weG/we Gm Gm †cÖ vMÖ vg 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
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
weG/we Gm Gm †cÖvMÖvg
A_©bxwZ
A_©kv‡¯¿i g~jbxwZ-2
Principles of Economics-2
†jLK
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
evsjv‡`k Db¥y³ wek¦we`¨vjq
iPbv‰kjx m¤úv`K
bvR‡g mvwebv
f~Zc~e© cÖfvlK, Gm Gm GBP Gj
evsjv‡`k Dš§y³ wek¦we`¨vjq
weG/we Gm Gm †cÖvMÖvg
A_©kv‡¯¿i g~jbxwZ-2
Principles of Economics-2
(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
evsjv‡`k Db¥y³ wek¦we`¨vjq
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‡`i‡K AvšÍwiK ï‡f”Qv Rvbvw”Q| MZ wm‡g÷v‡i A_©kv‡¯¿i g~jbxwZ-1 eBwU Avcbv‡`i †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‡`i 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‡k¨i 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‡`i 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 e¨emvwqK 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_© e¨e¯’v
cvV 1. miKvwi A_© e¨e¯’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, ˆewkó¨ I Kvbyb ............. ............................................. 225
cvV 5. Ki e¨e¯’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
BDwbU-11 c„ôv - 2
†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 e¨eüZ 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
`iKvi †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‡`i Avq
RvZxq Av‡qi wnmv‡ei
†¶‡Î GNP mn Av‡iv
KZ¸‡jv aviYv e¨eüZ
nq- †gvU †`kR
Drcv`b, wbU RvZxq
Drcv`b, RvZxq Avq,
e¨w³MZ Avq Ges
e¨q‡hvM¨ Avq|
cvV-1
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 3
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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 4
`v‡g wnmve Kiv nq| gv_vwcQy Avq †`‡ki A_©‰bwZK Ae ’vi wb‡`©kK| †Kv‡bv †`‡k mylg e›Ub
e¨e¯’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 e¨envi 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 e¨envi 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 e¨envi Kiv nq Ges
Zvi wfwˇZ wRwWwcI †`Lv‡bv nq| G‡Z wewfbœ †`‡ki cY¨ I †mevmg~n Zv‡`i 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
e¨e ’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
e¨envi Kiv nq Ges
Zvi wfwˇZ wRwWwcI
†`Lv‡bv nq|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 5
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 wfwˇZ|
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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 6
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¨ e¨emv 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¨vw`i weKí e¨envi 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 `uvovq
Y=C+I+G+NX
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 7
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‡e¨i `xN© mg‡qi
Rb¨ ’vwqZ¡ _v‡K, †hgb Mvwo I †Uwjwfkb| Avi †mev ªe¨ n‡”Q †m¸‡jv hv †Kv‡bv e¨w³ ev
e¨emvq 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 e¨env‡ii Rb¨ †Kbv nq| wewb‡qvMI wZb
fv‡M wef³| e¨emv‡qi ’vqx wewb‡qvM, Avevmx ’vqx wewb‡qvM Ges Bb‡f›Uwi wewb‡qvM|
e¨emv‡qi ’vqx wewb‡qvM n‡jv †Kv‡bv e¨emvq 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‡e¨i 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~‡j¨i 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‡R¨i 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‡`i 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‡`i 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‡`i 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‡`i
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‡`i
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¨
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 8
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 e¨envi RwbZ e¨q
= wbU RvZxq Drcv`b
(-) c‡iv¶ e¨emv-Ki
(-) e¨emv 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‡`i cÖ Ë my`
= e¨w³MZ Avq
(-) e¨w³MZ Ki
= e¨w³MZ e¨envi‡hvM¨ Avq
(-) e¨w³MZ mÂq
=e¨w³MZ †fvMe¨q
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 9
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‡`i 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 e¨eüZ 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‡`i 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‡`i 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 e¨envi Kiv nq Ges Zvi wfwˇZ wRwWwcI †`Lv‡bv nq|
mvims‡¶c
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 10
RvZxq Av‡qi PµvKvi cÖevn
GB cvVwU c‡o Avcwb Rvb‡Z cvi‡eb-
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 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 e¨emv cÖwZôvb‡K wfbœ GKwU LvZ wn‡m‡e wPwýZ Ki‡j G‡`i 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 e¨env‡ii †¶Î e¨emv cÖwZôvb (Firm)| e¨emv cÖwZôvbmg~n Gme Dcv`vb
e¨envi K‡i ªe¨ I †mev mvgMÖx Drcv`b K‡i| Dcv`vb e¨envi Ki‡Z wM‡q e¨emvq 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
e¨emvq cÖwZôvbmg~n Zv‡`i 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
e¨emvq cÖwZôvbmg~n Dcv`vb e¨env‡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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 11
n‡q‡Q| GLv‡b †gvU RvZxq Avq nj Y=gRywi+my`+LvRbv+gybvdv| Ab¨w`‡K e¨emvq
cÖwZôvbmg~n Zv‡`i Drcvw`Z ªe¨ I †mev mvgMÖx cwiev‡ii Kv‡Q wewµ K‡i hv cwievimg~n
†fvM e¨q eve` e¨emvq 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 e¨emvq 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‡`i Av‡qi GKUv Ask mÂq K‡i A_ev AvqKi Ges K‡c©v‡iU Ki
(e¨emv 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| e¨emvq cÖwZôvbmg~n ev¯Í‡e ïay †fvM¨`ªe¨B Drcv`b K‡i bv,
g~jab`ªe¨I Drcv`b K‡i| GKBfv‡e, cwievieM© Zv‡`i 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 e¨emvq 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 e¨emvq 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 e¨emvq 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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 12
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 e¨emvq 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 m‡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, e¨emvq 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
e¨emvq 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
m‡qi †P‡q Kg
wewb‡qvM Ki‡j
RvZxq Avq Kg‡Z
_vK‡e|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 13
= 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 e¨emvq 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 ͇¶c
Ki‡j Zv‡K wZb LvZ wewkó A_©bxwZ (cwievi, e¨emvq cÖwZôvb, miKvi) ejv nq| ˆe‡`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 e¨emvq 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 e¨emvq cÖwZôv‡bi Drcvw`Z ªe¨ I †mevi g~j¨
cwi‡kva Kiv hv AšÍtcÖevn wn‡m‡e e¨emvq 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 14
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 e¨emvq cÖwZôvbmg~n we‡`kx cY¨ I †mev µq eve` A_© e¨q K‡i hv wbM©gb
wn‡m‡e wPwýZ|
Ab¨w`‡K e¨emvq 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 e¨emv 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 e¨emvq
cÖwZôvbmg~n Zv‡`i Drcvw`Z cY¨ wek¦ evRv‡i wewµ K‡i ißvwb Avq †c‡q _v‡K hv RvZxq
Drcv`‡b AšÍtcÖevn N‡U| Abyiƒcfv‡e e¨emvq 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
e¨emvq 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 15
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‡Y¨i ißvwb Avq Ges we‡`kx n ÍvšÍi cvIbv h_vµ‡g e¨emvq cÖwZôvb I
cwiev‡i AšÍtcÖevn N‡U|
ms‡¶‡c meai‡bi ˆe‡`wkK AšÍtcÖevn (Inflow) Øviv Ges meai‡bi ˆe‡`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‡`i 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|
cv‡VvËi g~j¨vqb 1.2
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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
m‡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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 16
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
N. Dc‡ii †Kv‡bvwUB bq
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|
ˆbe© w³K cÖ‡kœi DËi
1. M 2. N 3. N
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 17
cÖK…Z I Avw_©K †gvU †`kR Drcv`b
GB cvVwU c‡o Avcwb Rvb‡Z cvi‡eb-
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‡e¨i 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‡e¨i cwigv‡Yi †Kv‡bv
cwieZ©b Qvov hw` `vg wظY nq Z‡e †gvU †`kR Drcv`bI wظY 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 wظY e„w× †c‡q‡Q|
KviY ª‡e¨i Drcvw`Z ª‡e¨i 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‡e¨i `v‡gi cwieZ©b Øviv cÖfvweZ n‡e bv| G
Kvi‡Y, A_©bxwZwe`iv A_©‰bwZK Kj¨vY wbY©‡q cÖK…Z GDP e¨envi 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 18
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 wظY n‡q‡Q| GB e„wׇZ 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„wׇK 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„wׇK cÖKvk Kiv hvq| wP‡Î †`Lv hv‡”Q 1959 †_‡K 1995 mv‡ji g‡a¨ gv_vwcQy
cÖK…Z wRwWwc wظ‡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 wظY K‡iwb, wKš‘ AwaKvsk RbmsL¨vi RxebhvÎvi gv‡bi mvgwMÖK Dbœqb G‡bwQj|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 19
w ’ig~‡j¨ 1995/96 A_©eQ‡ii wfwˇZ 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
L) Ab¨vb¨ LwbR m¤ú` I Lbb
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)
K) e„nr I gvSvwi wkí
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
5| we y¨r, M¨vm I cvwb m¤ú`
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
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
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
10| Avw_©K cÖvwZôvwbK †mev
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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 20
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
L) Ab¨vb¨ LwbR m¤ú` I Lbb
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)
K) e„nr I gvSvwi wkí
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
5| we y¨r, M¨vm I cvwb m¤ú`
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
9| cwienb, msi¶Y I †hvMv‡hvM
K) ’jc_ cwienb
L) cvwbc_ cwienb
M) AvKvk c_ cwienb
N) mn‡hvMx cwienb †mev I msi¶Y
O) WvK I Zvi †hvMv‡hvM
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
10| Avw_©K cÖvwZôvwbK †mev
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
Drm : evsjv‡`k cwimsL¨vb ey¨‡iv
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 21
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 m‡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 m‡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 m‡qi nvi 1998/99 I 1999/00
A_©eQ‡i cÖZ¨vkv Abyiƒc e„w× cvqwb| evsjv‡`‡ki †`kR I RvZxq m‡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 m‡qi nvi e„w×i Rb¨ ev ÍegyLx ivR¯ I gy`ªvbxwZ MÖnY Kiv
n‡q‡Q|
mviYx 5 : †gvU †`kR Drcv‡b (wRwWwc) m‡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
Drm : evsjv‡`k cwimsL¨vb ey¨‡iv
†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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 22
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 m‡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
Drm : evsjv‡`k cwimsL¨vb ey¨‡iv
†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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 23
cv‡VvËi g~j¨vqb 1.3
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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|
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. wg_¨v
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 24
g~j¨ m~PK
GB cvVwU c‡o Avcwb Rvb‡Z cvi‡eb-
†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‡e¨i ¸”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 e¨eüZ n‡q _v‡K| GB m~P‡K
A‡c¶vK…Z AwaK ª‡e¨i (cÖvq me `ª‡e¨i) `vg we‡ePbv Kiv nq| GB m~P‡K ª‡e¨i cwigvY
GKB _v‡K, GLv‡b Avg`vwb `ª‡e¨i `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
Drm : evsjv‡`k cwimsL¨vb ey¨‡iv|
cvV-4
†Kv‡bv GKwU ª‡e¨i
¸”Q µ‡qi †¶‡Î †h
e¨q nq, Zv cwigvc
Kiv nq †fv³vi `vg
m~PK Øviv|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 25
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
Drm : evsjv‡`k cwimsL¨vb ey¨‡iv|
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 wfwˇZ Drcv`‡Ki `vg m~PK wnmve Kiv n‡q
_v‡K| GB m~P‡K ga¨eZ©x `ª‡e¨i `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‡e¨i `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
wfwˇZ 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 wfwˇZ
Drcv`‡Ki `vg m~PK
wnmve Kiv n‡q
_v‡K|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 26
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~‡j¨i cÖKvk|
Ab¨w`‡K wRwWwc wW‡d¬Ui eZ©gvb g~‡j¨i Avg I Kjvi cwigv‡Yi m‡½ wfwË eQ‡ii g~‡j¨i
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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 27
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 wfwˇZ 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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 28
cv‡VvËi g~j¨vqb 1.4
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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
N. Dc‡ii †Kv‡bvwUB bq
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|
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. K
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 29
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|
GB BDwb‡Ui cvV¸‡jv n‡”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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 30
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 ˆe‡`wkK evwYR¨ †bB| †KejgvÎ
Db¥y³ A_© e¨e¯’vq ˆe‡`wkK †jb‡`‡bi wnmve RvZxq Av‡qi g‡a¨ AšÍfz©³ Kiv nq| Avgiv
GLv‡b e× A_© e¨e¯’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‡`i Avw_©K g~‡j¨i 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‡e¨i 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 e¨envi Kiv nq, †m wnmv‡e P‚ovšÍ `ªe¨¸‡jvi m‡½
Zvi evRvi `vg ¸Y K‡iB wnmve `uvo 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
e¨emvq cÖwZôvb¸‡jv †h cwigvY Avq DcvR©b K‡i, Zv‡`i 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‡`i Avw_©K
g~‡j¨i 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
e¨emvq cÖwZôvb¸‡jv
†h cwigvY Avq
DcvR©b K‡i, Zv‡`i
mgwó|
GNP=C+I+G+X-M
RvZxq Avq = LvRbv+gRywi+my`+gybvdv|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 31
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 e¨enviRwbZ e¨q (Depreciation or Capital Consumption Allowance) Ges e¨emv cÖwZôv‡bi c‡iv¶ Ki| c‡iv¶ Ki n‡”Q miKvi KZ©„K e¨emv-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 e¨emvq 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 e¨enviRwbZ 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 ªe¨I 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‡e¨i 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 m‡qi mwVK wnmve cvIqv hvq bv e‡j GB c×wZwU we‡kl
e¨eüZ 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‡`i 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‡e¨i 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 e¨enviRwbZ e¨q+c‡iv¶ Ki
= DcKiY e¨‡q RvZxq Avq
+g~ja‡bi e¨enviRwbZ 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 32
Drcv`b cÖwZôv‡bi Drcv`‡bi cÖwZwU ͇i Drcvw`Z ª‡e¨i 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~‡j¨i 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 ͇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 ga¨eZ©x ¯Í‡ii Drcvw`Z `ª‡e¨i `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 e¨envi 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‡e¨i 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 `uvovq 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 e¨envi 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~‡j¨i Rb¨ BBS K…wl evRvi
cwi`߇ii Ici wbf©i K‡i| Dcv`v‡bi cwigvY fZz©wK Ges weµqg~‡j¨i 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‡e¨i Rb¨
g~j¨ ms‡hvM c×wZ‡Z
ïay me©‡kl ͇ii
Drcvw`Z ª‡e¨i
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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 33
GKwU we‡kl AbycvZ wb‡q †bqv nq| Gici miKvwi Ges A-ebv‡ji ebR m¤ú‡`i 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‡_¨i wfwˇZ 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 e¨envi 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 e¨eüZ n‡q
_v‡K| Gme Z_¨ ÎvY I cybe©vmb gš¿Yvjq I †RjvwfwËK e¨‡qi Z‡_¨i 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 wfwˇZ 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 e¨envi 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 e¨envi Kiv nq|
e¨emvq evwYR¨ : evsjv‡`‡ki mKj K…wl, wkí I ˆe‡`wkK evwY‡R¨i 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‡`i 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 34
cv‡VvËi g~j¨vqb 2.1
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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
N. Dc‡ii †Kv‡bvwUB bq
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‡`i Avw_©K
g~‡j¨i 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 e¨emvq cÖwZôvb¸‡jv †h cwigvY Avq DcvR©b K‡i, Zv‡`i 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 ͇ii Drcvw`Z `ª‡e¨i 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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 35
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
ˆbe© w³K cÖ‡kœi DËi
1. K 2. K 3. L
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 36
RvZxq Avq cwigv‡ci ¸iæZ¡ I myweav
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
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‡Y¨i 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 e¨e¯’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
ˆe‡`wkK evwYR¨, wewb‡qvM Gme †¶‡Î bxwZ-wba©viK‡`i 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
e¨envwiK RM‡Z RvZxq Avq cwigv‡ci KZ¸‡jv Amyweav Av‡Q| GB Amyweav¸‡jv wb¤œiƒc-
wbf©i‡hvM¨ Z_¨vw`i 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 37
†¶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 wfwˇZ 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‡e¨i AšÍfz©w³i mgm¨v : ¯vgx, mšÍvbvw`i †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 e¨emv-cÖwZôv‡bi n ÍvšÍi cÖ vb (Transfer Payments), e¨w³MZ n¯ÍvšÍi cvIbv,
†hgb- cwiev‡ii m`m¨‡`i 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‡e¨i 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¨vw`i `vg †e‡o‡Q| Avevi, wek eQi Av‡Mi wPwKrmv
e¨e¯’vi m‡½ eZ©gvb wPwKrmv e¨e¯’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¨vw`i ¸YMZ w`K ms‡kvab ev mgšq Kivi RwUjZv Kg bq|
`vg ͇ii mgm¨v : ªe¨ I †mevmvgMÖxi ¸YMZ w`K QvovI gy`ªvùxwZi `iæb 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 wfwˇZ 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 ͇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„wׇKB 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¨vw`i ¸YMZ w`K
ms‡kvab ev mgšq
Kivi RwUjZv Kg
bq|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 38
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
e¨envi 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¨ e¨eavb j¶¨ Kiv hvq|
2. †kªYxwefvRb mgm¨v : RvwZms‡Ni wb‡ ©wkZ KvVv‡gvMZ LvZmg~n evsjv‡`‡k e¨envi Kiv nq|
wKš‘ evsjv‡`‡ki wewfbœ kªwgK‡`i 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‡`i‡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_¨ e¨envi 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
wfwˇZ 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 wfwˇZ 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 39
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|
cv‡VvËi g~j¨vqb 2.2
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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|
ˆbe© w³K cÖ‡kœi DËi
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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 40
RvZxq Avq wba©viY : fvimvg¨
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
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 ͇¶c ev ˆe‡`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 e¨emvq 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 e¨emvq 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 41
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 m‡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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 42
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 m‡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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 43
wewb‡qvM n‡j wb‡Pi wP‡Î I cwigvY wewb‡qvM Ges (s1) m‡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| e¨emv 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, e¨emv LvZ, miKvwi
LvZ Ges ˆe‡`wkK evwYR¨ LvZ
wewkó A_©bxwZ‡Z mvgwMÖK
Pvwn`vi mv‡_ m¤ú„³ n‡e wbU
ißvwb Avq (X-M)|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 44
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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 45
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 :
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 46
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|
cv‡VvËi g~j¨vqb 2.3
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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 wfwˇZ wKfv‡e RvZxq Avq wba©viY Kiv hvq,
Av‡jvPbv Kiæb|
ˆbe© w³K cÖ‡kœi DËi
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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 47
