask Mo cwieZ©bkxj e¨q †iLvi E‡aŸ© Ae¯’vb K‡i Zv dv‡g©i †hvMvb †iLv wn‡m‡e

cwiwPZ| Drcv`b evovi m‡½ ¯í †gqv‡` dv‡g©i cÖvwšÍK e¨q e„w× cvq| d‡j ¯í †gqv‡` c~Y©

cÖwZ‡hvwMZvq Kvh©iZ wk‡íi †hvMvb †iLvI EaŸ©Mvgx n‡e (hv wewfbœ dv‡g©i †hvMvb †iLvi

mgš‡q A¼b Kiv hvq)| ¯í †gqv‡` c‡Yï Drcv`‡bi Ici ZvB GKK Ki Av‡ivc Ki‡j

dv‡g©i c‡¶ Gi wKQyUv mvgÄm¨ weavb Kiv m¤¢e| G‡¶‡Î K‡ii Drcv`b I g~j¨ cÖwZwµqv Ges

Gi ¯’vbvšÍ‡ii cÖK…wZ †Kgb n‡Z cv‡i 11.8 bs wP‡Îi mvnv‡h¨ ms‡¶‡c e¨vL¨v Kiv n‡jv|

wP‡Îi Dj¤ I f‚wg A‡¶ c‡Yï evRvi g~j¨ Ges Drcv`‡bi cwigvY wb‡ ©k Kiv n‡q‡Q| g‡b

Kwi, Ki Av‡iv‡ci c~‡e© eëmvq cÖwZôvb †h g~‡j¨ cY¨ weµq K‡i Zv OP0; dv‡g©i cÖvwšÍK e¨q

†iLv MC; d‡j G Ae¯’vq Gi fvimvg¨ Drcv`‡bi cwigvY, uvov‡e OQ3; dv‡g©i GB Ae ’vi

†cÖw¶‡Z (L) wP‡Îi SS Ges DD †iLv wkí c‡Yï †hvMvb I Pvwn`v wb‡ ©k Ki‡Q| g‡b Kwi

eëmvq cÖwZôvbwUi Drcv`‡bi GKK cÖwZ wbw ©ó cwigv‡Y Ki emv‡bvi ci Gi MC †iLv

evgw`‡K ’vbvšÍwiZ n‡q MC1-G iƒcvšÍwiZ n‡jv| GB Ae ’vq eëmvq cÖwZôvb e we› y‡Z

fvimvg¨ Ae ’vq †cuŠQv‡e A_©vr GUv Drcv`‡bi cwigvY OQ3 †_‡K OQ1 Í‡i n«vm Ki‡e|

dv‡g©i MC †iLv Z_v †hvMvb †iLvi evgw`‡K ’vbvšÍi wk‡íi †hvMvb †iLv‡K S n‡Z S+T

ch©v‡q ’vbvšÍi Ki‡e A_©vr Ki Av‡iv‡ci ci wk‡íi Drcv`b OM n‡Z OM1 ¯Í‡i n«vm cv‡e|

GB Ae¯’vq c‡Yï g~j¨ OP0 n‡Z OP1 Í‡i e„w× cv‡e| d‡j dv‡g© cÖK…Z fvimvg¨ we› y n‡e g, †hLv‡b GUv OQ2 cwigvY Drcv`b Ki‡e| D‡jøL¨ †h, G‡¶‡Î cÖwZ GKK c‡Yï Ici

Av‡ivwcZ K‡ii cwigvY P1P2 (L wPÎvbyhvqx) ev gh (K wPÎvbyhvqx) nIqv m‡Ë¡I c‡Yï g~j¨

P0P1 cwigv‡Y e„w× †c‡q‡Q| A_©vr c‡Yï g~j¨ K‡ii †P‡q Kg cwigv‡Y e„w× †c‡q‡Q| Gi

KviY Ki we‡ePbv bv Ki‡j OM cwigvY cÖ ‘Z Ki‡Z †h e¨q c‡o Zvi †P‡q OM1 Drcv`‡bi

e¨q Kg c‡o| GB Kvi‡Y Kimn bZyb Drcv`‡bi e¨q Kimn cyivZb Drcv`‡bi e¨q A‡c¶v

Kg co‡e|

dv‡g©i Drcv`‡bi

Ici GKK Ki

Av‡ivc Ki‡j Zv

Drcv`b n«vm Ki‡e|

dvg©mg~‡ni GB

Drcv`b n«vm wk‡íi

Drcv`b n«vm Ki‡e|



myZivs †`Lv hvq ¯í †gqv‡` Kvh©iZ GKwU c~Y© cÖwZ‡hvMx dv‡g©i ev wk‡íi Drcv`‡bi Ici

GKK Ki (unit tax) emv‡bv n‡j K‡ii †P‡q Kg cwigv‡Y g~j¨ e„w× cv‡e; P0P1<P1P2 GB

welq wb‡ ©k Ki‡Q| Ab¨w`‡K K‡ii Drcv`b cÖfve n‡”Q FYvZ¥K| †Kbbv Ki emv‡bvi ci

we‡eP¨ eëmvq cÖwZôvb Gi Drcv`b wbU A‡_© Q2Q3 cwigv‡Y Ges wkí MM1 cwigv‡Y n«vm

K‡i| G‡¶‡Î K‡ii ’vbvšÍi m¤§yL Ges cðvr GB DfqgyLx n‡e| wPÎvbyhvqx P1P2 K‡ii g‡a¨

†ewk g~‡jï gva¨‡g †µZviv P0P1 Ask enb Ki‡e| evwK P0P2 Ask eëmvq cÖwZôvb/wkí enb

Ki‡e|

`xN©Kvjxb mgq Ges K‡ii ’vbvšÍi (Long run-Period and Shifting of Tax)

`xN©‡gqv‡` eëmvq cÖwZôvb I wkí mg¯Í DcKiY cwieZ©b Ki‡Z cv‡i| GB mg‡q w ’i

DcKiY e‡j †Kv‡bv DcKiY _v‡K bv| d‡j eëmvq cÖwZôvb ev wk‡íi mg Í e¨q cwieZ©bkxj

nq| G‡¶‡Î d -v‡g©i/wk‡íi c‡¶ c v‡›Ui AvKvi cwieZ©‡bi gva¨‡g Pvwn`vi m‡½ m½wZ i¶v

K‡i Drcv`‡bi mvgÄm¨ weavb Kiv m¤¢e| `xN©‡gqv‡` eëmvq cÖwZôvb wkí †_‡K †ei n‡e ev

Gi g‡a¨ cÖ‡ek Ki‡Z cv‡i| A_©vr cyivZb eëmvq cÖwZôvb Drcv`b n‡Z weiZ _vK‡Z cv‡i

ev bZzb eëmvq cÖwZôvb Drcv`‡b wb‡qvwRZ n‡Z cv‡i| `xN©‡gqv‡` c~Y© cÖwZ‡hvwMZvq Kvh©iZ