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|
GB BDwb‡Ui cvV¸‡jv n‡”Q :
cvV -1 : mvgwMÖK Pvwn`v Ges Drcv`‡bi fvimvg¨
cvV-2 : †fvM A‡c¶K Ges mvgwMÖK Pvwn`v
cvV-3 : ¸YK
3
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 48
cvV-4 : miKvwi LvZ
mvgwMÖK Pvwn`v Ges Drcv`‡bi fvimvg¨
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
Drcv`b fvimv‡g¨i mv‡_ mvgwMÖK Pvwn`vi m¤úK©
Drcv`b fvimvg¨ wK
Drcv`b fvimv‡g¨i mv‡_ RvZxq Av‡qi m¤úK©
mvgwMÖK Pvwn`v ej‡Z A_©bxwZ‡Z mKj ª‡e¨i Pvwn`v †evSvq| GLb `ª‡e¨i 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‡e¨i
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‡e¨i 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‡e¨i Pvwn`v 6 †KvwU UvKv, †hLv‡b Av‡qi Ici wbf©ikxj bq, m¤ú~Y© ¯vaxb| GLb hw` GKwU
wbw ©ó cwigvY ª‡e¨i 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‡`i 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‡g¨i mv‡_ mvgwMÖK Pvwn`vi m¤úK©|
Drcv`‡bi fvimvg¨
ej‡Z †evSvq GKwU
wbw ©ó cwigvY ª‡e¨i
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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 49
Drcv`‡bi fvimvg¨ ej‡Z †evSvq- GKwU wbw ©ó cwigvY ª‡e¨i 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‡e¨i Drcv`b nq, wVK †mB
cwigvY ª‡e¨i 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‡`i ¸`vgNi AwewµZ ª‡e¨ fwZ©
n‡Z _vK‡e| G Ae ’v †_‡K gy³ n‡Z n‡j ª‡e¨i 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‡e¨i 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‡e¨i 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 e¨e ’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‡`i 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‡`i 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‡`i
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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 50
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‡g¨i 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 e¨e ’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‡g¨i 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)
cv‡VvËi g~j¨vqb 3.1
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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‡g¨i m‡½ mvgwMÖK Pvwn`v I RvZxq Av‡qi m¤úK© Av‡jvPbv Ki|
ˆbe© w³K cÖ‡kœi DËi
Av‡qi fvimv‡g¨i
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‡e¨i 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‡g¨i 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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 51
1. mZ¨ 2. wg_¨v
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 52
†fvM A‡c¶K Ges mvgwMÖK Pvwn`v
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
†fvM A‡c¶K wK
†fvM Ges m‡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‡g¨i 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 e¨emvqx‡`i ev` †`e,
Zvn‡j G Ges NX Df‡qiB gvb k~b¨ n‡e|
†fvM ª‡e¨i Pvwn`v w ’i nq bv, wKš‘ Av‡qi mv‡_ mv‡_ evo‡Z _v‡K| †h me cwiev‡ii Avq
†ewk Zv‡`i †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 e¨env‡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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 53
†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‡`i ¸iæZ¡ w`‡Z n‡e| I-Gi gvÎvq, cwiKwíZ
wewb‡qvM LiP‡K w ’i a‡i Avgv‡`i 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 e¨envi 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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 54
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‡`i Drcv`b ªe¨I Kg‡Z _v‡K| Avi ZvB Zviv ZLb Zv‡`i
Drcv`b evov‡Z _v‡K| Abyiƒcfv‡e Drcv`‡bi gvÎvi Ic‡ii wP‡Î Y0 †Kv‡bv cÖwZôvb hw`
Zv‡`i Drcv`b `ª‡e¨i 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‡g¨i 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‡g¨i
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‡g¨i 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 m‡qi mgvb| G Ae¯’v A_©bxwZi Ggb GKwU
kvLvq cÖ‡qvM Kiv nq †hLv‡b miKvwi wKsev Ab¨ †Kv‡bv we‡`kx e¨emvqx cÖwZôvb _vK‡e bv|
fvimvg¨ Ae ’vq
cwiKwíZ wewb‡qvM
m‡qi mgvb| G
Ae ’v A_©bxwZi Ggb
GKwU kvLvq cÖ‡qvM
Kiv nq †hLv‡b
miKvwi wKsev Ab¨
†Kv‡bv we‡`kx
e¨emvqx cÖwZôvb
_vK‡e bv|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 55
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‡`i 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‡e¨i NvUwZ co‡e| †m‡¶‡Î cÖwZôv‡bi Drcv`b evov‡Z n‡e|
GLb Avgv‡`i 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 m‡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
ˆewkó¨|
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 m‡qi mgvb| G Ae ’v A_©bxwZi Ggb GKwU kvLvq
cÖ‡qvM Kiv nq †hLv‡b miKvwi wKsev Ab¨ †Kv‡bv we‡`kx e¨emvqx 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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 56
cv‡VvËi g~j¨vqb 3.2
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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. m‡qi cwigvY †ei Kiæb|
ˆbe© w³K cÖ‡kœi DËi
1. wg_¨v 2. wg_¨v 3. mZ¨
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 57
¸YK
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
¸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‡g¨i Av‡qiI 1 UvKv evo‡e| GB DËiwU fzj| GLb Avgv‡`i †`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‡`i 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 avc¸‡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„wׇK 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 mvgćm¨ 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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 58
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‡`i
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‡g¨i 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
`iKvi 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 `iKvi 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 59
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„wׇZ 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-
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 60
g‡b Kiæb, GKwU †`‡ki RbM‡Yi cÖvwšÍK †fvM cÖeYZv ev MPC=.5 A_©vr RbMY Zv‡`i
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‡`i Av‡qi 50% A_©vr 500 UvKv †fvM¨c‡Y¨ e¨q Ki‡e, evwK
Ask mÂq Ki‡e| Zv‡Z †fvM¨c‡Y¨i 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‡`i 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‡`i 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‡`i 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 61
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‡`i Drcvw`Z ªe¨mg~n cÖZ¨¶ ev c‡iv¶fv‡e we‡`kx ¯v` wbf©i| A_©vr Avgv‡`i †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 hw`I
PvKwi mÜvbx‡`i 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 e¨eüZ nq Ges evwK ¶gZv Ae¨eüZ _v‡K| †fvM¨ `ª‡e¨i Pvwn`v evo‡j ev
`ª‡e¨i `vg evo‡jI wkímg~n Aewkó AwZwi³ ¶gZvmg~n e¨envi Ki‡Z cvi‡Q bv| Gi
Ab¨Zg KviY kªwgK msMVbmg~‡ni Aïf ZrciZv, e¨e ’vcK‡`i b¨vq wbôvi Afve I ˆe`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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 62
cv‡VvËi g~j¨vqb 3.3
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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
N. Dc‡ii †Kv‡bvwUB bq
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|
ˆbe© w³K cÖ‡kœi DËi
1. L 2. K
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 63
miKvwi LvZ
GB cvVwU c‡o Avcwb Rvb‡Z cvi‡eb-
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‡`i `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 e¨envi wbwgË Avq‡K cÖfvweZ K‡i (YD)|
msÁvbyhvqx mvgwMÖK Pvwn`v n‡jv-
AD=C+I+G .............. (1)
†fvM e¨envi‡hvM¨ Avq bq, e¨envi‡hvM¨ Avq (YD) Gi Ici wbf©ikxj| e¨envi‡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 e¨envi‡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 e¨envi‡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 e¨envi‡hvM¨ Av‡qi Ici wbf©ikxj, Av‡qi Ici bq| AvqKi
Avq mxgvi †P‡q e¨envi‡hvM¨ Avq‡K †ewk cÖfvweZ K‡i|
e¨envi‡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 †`evi 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
e¨envi‡hvM¨ Av‡qi
Ici wbf©ikxj,
Av‡qi Ici bq|
AvqKi Avq mxgvi
†P‡q e¨envi‡hvM¨
Avq‡K †ewk cÖfvweZ
K‡i|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 64
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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 65
¸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‡`i †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 e¨envi 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‡Y¨i 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‡`i †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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 66
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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 67
cv‡VvËi g~j¨vqb 3.4
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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|
ˆbe© w³K cÖ‡kœi DËi
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_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 68
A_©, my` I Avq
Money, Interest and Income
mgwóMZ A_©e¨e¯’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‡e¨i evRvi I A‡_©i evRv‡ii g‡a¨ fvimvg¨ cÖwZôv K‡i RvZxq Av‡qi Íi I my‡`i 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|
GB BDwb‡Ui cvV¸‡jv n‡”Q :
cvV-1 : ª‡e¨i evRvi Ges IS †iLv
cvV-2 : A‡_©i evRvi I LM †iLv
cvV-3 : IS I LM g‡W‡ji gva¨‡g fvimvg¨
4
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 69
`ª‡e¨i evRvi Ges IS †iLv
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
IS †iLv wK
IS †iLvi AšÍM©Z PjKmg~n
IS †iLvi ˆewkó¨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 m‡qi mgZv m~PK †iLv hvi cÖwZwU we› y‡Z wewfbœ Av‡q wewfbœ my‡`i nvi
cÖKvk cvq A_ev wewfbœ my‡`i 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‡e¨i 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 m‡qi g‡a¨)
Y=E .......... mvgwMÖK Pvwn`v = mvgwMÖK †hvMvb (`ªe¨ evRv‡ii fvimv‡g¨i 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‡`i
nvi wba©viY K‡ib| wKš‘ †KBÝ hyw³ †`Lvb †h, K¬ vwmK¨vj‡`i 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‡`i nvi n«vm cvq|
hvi `iæb K¬vwmK¨vj‡`i ZË¡ Abyhvqx evRvi
my‡`i nvi †KvbwU Zv wba©viY Kiv hvq bv|
Avi K¬vwmK¨vj‡`i GB Awba©vwiZ Ae ’v
†_‡K wnK&m wewfbœ my‡`i nv‡ii Avq KZ
Zv wba©viY K‡ib IS †iLvi gva¨‡g| ZvB
ejv hvq K¬vwmK¨vj‡`i 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‡`i nvi wba©vwiZ nq|
Avevi Y1 Av‡q I=S(Y1) Øviv r1 my‡`i 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‡`i nvi wba©viY
K‡ib| wKš‘ †KBÝ
hyw³ †`Lvb †h,
K¬ vwmK¨vj‡`i G
ZË¡ ïay
cyb©wb‡qv‡Mi †¶‡Î
cÖ‡hvR¨|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 70
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 ˆewkó¨mg~n
IS †iLvi ˆewkó¨ 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‡`i nvi
KZ ev wewfbœ my‡`i nv‡i Avq KZ Zv cÖKvk cvq| Dc‡ii msÁv †_‡K wb‡¤œv³ ˆewkó¨mg~n
j¶¨ Kiv hvq|
GKwU KwíZ IS †iLv A¼b : `yÕLvZ (cwievi I e¨emv †¶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‡`i nv‡ii A‡c¶K|
Avgiv Rvwb, Avq evo‡j mÂq ev‡o| A_©vr mÂq A‡c¶‡K Av‡qi m‡½ m‡qi mivmwi m¤úK©
i‡q‡Q| Ab¨w`‡K wewb‡qvM evo‡j my‡`i nvi K‡g| A_©vr wewbqvM A‡c¶‡K wewb‡qv‡Mi m‡½
my‡`i 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‡`i
nvi KZ ev wewfbœ
my‡`i 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‡`i nvi KZ n‡e ev wewfbœ my‡`i 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 71
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‡`i 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‡`i 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‡`i 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 m‡qi cwigvY h_vµ‡g I0 I S0 Ges (M) As‡k S0 m‡qi m‡½ Y0 Av‡qi mivmwi m¤úK©
a3 we› y‡Z †`Lv‡bv n‡q‡Q| Avi (N) As‡k r0 my‡`i nv‡ii m‡½ Y0 Av‡qi m¤úK© a4 we› y‡Z
†`Lv‡bv n‡q‡Q| GKBfv‡e r1 my‡`i 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‡`i nv‡i I0 wewb‡qvM wba©vwiZ nq| ÔNÕ wP‡Î r0 my‡`i 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‡`i nv‡i S1=I1 Øviv fvimvg¨ wba©vwiZ nq|
†hLv‡b ÔNÕ wP‡Î r1 my‡`i 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‡`i nvi †`Lv‡bv n‡q‡Q| ZvB a I b we›`y
†hvM K‡i IS †iLv cvIqv hvq|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 72
IS †iLvi Xv‡ji e¨vL¨v
Avgiv Rvwb, my‡`i 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‡`i nvi I
fvimvg¨ RvZxq Av‡qi g‡a¨ wecixZ m¤úK© †`Lv †`q? Avgiv Av‡iv Rvwb my‡`i nvi I
wewb‡qv‡Mi g‡a¨ wecixZ m¤úK© i‡q‡Q| my‡`i 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‡`i 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‡`i nvi Kg‡j fvimvg¨ Avq ev‡o Ges
my‡`i 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‡`i nvi Kg‡j
fvimvg¨ Avq ev‡o
Ges my‡`i nvi
evo‡j fvimvg¨ Avq
K‡g| GB wecixZ
m¤ú‡K©i Kvi‡YB IS
†iLv Wvbw`‡K
wbæMvgx nq|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 73
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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 74
mÂq Av‡qi m‡½ abvZ¡K Ges my‡`i nv‡ii m‡½ abvZ¡K m¤ú‡K© Ave× Ges wewb‡qvM my‡`i
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‡`i nvi wba©vwiZ nq| hv wP‡Î a we› y‡Z r0 my‡`i 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‡`i
nv‡ii m‡½ abvZ¡K
m¤ú‡K© Ave× Ges
wewb‡qvM my‡`i nv‡ii
m‡½ wecixZ m¤ú ‡K©
Ave× n‡j IS †iLv
A¼b Kiv hvq|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 75
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‡`i 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‡`i nvi wba©viY K‡ib|
wKš‘ Keynes hyw³ †`Lvb †h, K¬ vwmK¨vj‡`i 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‡`i
nvi KZ ev wewfbœ my‡`i nv‡i Avq KZ Zv cÖKvk cvq| my‡`i nvi Kg‡j fvimvg¨ Avq ev‡o Ges my‡`i
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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 76
cv‡VvËi g~j¨vqb 4.1
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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‡`i nvi wecixZfv‡e m¤úK©hy³|
mZ¨/wg_¨v
msw¶ß cÖkœ
1. IS †iLvi ˆewkó¨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‡`i nvi 0.08 Ges 0.10, ZLb fvimvg¨ Avq KZ?
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. wg_¨v
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 77
A‡_©i evRvi I LM †iLv
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
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‡`i nv‡i Av‡qi cwigvY KZ A_ev wewfbœ Av‡q
my‡`i nvi KZ Zv wb‡ ©k K‡i| †hLv‡b Av‡qi m‡½ my‡`i 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‡`i 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‡`i 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‡`i 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‡`i 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‡`i nv‡ii cwieZ©b N‡U| fvimvg¨ my‡`i 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‡`i 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‡`i
nv‡i Av‡qi cwigvY
KZ A_ev wewfbœ
Av‡q my‡`i nvi KZ
Zv wb‡ ©k K‡i|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 78
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‡`i 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‡`i nvi nq r1| hv ÔLÕ
wP‡Î r0 I r1 my‡`i 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‡`i nvi Ges f‚wg A‡¶ Mt we‡eP¨| ÔMÕ wP‡Î j¤ A‡¶ my‡`i nvi Ges f‚wg A‡¶ A‡_©i Zvij¨ Pvwn`v (L) Ges cÖK…Z A‡_©
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 79
†hvMvb
MP0
we‡eP¨| ÔLÕ wP‡Î j¤ A‡¶ my‡`i 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‡`i 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‡`i nv‡ii m‡½ j¤ A‡¶i mgvšÍivj ev Aw ’wZ¯’vcK| djkÖæwZ‡Z e„w×cÖvß
A‡_©i Pvwn`vi `iæb bZzb my‡`i nvi wba©vwiZ nq| ZvB fvimvg¨ my‡`i nvi †KvbwU Zv ejv hvq
bv| †hRb¨ †KBb‡mi my` ZË¡wUI K¬vwmK¬ vj‡`i 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‡`i nv‡i A_© evRv‡ii fvimvg¨ m~PK wewfbœ we›`y wbq LM †iLv
MwVZ| Z‡e Avgv‡`i 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‡`i 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‡`i 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‡`i nvi cvIqv hvq| ZvB LM †iLv mn‡RB Gi †cÖw¶‡Z
A¼b Kiv m¤¢e|
y=MS-h(r)
k ...............LM A‡c¶K|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 80
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‡`i 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‡`i nv‡ii m‡½ Av‡qi m¤úK© m~PK we›`y
n‡jv a4 A¶ (N) evRvi my‡`i 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‡`i 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 ˆewkó¨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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 81
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‡`i 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‡`i 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‡`i 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 82
†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‡`i nvi wba©vwiZ nq|
GKBfv‡e y1t1s1r1 my‡`i 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‡`i nv‡i r1 Avq Ges y1 my‡`i 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 83
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‡`i 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‡`i nvi Ges r1 my‡`i nvi wba©vwiZ nq| y0 Av‡q r0 my‡`i nvi Ges y1 Av‡q r1 my‡`i 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‡`i 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 84
cv‡VvËi g~j¨vqb 4.2
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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 ˆewkó¨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
ˆbe© w³K cÖ‡kœi DËi
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‡`i nv‡i Av‡qi cwigvY KZ A_ev wewfbœ Av‡q my‡`i nvi KZ Zv wb‡ ©k
K‡i| †hLv‡b Av‡qi m‡½ my‡`i 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‡`i 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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 85
cvV - 3
IS I LM g‡W‡ji gva¨‡g mvaviY fvimvg¨
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
IS I LM g‡W‡ji gva¨‡g fvimvg¨
fvimv‡g¨i 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`‡`i g‡Z, mÂq my‡`i nv‡ii m‡½ mivmwi Ges wewb‡qvM my‡`i nv‡ii m‡½ wecixZ
m¤ú‡K© Ave×| Ab¨w`‡K †KBbmxq A_©bxwZwe`‡`i g‡Z mÂq Avq Øviv cÖfvweZ nq, †h Kvi‡Y
fvimvg¨ my‡`i 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‡`i mgšq mva‡bi gva¨‡g ªe¨ evRv‡ii fvimvg¨
†_‡K IS †iLv A¼b K‡ib|
wP‡Îi gva¨‡g K¬vwmK¨vj I †KBbmxq‡`i mgšq †_‡K IS †iLv A¼b Kiv hvq-
4.16 (K) wP‡Î I=S(y0) Øviv e we›`y‡Z r0 my‡`i nvi wba©vwiZ nq| (L) wP‡Î r0 my‡`i 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‡`i nvi wba©vwiZ nq| (L)
wP‡Î r1 my‡`i 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‡`i nvi r0 Ges y1 Av‡q my‡`i nvi y1| Kv‡RB fvimvg¨
my‡`i 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‡`i 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‡`i nvi evo‡e Z_v K
we› y‡Z A_©bxwZ w ’i _vK‡e bv| Ab¨w`‡K r0 my‡`i nv‡i M we› y‡Z mÂq †ewk, wewb‡qvM Kg|
ZvB Avq Kg‡e ev my‡`i nvi Kg‡e Ges A_©bxwZ fvimvg¨ Ae ’vq Avm‡e| ZvB IS †iLvi wb‡P
A_©bxwZ _vK‡j wewb‡qvM m‡qi †P‡q †ewk _v‡K| d‡j Avq ev‡o A_ev my‡`i nvi ev‡o Ges
cvV-3
IS †iLvi wb‡P
A_©bxwZ _vK‡j
wewb‡qvM m‡qi
†P‡q †ewk _v‡K|
d‡j Avq ev‡o A_ev
my‡`i 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‡`i nvi K‡g|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 86
IS †iLvi Ic‡i †h‡Kv‡bv we› y‡Z mÂq wewb‡qvM-Gi †P‡q †ewk| d‡j Avq K‡g ev my‡`i nvi
K‡g|
Ab¨w`‡K †KBbmxq A_© evRv‡ii fvimv‡g¨i 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‡`i 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‡`i 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‡`i nvi †KvbwU Zv ejv m¤¢e bq| KviY wewfbœ Av‡q
wewfbœ my‡`i nvi cvIqv hvq| Av‡qi cwieZ©b my‡`i nv‡ii cwieZ©b Kij, ZvB †Kv‡bv GKwU
my‡`i nvi‡K fvimvg¨ my‡`i nvi ejv wVK bq| ªe¨ evRv‡ii ØvivB ïay my‡`i nvi wba©vwiZ nq
bv eis A_© evRviI my‡`i 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‡`i nvi wba©viY Ki‡Z cv‡i bv| KviY Avq evo‡j A‡_©i
Pvwn`v ev‡o Ges my‡`i nviI †e‡o hvq| A_©vr cÖwZwU Avq ͇i GKwU K‡i my‡`i nvi cvIqv
hvq| ZvB fvimvg¨ my‡`i nvi †KvbwU Zv ejv hvq bv| ïay A_© evRvi bq, ªe¨ evRvi I my‡`i
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‡`i nvi wba©vwiZ n‡e bv| †h my‡`i 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 87
wP‡Î E we› y‡Z IS=LM kZ© cvwjZ n‡q‡Q Ges r0 my‡`i nvi Ges y0 Av‡q mvaviY fvimvg¨
AwR©Z n‡q‡Q|
mvgwMÖK fvimv‡g¨i 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‡`i nvi †e‡o hvq|
cv‡VvËi g~j¨vqb 4.3
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
1. †KBbmxq A_©bxwZwe`‡`i g‡Z mÂq Avq Øviv cÖfvweZ nq| mZ¨/wg_¨v
2. I=S, L>M Ae¯’vq
K. my‡`i nvi evo‡j Avq Kg‡e|
L. my‡`i nvi evo‡j Avq evo‡e|
M. my‡`i 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‡`i 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‡g¨i 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‡`i
nvi †e‡o hvq|
IS †iLvi wb‡P A_©bxwZ _vK‡j wewb‡qvM m‡qi †P‡q †ewk _v‡K| d‡j Avq ev‡o A_ev my‡`i 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‡`i
nvi K‡g| IS-LM g‡W‡j IS iLv Wv‡b ’vbvš—wiZ n‡j Avq ev‡o Ges my‡`i nvi †e‡o hvq| IS=LM
†iLvi †Q` we›`y‡Z fvimvg¨ wba©vwiZ n‡e|
mvims‡¶c
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 88
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?