GKwU wkí ZLbB fvimvg¨ Ae¯’vq DcbxZ n‡Z cv‡i hLb wb‡¤œi kZ© `ywU c~iY nq-

(i) wk‡í AšÍfz©³ cÖwZwU eëmvq cÖwZôvb fvimvg¨ Ae ’vq DcbxZ n‡q‡Q Ges †Kv‡bv eëmvq

cÖwZôvb Gi Drcv`‡bi cwigvY cwieZ©b Ki‡e bv| G Ae¯’vq d‡g©i c‡Yï Mo Avq Gi

cÖvwšÍK Avq I cÖvwšÍK e¨‡qi mgvb n‡e|

(ii) wk‡í cÖ‡ek ev GUv †_‡K wbM©g‡bi e¨vcv‡i dv‡g©i †Kv‡bv cÖeYZv _vK‡e bv| eëmvq

cÖwZôvb ¯vfvweK gybvdv AR©b Ki‡Q- Ggb Ae ’v m„wó n‡j Dchy©³ kZ© cwijw¶Z n‡e| Ab¨

K_vq ejv hvq, dv‡g©i c‡Yï Mo Avq I Mo e¨q ci¯úi mgvb n‡j dv‡g©i c‡¶ wk‡í cÖ‡ek

ev GUv n‡Z wbM©g‡bi †Kv‡bv AwfcÖvq †`Lv hv‡e bv|

`xN©‡gqv‡` dv‡g©i Drcv`b e¨q Ae ’vi Ici wk‡íi Drcv`b e¨q wbf©i Ki‡e| G‡¶‡Î wb‡¤œv³

wZbwU cwiw ’wZ j¶¨ Kiv hvq|

(K) w ’i e¨qm¤úbœ wkí (Constant Cost Industry)

`xN©‡gqv‡` wk‡í bZzb dv‡g©i cÖ‡ek m‡Ë¡I eëmvq cÖwZôvbmg~‡ni cÖvwšÍK e¨q w ’i _vK‡Z

cv‡i| †Zgb Ae ’vq wk‡íi Mo e¨q w ’i

_vK‡e| †m‡¶‡Î wk‡íi †hvMvb †iLv

f‚wg A‡¶i m‡½ mgvšÍivj n‡e| GB

Ae¯’vq dv‡g©i c‡Yï Ici GKK Ki

miv‡bv n‡j Gi cÖvwšÍK e¨q Ges Mo e¨q

K‡ii mgcwigv‡Y GKK cÖwZ wbw ©ó

cwigv‡Y Ki emv‡bv n‡j Gi cÖwZwµqv

†Kgb n‡Z cv‡i Zv 11.9 bs wP‡Îi

mvnv‡h¨ e¨vL¨v Kiv n‡jv|

wP‡Îi f‚wg I Dj¤ A‡¶ Drcv`‡bi

cwigvY (Q) Ges evRvi g~j¨ (P) I

cÖvwšÍK e¨q (MC) wb‡ ©wkZ| DD c‡Yï

evRvi Pvwn`v †iLv hv Ki Av‡iv‡ci ci

AcwiewZ©Z _vK‡e| SS wk‡íi †hvMvb

Z_v cÖvwšÍK e¨q †iLv| GB †iLv

`xN©‡gqv‡` dvg© wkí

†_‡K †ei n‡e ev Gi

g‡a¨ cÖ‡ek Ki‡Z

cv‡i| A_©vr cyivZb

dvg© Drcv`b n‡Z

weiZ _vK‡Z cv‡i ev

bZzb dvg© Drcv`‡b

wb‡qvwRZ n‡Z cv‡i|



Wvbw`‡K wb¤œMvgx| A_©vr wkí µgn«vmgvb e¨q Ae¯’vq Drcv`‡bi Ici Ki emv‡bvi c~‡e©

we‡eP¨ wkí e we›`y‡Z fvimv‡g¨ †cuŠ‡Q| A_©vr Gi fvimvg¨ Drcv`b OM1 Ges g~j¨

OQ(=eM1)| g‡b Kwi, GB wk‡íi cÖwZ GKK c‡Yï Ici TR cwigv‡Y Ki emv‡bv n‡jv| G

Ae¯’vq Gi †hvMvb †iLv SS ’vb cwieZ©b K‡i S1S1 iƒc aviY Ki‡e| we‡eP¨ wkí GLb g

we› y‡Z fvimv‡g¨ †cuŠQv‡e| Gi Drcv`b OM Í‡i n«vm cv‡e| Ki Av‡iv‡ci c~‡e© †fv³v‡ì‡K

OQ cwigvY g~j¨ cÖ vb Ki‡Z nq| Ki emv‡bvi ci Zv‡ì‡K OT g~j¨ cÖ vb Ki‡Z n‡e|

myZivs g~j¨ e„w×i cwigvY n‡”Q TQ; Ab¨w`‡K GKK cÖwZ K‡ii cwigvY TR; †h‡nZz TQ>TR

†m‡nZz ejv hvq K‡ii †P‡q c‡Yï g~j¨ G‡¶‡Î †ewk e„w× †c‡q‡Q|

d‡j wk‡íi c‡¶ Kifvi cy‡ivcywi †fv³v‡ì Ici †ewk g~‡jï gva¨‡g ’vbvšÍi Kiv m¤¢e n‡e|

myZivs †`Lv hvq, µgn«vmgvb e¨q Ae¯’vq Kvh©iZ GKwU wk‡íi c‡Yï Ici GKK Ki emv‡j

K‡ii m¤ú~Y© Ask we‡µZvi c‡¶ m¤§y‡L ¯’vbvšÍi Kiv m¤¢e|

(M) µgea©gvb e¨q m¤úbœ wkí (Increasing Cost Industry)

wk‡í AšÍfz©³ eëmvq cÖwZôvbmg~n Drcv`b hLb e„w× K‡i ZLb Gi Drcv`b e¨q µgk e„w×

cv‡e| cY¨ Drcv`‡bi eëüZ wewfbœ m¤ú‡ì g~j¨ e„w× Gi cÖavb KviY| †Zgb Ae ’vq wk‡íi

c‡¶ µgea©gvb e¨q Ae ’vq KvR Kiv m¤¢eZ wk‡íi †hvMvb †iLv Wvbw`‡K EaŸ©Mvgx n‡e|

µgea©gvb e¨q Ae¯’vq Kvh©iZ GKwU wk‡íi c‡Yï Ici GKK Ki (unit tax) emv‡bv n‡j Gi

g~j¨ K‡ii †P‡q Kg cwigv‡Y e„w× cv‡e| we‡eP¨ wkí Gi Drcv`b n«vm K‡i g~j¨ e„w×i gva¨‡g

K‡ii m¤ú~Y© fvi †fv³v‡ì Ici ¯’vbvšÍ‡ii †Póv Ki‡e| wKš‘ K‡ii †P‡q Kg cwigv‡Y c‡Yï

g~j¨ e„w× cvIqvi ìæb G‡¶‡Î K‡ii GKvsk wkí/we‡µZv‡K enb Ki‡Z n‡e| A_©vr K‡ii

¯’vbvšÍi G‡¶‡Î m¤§yL Ges cðvrgyLx n‡e| welqwU 11.10 bs wP‡Îi mvnv‡q¨ AwZ ms‡¶‡c

e¨vL¨v Kiv n‡jv|

wP‡Î f‚wg A‡¶ Drcv`‡bi cwigvY (Q) Ges Dj¤ A‡¶ c‡Yï evRvi g~j¨ (P) wb‡ ©k Kiv

n‡q‡Q| g‡b Kwi, Ki emv‡bvi c~‡e© wk‡íi cÖwZwbwa dv‡g©i (representative firm) Mo e¨q I

cÖvwšÍK e¨q †iLv AC Ges MC; GB Ae¯’vq `xN©‡gqv‡` eëmvq cÖwZôvb g we›`y‡Z fvimvg¨

Ae¯’vq i‡q‡Q| (b) wP‡Îi DD n‡”Q wkí c‡Yï evRvi Pvwn`v †iLv| SS n‡”Q Ki Av‡iv‡ci

c~‡e©Kvi †hvMvb †iLv| wk‡íi fvimvg¨ g we› y‡Z cÖwZwôZ| A_©vr Gi fvimvg¨ Drcv`b I g~j¨

n‡”Q h_vµ‡g ON Ges OP1; g‡b Kwi, c‡Yï GKK cÖwZ ON cwigv‡Y Ki emv‡bv n‡jv Ges

µgea©gvb e¨q

Ae ’vq Kvh©iZ GKwU

wk‡íi c‡Yï Ici

GKK Ki emv‡bv

n‡j Gi g~j¨ K‡ii

†P‡q Kg cwigv‡Y

e„w× cv‡e|



G Ae¯’vq OP1 †iLv ¯’vbvšÍwiZ n‡q eh †iLvq iƒcvšÍwiZ n‡jv| `xN©‡gqvw` fvimvg¨ GLb MC1

we› y‡Z cÖwZwôZ n‡e| wk‡íi †¶‡Î S †hvMvb †iLv‡K evgw`‡K S1-G ’vbvšÍi K‡i GUv wb‡ ©k

Kiv n‡q‡Q| GB Ae ’vq wk‡íi Drcv`b OM Í‡i n«vm cv‡e Ges c‡Yï evRvi g~j¨ ùvov‡e

OP2; G‡¶‡Î K‡ii cwigvY n‡”Q eh=P2P3; A_P c~‡e©i Zzjbvq c‡Yï g~j¨ e„w× n‡”Q P1P2

†h‡nZz P1P2<P2P3 †m‡nZz K‡ii †P‡q g~j¨ e„w×i cwigvY G‡¶‡Î Kg n‡q‡Q| myZivs †`Lv hvq,

µgea©gvb e¨q Ae¯’vq Kvh©iZ †Kv‡bv wk‡íi cÖwZ GK‡Ki Ici wbw ©ó cwigv‡Y Ki emv‡bv

n‡j K‡ii †P‡q Kg cwigv‡Y g~j¨ e„w× cv‡e|

GLb (L) wPÎvbyhvqx †`Lv hvq Ki Av‡iv‡ci ci wk‡íi c‡¶ P1P2 cwigv‡Y †ewk g~j¨

†fv³v‡ì KvQ †_‡K Av`vq Kiv m¤¢e| wKš‘ K‡ii cwigvY n‡”Q P2P3 myZivs Gi evwK Ask

P1P3 wkí/we‡µZv‡K enb Ki‡Z n‡e| G‡¶‡Î Ki m¤§yL Ges cðvr GB Dfqgy‡L ¯’vbvšÍi

n‡q‡Q| K‡ii P1P2 Ask m¤§y‡L Ges P1P3 Ask cðv‡Z ¯’vbvšÍi n‡q‡Q|

GK‡PwUqv Kvievi Ges K‡ii ’vbvšÍi (Shifting of Tax under Monopoly)

GK‡PwUqv Kvievi n‡”Q Ggb GK evRvi eë ’v †hLv‡b GKwU eëmvq cÖwZôvb wb‡q wkí MwVZ

nq| GK‡PwUqv evRv‡ii Aw Í‡Z¡i Rb¨ wb‡¤œv³ kZ© _vKv ìKvi-

(i) eëmvq cÖwZôvb Ggb cY¨ cÖ ‘Z K‡i hvi †Kv‡bv wbKU weKí cY¨ †bB|

(ii) wk‡í Ab¨vb¨ eëmvq cÖwZôvb cÖ‡ek Ki‡Z cv‡i bv|

(iii) dv‡g©i c‡Yï Pvwn`v †iLv wk‡íi evRvi Pvwn`v †iLv wb‡`©k K‡i| cY¨ weµ‡qi †¶‡Î

dv‡g©i †Kvbv cÖwZØ›Øx bv _vKvq g~j¨ ev Drcv`‡bi cwieZ©b n‡jI Pvwn`v †iLvi Xvj Ges

Ae¯’v‡bi cwieZ©b n‡e bv|

(iv) Drcv`‡bi DcKiYmg~‡ni e¨vcv‡i eëmvq cÖwZôvb †hiƒc †hvMvb †iLvi m¤§yLxb n‡e Zv

wk‡íi †¶‡Î mgfv‡e cÖ‡hvR¨| GKwU GK‡PwUqv dv‡g©i c‡¶ wewfbœ DcKiY µq Kivi e¨vcv‡i

Av‡cw¶Kfv‡e GK‡PwUqv myweav AR©b Kiv A‡bK mgq m¤¢e| GRb¨ GKwU GK‡PwUqv dv‡g©i

c‡¶ µgea©gvb, w ’i Ges µgn«vmgvb e¨q Ae ’vq KvR Kiv m¤¢e| Ki ’vbvšÍ‡ii welq Avgiv

GB wZb e¨q Ae¯’vi †cÖw¶‡Z Av‡jvPbv Kie|

(K) w ’i e¨q Ae¯’v (Constant Cost Condition)

GKwU GK‡PwUqv eëmvq cÖwZôvb A‡bK mgq w¯’i e¨q Ae¯’vq KvR Ki‡Z cv‡i| Giƒc dv‡g©i

fvimv‡g¨ †cuŠQvi kZ© n‡”Q ywU- (i) c‡Yï cÖvwšÍK Avq (MR) Ges cÖvwšÍK e¨q (MC) mgvb

n‡e; (ii) cÖvwšÍK e¨q I Avq †h we› y‡Z mgvb, †mLv‡b cÖvwšÍK e¨q †iLvi Xvj (slope) cÖvwšÍK