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. K 3. wg_¨v
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 89
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 ͇¶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|
GB BDwb‡Ui cvV¸‡jv n‡”Q :
cvV-1 : Avw_©K bxwZ
cvV-2 : ivR¯ bxwZ
cvV-3 : Drcv`‡bi mgšq Ges bxwZi wgkªY
5
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 90
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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 91
5. Avw_©K cÖwZôvb (Financial Institution) : †hme cÖwZôvb AvgvbZ MÖnY K‡i Fb cÖ vb
K‡i, ¯Y©, ˆe‡`wkK gy ªv µq-weµq K‡i Ges ¯íKvjxb FY †jb‡`b K‡i Zv‡`i‡K Avw_©K
cÖwZôvb e‡j|
6. cÖPwjZ gy`ªv (Currency in circulation) : †h A_© RbM‡Yi †jb‡`‡b e¨eüZ 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 ˆe‡`wkK wewbgq nvi wbqš¿Y Kiv
nq| GLv‡b mnvqK kw³ wnmv‡e Avw_©K KZ©„c¶ A‡_©i †hvMvb, my‡`i nv‡ii KvVv‡gv, FY
e¨e¯’vi g‡Zv Avw_©K welqmg~n e¨envi 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‡`i nvi n«vm cvIqvq
A_©bxwZ‡Z ZLb †fv³viv Zv‡`i m¤ú‡`i ¶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‡`i 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 `iæb A_©bxwZ‡Z my‡`i 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‡`i
nvi AwZ m~² cÖwZwµqvkxj nq Zvn‡j GKwU wbw ©ó cwigvY A‡_©i cÖev‡ni cwieZ©b my‡`i
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‡`i
nvi hw` AwZ
cÖwZwµqvkxj bv nq,
Zvn‡j GKwU wbw ©ó
cwigvY UvKvi cÖevn
cwieZ©b my‡`i nv‡ii
e„nr cwieZ©b NUv‡e|
hvi cÖfve co‡e
wewb‡qvM Pvwn`vi
e„w×i gva¨‡g|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 92
nviI A‡bK m‚² ev ¶z`ª n‡e| Ab¨w`‡K A‡_©i Pvwn`v I my‡`i nvi hw` AwZ cÖwZwµqvkxj bv
nq, Zvn‡j GKwU wbw ©ó cwigvY A‡_©i cÖevn cwieZ©b my‡`i 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‡`i `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‡`i nvi Kg| Zviv LiP Kwg‡q †`‡e| wKš‘
GB we›`y‡Z c‡Y¨i Pvwn`v †hvMv‡bi Zyjbvq †ewk| KviY cÖv_wgK Avq (Y0) hw` GKB _v‡K
Zvn‡j my‡`i 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‡`i
nvi| E fvimvg¨ we› y‡Z my‡`i nvi i Ges Drcv`b Y| Gfv‡e A‡_©i cwigvY e„w× K‡i
cÖ_‡g my‡`i nvi n«vm Kiv m¤¢e| ¯í my‡`i nv‡ii Kvi‡Y †fv³viv Zv‡`i †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©| avc¸‡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‡`i `vg Ges cÖvwßi m¤¢vebv
cwiewZ©Z nq| A_© I m¤ú‡`i GB wewbg‡q UvKvi cÖevn Ges my‡`i nvi cwiewZ©Z nq|
2| my‡`i nvi mvgwMÖK Pvwn`v‡K cÖfvweZ K‡i| GB `ywU avcB UvKvi cÖevn m¤úwK©Z we‡køl‡Y
we`¨gvb|
my‡`i nv‡ii m‡½ †fvM I miKvwi e¨‡qi m¤úK© †`Lv‡bv nq| wb‡Pi Q‡K cy‡iv cÖwµqvi
avc¸‡jv Zz‡j aiv n‡jv-
cÖwµqvwUi cÖfve Avq Ges cÖK…Z fvimv‡g¨i 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‡`i nvi cwiewZ©Z nq|
wØZxqZ, my‡`i 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‡`i 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‡Y¨i g~j¨ I
my‡`i nvi cwieZ©b
my‡`i 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‡`i nvi
n«vm Kiv m¤¢e| ¯í
my‡`i nv‡ii Kvi‡Y
†fv³viv Zv‡`i
†cvU©‡dvwjI
bZzbfv‡e mvRvq, hv
cieZ©x‡Z mvgwMÖK
Pvwn`v e„w× K‡i|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 93
my‡`i 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‡`i nv‡ii GB m¤úK© ˆZwi n‡q‡Q †fvM Pvwn`vi m‡½ my‡`i
nv‡ii we`¨gvb m¤ú‡K©i Rb¨| wbw ©ó Avq mxgvq my‡`i 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‡`i 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‡`i †gvU Avgvb‡Zi wbw ©ó Ask ˆ`bw›`b
AvgvbZKvix‡`i I FY MÖnYKvix‡`i 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‡`i nvi evo‡j
mÂq evo‡e| gvbyl
ev †fv³vi †fv‡Mi
cwigvY Kg‡e|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 94
AbycvZ wbw ©ó K‡i †`qv nq| A_©vr †Kv‡bv e¨vs‡Ki †gvU m¤ú‡`i 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‡`i †¶‡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 e¨envi
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 e¨envi Kiv n‡e Ggb
K_v bq| †h †Kv‡bv GKwU ev GKvwaK GKm‡½ e¨envi 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 e¨envi Ki‡e|
Zvij¨ duv`
Avw_©K bxwZi cÖfve Ges A_©‰bwZK Ae ’v we‡køl‡Y y‡Uv Pig Ae¯’v M‡elK‡`i bRi †K‡o‡Q|
cÖ_gwU Zvij¨ duv`| G Ae¯’vq †fv³viv GKwU wbw ©ó my‡`i 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‡`i
nv‡ii Ici †Kv‡bv cÖfve †dj‡Z cv‡i bv| Zvij¨ duv‡`i mgq Avw_©K bxwZ A‡K‡Rv|
my‡`i nvi hLb k~b¨ ZLb Zvij¨ duv‡`i D™¢e n‡Z cv‡i| KviY, k~b¨ my‡`i nv‡ii wecix‡Z
gvbyl UvKv/ A‡_©i g~j¨ †h‡Kv‡bv e‡Ûi g~‡j¨i †P‡q †ewk g‡b Ki‡e| KviY †jb‡`‡bi mgq
UvKvi g~‡j¨i 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‡`i nviI Kg‡e bv| GB
Ae¯’vq A_©bxwZ‡Z UvKvi cwigvY evov‡jI Avq ev my‡`i nvi cÖfvweZ n‡e bv| A_©bxwZ Zvij¨
duv‡`i Ke‡j co‡e| Bs‡iR A_©bxwZwe` m¨vi Rb †gbvW© †KBbm †h ZË¡ w`‡qwQ‡jb Zvi
†_‡KB Zvij¨ duv‡`i Ae ’vi DrcwË| hw`I 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‡`i nv‡ii n«vm-e„w× †_‡K
cÖfvegy³|
MvwYwZK mgxKiY †_‡K LM †iLv
M-
p = ky-hi
†fv³viv GKwU wbw ©ó
my‡`i 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 95
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‡`i nv‡ii ZviZ‡g¨i Ici cÖfvweZ nq bv e‡j
my‡`i 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‡g¨i Dbœqb
7. wewbgq nvi wbqš¿Y
j¶¨
1. A‡_©i †hvMvb 2. FY
3. Zvij¨ 4. my‡`i 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‡`i nvi hw` AwZ cÖwZwµqvkxj bv nq, Zvn‡j GKwU wbw ©ó cwigvY
UvKvi cÖevn cwieZ©b my‡`i 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‡`i nvi n«vm Kiv m¤¢e| ¯í my‡`i nv‡ii Kvi‡Y †fv³viv
Zv‡`i †cvU©‡dvwjI bZzbfv‡e mvRvq, hv cieZ©x‡Z mvgwMÖK Pvwn`v e„w× K‡i| wbw ©ó Avq mxgvq my‡`i
nvi evo‡j mÂq evo‡e| gvbyl ev †fv³vi †fv‡Mi cwigvY Kg‡e| †fv³viv GKwU wbw`©ó my‡`i nv‡ii
wecix‡Z †h †Kv‡bv mieivnK…Z A_© a‡i ivL‡Z AvMÖnx|
mvims‡¶c
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 96
cv‡VvËi g~j¨vqb 5.1
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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?
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. wg_¨v 3. wg_¨v
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 97
ivR¯bxwZ
GB cvVwU c‡o Avcwb Rvb‡Z cvi‡eb-
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‡`i aviYv AZ¨šÍ KÆi wQj| Zviv Aeva A_©bxwZ wek¦vmx wQ‡jb| Zviv g‡b Ki‡Zb
evRvi e¨e¯’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 ͇¶c Kvg¨ bq| Zv‡`i 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 ͇¶c‡K Necessary evil e‡j wPwýZ K‡ib|
1930 mv‡ji A_©‰bwZK g›`v K¬vwmK¨vj‡`i 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¨vw`i gva¨‡g|
ivR¯bxwZi D‡Ïk¨mg~n
ivR¯bxwZ AvRKvj eûwea D‡Ï‡k¨ e¨envi 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 98
1. c~Y© wb‡qvM AR©b Kiv : Dbœqbkxj †`‡k ivR¯bxwZi Ab¨Zg D‡Ïk¨ nj c~Y© wb‡qvM AR©b
Kiv| Ae¨eüZ m¤ú` e¨env‡ii Rb¨ ivR¯bxwZ Ggbfv‡e ˆZwi Kiv nq, hv m¤ú‡`i cwic~Y©
e¨envi 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‡`i gybvdv ev‡o| gybvdv evo‡j m¤ú‡`i 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 ͇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‡`i c~Y© wb‡qvM aviYv e¨envi 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‡`i 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¨ ͇ii DÌvb-cZb †ivaK‡í ivR¯bxwZ e¨envi 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‡`i Kvg¨ wb‡qvM web¨vm : ivR¯bxwZ ïay g~j¨¯Í‡ii w ’wZkxjZv Ges mvgwMÖK Pvwn`v I
†hvMv‡bi e¨eavb `~ixKi‡Y e¨envi Kiv nq| wKš‘ `xN©Kv‡j m¤ú‡`i Kvg¨ wb‡qvM web¨vm
wbwðZ Ki‡Z ivR¯bxwZ mnvqK| AbybœZ GjvKvi g‡a¨ m¤ú‡`i ˆelg¨ 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 e¨env‡ii Rb¨ ev we‡kl m¤ú‡`i Ace¨envi
ev Ae¨envi mgm¨v mgvav‡b `xN©Kv‡j ivR¯bxwZ e¨envi Kiv hvq|
4. Avq ˆelg¨ n«vmKiY : abZvwš¿K A_©bxwZ‡Z Avq ˆelg¨ m…wó n‡eB| cÖwZfvevb, Kg©V Ges
ˆcwÎK m¤úwËavix‡`i Avq _v‡K †ewk Ges Ajm, A`¶ cÖwZfvnxb, ˆcZ…K m¤úwËnxb Ges
AmyweavMÖ Í †kªYxi †jvK‡`i Avq Kg _v‡K| G ˆelg¨ w`bw`b evo‡Z _v‡K| cyuwRev`x A_©bxwZ
G ai‡bi ˆelg¨ †iva Ki‡Z cv‡i bv| †hRb¨ ivR¯bxwZ mnvqK| miKvi cÖMwZkxj KibxwZ
Ges e¨qbxwZ Aej¤b K‡i G ai‡bi Avq ˆelg¨ `~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
e¨envi 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 ͇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‡`i c~Y© wb‡qvM
aviYv e¨envi K‡ib|
ivR¯bxwZ G ai‡bi
wb‡qvM AR©‡b
mnvqK|
we‡kl †kªYxi kª‡gi
e¨env‡ii Rb¨ ev
we‡kl m¤ú‡`i
Ace¨envi ev
Ae¨envi mgm¨v
mgvav‡b `xN©Kv‡j
ivR¯bxwZ e¨envi
Kiv hvq|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 99
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‡`i mieivn K‡i Giƒc gy`ªvùxwZ wKQyUv wbqš¿Y Kiv m¤¢e| KvVv‡gvMZ
AbgbxqZv, Ac~Y©v½ evRvi e¨e¯’v, wbZ¨cÖ‡qvRbxq ª‡e¨i †hvMvb e„w×i cÖwZeÜKZv, kªwgK‡`i
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¨, ˆe‡`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‡`i Rb¨ mvgvwRK wbivcËv e¨e¯’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
e¨envi K‡ib| miKvi e¨emv 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_© e¨e¯’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¨ ͇ii Ici ïf cÖfve iPbvi Rb¨ Ki e¨e ’v ¸iæZ¡c~Y©
f‚wgKv cvjb Ki‡Z cv‡i|
3. fZz©wKi bxwZ : miKvi Zvi ivR¯ e¨e¯’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 ͇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‡`i Rb¨
mvgvwRK wbivcËv
e¨e ’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 ͇ii Ici cÖfve
we Ívi K‡i|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 100
4. miKvwi FY : miKvi ivR¯bxwZi nvwZqvi wnmv‡e FYbxwZ‡K e¨envi 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 ͇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 e¨e ’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‡`i 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‡`i nv‡ii cwieZ©b| my‡`i nvi hw` AcwiewZ©Z
_v‡K Zvn‡j ivR¯ e¨q e„w×i Rb¨ mvgwMÖK Pvwn`v e„w× cv‡e| c‡Y¨i Pvwn`v e„w×i Rb¨ Drcv`b
evov‡Z n‡e| †mRb¨ IS †iLv‡K IS© ch©šÍ †cuŠQv‡Z n‡e| my‡`i 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‡`i 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„wׇZ fvimvg¨
cwieZ©b n‡e| my‡`i 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‡`i 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‡Y¨i 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‡`i nvi
my‡`i nvi hw`
AcwiewZ©Z _v‡K
Zvn‡j ivR¯ e¨q
e„w×i Rb¨ mvgwMÖK
Pvwn`v e„w× cv‡e|
c‡Y¨i 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‡`i nvi e„w×
K‡i|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 101
e„w× K‡i| d‡j LM †iLvi Ici IS Ic‡ii w`‡K I‡V| Drcv`b Ges my‡`i 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„wׇZ Avq Ges my‡`i nviI †e‡o hvq|
my‡`i 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‡`i 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‡`i 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‡`i 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‡`i 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‡`i nv‡ii e„w×i gvÎv Kg ZLb IS cÖvq mgZj nq|
M) Avq Ges my‡`i 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‡`i 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‡`i 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‡`i 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„wׇZ fvimvg¨ Ae ’vq Avqmxgv I my‡`i †Kv‡bv cwieZ©b
N‡U bv| miKvwi e¨q e„wׇZ IS †iLv Ae¯’vb cwieZ©b Kvi‡jI Av‡qi †Kv‡bv cwieZ©b N‡Uwb|
hw` A‡_©i Pvwn`v my‡`i 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‡`i 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‡`i nvi
e„wׇZ 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‡`i 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‡`i 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‡`i
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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 102
cÖ_gZ: c~Y© wb‡qvM ͇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‡Y¨i `vg evo‡Q|
KviY evowZ Pvwn`v †gUv‡bv m¤¢e bq|
wØZxqZ: †h A_©bxwZ‡Z Ae¨eüZ 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| m‡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„wׇZ wewb‡qvM K‡g hv‡e bv| †eKvi mgm¨v msewjZ A_©bxwZ‡Z µvDwWs
AvDU Am¤ú~Y©| KviY c‡Y¨i Pvwn`v e„w× cÖK…Z Avq Ges Drcv`b evwo‡q †`‡e| d‡j mÂq
e„w× cv‡e| my‡`i nviI mvgvb¨ evo‡e, d‡j wewb‡qvM Kg‡e bv|
Z…ZxqZ: †eKvi mgm¨v _vKvKvjxb my‡`i 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‡`i 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‡`i 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‡`i 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„wׇZ wewb‡qvM
K‡g hv‡e bv| †eKvi
mgm¨v msewjZ
A_©bxwZ‡Z µvDwWs
AvDU Am¤ú~Y©|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 103
cv‡VvËi g~j¨vqb 5.2
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
1. K¬vwmK¨vj A_©bxwZwe`MY ivR¯ bxwZ‡Z miKvwi n ͇¶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?
ˆbe© w³K cÖ‡kœi DËi
1. wg_¨v 2. mZ¨ 3. mZ¨
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 104
Drcv`‡bi mgšq Ges bxwZi wgkªY
GB cvVwU c‡o Avcwb Rvb‡Z cvi‡eb-
Avq I my‡`i 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‡`i nv‡ii
Ae¯’v| ïay Zvij¨ duv` ev mbvZb Ae¯’vq A_©bxwZ _vK‡jB Gi e¨wZµg NU‡e|
Avq I my‡`i nv‡ii Ici wewfbœ bxwZi cÖfve
bxwZ fvimvg¨ Avq fvimvg¨ my‡`i 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
؇›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 Dcv˸‡jv wePvi Ki‡j Avw_©K I ivR¯ bxwZi Zxeª cv_©K¨
†`Lv hvq| Avw_©K bxwZ my‡`i 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¨vw`i
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‡`i nvi e„w× K‡i|
wewb‡qvM fZz©wK
AvqKi n«vm Ges miKvwi e¨q e„w× y‡UvB GKw`‡K my‡`i 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‡`i 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‡`i nvi
e„w× K‡i|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 105
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 hw`I my‡`i
nvi e„w× †c‡q‡Q
ZviciI wewb‡qvM †e‡o‡Q (I †_‡K I), my‡`i 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‡`i nv‡ii m¤úK©
†`Lv‡”Q|
wewfbœ ai‡bi ivR¯ bxwZ
ivR¯ bxwZgvjv my‡`i 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`‡`i 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| hw`I `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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 106
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‡`i nvi AMÖnY‡hvM¨ D”P ch©v‡q _vK‡Z cv‡i| Giƒc my‡`i
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‡`i nvi Av‡Q| G mgq A‡_©i †hvMvb evo‡j my‡`i 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‡`i 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‡`i 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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 107
cv‡VvËi g~j¨vqb 5.3
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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|
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. wg_¨v 3. mZ¨
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 108
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|
GB BDwb‡Ui cvV¸‡jv n‡”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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 109
mvgwMÖK Pvwn`v
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
mvgwMÖK Pvwn`vi msÁv
mvgwMÖK Pvwn`vi ˆewkó¨, 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‡`i wfwˇZ †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‡e¨i 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 ͇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 ͇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 ͇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 ͇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 ͇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 ͇ii wewfbœ
mswgkªY cÖKvk cvq|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 110
3. `vg ͇ii cÖwZev‡ii cwieZ©b‡K e¨emvq 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‡`i 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‡`i nvi i2
†Z K‡g Ges RvZxq Avq Y2 †Z ev‡o| myZivs A_© †hvMv‡bi cÖK…Z g~j¨
evo‡j my‡`i 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 ͇ii wewfbœ mswgkªY cÖKvk cvq|
mvgwMÖK Pvwn`v †iLv wb¤œMvgx| Gi KviY AbymÜvb Ki‡Z n‡j `vg Íi Ges Drcv`b ª‡e¨i
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‡`i 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‡`i Ae ’vq mvgwMÖK fvimvg¨ wba©vwiZ n‡j †`Lv hv‡e †h `vg ͇ii cwieZ©b Øviv LM
cwieZ©b n‡e wVKB, wKš‘ my‡`i nv‡ii †Kv‡bv cwieZ©b n‡e bv| my‡`i 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‡`i nvi hw`
cwiewZ©Z bv nq,
Z‡e wewb‡qvM ev Avq
evovi m¤¢vebv _v‡K
bv| G Ae ’vq cÖvß
mvgwMÖK Pvwn`v †iLv
j¤ A‡¶i mgvš—ivj
nq|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 111
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‡`i 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‡`i nvi i0-G
cwiewZ©Z _v‡K Ges Avq ev Drcv`bI Y0-G w ’i _v‡K| Kv‡RB `vg ͇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‡`i 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‡`i 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‡`i nvi Kg‡Z cv‡i| wKš‘ wewb‡qvM I Ki hw` bv ev‡o, Z‡e AD †iLv Dj¤ n‡e| KviY
`vg ͇ii cwieZ©b Øviv mvgwMÖK Pvwn`v cÖfvweZ nq bv| AcwieZ©bkxj `vg ͇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 ͇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 ˆewkó¨, 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 ͇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‡g¨i †¶‡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‡g¨i
cwieZ©bI †`Lv‡bv nq|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 112
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 ͇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‡`i nv‡ii m‡½ A‡_©i Pvwn`vi m¤úK© m¤ú~Y© Aw ’wZ ’vcK| A_©vr my‡`i 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‡`i eyS‡Z n‡e my‡`i nv‡ii m‡½ A‡_©i Pvwn`vi mvov †`qvi
gvÎv wbZvšÍB Kg| Aciw`‡K 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 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‡`i 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~‡b¨i †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‡g¨i 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 wfwˇZ 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 ͇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‡`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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 113
†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 wfwˇZ 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 114
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
mvgwMÖK Pvwn`v †iLv
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
Wvbw`‡K ’vbvšÍwiZ
nq| d‡j IS †iLvI
Wvbw`‡K ’vbvšÍwiZ
nq| P‚ovšÍ ch©v‡q
AD †iLvI Wvbw`‡K
m‡i hvq|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 115
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 ͇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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 116
cv‡VvËi g~j¨vqb 6.1
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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 ˆewk󨸇jv wK?
2. wK wK Kvi‡Y mvgwMÖK Pvwn`v †iLvi ’vbvšÍi nq?
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. wg_¨v 3. mZ¨
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 117
mvgwMÖK †hvMvb †iLv
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
mvgwMÖK †hvMvb †iLvi msÁv
†KBb‡mi Z‡Ë¡i wfwˇZ Avbyf‚wgK mvgwMÖK †hvMvb †iLv
Avw_©K gRywii Ici wbf©ikxj kª‡gi †hvMv‡bi wfwˇZ mvgwMÖK †hvMvb †iLv I `vg¯Íi
wba©viY
GKwU †`‡ki Drcv`‡bi cwigvY (Avq) I `vg ͇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 ͇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, e¨emvq cÖwZôvbmg~‡ni †hvMvbK…Z `ª‡e¨i 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‡e¨i `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 ͇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 wfwˇZ 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‡e¨i Pvwn`v _v‡K, †mB cwigvY ªe¨
e¨emvq 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 ZvwˡK 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 118
cwigvY kªwgK wb‡qvM Ki‡Z †m m¶g|
†KBbm AviI g‡b K‡ib †`‡k †eKviZ¡
_vKvi Kvi‡Y- e¨emvq cÖwZôvb B”Qvg‡Zv
kªwgK wb‡qvM Ki‡Z cv‡i| †KBbm g‡b
K‡ib, gRywi I `vg ͇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 e¨emvq 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‡e¨i 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 ga¨eZ©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 Ôga¨e©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 ga¨eZ©x ch©vq j¶¨ Kiv hvq| †KBbm GB ga¨eZ©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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 119
Ges †h‡nZz †KBbm ivR¯bxwZi cÖmviZvi Øviv †mB j¶¨ AR©‡bi K_v D‡jøL K‡ib| ZvB AS
†iLvi ga¨eZ©x AÂjwU‡K cÖmvwiZ †KBbmxq ch©vq (extended Keynesian range) ejv P‡j|
Avw_©K gRywii Ici wbf©ikxj kª‡gi †hvMv‡bi wfwˇZ 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‡e¨i †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‡e¨i
†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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 120
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 ͇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 ͇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 ͇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 ͇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 wfwˇZ 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 ͇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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 121
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 ͇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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 122
cv‡VvËi g~j¨vqb 6.2
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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?