Avq †iLvi Xvj A‡c¶v †ewk n‡e| w ’i e¨q Ae ’vq Kvh©iZ GKRb GK‡PwUqv Kvievixi

c‡Yï cÖwZ GK‡Ki Ici mywbw ©ó cwigv‡Y Ki Av‡ivc Kiv n‡j †m c‡Yï Drcv`b n«vm Ki‡e

Ges `ªe¨g~j¨ e„w×i gva¨‡g K‡ii fvi †fv³v‡ì Ici ’vbvšÍ‡ii †Póv Ki‡e| wKš‘ w¯’i e¨q

Ae¯’vq fvimv‡g¨ †cuŠQvi ci Zvi weµ‡qi cÖwZ GK‡Ki Ici mywbw`©ó cwigv‡Y Ki emv‡bvi ci

c‡Yï g~j¨ K‡ii mgcwigv‡Y e„w× bv †c‡q Kg cwigv‡Y e„w× cv‡e| d‡j G‡¶‡Î K‡ii

¯’vbvšÍi m¤§yL Ges cðvr- GB DfqgyLx n‡e| K‡ii ’vbvšÍi g~jZ wbf©i Ki‡e c‡Yï Rb¨

†fv³v‡ì Pvwn`vi w¯’wZ ’vcKZvi gvÎvi Ici| Pvwn`v hZ Aw ’wZ ’vcK n‡e, K‡ii m¤§yL

¯’vbvšÍ‡ii gvÎv ZZ †ewk n‡e| wecixZ Ae ’vq cðvrgyLx ¯’vbvšÍ‡ii gvÎv †ewk n‡e| 11.11 bs

wP‡Îi mvnv‡h¨ G wel‡q msw¶ß e¨vL¨v †`qv n‡jv|

w ’i e¨q Ae ’vq

fvimv‡g¨ †cuŠQvi ci

Zvi weµ‡qi cÖwZ

GK‡Ki Ici mywbw ©ó

cwigv‡Y Ki emv‡bvi

ci c‡Yï g~j¨ K‡ii

mgcwigv‡Y e„w× bv

†c‡q Kg cwigv‡Y

e„w× cv‡e| d‡j

G‡¶‡Î K‡ii

’vbvšÍi m¤§yL Ges

cðvr- GB DfqgyLx

n‡e|



wP‡Îi f‚wg A‡¶ GK‡PwUqv Kvievix c‡Y¨

weµq †`Lv‡bv n‡q‡Q| Dj¤ A‡¶ c‡Yï

Mo Avq (AR), cÖvwšÍK Avq (MR) I

cÖvwšÍK e¨q (MC) wb‡ ©k Kiv n‡q‡Q|

cÖvwšÍK e¨q †iLv (MC) f‚wg A‡¶i mv‡_

mgvšÍivj hvnv Drcv`‡bi †¶‡Î w ’i e¨q

Ae¯’v wb‡`©k K‡i| g‡b Kwi, Ki emv‡bvi

c~‡e© GK‡PwUqv Kvievix e we›`y‡Z

fvimv‡g¨ Av‡Q| A_©vr Zvi weµ‡qi

cwigvY OM Ges †m cÖwZ GKK c‡Yï

Rb¨ RM cwigvY g~j¨ `vwe (charge) K‡i|

awi c‡Yï cÖwZ GKK weµ‡qi Ici TU

cwigv‡Y Ki emv‡bv n‡jv| †Zgb Ae ’vq

Kimn cÖvwšÍK e¨q †iLv uvov‡e MC+T; GK‡PwUqv Kvievixi fvimvg¨ we› y n‡e GLb u, †hLv‡b (MC+T) †iLv MR †iLv‡K †Q`

K‡i‡Q| GB Ae¯’vq †m weµ‡qi cwigvY NS cwigvY n«vm Ki‡e Ges cÖwZ GKK c‡Yï Rb¨

NS cwigvY g~j¨ Av`vq Ki‡Z cvi‡e| A_©vr c‡Yï †hvMvb n«vm K‡i Zvi c‡¶ c~‡e©i Zzjbvq

VN cwigvY †ewk g~j¨ Av`vq Kiv m¤¢e n‡e| wKš‘ GUv K‡ii mgvb (uT cwigvY) e„w× Kiv Zvi

c‡¶ m¤¢e n‡e bv| A_©vr Avgv‡ì G‡¶‡Î VN<uT; myZivs ejv hvq uT- Gi GKvsk VN

†fv³v‡ì Ici ’vbvšÍi Kiv GK‡PwUqv Kvievixi c‡¶ m¤¢e| evwK Ask (uT-VN) Zv‡K enb

Ki‡Z n‡e| †m c~‡e© AwR©Z gybvdv †_‡K K‡ii GB Ask enb Ki‡e| myZivs †`Lv hvq w ’i e¨q

Ae¯’vq Kvh©iZ GKRb GK‡PwUqv Kvievixi c‡Yï cÖwZ GKK weµ‡qi Ici mywbw ©ó cwigv‡Y

Ki Av‡ivc Kiv n‡j K‡ii ’vbvšÍi m¤§yL Ges cðvrgyLx n‡e|

(L) µgea©gvb e¨q Ae¯’v (Increasing Cost Condition)

A‡bK mgq GK‡PwUqv Kvievix we‡klvwqZ m¤ú` (specialized resources) cY¨ Drcv`‡b

eënvi K‡i| †Zgb Ae ’vq Drcv`b evov‡bvi m‡½ Hme m¤ú‡ì Pvwn`v hLb e„w× cvq ZLb

G‡ì‡K c~‡e©i †P‡q †ewk g~j¨ cÖ vb Ki‡Z

nq| d‡j Drcv`b e„w×i m‡½ c‡Yï

cÖvwšÍK e¨q e„w× †c‡Z eva¨| Giƒc ea©gvb

e¨q Ae ’vq Kvh©iZ GK‡PwUqv Kviev‡ii

c‡Yï weµ‡qi Ici GKK Ki emv‡bv

n‡j Gi GKvs‡ki fvi GK‡PwUqv

Kvievix‡K enb Ki‡Z n‡e| K‡ii GKvsk

Avevi †ewk g~‡jï AvKv‡i †fv³v‡ì‡K

enb Ki‡Z n‡e| D‡jøL¨ †h, m¤ú‡ì

cÖK…wZ we‡klvwqZ ai‡bi nIqvq Zv‡ì

c‡¶ Ki Av‡iv‡ci ci Ab¨ wk‡í ’vbvšÍi

nIqv m¤¢e n‡e bv Ges G Kvi‡Y K‡ii

GKvsk Gi gvwjK‡ìI enb Ki‡Z n‡e|

welqwU 11.12 wP‡Îi mvnv‡h¨ ms‡¶‡c

e¨vL¨v Kiv n‡jv|

ea©gvb e¨q Ae ’vq

Kvh©iZ GK‡PwUqv

Kviev‡ii c‡Yï

weµ‡qi Ici GKK

Ki emv‡bv n‡j Gi

GKvs‡ki fvi

GK‡PwUqv Kvievix‡K

enb Ki‡Z n‡e|

K‡ii GKvsk Avevi

†ewk g~‡jï AvKv‡i

†fv³v‡ì‡K enb

Ki‡Z n‡e|



wP‡Îi f~wg A‡¶ GK‡PwUqv Kvievixi c‡Yï †hvMvb ev weµ‡qi cwigvY †`Lv‡bv n‡q‡Q| Dj¤

A‡¶ c‡Yï Mo Avq (AR), cÖvwšÍK Avq (MR) Ges cÖvwšÍK e¨q (MC) wb‡ ©k Kiv n‡q‡Q|

wPÎvbyhvqx Ki Av‡iv‡ci c~‡e© GK‡PwUqv Kvievix c‡Yï cÖvwšÍK e¨q †iLv n‡”Q MC; c‡Yï Mo

Avq I cÖvwšÍK Avq †iLv AR Ges MR †`q Ae¯’vq fvimvg¨ weµ‡qi cwigvY Ges g~j¨ n‡”Q

h_vµ‡g OM Ges RM(=OW)| g‡b Kwi, Zvi c‡Yï cÖwZ GKK weµ‡qi Ici UV cwigv‡Y

Ki emv‡bv n‡jv| A_©vr wPÎvbyhvqx cÖvwšÍK e¨q †iLv Kimn GLb ùvov‡e MC+T; d‡j bZyb

fvimvg¨ weµ‡qi cwigvY Ges g~j¨ n‡e ON Ges SN(=OW1)| A_©vr Ki Av‡iv‡ci ci

GK‡PwUqv Kvievix Zvi c‡Yï weµ‡qi cwigvY NM cwigvY n«vm K‡i WW1 cwigvY †ewk

g~j¨ Av`vq Ki‡e| †h‡nZz WW1<UV †m‡nZz ejv hvq, c‡Yï g~j¨ K‡ii †P‡q Kg cwigv‡Y

G‡¶‡Î e„w× †c‡q‡Q|

Ki Av‡iv‡ci c~‡e© †fv³viv OW cwigvY g~j¨ cÖ vb KiZ| Ki Av‡iv‡ci ci Zv‡ì‡K WW1

cwigvY †ewk g~j¨ cÖ vb Ki‡Z nq| myZivs UV K‡ii GKvsk †fv³viv †ewk g~‡jï gva¨‡g

enb Ki‡e| Ab¨w`‡K Ki Av‡iv‡ci c~‡e© m¤ú‡ì gvwjKiv OU1 cwigvY Mo gRywi †cZ| Ki

Av‡iv‡ci ci GB cwigvY uvov‡e OU; myZivs UU1 cwigv‡Y K‡ii GKvsk Kg gRywii gva¨‡g

Zv‡ì‡K enb Ki‡Z n‡e| evwK Ask GK‡PwUqv Kvievix‡K enb Ki‡Z n‡e| Gfv‡e K‡ii

¯’vbvšÍi µgea©gvb e¨q Ae¯’vq cðvr Ges m¤§yLeZ©x n‡Z cv‡i|

(M) µgn«vmgvb e¨q Ae¯’v (Decreasing Cost Condition)

GK‡PwUqv Kvievixi c‡¶ µgn«vmgvb e¨q Ae¯’vq A‡bK mgq KvR Kiv m¤¢e| †m †h m¤ú`

cY¨ Drcv`‡b eënvi K‡i hw` Zv‡ì weKí eënvi bv _v‡K Z‡e Zvi c‡¶ Gme m¤ú`‡K

Kg gRywi cÖ v‡bi gva¨‡g †kvlY Kiv m¤¢e| Ab¨w`‡K Zvi c‡¶ wewfbœ ai‡bi Af¨šÍixY I

evwn¨K e¨q ms‡KvPb (internal and external economies) Kiv m¤¢e| GB cwiw ’wZ‡Z µgk

Kg Drcv`b e¨‡q cY¨ cÖ ‘Z Kiv m¤¢e| G ai‡bi GK‡PwUqv Kviev‡i c‡Yï cÖwZ GKK

weµ‡qi Ici wbw ©ó cwigv‡Y Ki Av‡ivc Ki‡j fvimvg¨ Drcv`b n«vm cv‡e, A_P K‡ii †P‡q

†ewk cwigv‡Y c‡Yï g~j¨ e„w× cv‡e| ’vbvšÍ‡ii cÖK…wZ G‡¶‡Î †Kej m¤§yLeZ©x n‡e| 11.13

bs wP‡Îi mvnv‡h¨ GB welq AwZ ms‡¶‡c e¨vL¨v Kiv n‡jv|

wP‡Îi Dj¤ A‡¶ c‡Yï Mo Avq (AR),

cÖvwšÍK Avq (MR) I cÖvwšÍK e¨q (MC)

wb‡ ©k Kiv n‡q‡Q| f‚wg A‡¶i w`‡K

Zvi weµ‡qi cwigvY †`Lv‡bv n‡q‡Q|

Ki emv‡bvi c~‡e© cÖvwšÍK e¨q †iLv n‡”Q

MC; Mo Avq I cÖvwšÍK Avq †iLv AR

Ges MR cÖ Ë Ae¯’vq c‡Yï fvimvg¨

weµ‡qi cwigvY I g~j¨ n‡”Q h_vµ‡g

ON Ges gN | g‡b Kwi, c‡Yï weµ‡qi

GKK cÖwZ hf cwigv‡Y Ki emv‡bv n‡jv|

d‡j Kimn cwiewZ©Z MC †iLv n‡e

MC+T; GB Ae¯’vq fvimvg¨ weµ‡qi

cwigvY I g~j¨ uvov‡e OM Ges eM|

c‡Yï g~j¨ c‚e©v‡c¶v eh cwigv‡Y e„w× †c‡q‡Q| †h‡nZz eh>hf, †m‡nZz ejv hvq K‡ii PvB‡Z

g~j¨ †ewk cwigvY e„w× †c‡q‡Q| myZivs ejv hvq Ki Av‡iv‡ci ci †ewk g~‡jï gva¨‡g

GK‡PwUqv Kvievixi

c‡¶ µgn«vmgvb e¨q

Ae ’vq A‡bK mgq

KvR Kiv m¤¢e| †m

†h m¤ú` cY¨

Drcv`‡b eënvi

K‡i hw` Zv‡ì

weKí eënvi bv

_v‡K Z‡e Zvi c‡¶

Gme m¤ú`‡K Kg

gRywi cÖ v‡bi gva¨‡g

†kvlY Kiv m¤¢e|

Ab¨w`‡K Zvi c‡¶

wewfbœ ai‡bi

Af¨šÍixY I evwn¨K

e¨q ms‡KvPb Kiv

m¤¢e|



GK‡PwUqv Kvievixi c‡¶ GUv †fv³v‡ì Kv‡Q †_‡K Av`vq Kiv m¤¢e n‡e| Ab¨ K_vq ejv

hvq, ’vbvšÍi G‡¶‡Î m¤§yLeZ©x n‡e|

GKKvjxb Ki Ges GK‡PwUqv Kvievi (Lumpsum Tax and Monopoly)