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. wg_¨v 3. mZ¨
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 123
mvgwMÖK fvimv‡g¨i (IS I LM) gva¨‡g wewfbœ Z‡Ë¡i iƒcvqb
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
K¬vwmK¨vj Z‡Ë¡i AvIZvaxb Avq, wb‡qvM, my‡`i nvi I `vg Íi wba©viY
IS I LM-Gi gva¨‡g gRywi `v‡gi bgbxqZv Z‡Ë¡i cÖKvk
mvgwMÖK fvimv‡g¨i 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‡`i 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‡`i 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‡`i 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‡`i nvi wba©vwiZ nq i1 Ges
fvimvg¨ Avq n‡jv Y1| AD †iLvi E1 we› y‡Z Y1 Avq Avevi P1 `vg ͇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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 124
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‡`i 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, e¨emvq cÖwZôvb m¤¢ve¨
Drcv`‡bi (potential output) mgcwigv‡Y cÖK…Z Drcbœ ª‡e¨i †hvMvb
†`q| GLb j¶¨ Kiv hvK, mvgwMÖK
A‡_©i †hvMvb Kg‡j
my‡`i nvi evo‡Z
cv‡i, d‡j wewb‡qvM
K‡g A_ev miKvwi
e¨q K‡g, ZLb AD
n«vm cvq|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 125
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‡`i 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¨ e¨emvq 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‡g¨i gva¨‡g †KBbmxq ZË¡ we‡kølY
gRywi `v‡gi bgbxqZv Z‡Ë¡i weiæ‡× †KBb‡mi e³e¨‡K mvgwMÖK fvimv‡g¨i gva¨‡g wKfv‡e
Dc ’vcb Kiv hvq? gRywi Kwg‡q, `vg Kwg‡q, my‡`i 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‡`i 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‡`i 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‡`i nv‡i Zvij¨ duv‡`i Aw ÍZ¡
†_‡K hvq, eis Zv Wvbw`‡K Av‡iv cÖmvwiZ
nq| G‡¶‡Î Zvij¨ duv‡`i Kvi‡Y my‡`i
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‡`i 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‡`i 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‡`i
nv‡i wewb‡qv‡Mi
cwigvY evo‡e bv|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 126
cv‡VvËi g~j¨vqb 6.3
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
1. K¬vwmK¨vj Z‡Ë¡ c~Y© wb‡qv‡Mi AbywgZ kZ© †g‡b wb‡q my‡`i 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‡`i 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‡g¨i gva¨‡g K¬vwmK¨vj I †KBbmxq ZË¡ we‡kølY Kiæb|
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. mZ¨ 3. wg_¨v
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 127
†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|
GB BDwb‡Ui cvV¸‡jv n‡”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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 128
†fvM A‡c¶K : e¨w³K I mvgwMÖK
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
†fvM A‡c¶‡Ki aviYv
Mo †fvM cÖeYZv
cÖvwšÍK †fvM cÖeYZv I Zvrch©
Mo mÂq cÖeYZv
cÖvwšÍK mÂq cÖeYZv
†Kv‡bv `ª‡e¨i 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‡Y¨i Pvwn`v m„wó n‡j e¨w³ ªe¨wU µq K‡i|
Gici H ªe¨ e¨env‡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 e¨env‡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‡e¨i (Non-Durable goods) Rb¨ e¨q Ges ¯’vqx `ª‡e¨i
(Durable goods) Rxeb Kv‡ji †h Ask e¨eüZ 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~‡j¨i
1
10
Ask †fvM e¨‡qi msÁvi AšÍfz©³ n‡e| GQvov ¯’vqx `ª‡e¨i 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 wfwˇZ 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)|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 129
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‡`i 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‡`i
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
ˆiwLK n‡Z cv‡i Z‡e Xvj (b) G‡Ki †P‡q Kg n‡e
Ges k~‡b¨i 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‡`i 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 ˆiwLK
n‡Z cv‡i Z‡e Xvj
(b) G‡Ki †P‡q Kg
n‡e Ges k~‡b¨i
PvB‡Z †ewk n‡e|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 130
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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 131
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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 132
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 m‡qi †h cwieZ©b nq Zvi AbycvZ‡K cÖvwšÍK mÂq cÖeYZv e‡j|
m‡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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 133
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 ͇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 m‡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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 134
†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
e¨eavb 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 e¨envi 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~b¨I 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 `iKvi 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 `iKvi Zv
nIqvi c‡_ mÂq
cÖeYZv cÖwZeÜKZv
m„wó K‡i, d‡j Ac~Y©
wb‡qvM †_‡K hvq|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 135
†iLvi Xvj cÖfvweZ nq| †fvM †iLvi Xvj †ewk n‡j IS †iLvi Xvj Kg n‡e| G Ae ’vq my‡`i
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‡`i 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| m‡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| m‡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|
m‡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‡`i 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 `iKvi Zv nIqvi c‡_ mÂq cÖeYZv cÖwZeÜKZv m„wó K‡i,
d‡j Ac~Y© wb‡qvM †_‡K hvq| m‡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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 136
cv‡VvËi g~j¨vqb 7.1
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
1. †fvM A‡c¶‡Ki Xvj n‡”Q
K. APC
L. MPC
M. MPS
N. Ic‡ii †Kv‡bvwUB bq|
2. g~j we› yMvgx mij‰iwLK †fvM A‡c¶‡Ki cÖwZwU we› y‡Z
K. MPC>APC
L. MPC<APC
M. MPC=APC
N. Ic‡ii †Kv‡bvwUB bq|
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
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ˆbe© w³K cÖ‡kœi DËi
1. L 2. L 3. mZ¨ 4. wg_¨v
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 137
†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”Pweˇ`i Avq OY2, ga¨weˇ`i
Avq OY1 Ges wb¤œweˇ`i 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‡`i 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 138
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‡`i nvi : †fvM cÖeYZvi Ab¨vb¨ wba©viK¸‡jv AcwiewZ©Z †_‡K hw` my‡`i nvi e„w× cvq
Zvn‡j mvgwMÖK †fvM cÖeYZv wewfbœfv‡e cÖfvweZ n‡q _v‡K| †hgb, my‡`i nvi †e‡o †M‡j
e‡Ûi Avw_©K g~j¨ n«vm cvq| GB Ae¯’vq eÛ aviK‡`i †fvM cÖeYZv n«vm cvq| Avevi my‡`i
nvi †e‡o †M‡j †jv‡Ki ’vqx †fvM¨ ª‡e¨i 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 139
GK ai‡bi m¤ú‡`i cwie‡Z© Ab¨ Av‡iK ai‡bi m¤ú` avi‡Yi cÖeYZvi cwieZ©b N‡U| †jv‡K
¯’vqx †fvM¨ ª‡e¨i †fvM n«vm K‡i †ewk cwigvY eÛ wKb‡e hw` my‡`i nvi e„w× cvq| †gvU K_v,
my‡`i nv‡ii e„wׇZ †fvM †iLv wb‡Pi w`‡K †b‡g Av‡m I mÂq †iLv Ic‡ii w`‡K D‡V hvq|
2. m¤ú‡`i 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‡`iB mÂq
cÖeYZv †ewk nIqv ¯vfvweK| ZvB m¤ú‡`i cwigvY hZ †ewk n‡e †fvM cÖeYZvI ZZ †ewk
n‡e| A_©bxwZwe` wc¸i (Prof. A. C. Pigou) bvgvbymv‡i G‡K wc¸ cÖfve (Pigou effect) e‡j| wc¸i g‡Z, †jv‡Ki †fvM cÖeYZv m¤úwËi cÖK…Z g~‡j¨i 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 ͇i cwieZ©‡bi `iæb
m¤úwËi cÖK…Z g~‡j¨i cwieZ©‡bi d‡j †fvM e¨‡qi GB cwieZ©b‡K wc¸ cÖfve e‡j|
3. †fv³v‡`i 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 m‡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¨ ͇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 ͇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 ͇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‡`i
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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 140
cv‡VvËi g~j¨vqb 7.2
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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 e¨envi‡hvM¨ Avq
L. Av‡cw¶K Avq
M. my‡`i nvi
N. Ic‡ii †Kv‡bvwUB bq|
3. my‡`i 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. wc¸ 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|
ˆbe© w³K cÖ‡kœi DËi
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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 141
†KBbmxq †fvMZË¡ : cig Avq Dcwm×všÍ
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
cig Avq Dcwm×všÍ wK
cig Avq Dcwm×v‡šÍi mgv‡jvPbv
K¬vwmK¨vj A_©bxwZwe`MY †fv‡Mi mv‡_ my‡`i 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‡Y¨i 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 ˆewkó¨ i‡q‡Q| †hgb-
K. gb¯ÍvwË¡K I cÖvwZôvwbK KvVv‡gv w ’i _v‡K Z_v Avq e›Ub, †fv³v‡`i 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‡`i 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‡`i cwigvY
ØvivI †fvM cÖfvweZ
nq|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 142
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‡`i 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‡`i Avq
Oy1, ga¨we‡Ëi Avq Oy2 Ges abx‡`i Avq Oy3| GB wZb †kªYxi cig Av‡qi m‡½ †fv‡Mi
m¤úK© ˆZwi K‡i Avgiv †KBb‡mi †fvM A‡c¶‡Ki ˆewkó¨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 wfwˇZ cwigvcK…Z †fvM e¨q, YW= gRywi GK‡Ki wfwˇZ cÖK…Z Avq| ev ͇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‡`i GKB Avqfz³ †Mvôxi †fvM e¨q wfbœ wfbœ| A_©vr
Kv‡jv‡`i †fvM e¨q Kg| Avevi MÖv‡g I kn‡i emevmKvix GKB Avq †kªYxi †jvK‡`i †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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 143
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‡`i nv‡ii †Zgb †Kv‡bv f‚wgKv †bB| wd«Wg¨vb (Friedman) Ges
A¨v‡Ûv gwWqvMwjqvwb (Ando Modiagliani) †fvM‡K my‡`i 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 e¨eav‡bi mv‡_ m¤ú„³ K‡ib|
cv‡VvËi g~j¨vqb 7.3
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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 ˆewkómg~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?
ˆbe© w³K cÖ‡kœi DËi
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‡`i 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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 144
RxebPµ Dcwm×všÍ
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
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 DcwmׇšÍi 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. ga¨eZ©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| ga¨eZ©xKv‡j Av‡qi †P‡q †fvM
Kg _v‡K d‡j m‡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 ga¨eZ©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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 145
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~‡j¨i Ici|
†KBbm m¤ú` Av‡qi K_v
e‡jwb| m¤ú‡`i 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`‡`i 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~‡j¨i (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‡`i 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 146
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‡`i 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~‡j¨i Ici †fvM e¨q wbf©ikxj| ev ͇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‡`i
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‡`i Avq cwigvc Kiv KwVb|
6| G Z‡Ë¡ †fvM Ges m‡qi Ici my‡`i †h cÖfve i‡q‡Q Zv we‡ePbv Kiv nqwb| my‡`i 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 ͇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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 147
cv‡VvËi g~j¨vqb 7.4
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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 m‡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|
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. wg_¨v 3. wg_¨v
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 148
’vqx Avq Dcwm×všÍ
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
¯’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‡`i 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
ˆ`ePwqZ (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 ͇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‡`i
nvi) Øviv ¸Y K‡i †h
gvb cvIqv hvq Zv‡K
’vqx Avq e‡j|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 149
4. ’vqx †fvM (Permanent Consumption) : †h †fvMmg~n mPivPi N‡U Zv‡K eywS‡q‡Qb|
mKj cPbkxj `ª‡e¨i †fvM Ges ¯’vqx `ª‡e¨i 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~‡j¨i 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‡`i ’vqx Av‡qi k nv‡i †fvM K‡i| †hLv‡b k-Gi gvb
wbf©i K‡i
1. evRvi my‡`i nvi (i) 2. Agvbexq m¤ú` I gvbexq m¤ú‡`i 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‡`i Ym=Yp| `wi ª‡`i A ’vqx Avq FYvZ¥K (yij<0) ZvB Zv‡`i Ym<Yp Ges abx‡`i
A¯’vqx Avq abvZ¥K (yti>0) ZvB Zv‡`i Ym>Yp n‡e|
G aviYvi †cÖw¶‡Z wd«Wg¨v‡bi ¯íKvjxb †fvM A‡c¶K e¨vL¨v Kiv hvq|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 150
7.11 wP‡Î ga¨weˇ`i ’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‡`i
A¯’vqx Avq FYvZ¥K e‡j cwigvcK…Z
Avq n‡e yj; †hLv‡b yj<ypj| `wi`ªiv
Zv‡`i †gvU ’vqx Av‡qi k nv‡i †fvM
Ki‡j ok †iLv eivei a we›`y‡Z †fvM
Ki‡e| Zv‡`i †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‡`i ’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‡`i
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‡`i †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 ˆewkó¨ 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 ˆewkó¨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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 151
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‡`i 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‡`i
c‡¶ †Kv‡bv mgqB mÂq Kiv m¤¢e bq GwU wd«Wg¨vb wPšÍv K‡ibwb| ZvB abx‡`i †P‡q
`wi ª‡`i †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‡`i Av‡qi K_v D‡jøL Kiv
n‡q‡Q, hv ¯úó bq|
4. wd«Wg¨v‡bi ’vqx Avq Dcwm×v‡šÍ †fv³v‡`i iæwP, cQ›`, Af¨vm, my‡`i nvi Ges Agvbexq
I gvbexq m¤ú‡`i 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`‡`i „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‡`i 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| Dˇi K…lKiv bq| miKvwi
PvKwiRxex‡`i g‡a¨ hviv Dcwi cvb Zv‡`i c‡¶ mn‡RB Gme cY¨ µq Kiv m¤¢e| KviY
Zv‡`i gvwmK †eZb ’vqx Avq wKš‘ Dcwi nj A ’vqx Avq| Gi A_© `uvovq A ’vqx Avq †fv‡M
e¨eüZ n‡”Q| hv wd«Wg¨v‡bi Z‡_¨i e¨_©Zv wb‡ ©k K‡i| †ckv`vi †kªYxi Av‡qi DÌvb-cZb
†ewk, d‡j Zv‡`i A ’vqx †fvM †ewk| Avevi e¨emvqxiv e¨emvi mg„wׇZ 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 ͇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‡`i
A ’vqx †fvM †ewk|
Avevi e¨emvqxiv
e¨emvi mg„wׇZ
A_ev miKvwi FY
AvZ¥mv‡Zi gva¨‡g
mn‡RB ’vqx cY¨
µq K‡i|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 152
Avgv‡`i †`‡ki K…lK, e¨emvqx, wkícwZ, †ckv`vi (Wv³vi, BwÄwbqvi, wk¶K) Ges miKvwi
Kg©KZ©v I Kg©Pvix‡`i A ’vqx Avq †ewk| wd«Wg¨v‡bi g‡Z A¯’vqx Avq cy‡ivUv mÂq nIqvi
K_v| †m g‡Z Avgv‡`i m‡qi nvi A‡bK †ewk _vKvi K_v| wKš‘ m‡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|
cv‡VvËi g~j¨vqb 7.5
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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|
ˆbe© w³K cÖ‡kœi DËi
1. K 2. mZ¨ 3. wg_¨v
KzR‡bUm †KB‡Ýi †fvM A‡c¶‡Ki APC>MPC aviYvwU ¯íKvjxb A_©bxwZ‡Z ev ͇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 my‡`i 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‡`i
m‡qi nvi A‡bK
†ewk _vKvi K_v|
wKš‘ m‡qi nvi gvÎ
4%, hv ’vqx Avq
Dcwm×v‡š—i mZ¨Zv
¯xKvi K‡i bv|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 153
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|
GB BDwb‡Ui cvV¸‡jv n‡”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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 154
’vqx wewb‡qvM : wbI K¬vwmK¨vj aviYv
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
¯’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 e¨emv
Pµ (Business Cycle) Mfxifv‡e RwoZ| ZvB wewb‡qvM m¤ú‡K© aviYv cwi®‹vi _vK‡j e¨emv
m¤ú‡K©I aviYv ¯^”Q nq| wewb‡qvM Pvwn`v n«vm cvq my‡`i nv‡ii e„w×i m‡½ m‡½| ïay my‡`i
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| Z‡e cÖv_wgKfv‡e GLv‡b e¨emvwqK wm×v‡šÍi Kvi‡Y
Avbylw½K wRwbmc‡Îi Ici †h cÖfve c‡o Zv Av‡jvPbv Kiv n‡e|
Av‡jvPbvwU `y‡Uv fv‡M wef³| cÖ_gZ cyuwR e¨env‡ii e¨q Ges Avq wn‡me K‡i wbw ©ó cwigvY
Drcv`‡bi Rb¨ cÖwZôvb¸‡jv KZUzKz cuywR Ki‡e Zv wba©viY Kiv| A_©vr Kvw•¶Z cyuwRi cwigvY
wba©viY Kiv| `xN©‡gqv‡` GKwU cÖwZôv‡bi cÖ‡qvRbxq cyuwR‡K Kvw•¶Z cyuwR e‡j| †h‡nZz, bZzb
hš¿cvwZ wK‡b e¨envi ïiæ Ki‡Z mgq jv‡M ZvB m‡½ m‡½ ev GK wb‡g‡l Drcv`‡bi cyuwRi
gRy` cwieZ©b Kiv hvq bv| wØZxqZ, Avgiv ZvB cÖwZôv‡bi eZ©gvb cyuwRi Ae¯’vb Ges
cwieZ©b nv‡i Zv‡`i 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
cY¨ Ges †mev †`qvi Rb¨ cÖwZôvb¸‡jv cyuwR Ges kª‡gi e¨envi K‡i| Zv‡`i D‡Ïk¨ _v‡K
m‡e©v”P ¯Í‡i jvf Kiv| KZUzKz cyuwR Zviv e¨envi Ki‡e Zv m¤ú~Y©fv‡e wbf©i K‡i cyuwR e¨‡qi
cwigvY Ges cyuwR e¨env‡i KZUzKz jvf Kiv hvq Zvi Ici| ZvB cyuwR e¨env‡i cÖvwšÍK cY¨
Drcv`b n‡jv GK BDwbU ev GKK cwigvY cyuwR e„wׇZ Drcv`b †h cwigvY e„w× cvq Zvi
mgvb| cyuwRi e¨envi e¨q n‡jv Drcv`‡b AviI GK BDwbU ev GKK cwigvY cyuwR Drcv`b
e¨envi mgvb| cyuwRi e¨envi 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 e¨env‡ii Rb¨ i cwigvY my` w`‡Z nq, ZvB my‡`i nviB n‡jv cyuwR
e¨‡qi g~j wba©viK|
cyuwR e¨env‡i cÖvwšÍK cY¨ Drcv`‡bi cwigvY Drcv`b e„wׇZ e¨eüZ GK BDwbU cyuwRi mgvb|
†Kv‡bv cÖwZØ›Øxgy‡Lv cÖwZôv‡bi Rb¨ cÖvwšÍK cY¨ Drcv`‡bi cwigvY Drcv`b g~j¨ I cyuwRi
cÖvwšÍK c‡Y¨i ¸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‡`i nv‡ii
e„w×i m‡½ m‡½| ïay
my‡`i 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
†h‡Z PvB Ges KZ
ªæZ †h‡Z PvB|
cyuwR e¨env‡i cÖvwš—K
cY¨ Drcv`‡bi
cwigvY Drcv`b
e„wׇZ e¨eüZ GK
BDwbU cyuwRi mgvb|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 155
wewb‡qvM Ki‡Z _vK‡e †h ͇i cyuwR e¨env‡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 e¨envi 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„wׇZ cÖwZôvbwU kªwgK e¨envi 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 e¨envi 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„wׇZ 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 e¨env‡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„wׇZ cÖwZôvbwU
kªwgK e¨envi Ki‡e
†ewk| cyuwRi Ask
_vK‡e Kg| cyuwR
m¯—v n‡j n‡e wVK
D‡ëv e¨vcviwU|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 156
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 e¨envi e„wׇZ Drcv`‡b G‡m‡Q
-ˆec 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‡Y¨i 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|
cv‡VvËi g~j¨vqb 8.1
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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|
ˆbe© w³K cÖ‡kœi DËi
1. K 2. mZ¨ 3. wg_¨v
wewb‡qvM I e¨emv Pµ A½vw½fv‡e RwoZ| ZvB wewb‡qvM m¤ú‡K© aviYv cwi®‹vi _vK‡j e¨emv
m¤ú‡K©I aviYv ¯”Q nq| my‡`i 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
e¨env‡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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 157
w¯’i e¨emvwqK wewb‡qvM : weKí „wófw½
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
GKwU cÖwZôvb ¯xq wewb‡qvM wm×všÍ wKfv‡e †bq
e¨emvqxiv mvaviYZ wewb‡qvM wm×všÍ wb‡q _v‡K A_© cÖev‡ni wWmKvD›U c×wZ e¨envi K‡i|
aiæb GKRb e¨emvqx 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
†gUv‡bvi ci jvf _v‡K 50 UvKv| Z…Zxq eQ‡i jvf †e‡o uvovq 80 UvKvq| Z‡e Gic‡i
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‡`i 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‡`i 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‡`i nvi
18% n‡Zv Zvn‡j cÖKíwU Li‡Pi LvZvq P‡j †hZ| ZvB my‡`i 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‡`i 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 e¨envi Kiv n‡e hLb cÖwZôvb¸‡jvi nv‡Z hš¿cvwZ _vK‡e| wØZxqZ, ªæZ cÖwZôvb¸‡jv cyuwR
msMÖn Ki‡Z cv‡i|
wewb‡qvM wm×všÍ `y‡Uv †¶‡Î we‡ePbv K‡i †bqv m¤¢e| wWmKvD‡›UW K¨vk †d¬v e¨envi‡K jvf,
LiP I fwel¨r Avq wbY©q Kiv †h‡Z cv‡i| wØZxq n‡”Q Ki FY ev gIKzd m¤¢vebv| fwel¨‡Z
wewb‡qvM Ki gIKzd Kiv n‡j cÖwZôvbwUi nv‡Z LiP Kivi g‡Zv ch©vß A_© _vK‡Z cv‡i| ªæZ
cyuwR wbqš¿Y KivI ¸iæZ¡c~Y©| cÖK‡íi m‡½ Zvj wgwj‡q cyuwR cÖev‡ni cwigvY n«vm-e„w× Kiv
DwPZ|
cvV-2
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¨|
wewb‡qvM wm×všÍ y‡Uv
†¶‡Î bRi †`qv
DwPZ| cÖ_g Avgiv
Kvw•¶Z cyuwRi
cwigvY †ei Kie| hv
e¨envi Kiv n‡e hLb
cÖwZôvb¸‡jvi nv‡Z
hš¿cvwZ _vK‡e|
wØZxqZ, ªæZ
cÖwZôvb¸‡jv cyuwR
msMÖn Ki‡Z cv‡i|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 158
A¨vK‡mjv‡iUi g‡Wj Ges cyuwRi g~j¨
GB g‡W‡ji g~j K_v n‡jv wewb‡qvM e¨q e„w× Drcv`b cwieZ©‡bi mgvbycvwZK| cyuwRi g~‡j¨i
m‡½ m¤úwK©Z bq|
GB g‡WjwUi DrcwË cÖwZôvb¸‡jvi Drcv`b Pvwn`v †_‡K| AwZwi³ Drcv`b Ki‡Z n‡j cyuwRi
cÖ‡qvRb| GUvB g‡WjwUi g~j K_v| ZvB Drcv`b cÖwZôvb¸‡jv Drcv`b e„w×i m¤¢vebv _vK‡j
cyuwR wewb‡qvM Ki‡e| cyuwRi LiP wewb‡qvM‡K cÖfvweZ K‡i wKbv ZvB wb‡q M‡elYv K‡i‡Q|
hw` A¨vK‡mjv‡iUi g‡WjwU e„nËi A‡_© †bqv nq Zvn‡j eZ©gvb wewb‡qvM I c~‡e©i Av‡qi
cwieZ©‡bi m¤úK© cvIqv hvq| GB †_‡K †evSv hvq cyuwRi LiP wewb‡qvM nv‡ii g~j cÖfveK
bq| GUvI cÖgvwYZ n‡q‡Q †h Avbylw½K LiP wewb‡qvM‡K cÖfvweZ K‡i| wewfbœ ai‡bi Bw½Z
cvIqv †M‡Q wewfbœ M‡elYvq| Z‡e cyuwRi LiPB wK wewb‡qvM‡K cÖfvweZ Kiv GKgvÎ Avw_©K
DcvË wKbv wbwðZ bq|
FY wbqš¿Y Ges Af¨šÍixY A_©vqb
wewb‡qvM wm×všÍ †_‡K †evSv hvq †h wewfbœ cÖwZôv‡bi Avq Ges wewb‡qvM c×wZi g‡a¨ mvgÄm¨
Av‡Q| hw` cÖwZôvb¸‡jv evB‡ii A_© mvnvh¨ bv cvq ZLb Zv‡`i 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‡`i 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|
Z‡e FY wbqš¿Y mvaviYZ AcwiwPZ ¶z`ª cÖwZôvb¸‡jvi †¶‡Î cÖ‡hvR¨|
IS-LM g‡Wj Abyhvqx Avw_©K evRvi Ges mvgwMÖK Pvwn`vi †hvMm~Î n‡jv my‡`i nvi| FY
wbqš¿Y Avw_©K bxwZi A½| GB c×wZi D™¢e K‡qKwU Kvi‡Y NU‡Z cv‡i| cÖ_gwU n‡jv
FY`vZv KLbI FY MÖnxZvi PwiÎ m¤ú‡K© wbwðZ ej‡Z cv‡i bv| FY‡Ljvwc‡`i †iva Ki‡ZB
my‡`i nvi e„w× Kiv nq|
Z‡e my‡`i nvi e„wׇZ KvR nq bv| mr Ges i¶YvZ¡K A‡bK e¨emvqx FY MÖnY †_‡K weiZ
_v‡K| Zviv Abyaveb K‡i D”P nv‡i my`MÖnY cÖKíwU‡K AjvfRbK K‡i Zzj‡e| Ab¨w`‡K Amr
e¨emvqx ev †fv³viv FY MÖnY K‡i| Zviv Av‡M †_‡KB FY‡Ljvwc nevi Rb¨ cÖ ‘Z _v‡K| ZvB
Zv‡`i Kv‡R cÖK‡íi jvf-†jvKmvb †MŠY n‡q hvq| Z‡e G Ae¯’vi DbœwZ m¤¢e hw` †jvK cÖwZ
F‡Yi cwigvY wbw ©ó K‡i †`qv nq Ges mxwgZ Kiv nq|
Ab¨fv‡e FY wbqš¿‡Yi D™¢e NU‡Z cv‡i| evsjv‡`k e¨vsK hw` FY weZi‡Y mxgv wbw ©ó K‡i
†`q ZLb evwYwR¨K e¨vsK I Ab¨vb¨ Avw_©K cÖwZôv‡bi †mUv †g‡b Pj‡Z nq| aiv hvK †Kv‡bv
GKwU mgqKv‡ji Rb¨ FY cÖ vb wbw ©ó Kiv n‡jv| my‡`i nvi avh© Kiv n‡jv 5% A_ev AviI
Kg| GLb wbqš¿Y †h‡Kv‡bv igigv A_©‰bwZK Ae ’v‡K †kl K‡i w`‡Z cv‡i| FY wbqš¿Y
evsjv‡`k ev †K› ªxq e¨vs‡Ki Rb¨ ¸iæZ¡c~Y©| Z‡e GUvi e¨envi Lye mxwgZ| ªæZ j‡¶¨
†cuŠQvevi Rb¨ GB c×wZ e¨envi Kiv nq|
†Kb wewb‡qv‡Mi n«vm-e„w× N‡U
wewb‡qv‡Mi ZviZg¨ †fvM e¨‡qi †P‡q †ewk| A¨vK‡mjv‡iUi g‡Wj †_‡K Avgiv wewb‡qvM Ges
Drcv`b cwieZ©‡bi Ae¯’v †`L‡Z cvB| hv wewb‡qvM ZviZ‡g¨i GKwU KviY e¨vL¨v K‡i|
Ab¨vb¨ KviY¸‡jv n‡”Q-
cyuwRi LiP wewb‡qvM
nv‡ii g~j cÖfveK
bq| GUvI cÖgvwYZ
n‡q‡Q †h Avbylw½K
LiP wewb‡qvM‡K
cÖfvweZ K‡i|
FY wbqš¿‡Yi eû
fv‡jv w`K Av‡Q|
†hgb FY`vZv Zvi
SzuwK Kwg‡q †`q|
Z‡e FY wbqš¿Y
mvaviYZ AcwiwPZ
¶z ª cÖwZôvb¸‡jvi
†¶‡Î cÖ‡hvR¨|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 159
K. AwbwðZ g‡bvfve
jW© †KBbm Zvi †jLvq wewb‡qv‡Mi m‡½ fwel¨‡Zi cÖvwß I AwbðqZvi K_v e‡j‡Qb| wZwb
AviI e‡j‡Qb, wewb‡qvM wm×všÍ Avm‡j cÖfvweZ nq gvby‡li BwZevPK I †bwZevPK g‡bvfv‡ei
Ici| wewb‡qvMKvixiv †Kv‡bv GKwU wm×všÍ †bevi Av‡M BwZevPK ev †bwZevPKfv‡e cÖfvweZ
nq| Z‡e Zv‡`i cÖfvweZ nevi †Kv‡bv „p KviY bvI _vK‡Z cv‡i| cÖK…Z KviY bv _vK‡j
wm×všÍ e`j n‡Z mg‡qi cÖ‡qvRb nq bv| wm×v‡šÍi g‡Zv wewb‡qvM e¨qI n«vm-e„w× cvq|
L. wewb‡qvM wm×v‡šÍi mgqKvj
wØZxq KviYwU n‡jv wewb‡qvM wm×všÍ †`wi‡Z n‡Z cv‡i| †h Kvi‡Y wewb‡qv‡M n«vm N‡U| aiæb
GKwU cÖwZôvb †Kv‡bv cÖK‡íi wewb‡qv‡Mi wm×všÍ wb‡q‡Q| A_©‰bwZK g›`v Ae¯’vq †m
wewb‡qv‡M hv‡e bv| KviY, g›`v Ae¯’vq
cyuwRi A‡bKvskB Ae¨eüZ 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
wewb‡qvM Ki‡e| wewb‡qvM e¨‡q GB y‡Uv KviYI RwoZ| A¨vK‡mjv‡iUi ZË¡ Abyhvqx hw`
cÖwZôvb¸‡jv wewb‡qvM K‡i A_©‰bwZK Ae ’v Dbœq‡bi ci Zvn‡j wewb‡qvMwU wRwWwcÕi
cwieZ©‡bi m‡½ Mfxifv‡e RwoZ _vK‡e|
jW© †KBÝ e‡j‡Qb,
wewb‡qvM wm×všÍ
Avm‡j cÖfvweZ nq
gvby‡li BwZevPK I
†bwZevPK g‡bvfv‡ei
Ici|
A¨vK‡mjv‡iUi ZË¡
Abyhvqx hw`
cÖwZôvb¸‡jv
wewb‡qvM K‡i
A_©‰bwZK Ae ’v
Dbœq‡bi ci Zvn‡j
wewb‡qvMwU wRwWwcÕi
cwieZ©‡bi m‡½
Mfxifv‡e RwoZ
_vK‡e|
wewb‡qvM wm×všÍ `y‡Uv †¶‡Î bRi †`qv DwPZ| cÖ_gZ, Kvw•¶Z cyuwRi cwigvY †ei Ki‡Z n‡e, hv
e¨envi Kiv n‡e hLb cÖwZôvb¸‡jvi nv‡Z hš¿cvwZ _vK‡e| wØZxqZ, ªæZ cÖwZôvb¸‡jv cyuwR msMÖn
Ki‡Z cv‡i| cyuwRi LiP wewb‡qvM nv‡ii g~j cÖfveK bq| FY wbqš¿‡Yi eû fv‡jv w`K Av‡Q| †hgb
FY`vZv Zvi SzuwK Kwg‡q †`q| Z‡e FY wbqš¿Y mvaviYZ AcwiwPZ ¶z`ª cÖwZôvb¸‡jvi †¶‡Î
cÖ‡hvR¨| jW© †KBÝ e‡j‡Qb, wewb‡qvM wm×všÍ Avm‡j cÖfvweZ nq gvby‡li BwZevPK I †bwZevPK
g‡bvfv‡ei Ici| A¨vK‡mjv‡iUi ZË¡ Abyhvqx hw` cÖwZôvb¸‡jv wewb‡qvM K‡i A_©‰bwZK Ae ’v
Dbœq‡bi ci Zvn‡j wewb‡qvMwU wRwWwcÕi cwieZ©‡bi m‡½ Mfxifv‡e RwoZ _vK‡e|
mvims‡¶c
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 160
cv‡VvËi g~j¨vqb 8.2
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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 e¨emvwqK 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 e¨emvq cÖwZôvb wK GB cÖKíwU MÖnY Ki‡e, hLb-
K. my‡`i nvi 5%
L. my‡`i nvi 10%
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. wg_¨v
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 161
wewb‡qv‡Mi cÖvwšÍK `¶Zv
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
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
wewb‡qvM cÖKí evQvB‡qi †¶‡Î wewb‡qv‡Mi cÖvwšÍK `¶Zv c×wZwU eZ©gvb g~j¨ c×wZi mgvb
¸iæZ¡ enb K‡i| AvaywbKKv‡j, A‡bK eo eo cÖK‡í wewb‡qv‡Mi m¤¢ve¨Zv hvPvB‡qI G
c×wZwUi h‡_ó e¨envi 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©
Rvbe| cieZ©x‡Z wewb‡qv‡Mi cÖvwšÍK `¶Zv c×wZ e¨envi K‡i wewb‡qvM cÖKí g~j¨vq‡bi
cÖwµqv m¤ú‡K© Rvbe|
wewb‡qv‡Mi cÖvwšÍK `¶Zv ev AvšÍt Avq nvi
wewb‡qv‡Mi cÖvwšÍK `¶Zvi aviYvwU g~jZ bxU wewb‡qv‡Mi wewfbœ cwigv‡Yi m‡½ m¤úwK©Z| bxU
wewb‡qvM ej‡Z Avgiv bZzb g~jab m„wói cÖwµqv‡K ey‡S _vwK| GKwU Drcv`b cÖwZôvb Z_v
mgMÖ A_©bxwZi Rb¨ GKwU Kvw•¶Z gyjab-gRy‡`i (desired stock of capital) Aw ÍZ¡ Kíbv Kiv
hvq| mg‡qi e¨eav‡b bZzb ev bxU wewb‡qv‡Mi gva¨‡g Drcv`b cÖwZôvb ev mgMÖ A_©bxwZ †mB
Kvw•LZ g~jab-gRy‡`i w`‡K AMÖmi nq| bZzb wewb‡qvM †_‡K cÖZ¨vwkZ Avq nvi‡K wewb‡qv‡Mi
cÖvwšÍK `¶Zv ejv nq| GUv mn‡R Abygvb Kiv hvq †h, wewb‡qv‡Mi cwieZ©‡bi m‡½ m‡½
cÖZ¨vwkZ Avq nvi ev wewb‡qv‡Mi cÖvwšÍK `¶ZviI cwieZ©b NU‡e| wewb‡qvM cÖK‡íi
jvfRbKZv wePvi Ges Kvg¨ ev fvimvg¨ wewb‡qvM Íi wba©vi‡Yi Av‡jvPbvq wewb‡qv‡Mi cÖvwšÍK
`¶Zvi aviYvwU GKUz wfbœfv‡e Dc ’vcb Kiv nq| wewb‡qv‡Mi cÖvwšÍK `¶Zv ev MEI ej‡Z
Ggb GKwU nvi‡K †evSv‡bv nq hv Øviv evÆv Ki‡j wewb‡qvM cÖK‡íi cÖZ¨vwkZ Avq cÖev‡ni
eZ©gvb g~j¨ [PV(R)] Zvi †hvMvb g~‡j¨i mgvb n‡e| g‡b Kwi, wewb‡qv‡Mi cÖvwšÍK `¶Zv=m1 wb‡Pi m~Î †_‡K m wbY©q Kiv hvq|
C=R0+R1
(1+m) +R2
(1+m)2 + .....+ Rn
(1+m)n
†hLv‡b, C= cÖv_wgK wewb‡qv‡Mi cwigvY ev †hvMvb g~j¨ Ges R0, R1, R2,...Rn n‡”Q h_vµ‡g
cÖK‡íi ïiæ‡Z, 1g eQ‡i, 2q eQ‡i,......, n Zg eQ‡i cÖZ¨vwkZ Avq cÖevn| Ic‡ii
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~‡Y¨i 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 162
wewb‡qv‡Mi cÖvwšÍK `¶Zv I wewb‡qvM cÖK‡íi jvfRbKZv wbY©q
g‡b Kiæb, †Kv‡bv GKwU cÖK‡í wewb‡qv‡Mi cÖvwšÍK `¶Zv ev m=15%| G‡¶‡Î wewb‡qvM
cÖKíwU jvfRbK wKbv Zv Avgiv Kxfv‡e wbY©q Kie? wewb‡qv‡Mi cÖvwšÍK `¶Zv g~jZ cÖK‡íi
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‡`i nviB n‡e wewb‡qvM Znwej †hvMv‡bi e¨q
nv‡ii m‡e©vrK…ó wb‡ ©kK| my‡`i nvi‡K wb`k©K wn‡m‡e e¨env‡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 e¨env‡ii †¶‡Î my‡`i 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‡`i nv‡ii (r) Zzjbv Kiv evÃbxq| wewb‡qv‡Mi cÖvwšÍK `¶Zv my‡`i
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‡`i nvi)
wb‡Pi m~ÎwU e¨envi 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‡`i nviB n‡e
wewb‡qvM Znwej
†hvMv‡bi e¨q nv‡ii
m‡e©vrK…ó wb‡ ©kK|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 163
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‡›`i 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~θ‡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_©K¨I i‡q‡Q| eZ©gvbg~j¨ wbY©‡qi my‡`i nvi‡K mivmwi e¨envi
Kiv nq| myZivs G c×wZ‡Z cÖKímg~‡ni MÖnY‡hvM¨Zvi µgweb¨vm (ranking) my‡`i 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 wfwˇZ| ïaygvÎ cÖKímg~‡ni jvfRbKZv
wePvi Ki‡Z m-Gi m‡½ my‡`i 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‡`i 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 e¨eüZ GKwU c×wZ|
wewb‡qv‡Mi wba©viKmg~n
1| my‡`i nvi (Interest Rate) : wewb‡qv‡Mi g~j wba©viK n‡jv my‡`i nvi| Avgiv Rvwb
wewb‡qvMKvixMY wewb‡qvM Ki‡e wKbv Zv wba©viY Kivi †¶‡Î MEC I my‡`i nv‡ii g‡a¨ Zzjbv
K‡ib| hw` MEC >my‡`i 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 164
MEC = i (my‡`i nvi) nIqv ch©šÍ
wewb‡qvM NU‡Z _v‡K| my‡`i 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‡`i nvi i0 n‡j g~jab wewb‡qvM
NU‡e K0| my‡`i nvi n‡j i1 g~jab
wewb‡qvM NU‡e K1 cwigvY| AZGe
my‡`i 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‡`i 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‡`i AwbðqZv ev
cÖZ¨vkv wewfbœ mg‡q wewfbœ
iKg nq| e¨emvqx 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 e¨emvqx‡`i 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‡`i 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‡`i 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© e¨envi Z_v AwZwi³ ¶gZv
_v‡K Z‡e cÖ‡ivwPZ wewb‡qvM NU‡e bv| ª‡e¨i Pvwn`v evo‡jI bZzb g~ja‡bi µq bv K‡i †`q
g~ja‡bi c~Y©¶gZv e¨env‡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‡e¨i Pvwn`v evo‡jI
bZzb g~ja‡bi µq bv
K‡i †`q g~ja‡bi
c~Y©¶gZv e¨env‡ii
gva¨‡g evRv‡ii
mvgÄm¨Zv weavb Kiv
m¤¢e|
MEC = i (my‡`i nvi)
nIqv ch©šÍ wewb‡qvM
NU‡Z _v‡K| my‡`i
nvi Kg n‡j Kg
jvfRbK cÖKímg~n
MÖnY Kiv n‡e Z_v
wewb‡qvM evo‡e|
wewb‡qvMKvix‡`i
AwbðqZv ev cÖZ¨vkv
wewfbœ mg‡q wewfbœ
iKg nq| e¨emvqx
m¤úÖ v‡qi
gvbwmKZv, bZzb
KvwiMwi Dbœqb,
ivR‰bwZK welqmg~n
cÖZ¨vwkZ Avq‡K
†ewk cÖfvweZ K‡i|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 165
5| †fv³v‡`i 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‡`i 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 e¨emvq 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 e¨e¯’vq bZzb `ª‡e¨i cÖ‡ek ev AcÖPwjZ c‡Y¨i 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‡e¨i 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 e¨e¯’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 e¨e ’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‡`i AwbðqZv ev cÖZ¨vkv wewfbœ mg‡q wewfbœ iKg nq| e¨emvqx m¤úÖ v‡qi gvbwmKZv,
bZzb KvwiMwi Dbœqb, ivR‰bwZK welqmg~n cÖZ¨vwkZ Avq‡K †ewk cÖfvweZ K‡i| ª‡e¨i Pvwn`v
evo‡jI bZzb g~ja‡bi µq bv K‡i †`q g~ja‡bi c~Y©¶gZv e¨env‡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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 166
cv‡VvËi g~j¨vqb 8.3
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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‡`i nvi
N. Ic‡ii †Kv‡bvwUB bq|
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‡`i 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) e¨envi 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‡`i nvi wb¤œiƒc-
R0=6,000, R1=8,000, C=10,000, r=20%| wewb‡qv‡Mi cÖvwšÍK `¶Zv c×wZ e¨envi
K‡i cÖKíwUi jvfRbKZv wePvi Kiæb|
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. mZ¨ 3. L 4. M
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 167
A‡_©i Pvwn`v
Demand for Money