GK‡PwUqv Kviev‡ii Ici GKKvjxb Ki emv‡bv hvq| A_©vr miKvi Zv‡K GKwU wbw ©ó cwigvY

Ki cÖ v‡b eva¨ Ki‡Z cv‡i| Giƒc Ki Drcv`‡bi Ici wbf©ikxj n‡e bv| †Kbbv GK‡PwUqv

Kvievix Drcv`b KiæK ev bv KiæK GB Ki Zv‡K enb Ki‡Z n‡e| myZivs GKKvjxb Ki GK

A‡_© GK‡PwUqv Kvievixi Ici GK ai‡bi w ’i e¨q wn‡m‡e KvR Ki‡e| GB A‡_© Giƒc Ki‡K

Zvi w ’ie¨q e„w×i mgZzj¨ g‡b Kiv hvq| G ai‡bi Ki ZvB GK‡PwUqv Kvievixi c‡Yï

cÖvwšÍK Avq ev cªvwšÍK e¨q cÖfvweZ Ki‡e bv|

GKK Ki Ges g~j¨vbycvwZK Ki (Unit and Advalorem Tax)

miKvi †Kv‡bv wk‡íi cY¨ weµ‡qi Ici yBfv‡e Ki Av‡ivc Ki‡Z cv‡ib- (K) GKK Ki

Ges (L) g~j¨vbycvwZK Ki|

(K) GKK Ki (Unit Tax) : `ª‡eï GKK cÖwZ mywbw ©ó cwigv‡Y Ki emv‡j Zv‡K GKK Ki

(unit tax or specific tax) e‡j| †hgb, GKwU Kjg cÖ ‘ZKvix wk‡íi cÖwZwU Kj‡gi weµ‡qi

Ici miKvi mywbw ©ó cwigv‡Y Ki emv‡Z cv‡ib| †hgb Kjg cÖwZ 2 UvKv Ki emv‡jb|

G‡¶‡Î Kj‡gi weµq evovi m‡½ K‡ii cwigvY e„w× cv‡e| A_©vr cÖwZwU Kj‡gi weµq †_‡K

miKvwi ivR¯ 2 UvKv e„w× cv‡e| GKK K‡ii cwigvY c‡Yï weµ‡qi Ici wbf©ikxj| GUv

c‡Yï evRvi g~‡jï Ici wbf©ikxj bq| †hgb cÖwZwU Kj‡gi evRvi g~j¨ hw` cÖ_‡g 10 UvKv

_v‡K Ges c‡i †Kv‡bv Kvi‡Y Gi g~j¨ 20 UvKvq DbœxZ nq Z‡e G‡¶‡Î K‡ii cwigvY c~‡e©i

g‡Zv 2 UvKv _vK‡e| cieZ©x mviYxi mvnv‡h¨ Giƒc K‡ii wewfbœ w`K †`Lv‡bv n‡jv|

Kjg weµ‡qi

cwigvY

cÖwZwU Kj‡gi

cÖv_wgK g~j¨

†gvU g~j¨ cÖwZwU Kj‡gi

Ici Ki

K‡ii

cwigvY

K‡ii

cÖvwšÍK nvi

1 2

3=(12)

4 5 6

10 10 100 2 20 -

20 8 160 2 40 2

30 6 180 2 60 2

40 5 200 2 80 2

50 4 200 2 100 2

mviwY †_‡K †`Lv hvq GKK Ki †Kv‡bv c‡Yï g~‡jï cwieZ©‡bi Ici wbf©ikxj bq eis GUv

weµ‡qi Ici AvbycvwZKfv‡e wbf©ikxj| A_©vr weµ‡qi cwigvY †h nv‡i ev‡o ev K‡g K‡ii

cwigvY wVK †mB nv‡i ev‡o ev K‡g| G‡¶‡Î K‡ii cÖvwšÍK nvi AcwiewZ©Z _v‡K| Z ycwi

G‡¶‡Î Mo Ki Ges cÖvwšÍK nvi mgvb n‡e| mviwYi 4 Ges 6 bs Kjvg GB welq wb‡`©k K‡i|

GKK K‡ii e¨vcvi Avgiv MvwYwZKfv‡e wb‡ ©k Ki‡Z cvwi| g‡b Kwi †Kv‡bv c‡Yï †gvU Ki

A‡c¶K n‡”Q-

T=tq … … (1) †hLv‡b T= K‡ii †gvU cwigvY, q= c‡Yï weµ‡qi cwigvY, t = c‡Yï cÖwZ GKK weµ‡qi

Ici Av‡ivwcZ wbw ©ó cwigvY Ki| G‡¶‡Î t n‡”Q GKwU w ’i ivwk| GLb Avgiv †`L‡Z cvwi

cÖvwšÍK Ki nvi (MT) Ges Mo Ki nvi (AT) ci¯úi mgvb-

GKKvjxb Ki GK

A‡_© GK‡PwUqv

Kvievixi Ici GK

ai‡bi w ’i e¨q

wn‡m‡e KvR Ki‡e|

GKK Ki †Kv‡bv

c‡Yï g~‡jï

cwieZ©‡bi Ici

wbf©ikxj bq eis

GUv weµ‡qi Ici

AvbycvwZKfv‡e

wbf©ikxj| A_©vr

weµ‡qi cwigvY †h

nv‡i ev‡o ev K‡g

K‡ii cwigvY wVK

†mB nv‡i ev‡o ev

K‡g|



MF=dTdq =t=AT=

tqq …… … (2)

GKK Ki 11.14 wP‡Îi mvnv‡h¨ wb‡ ©k

Kiv hvq|

wP‡Îi f‚wg A‡¶ †Kv‡bv c‡Yï weµ‡qi

cwigvY Ges Dj¤ A‡¶ Ki nvi (t) wb‡ ©k Kiv n‡q‡Q| t0 n‡”Q c‡Yï GKK

cÖwZ K‡ii cwigvY| weµ‡qi cwigvY †h

Abycv‡Z ev‡o, K‡ii †gvU cwigvY †mB

Abycv‡Z G‡¶‡Î evo‡e| †hgb, Oq1

cwigvY weµq Ki‡j K‡ii †gvU cwigvY

n‡e Ot0sq1, Ab¨w`‡K Oq2 cwigvY weµq

Ki‡j K‡ii cwigvY ùvov‡e Ot0uq2.