Avw`Kv‡j A_© ïay wewbg‡qi gva¨g wnmv‡e e¨eüZ n‡Zv, eZ©gv‡b wewbg‡qi gva¨g QvovI g~‡j¨i cwigvcK,
g~‡j¨i msi¶K I ’wMZ †jb‡`‡bi cwigvcK wnmv‡e A‡_©i e¨envi 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|
GB BDwb‡Ui cvV¸‡jv n‡”Q :
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_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 168
A‡_©i msÁv, †hvMvb I cwigvY
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
A‡_©i msÁv
A‡_©i †hvMvb
gy ªvgvb e¨e¯’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 e¨eüZ
n‡Zv| cieZ©x ch©v‡q g~j¨evb 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 e¨emv‡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_©bxwZwe`iv 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 m‡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~‡j¨i cwigvcK, m‡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¨, hw`I 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~‡j¨i
cwigvcK, m‡qi
fvÛvi Ges FY
cwi‡kv‡ai Dcvq
wnmv‡e KvR K‡i
Zv‡K A_© e‡j|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 169
(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¨vsKe¨e¯’v e¨ZxZ cÖwZwU A_©‰bwZK GKK‡K [†hgb e¨w³,
Drcv`bx ms¯’v, e¨emvq 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) e¨envi 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 m‡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 `iKvi †h, Avgiv Av‡jvPbvi myweav‡_© A‡_©i †hvMv‡bi m¼xY© cwigvcwUB e¨envi
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 e¨eüZ nq bv, †m‡nZz H me ms¯’vi AvgvbZ A‡_©i †hvMv‡b AšÍfz©³ Kiv nq bv| G‡`i
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, ˆeÁvwbK cÖ‡qvRbxqZvi e¨vcvi bq|
gy ªvgvb e¨e¯’v
†h c×wZi Øviv †`‡k cÖPwjZ A‡_©i cwigvY I A‡_©i g~j¨ wbqwš¿Z nq Zv‡K gy`ªvgvb e¨e¯’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 e¨e¯’v e‡j| †Kvb& †`k wK ai‡bi gy`ªvgvb
e¨e¯’v MÖnY Ki‡e Zv †mB †`‡ki A_©‰bwZK Ae ’vi Ici wbf©i K‡i| Dchy³ I mv_©K gy`ªvgvb
e¨e¯’vq Af¨šÍixY I ˆe‡`wkK evwY‡R¨i 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, ˆe‡`wkK evwY‡R¨i †¶‡Î A‡_©i ewng~©‡j¨ ev ˆe‡`wkK wewbgq
nvi wbqš¿Y gy`ªvgvb e¨e¯’vi mvnv‡h¨ Kiv n‡q _v‡K| gy`ªvgvb e¨e¯’vi mv_©KZv I `¶Zv GB
KvR¸‡jvi mvd‡j¨i Øviv wePvi Kiv nq|
gy ªvgvb e¨e¯’vi †kªYxwefvM
c„w_exi wewfbœ †`‡k G ch©šÍ hZ iK‡gi gy`ªvgvb e¨e¯’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 e¨e¯’vi cÖKvi‡f` †`Lv‡bv n‡jv-
†Kvb& †`k wK ai‡bi
gy ªvgvb e¨e ’v MÖnY
Ki‡e Zv †mB †`‡ki
A_©‰bwZK Ae ’vi
Ici wbf©i K‡i|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 170
gy ªvgvb e¨e¯’v
avZe AavZe
GKavZzgvb wØavZzgvb KvMRx gy ªvgvb
¯Y©gvb †iŠc¨gvb
¯Y©gy`ªvgvb ¯Y©wcÛgvb ¯Y©wewbgqgvb ¯Y©mgZvgvb
cÖwZwU gy ªvgvb e¨e¯’vi ˆewkó¨ wb‡P Av‡jvPbv Kiv n‡jv-
GKavZzgvb
GKavZzgvb e¨e¯’vq AvBbwm× gvbgy`ªv ¯Y© ev †iŠc¨ bvgK avZzi Øviv cÖ ‘Z nq| GB gy`ªvgvb
e¨e¯’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 ˆewkó¨ 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 †`evi
(convertible) e¨e¯’v _v‡K| †MÖU weª‡U‡b 1914 wLª÷vã ch©šÍ GKavZz ¯Y©gvb cÖPwjZ wQj|
wØavZzgvb
†h gy`ªvgvb e¨e¯’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|
ˆewkó¨ : 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~‡j¨i 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 `i (mint rate), 3. ywU avZziB Aeva gy`ªv¼‡bi e¨e¯’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 `i †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~‡j¨i cv_©K¨ bv †`Lv †`q †mRb¨ Aeva gy`ªv¼‡bi
e¨e¯’v _v‡K| †mvbv I iæcvi Aeva Avg`vwb-ißvwb _v‡K|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 171
¯Y©gvb
avZe gy`ªvgvb e¨e¯’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 e¨e¯’v _vK‡j Zv‡K ¯Y©gvb e‡j|
ˆewkó¨ : 1. ¯Y©gvb e¨e¯’vq †`‡ki wewnZ gy`ªvi g~j¨ wbw ©ó IR‡bi †mvbvi g~‡j¨i Øviv wba©vwiZ
nq| 2. G‡Z Aeva gy`ªv¼‡bi e¨e¯’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 e¨e ’v _v‡K| A_ev, KvMRx UvKv Pvjy
_vK‡j Zv ¯Y©gy`ªvq iƒcvšÍiKi‡Yi e¨e¯’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~‡j¨i Abycv‡Z
wb‡R †_‡KB w ’i nq| GB ¯qswµqZv (automaticity) ¯Y©gv‡bi Ab¨Zg ˆewkó¨|
Ab¨vb¨ g~j¨gvb e¨e¯’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 ˆe‡`wkK wewbgq nvi w ’i ivLv| ¯Y©gv‡bi
¯qswµq MwZwewai `iæY 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 e¨e¯’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 e¨e¯’vq A_ev wbqwš¿Z
gy ªvgvb e¨e¯’vq A_ev Avw`ô gy`ªvgvb (fiat standard) e¨e ’vq KvM‡Ri UvKvB n‡jv †`‡ki gvb
Ges wewnZ gy`ªv (legal tender money)| Aek¨ avZe gy`ªvgvb e¨e¯’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 e¨e¯’v ¯íg~‡j¨i 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 172
FY I FYcÎ
Avgiv †`‡LwQ †h wewbgq m¤úv`b KivB A‡_©i cÖv_wgK KvR| wKš‘ wewbgq A_© QvovI †PK,
ûwÛ, cÖwZkÖæwZcÎ BZ¨vw`i 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
e¨e¯’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|
ˆewkó¨ : 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
Ab¨iƒc n‡Z cv‡i| myZivs F‡Yi `ywU ˆewkó¨ n‡jv- K. wek¦vm Ges L. mgq|
F‡Yi gva¨‡g m¤ú` n ÍvšÍwiZ nq| d‡j †h e¨w³ m¤ú‡`i gvwjK bq †m ¯íKv‡ji Rb¨ Zv
†fvM ev e¨envi Kivi AwaKvix nq| FY ej‡Z †mvRvmywR ªe¨ mvgMÖxi n¯ÍvšÍi I Zv †diZ
†`qvi cÖwZkÖæwZI †evSv‡Z cv‡i| †hgb, Avgv‡`i †`‡k K…lK‡`i A‡b‡KB dmj †evbvi mgq
avbPv‡ji FY wb‡q _v‡K| dmj IVvi ci K…lK‡`i 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¶¨cÖgvYvw`I
Dcw ’Z Ki‡Z nq| wjwLZ cÖwZkÖæwZ wKš‘ GKKfv‡eB Av`vj‡Z ejer‡hvM¨, mvaviY †¶‡Î Gi
Ici mv¶¨cÖgvYvw`i 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 gyw`i LvZvq †jLv
bv †_‡K nvZwPVv‡Z IVv‡bv nq Ges Zv hw` gyw`i 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 e¨eüZ 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 e¨env‡ii †h myPbv nq Zv `xN©w`b a‡i
µgweKwkZ n‡q eZ©gvb w`‡bi e¨emv-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¨vw`i
gva¨‡g m¤úvw`Z nq|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 173
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 e¨emvqxiv 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 e¨eüZ 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
e¨emvqx jÛ‡bi wgt g¨v‡KwÄi Kv‡Q 1 nvRvi cvDÛ g~‡j¨i 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 `iKvi 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 174
Gfv‡e ûwÛi mvnv‡h¨ e¨emvqxiv 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‡KwćK UvKv cvVv‡bv hvq| hw` aiv hvq, H GKB mgq XvKvi e¨emvqx Rbve Avn‡g‡`i
KvQ †_‡K jÛ‡bi Avg`vwbKviK wgt Ugvm H 1 nvRvi cvDÛ g~‡j¨i gvj Avg`vwb K‡i‡Qb
Z‡e mgm¨vwU mn‡R wg‡U †h‡Z cv‡i| Rbve nvmvb Rbve Avn‡g‡`i KvQ †_‡K wgt Ugv‡mi
¯xKvi Kiv ûwÛwU wK‡b wgt g¨v‡KwćK 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 e¨emvqx 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 e¨e¯’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‡R¨i †¶‡Î eûj cwigv‡Y e¨eüZ 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~‡j¨i cwigvcK, m‡qi fvÛvi Ges FY cwi‡kv‡ai
Dcvq wnmv‡e KvR K‡i Zv‡K A_© e‡j| gy`ªvgvb e¨e ’vi †¶‡Î †Kv‡bv †`k wK ai‡bi gy`ªvgvb e¨e¯’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 e¨e ’v cÖewZ©Z n‡q‡Q|
mvims‡¶c
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 175
cv‡VvËi g~j¨vqb 9.1
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 176
A‡_©i Kvh©vejx I ¸iæZ¡, A‡_©i HwZnvwmK Íimg~n
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
A‡_©i Kvh©vejx
A‡_©i ¸iæZ¡
A‡_©i HwZnvwmK Íimg~n
A‡_©i eûwea e¨env‡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 e¨emv n‡Zv| yÕc‡¶i wewbg‡qB ïay e¨emv 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, e¨emv n‡Zv| e¨vcviwU A‡bKUv Awf‡bZv-`wR©i g‡Zv|
GK c‡¶i Pvwn`v bv _vK‡j Ab¨ c¶ e¨emv 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~‡j¨i 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~‡j¨i cwigvcK
ej‡Z †evSvq mgq †¶‡Î m¤ú‡`i 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~‡j¨i cwigvcK bv n‡j UvKv wewbgq gva¨g
wn‡m‡e e¨eüZ n‡Zv bv| eZ©gv‡bi aviYK…Z m¤ú` fwel¨‡Z wewµi Pzw³ Kiv †hZ bv| A‡_©i
RvqMvq AvBmwµg e¨envi 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` e¨eüZ 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| hw`I D”P gy`ªvùxwZi †`k¸‡jv‡Z Wjvi wnmv‡ei GKK e‡j
MY¨ nq| hw`I ¯’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~‡j¨i cwigvcK I
e‡Kqv cwi‡kv‡ai
wfwË|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 177
g~‡j¨i cwigvcK :
cY¨ wewbgq e¨e ’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‡e¨i g~j¨ A‡_©i Øviv cwigvc Kiv hvq| ª‡e¨i g~‡j¨i gvcKvwV wnmv‡e A_©
e¨eüZ n‡j ywU ª‡e¨i g~‡j¨i Zyjbv Kiv hvq| †hgb, K ª‡e¨i `vg hw` 2 UvKv Ges L ª‡e¨i
`vg hw` 4 UvKv nq, Zvn‡j Avgiv ej‡Z cvwi †h K `ª‡e¨i Zzjbvq L `ª‡e¨i `vg wظY| A_©vr,
A_© g~j¨ wnmve Kivi GKK wnmv‡e KvR K‡i| A‡_©i gv‡bB me `ª‡e¨i 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_© e¨eüZ 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~‡j¨i Ici wKw Í avh© n‡e
GgbZi FY‡K m~PK FY e‡j| mvaviYZ A_© †kl `y‡Uv KvR K‡i _v‡K| hw`I Zv
AZ¨vek¨Kxq bq| g~‡j¨i cwigvcK wn‡m‡e A_© Qvov Ab¨vb¨ m¤ú`I e¨eüZ nq|
h‡Zv hvB †nvK, A‡_©i †Pnviv †hgb †nvK, AZx‡Z A_© wewbgq gva¨g wn‡m‡e e¨eüZ 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¨ e¨eüZ nq GB Avkvq †h cieZ©x c¶I GUv MÖnY
Ki‡e|
A‡_©i ¸iæZ¡
evwY‡R¨i †¶‡Î A‡_©i D™¢veb me©v‡c¶v ¸iæZ¡c~Y© D™¢veb e‡j AvaywbK A_© e¨e¯’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_©e¨e¯’v GKvšÍfv‡e A‡_©i Ici wbf©ikxj, KviY A_© e¨env‡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‡e¨i g~‡j¨i
gvcKvwV wnmv‡e A_©
e¨eüZ n‡j ywU
ª‡e¨i g~‡j¨i Zyjbv
Kiv hvq|
Drcv`‡Ki Drcv`b
wm×v‡š—i g~‡j
i‡q‡Q A_©|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 178
A‡_©i e¨env‡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 A‡ji I wfbœ wfbœ †`‡ki Awaevmx‡`i 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‡R¨i 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¡ m‡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‡e¨i 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, hw`I 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 e¨envi 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
e¨envi Kiv n‡q‡Q| wewbg‡qi gva¨g wnmv‡e †h mg¯Í `ªe¨vw`‡K e¨envi Kiv nZ †m¸‡jv‡K
Ô`ªe¨ A_©Õ AvL¨v †`qv nq| Z‡e, GB mg Í `ªe¨ ïay †h wewbg‡qB e¨eüZ n‡Zv Zv bq, G¸‡jvi
h‡_ó Dc‡hvwMZv wQj e‡j G‡`i 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 e¨eüZ 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 e¨eüZ
n‡q‡Q| wKš‘ A_© wnmv‡e g~j¨evb avZzi e¨envi me©v‡c¶v ¸iæZ¡c~Y©| DrK…ó A_© n‡Z †M‡j Zvi
†h ¸Yvejx _vKv cÖ‡qvRb [ †hgb g~‡j¨i w ’wZkxjZv, wefvR¨Zv, mn‡R †Pbvi †hvM¨Zv,
me©RbMÖvn¨Zv BZ¨vw`] g~j¨evb avZzi (h_v- ¯Y©, †iŠc¨, Zvgª) H me ¸Yvejx _vKvq Zv `xN©Kvj
a‡i wewbg‡qi gva¨g wnmv‡e e¨eüZ n‡q AvmwQj| wKš‘ avZe gy`ªv e¨env‡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‡R¨i AvKvi
wb‡Z m¶g nq|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 179
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‡`i bvgvw¼Z gy`ªv e¨envi 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~j¨evb avZz Mw”QZ ivLZ| wewbg‡q ¯Y©Kvi H e¨w³‡K
GKwU Ôiwm`Õ w`Z hv‡Z AvgvbZKvixi ¯Y©, †iŠ‡c¨i 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~j¨evb 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 †`Iqv 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 e¨eüZ 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 e¨env‡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 †`Iqv
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~‡j¨i cwigvcK
I e‡Kqv cwi‡kv‡ai wfwË| hveZxq A_©‰bwZK Kvh©ejxi g~j †K›`ªwe›`y n‡jv A_©|
mvims‡¶c
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 180
cv‡VvËi g~j¨vqb 9.2
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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|
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. wg_¨v 3. mZ¨
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 181
A‡_©i cwigvY ZË¡
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
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 ͇i †ewk cwigvY
`ªe¨mvgMÖx †Kbv hvq| AZGe, ªe¨mvgMÖxi `vg ÍiB A‡_©i g~j¨ ev µq¶gZvi Bw½Z †`q Ges
`vg ͇ii mv‡_ A‡_©i g~‡j¨i m¤úK© wecixZ| GB A‡_© A‡_©i g~‡j¨i aviYv GKwU ÔAv‡cw¶KÕ
aviYv gvÎ| A‡_©i g~j¨ I `vg ͇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 ͇ii cwieZ©‡bi mv‡_ mv‡_ A‡_©i g~‡j¨i 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~‡j¨i cwieZ©b Rbmvavi‡Yi A_©bxwZ‡Z GK ai‡bi Aw ’iZv †`Lv
†`q| A‡_©i g~‡j¨i †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 ͇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 ͇ii g‡a¨ m¤úK©
†`Lv‡Z wM‡q A_©‡KB gyL¨ f‚wgKv †`b| Gu‡`i 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 wظY n‡j `vg ÍiI wظY 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‡e¨i
†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 ͇ii
mv‡_ A‡_©i g~‡j¨i
m¤úK© wecixZ|
A‡_©i †hvMv‡bi ev
cwigv‡Yi Ici
A‡_©i g~j¨
wecixZfv‡e
wbf©ikxj|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 182
Pvwn`v wb‡RB m„wó K‡iÓ] Rb¨| wØZxqZ, †`‡k c~Y© wb‡qvM _v‡K| ZvB Drcv`‡bi †Kv‡bv
DcKiY Ae¨eüZ ev Ajm n‡q c‡o _v‡K bv|
A‡_©i cwigvY Z‡Ë¡i fvl¨
A‡_©i cwigvY Z‡Ë¡i mg_©K‡`i g‡Z Ab¨vb¨ `ª‡e¨i 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‡`i `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~‡j¨i
`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_© e¨e¯’vq †gvU Avw_©K e¨q memgq weµq‡hvM¨ hveZxq ªe¨mvgMªxi †gvU
g~‡j¨i 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‡e¨i `vg¯Íi Ges qi n‡jv cÖwZwU ¯Zš¿
weµq‡hvM¨ `ª‡e¨i cwigvY| wdkvi g‡b Ki‡Zb †h ¯íKv‡j cÖvwZôvwbK ˆewk‡ó¨i [h_v, A_©vw`
ev †eZb cÖ v‡bi mgq (payment period)] Rb¨ A‡_©i cÖPjb †eM AcwiewZ©Z _v‡K| Avevi,
A_©e¨e¯’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 ͇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 ͇iiB (absolute price level) cwieZ©b Av‡b| A‡_©i †hvMv‡bi cwieZ©b cÖK…Z
(relative) `vg ͇ii Ici †Kv‡bv cÖfve we Ívi K‡i bv| A‡_©i cwigvY evo‡j †gvU Avq, wb‡qvM
¯Íi, my‡`i 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‡`i 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‡`i `v‡gi ¸Ydj
(P)|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 183
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©
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†KBbm e‡jb †h A_©e¨e¯’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 ͇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 ͇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_©e¨e¯’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_©e¨e¯’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 ͇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‡`i 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‡`i nv‡ii m¤úK© Av‡Q Zv wZwb Av‡jvPbv K‡ibwb| Avevi, A‡_©i cwigv‡Yi cwieZ©b cÖ_‡gB
my‡`i nvi‡K `vg Íi‡K bq cÖfvweZ K‡i Ges †gvU Drcv`b I `vg Íi my‡`i nv‡ii Øviv
cÖfvweZ nq| `vg ͇ii cwieZ©‡bi cÖwµqvwU n‡jv wb¤œiæc-
A‡_©i cwigv‡Yi cwieZ©bmy‡`i 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_©e¨e ’vq V,
V, T BZ¨vw` w ’i
_v‡K bv|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 184
cÂgZ, †KBb‡mi g‡Z `vg Íi Avq ͇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_© e¨e¯’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 ͇e A‡_©i cwigv‡Yi e„w× QvovB `vg ͇ii e„w× N‡U| †hgb, hy×, Drcv`bx e¨qe„w×
BZ¨vw`| GB ZË¡ A‡_©i Ici AwaK ¸iæZ¡ Av‡iv‡ci †`v‡l `yó|
Z_vwc GB Z‡Ë¡i ¸iæZ¡ Ab¯xKvh©| c„w_exi wewfbœ †`‡k (†hgb, 1923-24 mv‡j Rvg©vwb‡Z
1947-48 mv‡j Px‡b) hLbB A‡_©i †hvMvb A¯vfvweK e„w× †c‡q‡Q ZLbB gy`ªvùxwZi Qvqv
†`Lv †M‡Q| †bv‡ej cyi¯‹vi weRqx wgëb wd«Wg¨vb A‡_©i cwigvY Z‡Ë¡i e³‡e¨i mg_©K|
†K› ªxq e¨vs‡Ki Kg©cš’v (policy) wba©vi‡Y ZË¡wUi ¸iæZ¡ Kg bq| gy`ªvùxwZ I g›`v wbqš¿‡Yi
Rb¨ †K› ªxq e¨vsK A‡_©i †hvMv‡bi cwigvY n«vm I e„w× K‡i| myZivs A‡_©i cwigvYZË¡ †K› ªxq
e¨vs‡Ki Avw_©K bxwZi (monetary policy) Ici ¸iæZ¡ †`q|
cv‡VvËi g~j¨vqb 9.3
ˆbe© w³K cÖkœ
(mwVK DËiwUi wPwýZ Kiæb)