GLb hw` Oq2=(20q1) nq Z‡e Avgiv ej‡Z cvwi Ot0uq2=(20q1st0) n‡e| A_©vr weµ‡qi

cwigvY wØ¸Y n‡e| Gfv‡e `ªe¨ weµ‡qi Ici GKK K‡ii cwigvY wbf©i K‡i, Gi g~‡jï Ici

bq|

(L) g~j¨vbycvwZK Ki (Advalorem Tax) : A‡bK mgq miKvi †Kv‡bv wk‡íi Drcv`‡bi Ici

ev cY¨ weµ‡qi Ici wbw ©ó nv‡i Ki Av‡ivc Ki‡Z cv‡i| c‡Yï g~‡jï GKwU wbw`©ó kZKiv

nv‡i GB Ki Av‡ivc Kiv nq| G ai‡bi Ki‡K ZvB g~j¨vbycvwZK Ki ejv nq| GB ai‡bi

K‡ii †ejvq weµq evovi mv‡_ c‡Yï GKK cÖwZ K‡ii cwigvY n«vm cv‡e| Z‡e †gvU K‡ii

cwigvY †m‡¶‡Î e„w× †c‡Z cv‡i| wb‡¤œi mviYx †_‡K GB K‡ii aviYv cwi®‹vi n‡e|

weµ‡qi

cwigvY

cÖwZ GK‡Ki

g~j¨

K‡ii nvi

(%)

cÖwZ GK‡Ki

Ici K‡ii

cwigvY

†gvU weµq

g~j¨

†gvU K‡ii

cwigvY

1 2 3 4

5=(12)

6

10 10 10 1.00 100 10

20 8 10 .80 160 16

30 7 10 0.70 210 21

40 6 10 0.60 240 24

mviwY †_‡K †`Lv hvq, GKRb we‡µZv †ewk weµ‡qi D‡Ï‡k¨ hLb Zvi c‡Yï g~j¨ µgk Kg

MÖn‡Y ivwR nq ZLb Zvi c‡Yï g~‡jï Ici kZKiv 10 fvM Ki Av‡ivc Ae ’vq GKK cÖwZ

K‡ii cwigvY µgk n«vm †c‡Z _v‡K| mviYxi 4 bs Kjvg †_‡K GUv †evSv hv‡e| Ab¨w`‡K

Ki nvi (kZKiv 10 fvM) cÖ Ë Ae¯’vq †gvU K‡ii cwigvY e„w× †c‡Z cv‡i| g~j¨vbycvwZK

K‡ii †¶‡Î K‡ii Mo nvi AcwiewZ©Z _vK‡jI Gi cÖvwšÍK nvi n«vm cv‡e| D`vniY¯iƒc ejv

hvq, Avgv‡ì †Uwe‡j ewY©Z 10 GKK cY¨ hLb †Kv‡bv wkí weµq K‡i ZLb †gvU K‡ii

cwigvY n‡”Q 10 UvKv| wkíwU 20 GKK weµq Ki‡j miKvwi ivR‡¯i cwigvY 16 UvKvq

DbœxZ nq| myZivs G‡¶‡Î weµ‡qi cwieZ©b n‡”Q 6 UvKv| d‡j K‡ii cÖvwšÍK nvi n‡”Q

6/10=0.60| Ab¨w`‡K 30 GKK weµ‡qi mgq GB nvi n‡”Q 5/10=0.50| Gfv‡e c‡Yï

miKvi †Kv‡bv wk‡íi

Drcv`‡bi Ici ev

cY¨ weµ‡qi Ici

wbw ©ó nv‡i Ki

Av‡ivc Ki‡Z cv‡i|

c‡Yï g~‡jï GKwU

wbw ©ó kZKiv nv‡i

GB Ki Av‡ivc Kiv

nq| G ai‡bi Ki‡K

ZvB g~j¨vbycvwZK Ki

ejv nq|



weµ‡qi cwigvY e„w× †c‡j g~j¨vbycvwZK Ki eë¯’vq K‡ii Mo nvi AcwiewZ©Z _vK‡jI Gi

cÖvwšÍK nvi µgk K‡g Av‡m|

g~j¨vbycvwZK K‡ii e¨vcvi MvwYwZKfv‡e †`Lv‡bv m¤¢e| g‡b Kwi, †Kv‡bv c‡Yï Ki Ges

Pvwn`v A‡c¶K n‡”Q

T=tq … … (1) q=a-bp … … (2)

†hLv‡b T= †gvU K‡ii cwigvY; t= mywbw`©ó nv‡i Av‡ivwcZ Ki (0<t<1); q= cY¨ weµ‡qi

cwigvY; p= c‡Yï g~j¨| G‡¶‡Î a Ges b n‡”Q `ywU abvZ¥K c¨vivwgUvi| GLb Avgiv

AšÍiKiY cÖwµqvi (differentiation process) mvnv‡h¨ †`Lv‡Z cvwi wKfv‡e c‡Yï g~j¨ e„w× ev

n«v‡mi ìæb K‡ii n«vm ev e„w× N‡U|

dTdP =dT

dq -dqdP =t.(-b)=-bt<0……… (3)

(3) bs mgxKiY wb‡`©k K‡i, c‡Yï g~j¨ e„w× †c‡j †gvU Ki n«vm cv‡e| c‡Yï g~j¨ n«vm †c‡j

K‡ii cwigvY e„w× cv‡e| g~j¨vbycvwZK K‡ii e¨vcviwU 11.15 bs wP‡Îi mvnv‡h¨ wb‡`©k Kiv

hvq|

wP‡Îi f‚wg A‡¶ c‡Yï weµq Ges Dj¤

A‡¶ Gi g~j¨ wb‡ ©k Kiv n‡q‡Q| AB

n‡”Q c‡Yï Mo Avq †iLv| awi c‡Yï

cÖwZ GKK weµ‡qi Ici AC/OA nv‡i Ki

emv‡bv n‡jv Ges GB nvi w ’i _vK‡e|

d‡j cY¨ weµ‡qi cwigvY e„w× Kivi Rb¨

we‡eP¨ wkí hLb Gi g~j¨ µgvMZ Kg K‡i

wb‡Z ivwR n‡e ZLb AwZwi³ cÖwZ GKK

weµ‡qi Ici Ki n«vm cv‡e, A_P †gvU

K‡ii cwigvY e„w× c‡e| wPÎvbyhvqx OM

GK‡Ki Mo g~j¨ n‡”Q SM; GB g~‡jï Ici AC/OA nv‡i Ki emv‡j K‡ii cwigvY uvov‡e

ST; Ab¨w`‡K weµ‡qi cwigvY ON n‡j Mo `vg n‡”Q UN; d‡j K‡ii cwigvY uvov‡e UV; Ab¨w`‡K weµ‡qi cwigvY e„w× †c‡q OR n‡j ZW n‡e K‡ii cwigvY| wPÎvbyhvqx

ZW<VU<ST| A_©vr K‡ii nvi AcwiewZ©Z Ae¯’vq c‡Yï g~j¨ n«vm †c‡j cÖwZ GK‡Ki Ici

K‡ii cwigvY n«vm cv‡e| c‡Yï evRvi Pvwn`v hw` w ’wZ ’vcK nq, Z‡e †m‡¶‡Î †gvU K‡ii

cwigvY e„w× †c‡Z cv‡i|

GKK Ki ebvg g~j¨vbycvwZK Ki (Unit Tax vs. Advalorem tax)

GKK Ki Ges g~j¨vbycvwZK K‡ii g‡a¨ †KvbwU‡K Av‡cw¶Kfv‡e †ewk cQ›` Kiv hvq Zv GK

K_vq ejv gykwKj| †Kvb dv‡g©i c‡Yï Ici Av‡ivwcZ GKK Ki‡K c‡Yï †hvMvb †iLv Z_v

cÖvwšÍK e¨q †iLvi evgw`‡K ’vbv¯Í‡ii gva¨‡g wb‡ ©k Kiv m¤¢e| Avevi GUv c‡Yï evRvi

Pvwn`v †iLvi wb¤œgyLx ¯’vbvšÍi Øviv cÖKvk Kiv hvq| Aci c‡¶ g~j¨vbycvwZK Ki c‡Yï g~‡jï

m‡½ m¤úwK©Z| GB Kvi‡Y c‡Yï Pvwn`v †iLvi wb¤œgyLx (ev evg w`‡K) ’vbvšÍ‡ii gva¨‡g GUv

wb‡ ©k Kiv m¤¢e| GB `yB K‡ii g‡a¨ †KvbwU †ewk cQ›`bxq Zv wb‡¤œv³ wel‡qi Ici wbf©i

K‡i|

(i) we‡eP¨ eëmvq cÖwZôvb ev wkí †Kvb evRvi eë¯’vi Aax‡b KvR Ki‡Q| A_©vr GUv c~Y©

cÖwZ‡hvwMZv, bv Ac~Y© cÖwZ‡hvwMZvi AvIZvq KvR Ki‡Q|



(ii) we‡eP¨ eëmvq cÖwZôvb ev wkí wKiƒc e¨q Ae ’vq KvR Ki‡Q| A_©vr GUv w ’i,

µgea©gvb, bv µgn«vmgvb e¨q Ae¯’vq KvR Ki‡Q Zv we‡ePbv Ki‡Z n‡e|

(iii) Ki c~e© Ges Ki Av‡iv‡ci ci Drcv`‡bi cwigvY I c‡Yï g~j¨ m¤ú‡K© wK AbywgwZ MÖnY

Kiv n‡e Zv we‡ePbv Ki‡Z n‡e|


ˆbe© w³K cÖkœ


1| †Kv‡bv c‡Yï Pvwn`v w ’wZ ’vcK n‡j Ki mÂvjb m¤§yLgyLx nq| mZ¨/wg_¨v

2| Avw_©K fvi Ki`vZvi eënvi‡hvM¨ Avq n«vm wb‡`©k K‡i| mZ¨/wg_¨v

3| dv‡g©i Drcv`‡bi Ici GKK Ki Av‡ivc Ki‡j Drcv`b e„w× cv‡e| mZ¨/wg_¨v

4| µgea©gvb e¨q Ae¯’vq GKwU wk‡íi Ici GKK Ki emv‡bv n‡j Gi g~j¨ K‡ii †P‡q Kg

cwigv‡Y e„w× cv‡e| mZ¨/wg_¨v

msw¶ß cÖkœ

1| KivNvZ wK?

2| K‡ii g~jabxKiY ej‡Z wK †evSvq?

3| GKK Ki wK?

4| g~j¨vbycvwZK K‡ii msÁv w`b|

5| GKK Ki I g~j¨vbycvwZK K‡ii g‡a¨ cv_©K¨ wK?

iPbvg~jK cÖkœ

1| c~Y© cÖwZ‡hvwMZv evRv‡i K‡ii ’vbvšÍi Av‡jvPbv Kiæb|

2| GK‡PwUqv Kviev‡i K‡ii ’vbvšÍi wKfv‡e nq we ÍvwiZ wjLyb|

3| GKK Ki I g~j¨vbycvwZK Ki wK? c‡Yï Ici Ki ywUi cÖfve Av‡jvPbv Kiæb|


1. wg_¨v 2. mZ¨ 3. wg_¨v 4. mZ¨

Ki mÂvj‡bi gvÎv I cÖK…wZ g~jZ wbf©i K‡i c‡Yï Pvwn`v I †hvMv‡bi w ’wZ ’vcKZv, Gi cÖK…wZ I

¸Yv¸Y, c‡Yï g~j¨ m¤ú‡K© †fv³v I Drcv`bKvix‡ì cÖZ¨vkv BZ¨vwì Ici| Ki mÂvjb m¤§y‡L bv

cðv‡Z msNwUZ n‡e Zv g~jZt wbf©i K‡i Ki Av‡ivwcZ c‡Yï Pvwn`v I †hvMv‡bi w ’wZ ’vcKZvi

Ici| K‡ii djvdj ïf Ges Aïf n‡Z cv‡i| Aïf djvdj‡K K‡ii fvi wn‡m‡e wb‡ ©k Kiv hvq|

G ai‡bi fvi yB ai‡bi n‡Z cv‡i| Avw_©K fvi I cÖK…Z fvi| K‡ii g~jabxKiY‡K GK we‡kl

ai‡bi cðvrgyLx Ki AcmviY bv‡g AwfwnZ Kiv hvq| g~jabxKi‡Yi d‡j Kiv‡ivwcZ e ‘ ev m¤ú‡ì

g~‡jï cwieZ©b N‡U| dv‡g©i Drcv`‡bi Ici GKK Ki Av‡ivc Ki‡j G Drcv`b n«vm Ki‡e|

dvg©mg~‡ni GB Drcv`b n«vm wk‡íi Drcv`b n«vm Ki‡e| `xN©‡gqv‡` dvg© wkí †_‡K †ei n‡e ev Gi

g‡a¨ cÖ‡ek Ki‡Z cv‡i| A_©vr cyivZb dvg© Drcv`b n‡Z weiZ _vK‡Z cv‡i ev bZzb dvg© Drcv`‡b

wb‡qvwRZ n‡Z cv‡i| GKKvjxb Ki GK A‡_© GK‡PwUqv Kvievixi Ici GK ai‡bi w ’i e¨q wn‡m‡e

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