1. `vg Íi K‡g †M‡j A‡_©i g~j¨ K‡g| mZ¨/wg_¨v
2. wdkv‡ii g‡Z †jb‡`‡bi D‡Ï‡k¨ A‡_©i Pvwn`v †`Lv †`q| mZ¨/wg_¨v
3. wdkv‡ii ZË¡ Abyhvqx `vg¯Íi A‡_©i †hvMv‡bi mgvbycvwZK nq| mZ¨/wg_¨v
msw¶ß cÖkœ
1. A‡_©i cÖPjb †eM (velocity) wK?
iPbvg~jK cÖkœ
1. mgv‡jvPbvmn A‡_©i cwigvYZË¡ Av‡jvPbv Kiæb|
ˆbe© w³K cÖ‡kœi DËi
1. wg_¨v 2. mZ¨ 3. mZ¨
`ªe¨mvgMÖxi `vg ÍiB A‡_©i g~j¨ ev µq¶gZvi Bw½Z †`q| `vg ͇ii mv‡_ A‡_©i g~‡j¨i m¤úK©
wecixZ| A‡_©i g~j¨ wba©vi‡Y A‡_©i cwigvY Z‡Ë¡i fvl¨ n‡”Q- bM` †jb‡`b ev wdkv‡ii fvl¨| GB
ZË¡ Abyhvqx A_© e¨e ’vq †gvU Avw_©K e¨q me mgq weµq‡hvM¨ hveZxq ªe¨mvgMÖxi †gvU g~‡j¨i m‡½
Awfbœfv‡e mgvb nq| A‡_©i cwigvY Z‡Ë¡i eûwea mgv‡jvPbv Kiv n‡q‡Q| Z_vwc GB Z‡Ë¡i ¸iæZ¡
Ab¯xKvh©|
mvims‡¶c
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 185
A‡_©i Pvwn`v ZË¡
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
A‡_©i Pvwn`v wK
†jb‡`‡bi D‡Ï‡k¨ Pvwn`v
mveavbZvi D‡Ï‡k¨ Pvwn`v
fwel¨r †f‡e Pvwn`v
†jv‡K †Kb bM` A_© a‡i ivL‡Z Pvq? †h‡nZz mg Í m¤úwËi g‡a¨ A_© me©v‡c¶v Zij m¤úwË
(liquid asset), †m‡nZz †jv‡K A_© †ewk cQ›` K‡i| Zv‡`i m¤ú` jMœxc‡Îi AvKv‡i ivLvi
cwie‡Z© bM` UvKv wb‡R‡`i nv‡Z ivL‡Z Pvq| G‡K bM` cQ›` ev Zvij¨ cQ›` (liquidity preference) e‡j|
A‡_©i Pvwn`vi g~j wZb KviY Ges Pvwn`vi `iæb Avqmxgv I my‡`i nv‡ii cwieZ©b GB As‡ki
cÖwZcv`¨| A‡_©i Pvwn`v ej‡Z †evSvq cÖK…Z fvimvg¨ ˆZwii Pvwn`v‡K| Ab¨fv‡e ej‡j gvbyl
A_© a‡i iv‡L A_© µq ¶gZvi Rb¨| †h cwigvY cY¨ wKb‡Z cv‡i †m Rb¨| wee„Z A_© aviY
wb‡q gvbyl wPwšÍZ bq| GB †_‡K-
K. cÖK…Z A‡_©i Pvwn`v g~j¨mxgvi m‡½ cwiewZ©Z nq bv| Ab¨vb¨ cÖK…Z Dcv`vb h_v my‡`i nvi,
cÖK…Z m¤ú` BZ¨vw`i Pvwn`v AcwiewZ©Z _v‡K|
L. wee„Z UvKv ev A‡_©i Pvwn`v g~j¨mxgvi e„w×i m‡½ m‡½ AvbycvwZK nv‡i e„w× cvq| (hLb
cÖK…Z Dcv`vb¸‡jv wbw ©ó)|
GB AvPiY `y‡Uvi GKwU we‡kl bvg Av‡Q| A‡_©i Ø›Ø ev A‡_©i auvav| A‡_©i auvav †_‡K †Kv‡bv
gvbyl ZLbB gy³ hLb g~j¨mxgvi e„wׇZ Ab¨vb¨ cÖK…Z Dcv`vb w ’i _v‡K Ges gvby‡li cÖK…Z
A‡_©i Pvwn`vI _v‡K AcwiewZ©Z| Ab¨w`‡K †h gvby‡li cÖK…Z A‡_©i Pvwn`v g~j¨mxgvi
cwieZ©‡bi m‡½ m‡½ cwiewZ©Z nq (hLb Ab¨vb¨ cÖK…Z Dcv`vb w¯’i) ZLb gvbylwU A‡_©i auvavq
c‡o|
GLb cÖkœ n‡jv RbMY †Kb ev wK wK D‡Ï‡k¨ bM` A‡_©i Pvwn`v K‡i _v‡K? †KBb‡mi
Av‡jvob m„wóKvix ÔmvaviY ZË¡Õ (General theory) eBwU cÖKvwkZ nIqvi Av‡M †_‡KB A‡_©i
cwigvY Z‡Ë¡i mvnv‡h¨ A‡_©i Pvwn`vi ZË¡ e¨vL¨v Kiv n‡Zv|
Aviwfs wdkvi A‡_©i cwigvY ZË¡ e¨vL¨v Ki‡Z wM‡q e‡jb †h wewbg‡qi D‡Ï‡k¨B †jv‡K bM`
A‡_©i Pvwn`v K‡i _v‡K| †h‡nZz A_© DcvR©b I A_© e¨q GKB m‡½ N‡U bv †m‡nZz †jv‡K
A‡_©i Pvwn`v K‡i _v‡K| †gvU K_v, wdkvixq Z‡Ë¡ †jb‡`‡bi D‡Ï‡k¨ A‡_©i Pvwn`vi D™¢e nq|
†jb‡`‡bi D‡Ï‡k¨ bM` A‡_©i Pvwn`v wbf©i K‡i Avq ͇ii Ici| D”P Av‡qi ͇i
†jb‡`bRwbZ A‡_©i Pvwn`v †ewk n‡e, wb¤œ Av‡qi ͇i Gi wecixZ n‡e| 1930-Gi `k‡K
wek¦e¨vcx g›`v †`Lv †`Iqvq †KBbm K¬vwmK¨vj a¨vb aviYv åvšÍ e‡j cÖgvY Ki‡jb| 1936
cvV-4
wdkvixq Z‡Ë¡
†jb‡`‡bi D‡Ï‡k¨
A‡_©i Pvwn`vi D™¢e
nq| †jb‡`‡bi
D‡Ï‡k¨ bM` A‡_©i
Pvwn`v wbf©i K‡i
Avq¯—‡ii Ici|
A‡_©i auvav †_‡K
†Kv‡bv gvbyl ZLbB
gy³ hLb g~j¨mxgvi
e„wׇZ Ab¨vb¨ cÖK…Z
Dcv`vb w ’i _v‡K
Ges gvby‡li cÖK…Z
A‡_©i Pvwn`vI _v‡K
AcwiewZ©Z|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 186
mv‡j cÖKvwkZ The General Theory of Employment, Interest and Money eB‡Z wZwb
Pvwn`vi we‡kl e¨vL¨v †`b hv K¬vwmK¨vj wPšÍvaviv †_‡K ¯Zš¿|
jW© †KBb‡mi RbwcÖq wZbwU A_© a‡i ivLvi KviY n‡jv :
1. †jb‡`b D‡Ïk¨ : `vg cwi‡kv‡ai Rb¨ UvKvi †h mvaviY cÖ‡qvRb|
2. mveavbZv Aej¤‡b : nVvr cÖ‡qvRb †gUv‡bvi Rb¨|
3. `~iKíbvi Kvi‡Y ev fwel¨r †f‡e : aviYK…Z m¤ú‡`i A_© g~‡j¨i ZviZ‡g¨i Kvi‡Y|
†jb‡`b Ges mveavbZvi D‡Ïk¨¸‡jv‡Z M1 RwoZ| ~iKíbvi cy‡ivUv‡ZB M2 I M3 RwoZ|
†KBb‡mi wee„Z KviY¸‡jv Abymv‡i A_© aviYv Avjv`v Kiv m¤¢e bq| AšÍZ KviY Abymv‡i wVK
wZbwU fv‡M cÖK…Z A_©‡K Avjv`v Kiv Am¤¢e| aiæb, Avcbvi Kv‡Q 500 UvKv Av‡Q| Zvn‡j wK
GUv a‡i †bqv wVK n‡e †h, wZbwU Kvi‡Y Avcwb UvKv aviY Ki‡Qb Zv fvM Ki‡j 200, 200
I 100 UvKv K‡i Rgv co‡e? GKwU Kvi‡Y UvKv aviY Ki‡jI Ab¨ D‡Ï‡k¨i cÖ‡qvR‡b ZLb
UvKv e¨q Kiv mnRvZ cÖe„wË| fwel¨‡Zi K_v †f‡e Rgv‡bv UvKv wK Avgiv eZ©gv‡bi cÖ‡qvRb
†gUv‡Z LiP Kwi bv? Aek¨B Kwi| GRb¨B wZbwU Kvi‡Yi ev D‡Ï‡k¨i mw¤§wjZ Pvwn`vB
gvby‡li A‡_©i cÖK…Z Pvwn`v| ÔA‡_©i Pvwn`v ZË¡Õ Aek¨ M‡o D‡V‡Q A_© a‡i ivLvi jvf Ges
a‡i ivLvi my‡`i nv‡ii cv_©‡K¨i Ici wfwË K‡i| A_© (M1 gy ªv I PjwZ wnmve) mvaviYZ
†Kv‡bv my` Avq K‡i bv ev Ab¨vb¨ m¤ú‡`i Zzjbvq my‡`i nvi Kg| A_© avi‡Yi Kvi‡Y gvbyl
my‡`i nvi h‡Zv †ewk nviv‡e †m Z‡Zv Kg A_© nv‡Z ivL‡e| Ab¨fv‡e ej‡j A_© nv‡Z ivLvi
g~j¨ n‡jv A‡_©i Ici my‡`i nvi Ges Ab¨vb¨ mgZzj¨ m¤ú‡`i Ici my‡`i nv‡ii (mÂq wnmve,
Kgvwk©qvj †ccvi) e¨eav‡bi Ici| A‡_©i Ici my‡`i nvi‡K ejv nq ¯xq nvi Ges avi‡Yi
my‡hvM e¨q (opportunity cost) mgZzj¨ m¤úwË Ges ¯xq nv‡ii cv_©K¨|
†jb‡`‡bi Pvwn`v
ˆ`bw›`b LiP †gUv‡bvi Rb¨ †h bM` UvKvi cÖ‡qvRb †mUvB †jb‡`‡bi Pvwn`v| Le‡ii KvMR,
LvIqv `vIqv, fvov BZ¨vw` e¨q¸‡jv †jb‡`‡bi Pvwn`vi g‡a¨ c‡o|
Pvwn`v †gUv‡bvi Rb¨ KZUzKz GKRb e¨q Ki‡e Zv wbf©i K‡i A_© a‡i ivLvi Rb¨ †h my‡`i
cwigvY nviv‡”Q Ges †h e¨q n‡”Q Zvi Ici| aiæb †Kv‡bv e¨w³ gv‡m 1800 UvKv Avq K‡i
Ges cy‡iv gvm Ry‡o mgvb nv‡i GB UvKv †m LiP K‡i| Li‡Pi nvi w`b cÖwZ 60 UvKv| Zvn‡j
H e¨w³ B‡”Q Ki‡j 1800 UvKv †Kv‡bv PjwZ wnmve ev Ab¨ †Kv‡bv Lv‡Z Rgv †i‡L cÖwZw`b
60 UvKv K‡i Zz‡j LiP Ki‡Z cv‡i| Avevi 1800 UvKv Rgv iLvi ci cy‡ivUv Zz‡j Zv †_‡K
cÖwZw`b LiP Ki‡Z cv‡i| †m B‡”Q Ki‡j cy‡iv UvKvUv †_‡K 60 UvKv Li‡Pi Ici evwK
1740 UvKv ˆ`wbK my‡`i mÂq wn‡m‡e ivL‡Z cv‡i| Zvn‡j cÖwZw`b †m 60 UvKv K‡i H e¨vsK
†_‡K Zz‡j †b‡e| Zvn‡j gvm †k‡l †m †ek wKQy UvKv my` †_‡K jvf Ki‡e| cÖwZw`‡bi ïiæ‡Z
60 UvKvi Kg nv‡Z ivLvq †m my‡`i nvi †_‡K GB jv‡fi AskwU AR©b K‡i‡Q| G‡¶‡Î UvKv
aviY Kivi LiP n‡jv e¨vs‡K UvKv †Zvjvi Sv‡gjv Ges hvZvqvZ Li‡Pi †hvMd‡ji mgvb|
Le‡ii KvMR, LvIqv
`vIqv, fvov BZ¨vw`
e¨q¸‡jv †jb‡`‡bi
Pvwn`vi g‡a¨ c‡o|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 187
wPÎ 9.1 Abyhvqx H e¨w³i wee„Z
gvwmK Avq YN.
hw` mÂq wn‡m‡e
ivLv nq Zvn‡j i my‡`i nvi jvf
nq| †hLv‡b nv‡Z UvKv _vK‡j
my` wn‡m‡e GK UvKvI cvIqv
†hZ bv| nv‡Zi UvKv mÂq
wn‡m‡e Rgv ivLvi LiP tc, GB
tc e¨‡qi g‡a¨ e¨w³wUi e¨eüZ
mg‡qi wnmve AšÍfz©³| wKsev
Ab¨‡K `vwqZ¡ †`qv n‡j †mUvI
MY¨ Kiv n‡e| mnRfv‡e GB
LiPwU‡K ev e¨q‡K †eªvKvi wd
ejv nq| wPÎ 9.1 Abyhvqx UvKv
†jb‡`‡bi Rb¨ cÖwZevi LiP n‡”Q tc cwigvY gy ªv| wPÎ 9.1 Abyhvqx cÖwZ †jb‡`‡bi Rb¨ LiP
MC Ges jvf n‡”Q MB| UvKv IVv‡bvi msL¨v h‡Zv evo‡Q †jb‡`‡bi Mo LiP Z‡Zv evo‡Q|
A_©vr UvKv Rgv ivLvi Rb¨ cÖvß myweav Z‡Zv Kg‡Q| wPÎ Abyhvqx †gvU †jb‡`b msL¨v n|
†hLv‡b cÖvß my‡`i cwigvY I †jb‡`‡bi e¨q mgvb| †gvU †jb‡`b msL¨v, Avqmxgv †`qv _vK‡j
MvwYwZKfv‡e e¨w³i UvKv aviY ¶gZv wbY©q Kiv m¤¢e| DBwjqvg eIgj Ges †Rgm& Uwe‡bi
g‡Z-
M*= tC YN
2i ............................... (1)
mgxKiY (1) †_‡K †evSv hvq A_© †jb‡`‡bi cwigvY †eªvKv‡iR wd Ges Avqmxgvi m‡½ m‡½
e„w× cvq| my‡`i nvi e„w× †c‡j A‡_©i Pvwn`v n«vm cvq|
UvKvi Pvwn`vi w ’wZ¯’vcKZv
mgxKiY (1) †_‡KB Avgiv †`L‡Z cvB A‡_©i Pvwn`v Avqmxgv e„w×i m‡½ m‡½ K‡g,
MYN
Avq
e„w×i AvbycvwZK nv‡i gvbyl nv‡Z Kg UvKv iv‡L| Ab¨fv‡e ej‡j A‡_©i Pvwn`vi w ’wZ ’vcKZv
1-Gi †P‡q Kg [(1) bs mgxKi‡Y Zv 1
/
2
]| Av‡qi w ’wZ ’vcKZv 1% Avq mxgvi cwieZ©‡b
A‡_©i Pvwn`vi cwieZ©b wbY©q K‡i| (1) bs mgxKiY Abyhvqx †eªvKv‡iR wd-Gi mv‡c‡¶ A‡_©i
Pvwn`vi w ’wZ ’vcKZv n‡jv
1
/
2
, my‡`i nv‡ii mv‡c‡¶ -
1
/
2
|
G †_‡K †evSv hvq, Avq h‡Zv evo‡e A_© †jb‡`‡bi LiP Z‡Zv Kg‡e| KviY A_© †jb‡`‡bi
A¼ ev cwigvY h‡Zv eo n‡e †jb‡`‡bi Mo LiP Z‡Zv Kg‡e| KLbI KLbI 10 wgwjqb
Wjv‡ii †jb‡`‡bi LiP 10 Wjvi n‡Z cv‡i| e¨w³MZ Li‡Pi Zzjbvq cvwievwiK ev mgwóK
LiP me mgqB †ewk| Z‡e G‡¶‡Î †eªvKv‡iR wd (tc) †ewk nq| KviY mg‡qi g~j¨‡K A‡bK
D‡”P aiv nq| myZivs Avq (YN) e„w×i m‡½ m‡½ LiP (tc) I evo‡Z _v‡K| †h‡nZz gvby‡li
UvKv mÂq wn‡m‡e Rgv ivL‡e ZvB Avq h‡Zv evo‡e †m Z‡Zv †ewk e¨vs‡K hv‡e| d‡j †jb‡`b
LiP Z‡Zv evo‡e| myZivs w¯’wZ ’vcKZv 1/2-Gi †P‡q e„w× cv‡e|
cÖK…Z fvimv‡g¨i Pvwn`v
cÖK…Z fvimv‡g¨i Pvwn`v Ges A‡_©i Pvwn`v GKB| g~j¨mxgvi mgvbycvwZK cwieZ©‡b cÖK…Z
fvimv‡g¨i Pvwn`vq †Kv‡bv cwieZ©b N‡U bv| hLb mewKQyi g~j¨ mxgv wظY nq ZLb-
g~j¨mxgvi
mgvbycvwZK
cwieZ©‡b cÖK…Z
fvimv‡g¨i Pvwn`vq
†Kv‡bv cwieZ©b N‡U
bv|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 188
M= tc YN
2i ......................... (1) Dchy©³ mgxKi‡Y YN I tc Gi gvbI wظY nq| A_©vr wee„Z Avq Ges wee„Z †eªvKv‡iR wd wظY
cwigv‡Y e„w× cvq|
myZivs (2) bs mgxKiY Abyhvqx cÖK…Z Av‡qi mv‡c‡¶ cÖK…Z fvimv‡g¨i Pvwn`vi w ’wZ ’vcKZv
1
/
2
| ïay g~j¨mxgvi e„w×i Kvi‡Y hw` Avqmxgvi (tc mn) cwieZ©b nq Zvn‡jB wee„Z fvimv‡g¨i
Pvwn`vi AvbycvwZK e„w× NU‡e|
†hvM¨Zv
wee„Z eIgj-Uweb mgxKiYwU‡Z cÖK…Z Avq Ges my‡`i nv‡ii mv‡c‡¶ A‡_©i Pvwn`vi
w ’wZ ’vcKZv h_vµ‡g
1
/
2
Ges -
1
/
2
| Z‡e †h‡nZz †Kv‡bv e¨w³ †jb‡`b K‡i c~Y© msL¨vq,
fMœvs‡k bq| A_©vr †jb‡`b msL¨v 1, 2, 3 n‡Z cv‡i 1.25 ev 3.57 bq| gvbyl eo‡Rvi
GKevi wKsev yÕevi UvKv-e‡Ûi †jb‡`b K‡i| G †_‡K †`Lv‡bv hvq, A‡_©i Pvwn`vi I Av‡qi
w ’wZ ’vcKZv
1
/
2
†_‡K 1 Gi g‡a¨ mxgve× _v‡K| Avi my‡`i w ’wZ ’vcKZv _v‡K -
1
/
2
†_‡K 0-
Gi g‡a¨| GB mgxKi‡Yi gva¨‡g GUv †`Lv‡bv hvq A‡_©i †jb‡`‡bi msL¨v I UvKv cÖvwßi
mgqKv‡ji g‡a¨ m¤úK© Av‡Q| ev ͇e †Kv‡bv †Kv‡bv e¨w³ Zv‡`i PjwZ wnmv‡e gvwmK †eZb
cvq| d‡j eIgj-Uwe‡bi ZË¡ Abyhvqx Zviv A_©-e‡Ûi †jb‡`b NUvq bv| Zviv Zv‡`i gvwmK
†eZ‡bi A‡a©K nv‡Z iv‡L| A_© cÖvwßi mgq h‡Zv `xN© nq gvby‡li nv‡Z A_© a‡i ivLvi cwigvY
Z‡Zv ev‡o|
mveavbZv Aej¤‡b
gvby‡li A‡_©i Pvwn`vi Ab¨Zg Av‡iKwU KviY AwbðqZv| nVvr cÖ‡qvRb †gUv‡Z Avgv‡`i
A‡_©i cÖ‡qvRb n‡Z cv‡i| wKsev nVvr K‡iB Avgiv cvIbv A_© †c‡Z cvwi| GB †`bv-cvIbvi
AwbðqZv †_‡KI A‡_©i Pvwn`vi D™¢e N‡U|
gvbyl h‡Zv †ewk A_© nv‡Z iv‡L Z‡Zv †ewk Zvij¨ Ae ’vq †m Av‡Q| A_©vr mnmv cÖ‡qvRb
†gUv‡bvi ¶gZv Zvi Z‡Zv †ewk| wKš‘ GKB m‡½ †h h‡Zv †ewk A_© nv‡Z ivL‡Q †m Z‡Zv
†ewk my‡`i Avq †_‡K ewÂZ n‡”Q| wVK KZUzKz A_© nv‡Z ivLv DwPZ Zv wbY©q Kiv KwVb|
ZijZvi Afv‡ei †gvU LiP n‡jv-
iM+p(M,)q GLv‡b
iM=A_© nv‡Z ivLvi Rb¨ cÖvß my` †_‡K
ewÂZ nevi cwigvY
p(M, )V= wbw`©ó gv‡m Zvij¨ Afv‡e
covi m¤¢vebv
M= A‡_©i cwigvY G= AwbðqZv ev
SzuwK
wPÎ 9.2 Abyhvqx cÖvwšÍK e¨q n‡jv †h
cwigvY my‡`i nvi UvKv nv‡Z ivLvi Rb¨
Qvo w`‡Z n‡”Q Zvi mgvb| Zvi‡j¨i
Afve ~i Kivi cÖZ¨vwkZ LiP h‡Zv Kg
cÖvwšÍK jvf Z‡Zv †ewk| wPÎ Abyhvqx
A_© cÖvwßi mgq h‡Zv
`xN© nq gvby‡li nv‡Z
A_© a‡i ivLvi
cwigvY Z‡Zv ev‡o|
gvby‡li A‡_©i
Pvwn`vi Ab¨Zg
Av‡iKwU KviY
AwbðqZv| nVvr
cÖ‡qvRb †gUv‡Z
Avgv‡`i A‡_©i
cÖ‡qvRb n‡Z cv‡i|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 189
M* me©v‡c¶v AbyK‚j Ae¯’v| my‡`i Avq h‡Zv Kg‡e mveavbZv Aej¤b †nZz LiP Z‡Zv
evo‡e| my‡`i nvi Kg‡j MC †iLvwU wb‡Pi w`‡K bvg‡e, d‡j M* AviI Wvbw`‡K m‡i hv‡e|
ZvB LiP evo‡e| Ab¨w`‡K AwbðqZv ev SzuwK h‡Zv evo‡e gvbyl Z‡Zv †ewk A_© nv‡Z ivL‡e|
d‡j MB †iLvwU Dc‡ii w`‡K DV‡e| Ggb Ae ’vq gvbyl Awbw`©ó cwigvY LiP †gUv‡bvi Rb¨
evowZ A_© nv‡Z ivL‡e| q ev A‡_©i Pvwn`v Kgvi m‡½ m‡½ MB †iLvI wb‡Pi w`‡K †b‡g
Avm‡e| hv ch©vqµ‡g A_© nv‡Z ivLvi LiP Kgv‡e| mveavbZv Aej¤‡bi GB ZË¡wU AwbðqZv
†gUv‡bvi Rb¨ e¨eüZ †h †Kv‡bv c‡Y¨i †¶‡Î cÖ‡hvR¨| GB Z‡Ë¡i Ab¨Zg cÖfveK¸‡jv n‡jv-
my` MÖnY bv Kivi weKí LiP, Zvij¨ Afv‡ei LiP, AwbðqZv ev SzuwKi cwigvY hv
Zvij¨fv‡ei m¤¢vebv‡K cÖfvweZ K‡i|
fwel¨‡Zi m¤¢vebv
†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‡g¨i m„wó
K‡i| Z‡e g~‡j¨i 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 wظY n‡j m¤ú‡`i cwigvY evo‡e| wKš‘ wظY
cwigv‡Y K‡g †M‡j ZLb wK n‡e? GRb¨B †Kv‡bv my¯’ gw ͇®‹i gvbyl Zvi hveZxq Avq †Kv‡bv
wbw ©ó GKwU m¤ú‡`i 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‡`i †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‡`i 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‡`i 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‡`i 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| hw`I
†Kv‡bv †Kv‡bv †¶‡Î G¸‡jv‡Z cÖvwßi gvÎv †ewk|
fwel¨‡Zi m¤¢vebvi K_v †f‡e A‡_©i Pvwn`vi ZviZ‡g¨i Ae¯’vi Kvi‡Yi m‡½ †jb‡`b I
mveavbZvi D‡Ï‡k¨i wgj i‡q‡Q| my‡`i 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, e¨emvwqK Uªv÷, e¨vsK BZ¨vw`) ïay mÂq
wn‡m‡e bq SzuwKgy³ D”P my`hy³ m¤ú`I µq K‡i| †UªRvwi wej ev wmwW (mvwU©wd‡KU Ad
wW‡cvwRU) Ggb m¤ú`|
my‡`i Avq h‡Zv
Kg‡e mveavbZv
Aej¤b †nZz LiP
Z‡Zv evo‡e|
†kqvi ev e‡Ûi g‡Zv
AwbðqZvc~Y©
m¤ú‡`i †P‡q gvbyl
A_©‡K m¤ú` wn‡m‡e
MÖnY Ki‡Z AvMÖnx|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 190
cv‡VvËi g~j¨vqb 9.4
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|
ˆbe© w³K cÖ‡kœi DËi
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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 191
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|
GB BDwb‡Ui cvV¸‡jv n‡”Q :
cvV-1 : gy ªvùxwZ
cvV-2 : wdwjcm †iLv
cvV-3 : g~j¨ I gRywii eÜb
10
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 192
gy`ªvùxwZ
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
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 e¨envi Kiv nq|
gy ªvùxwZ ej‡Z †Kv‡bv GK- ywU c‡Y¨i g~j¨ e„wׇK †evSvq bv| eis mvgwMÖK A_©bxwZi mKj
c‡Y¨i Mo g~j¨ e„wׇK †evSvq| RbM‡Yi e¨‡qi †ewki fvM Ask †hme c‡Y¨i Rb¨ e¨q nq
†mme c‡Y¨i 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¨vw`i `vg evo‡Z _v‡K|Õ
Harry Johnson- Gi g‡Z, Ôw ’wZkxj `vg e„wׇK 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„wׇK
gy ªvùxwZ ejv hv‡e bv| KviY GKB eQ‡i evRvi g~‡j¨i 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„wׇK gy ªvùxwZ ejv
hv‡e bv| KviY GKB
eQ‡i evRvi g~‡j¨i
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 ͇ii m‡½ Zzjbv
K‡iB gy ªvùxwZ
Ae ’v ejv hvq|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 193
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 ͇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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 194
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 e¨e¯’v wech©¯Í nIqvi d‡j `vg Íi †e‡o †h‡Z cv‡i| c‡Y¨i mieivn
e¨e¯’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 e¨e¯’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‡`i 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‡Y¨i 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 e¨e¯’v wech©¯Í nq| G‡Z c‡Y¨i †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 ͇¶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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 195
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 wfwˇZ
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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 196
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„wׇK 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„wׇZ 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 DcKiYvw`i `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 ͇ii GB e„wׇK 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
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|
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
DcKiYvw`i `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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 197
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|
cv‡VvËi g~j¨vqb 10.1
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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|
ˆbe© w³K cÖ‡kœi DËi
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 wfwˇZ gy`ªvùxwZ‡K wewfbœ fv‡M fvM Kiv hvq|
mvims‡¶c
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 198
wdwjcm †iLv
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
wdwjcm †iLv wK
wdwjcm †iLv eivei mÂvjb I ¯’vbvšÍi
wdwjcm †iLvi AvK…wZ I ˆewkó¨
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_© `uvovq 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‡`i ¸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
†eKvi‡Z¡i nv‡ii
g‡a¨ cQ›`bxqZvi
(Trade off) my‡hvM
Av‡Q| GLv‡b bxwZ
cÖ‡YZv‡`i ¸iæZ¡
¯úó n‡q I‡V|
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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 199
†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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 200
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 ͇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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 201
†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 ͇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 e¨eavb, 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 ˆewkó¨mg~n
Avgiv Rvwb wdwjc&m †iLv n‡jv gRywi I g~‡j¨i cwieZ©‡bi nv‡ii m‡½ m‡½ †eKvi‡Z¡i nv‡ii
Trade off †iLv| †hLv‡b `ywU ˆewkó¨ ¯úó n‡q I‡V|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 202
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
͇ii wb‡P bvg‡Z
cv‡i bv| gRywii
nv‡ii cwieZ©‡b
mg‡qi cÖ‡qvRb|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 203
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|
cv‡VvËi g~j¨vqb 10.2
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|
ˆbe© w³K cÖ‡kœi DËi
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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 204
g~j¨ I gRywii eÜb
GB cvV †k‡l Avcwb Rvb‡Z cvi‡eb-
¯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‡`i 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‡`i g‡Z RbM‡Yi cÖZ¨vkv cwieZ©b n‡e| d‡j cÖZ¨vwkZ gy`ªvùxwZ I
cÖK…Z gy`ªvùxwZi nv‡ii e¨eavb 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‡`i
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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 205
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~θ‡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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 206
¯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 e¨emvq 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‡`i 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„wׇK Zviv Avw_©K welq wn‡m‡eB †`L‡e| Z‡e cÖZ¨vwkZ I cªK…Z gy`ªvùxwZi nv‡ii e¨eavb
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~‡b¨i 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‡`i 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 207
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 ͇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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 208
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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 209
¯^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 ͇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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 210
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|
cv‡VvËi g~j¨vqb 10.3
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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|
ˆbe© w³K cÖ‡kœi DËi
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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 211
miKvwi A_©e¨e¯’v
Public Finance
miKvwi A_©e¨e¯’v Ggb GKwU welq hv ivRbxwZ I A_©bxwZi mxgvšÍ‡iLvq Aew ’Z| eZ©gvbKv‡j wewfbœ Kvi‡Y
miKvwi A_©e¨e¯’vi ¸iæZ¡ e¨vcKfv‡e e„w× †c‡q‡Q| ZvB AvaywbKKv‡j miKvwi A_©e¨e¯’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_©e¨e¯’vi Awe‡”Q`¨ Ask| GB BDwb‡U miKvwi A_©e¨e¯’vi msÁv I cwiwa Av‡jvPbv
Kiv n‡q‡Q| GQvovI evRvi A_©bxwZi e¨_©Zv I miKv‡ii f‚wgKv, MY ª‡e¨i aviYv I ZË¡mg~n Av‡jvwPZ n‡q‡Q|
miKvwi A_©e¨e¯’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|
GB BDwb‡Ui cvV¸‡jv n‡”Q :
cvV-1 : miKvwi A_© e¨e¯’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, ˆewkó¨ I Kvbyb
cvV-5 : Ki e¨e¯’vi ZË¡mg~n, evsjv‡`‡ki Ki KvVv‡gv we‡kølY
cvV-6 : KivNvZ, Ki mÂvjb, AvcZb, evRvi I K‡ii AvcZb
11
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 212
miKvwi A_© e¨e ’vi msÁv I cwiwa
GB cvV c‡o Avcwb Rvb‡Z cvi‡eb-
miKvwi A_© e¨e¯’vi msÁv
miKvwi A_© e¨e¯’vi kvLv
miKvwi A_© e¨e¯’vi cwiwa
miKvwi A_© e¨e¯’vi msÁv
miKvwi A_© e¨e¯’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_© e¨e¯’v K_vwU miKvi I A_© e¨e¯’v ev A_©bxwZ Ges ivRbxwZi mxgv‡iLvq Aew ’Z|
Aa¨vcK Dalton e‡jb, miKvwi A_© e¨e¯’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_© e¨e¯’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_©
e¨e¯’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_©e¨e¯’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_© e¨e¯’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_© e¨e¯’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_© e¨e¯’v m¤ú‡K© Ab¨Zg we‡klÁ Aa¨vcK H. Groves-Gi msÁv MÖnY Ki‡Z cvwi,
ÔmiKvwi A_©e¨e¯’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_©e¨e¯’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_© e¨e¯’vq iv‡óªi me ai‡bi Avq, e¨q, FY I
wewb‡qvM msµvšÍ mgm¨v I Zv‡`i mgvav‡bi welq AšÍfz©³ _v‡K|
miKvwi A_© e¨e¯’vi cwiwa
miKvwi A_© e¨e¯’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_© e¨e ’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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 213
PvwjKv kw³| miKvi RbM‡Yi myL-`ytL fv‡jv-g›` m„wói Rb¨ †Kv‡bv As‡k Kg `vqx bq|
Kv‡RB miKvwi A_©e¨e¯’v RbKj¨vY‡K ¸iæZ¡ w`‡q we‡ePbv K‡i|
miKvwi A_© e¨e¯’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 e¨envi Kiv nq| Low Level equilibrium trap KvwU‡q IVvi Rb¨
A_©bxwZwe`‡`i Kw_Z Minimum Critical Effort MÖn‡Yi `vwqZ¡ miKvwi Avq-e¨‡qi; hv miKvwi
A_© e¨e¯’vq wba©viY Kiv nq|
miKvwi A_© e¨e¯’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¨vw`i 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_©e¨e¯’vi ¸iæZ¡ e¨vcKfv‡e e„w× †c‡q‡Q| ZvB
AvaywbKKv‡j miKvwi A_©e¨e¯’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‡`i e›Ub,
wewfbœ cÖKvi e¨emvq, 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_© e¨e¯’vi Awe‡”Q`¨ A½|
G kv¯¿ cÖK…Zc‡¶ ivR¯bxwZ MÖnY I ev Íevqb‡KB ch©v‡jvPbv K‡i| miKvwi A_© e¨e ’vq g~jZ
cuvPwU welq wb‡q ch©v‡jvPbv Kiv nq|
1| miKvwi Avq (Government Revenue) :
miKvwi A_© e¨e¯’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_© e¨e¯’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_© e¨e¯’v miKvwi FY MÖn‡Yi c×wZ Ges miKvwi FY e¨e¯’vcbv wb‡q ch©v‡jvPbv
K‡i|
miKvwi A_© e¨e ’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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 214
4| Avw_©K cwiPvjbv (Financial Management) : miKvwi A_©e¨e¯’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_© e¨e¯’vi GKwU As‡k ivR¯bxwZi gva¨‡g A_©‰bwZK w ’wZkxjZv i¶v Kivi Rb¨
e¨e¯’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|
cv‡VvËi g~j¨vqb 11.1
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
1| miKvwi A_© e¨e¯’v ïay miKv‡ii Av‡qi Drm I e¨‡qi aib wb‡q e¨vL¨v K‡i| mZ¨/wg_¨v
2| mvgvwRK ª‡e¨i 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_© e¨e¯’v KqwU kvLvq wef³? wjLyb|
iPbvg~jK cÖkœ
1| miKvwi A_© e¨e¯’vi msÁv I cwiwa Av‡jvPbv Kiæb|
ˆbe© w³K cÖ‡kœi DËi
1. wg_¨v 2. mZ¨
miKvwi A_©e¨e ’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_© e¨e ’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_©e¨e ’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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 215
evRvi A_©bxwZi e¨_©Zv, miKv‡ii f‚wgKv
GB cvV c‡o Avcwb Rvb‡Z cvi‡eb-
evRvi A_©bxwZi e¨_©Zvi aib
miKvwi A_© e¨e¯’vi f‚wgKv
K¬vwmK¨vj Aeva evRvi e¨e ’v aviYvwU c~Y© cÖwZ‡hvwMZvg~jK evRvi e¨e ’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‡`i Kvg¨ e›Ub
wbwðZ Ki‡e| `¶ e›Ub n‡jv Ggb Ae ’v hLb KvD‡K ¶wZMÖ¯Í bv K‡i A‡b¨i Kj¨vY evov‡bv
hvq bv| A_©vr K¬vwmK¨vj Aeva evRvi e¨e¯’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‡`i g‡a¨
`ªe¨ Dcw ’Z _v‡K, Z‡e evRvi e¨e ’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 e¨e ’v `¶ m¤ú` e›U‡b e¨_© nq| G‡K A‡b‡KB evRvi e¨e¯’vi
e¨_©Zv e‡j D‡jøL K‡ib| cÖK…Z c‡¶ GwU evRvi e¨e ’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 e¨e¯’vi cÖvavb¨ †ewk| ZvB c~Y©
cÖwZ‡hvwMZvi fvimv‡g¨i †h kZ©mg~n _vKv cÖ‡qvRb Zv evRvi e¨e¯’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‡g¨i †h
kZ©mg~n _vKv
cÖ‡qvRb Zv evRvi
e¨e ’vq cÖwZdwjZ
nq bv| Ac~Y©
cÖwZ‡hvwMZvg~jK
evRv‡i `vg _v‡K
†ewk I Drcv`b nq
Kg|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 216
2. c~Y© cÖwZ‡hvwMZv I Externalities :
m¤ú‡`i Kvg¨ e›Ub ej‡Z ¯xKvi Kiv nq Pvwn`v I †hvMvb †iLvmg~‡n †fv³v‡`i cÖK…Z cQ›`
Ges Drcv`bKvix‡`i cÖK…Z Li‡Pi cÖwZdjb NU‡e| ev¯Í‡e A‡bK `ª‡e¨i Pvwn`v †iLvq
†fv³v‡`i cÖK…Z cQ‡›`i 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‡b¨i 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‡`i cÖK…Z cQ›` cÖKvk Ki‡Z cv‡i
bv| abvZ¥K ewn¯’ †fvM cÖfve _vK‡j cÖK…Z cQ‡›`i 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‡`i AwaKvix‡`i Avq evRvi cÖwµqvq A‡bK †ewk| Avevi †evKv, Ajm I A`¶‡`i
Avq evRvi cÖwµqvq A‡bK Kg n‡e| G Ae ’vq mgv‡Ri Avq ˆelg¨ cÖKU iƒc aviY Ki‡e|
evRvi e¨e ’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‡e¨i †¶‡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‡e¨i ˆewkó¨ 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‡e¨i ˆewkó¨ 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‡b¨i
¶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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 217
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‡`i 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_©bxwZwe`iv 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_©bxwZwe`iv miKvwi e¨q I Ki m¤ú‡K© Dchy©³ gZev` MÖnY K‡ibwb| Zuv‡`i
g‡Z, cÖwZwU Ki Lvivc GBiƒc g‡b Kivi †Kv‡bv KviY †bB| †hgb gv`K `ª‡e¨i Ici D”Pnv‡i
Av‡ivwcZ Ki Gi e¨envi n«v‡mi gva¨‡g g‡` Avm³ e¨w³‡`i RxebgvÎvi gvb e„wׇZ 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_©
e¨e¯’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 wfwˇZ †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 Dˇi 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‡`i e¨envwiK
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
`iKvi :
(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 ͇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_©bxwZwe`iv 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 218
(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 `iKvi †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 ˆelg¨ 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‡`i 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‡`i e›Ub
Kvg¨ ͇i DbœZ Ki‡Z cv‡ib hv‡Z mvgvwRKfv‡e cÖ‡qvRbxq c‡Y¨i Drcv`b e„w× cvq| †Kbbv
†Zgb Ae¯’vq mvgvwRK Kj¨vY D”PZi ͇i †cuŠQ‡Z cv‡i|
Avq e›U‡b ˆelg¨ n«vm
mvgvwRK myweav m‡e©v”P ch©v‡q †cuŠQv‡bvi Rb¨ miKvi mgv‡Ri Avq ˆelg¨ `~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‡`i
†kªYx
Avq Íi
(UvKv)
K‡ii nvi Ki cÖ v‡bi
cwigvY
Ki cÖ v‡bi ci
Avq Íi
c~e©eZ©x
ˆelg¨
cieZ©x
ˆelg¨
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 ˆel‡g¨i cwiwa cÖMwZkxj Ki bxwZi
gva¨‡g n«vm Ki‡Z cv‡i| Ab¨w`‡K Kijä Avq mgv‡Ri ~e©j †jvK‡`i 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 e¨e¯’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¨vw`i mvnv‡h¨ Dchy©³ D‡Ïk¨
miKvi mgv‡Ri
wewfbœ †kªYxi Avq
ˆel‡g¨i cwiwa
cÖMwZkxj Ki bxwZi
gva¨‡g n«vm Ki‡Z
cv‡i| Ab¨w`‡K
Kijä Avq mgv‡Ri
~e©j †jvK‡`i Kj¨vY
e„w×i Rb¨ e¨q Ki‡Z
cv‡i| GB wØgyLx
miKvwi Kvh©µg
mvgvwRK myweav e„w×i
mnvqK|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 219
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_© e¨e¯’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|
cv‡VvËi g~j¨vqb 11.2
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
1| Ac~Y© cÖwZ‡hvwMZvq evRvi ZË¡ e¨_© nq| mZ¨/wg_¨v
2| miKvi mgv‡Ri wewfbœ †kªYxi Avq ˆel‡g¨i cwiwa cÖMwZkxj Ki bxwZi gva¨‡g e„w× K‡i
_v‡K| mZ¨/wg_¨v
msw¶ß cÖkœ
1| MY`ª‡e¨i †¶‡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_©e¨e¯’vi f‚wgKv Av‡jvPbv Kiæb|
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. wg_¨v
cÖwZ‡hvwMZvi fvimv‡g¨i †h kZ©mg~n _vKv cÖ‡qvRb Zv evRvi e¨e ’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‡e¨i ˆewkó¨ n‡jv : (1) AwefvR¨ ªe¨, (2) mw¤§wjZ †fv‡Mi my‡hvM
Ges (3) cÖvwšÍK LiP k~b¨| K¬vwmK¨vj A_©bxwZwe`iv 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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 220
MY ªe¨ : aviYv I ZË¡
GB cvVwU c‡o Avcwb Rvb‡Z cvi‡eb-
e¨w³MZ `ªe¨
mvgvwRK ev MY`ªe¨
MY`ª‡e¨i g~j¨ wba©viY cÖwµqv
m¨vgy‡qjm‡bi cY¨ wefvRb g‡Wj
Aa¨vcK R.A.Musgrave `ª‡e¨i cÖK…wZ Abymv‡i ªe¨‡K wZbwU fv‡M wef³ K‡ib, hv miKvwi
A_©e¨e¯’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_© e¨e¯’vi Av‡jvPbvq
¯’vb cvq| cÖv_wgKfv‡e G wZb ai‡bi `ª‡e¨i 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‡e¨i D`vniY|
1. e¨w³MZ ª‡e¨i g~j¨ evRv‡i Pvwn`v I †hvMv‡bi mgZv Øviv wba©vwiZ n‡e| †hLv‡b ª‡e¨i
cÖvwšÍK Dc‡hvM=`vg Ges `vg=cÖvwšÍK LiP kZ© (P=MC) mv‡c‡¶ Pvwn`v= †hvMvb (D=S) kZ©
cvwjZ n‡e| evRvi e¨e¯’v Gme `ª‡e¨i †¶‡Î Kvh©Ki|
2. `ªe¨¸‡jv ¶z`ª ¶z`ª GK‡K wefvR¨ ev Degree of jointness n‡jv k~b¨|
3. Gme `ª‡e¨i †¶‡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‡e¨i †¶‡Î ewÂZKi‡Yi gvÎv ev Degree of Exclusion nj Ô1Õ-Gi mgvb|
4. Giƒc ª‡e¨i †¶‡Î GKRb Drcv`bKvix Øviv Ab¨ Drcv`bKvix cÖfvweZ nq|
5. e¨w³MZ ª‡e¨i †¶‡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‡e¨i †¶‡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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 221
(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 e¨e¯’vq Drcvw`Z nq, hv cÖ‡Z¨K †fv³v cÖ‡qvRb g‡Zv e¨envi Ki‡Z cv‡i| †hgb-
†`‡ki cÖwZi¶v e¨e ’v| cÖwZi¶v e¨e ’v bv _vK‡j cª‡Z¨K e¨w³ ev wkícwZi GKwU K‡i
kw³kvjx cÖwZi¶v e¨e¯’v M‡o Zzj‡Z n‡Zv| wKš‘ ivóªxq cÖwZi¶v e¨e¯’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‡e¨i K‡qKwU ˆewkó¨ 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‡e¨i †¶‡Î Principle of Exclusion Kvh©Ki bq| MY ª‡e¨i †fvM KvD‡K ewÂZ Ki‡Z
cv‡i bv| Gme `ª‡e¨i Drcv`‡b e¨w³MZ D‡`¨vM cÖvqB cwijw¶Z nq bv| MY`ª‡e¨i †¶‡Î
Degree of Exclusion n‡jv k~b¨-Gi mgvb|
3. MY`ª‡e¨i cÖvwšÍK e¨q MCi(Y)=0 ev k~b¨ _v‡K| Z‡e my‡hvM LiP k~b¨ bq|
4. MY ª‡e¨i †¶‡Î evRvi ZË¡ Kvh©Ki nq bv| e¨w³MZ ª‡e¨i g~j¨ †hfv‡e wba©viY Kiv nq
MY`ª‡e¨i †ejvq Zv Kvh©Ki bq|
5. MY ª‡e¨i †¶‡Î Drcv`‡b ewn ’ cÖfve _vK‡e I †fv‡Mi †¶‡Î Zv _v‡K bv| GKR‡bi †fvM
Øviv Ab¨iv cÖfvweZ nq bv e‡jB GB myweav we`¨gvb _‡K|
6. MY ª‡e¨i Drcv`b cÖvqB e„n`vqZb| ZvB Drcv`b †¶‡Î µgn«vmgvb LiP Ae¯’v _vK‡Z
cv‡i|
7. MY`ª‡e¨i 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¨ Qv·`i Rb¨ ycy‡ii
Lvev‡ii e¨e ’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‡e¨i g‡a¨ Publicness †hgb Av‡Q, †Zgwb
PrivatenessI Av‡Q|
MY`ª‡e¨i g~j¨ wba©viY cÖwµqv (†¯”Qv wewbgq ZË¡)
MY`ª‡e¨i we‡kl wKQy ˆewkó¨ 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 222
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 ˆewk‡ó¨i Kvi‡Y e¨w³MZ ª‡e¨i g‡Zv MY ª‡e¨i g~j¨ wba©viY Kiv hvq bv| Gi †cÖw¶‡Z
MY`ª‡e¨i g~j¨ wba©vi‡Y H. R. Bowen Ges Eric Lindahl †¯”Qv wewbgq ZË¡ (Voluntary Exchange Principle) cÖ vb K‡ib| e¨w³MZ ª‡e¨i evRvi Pvwn`v †iLv Avbyf‚wgKfv‡e †hvM
K‡i cvIqv hvq| MY ª‡e¨i evRvi Pvwn`v †iLv Gfv‡e cvIqv hvq bv| MY`ª‡e¨i evRvi Pvwn`v
†iLv Dj¤fv‡e (Vertical) †hvM K‡i A¼b K‡ib Bowen| wZwb `ª‡e¨i cig g~‡j¨i †cÖw¶‡Z
`ª‡e¨i Pvwn`v cÖKvk K‡ib| hv‡K ‘Bowen scale’ e‡j| Ab¨w`‡K Lindhahl `ª‡e¨i g~‡j¨i
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‡e¨i `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‡e¨i
†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‡e¨i cwigvY evo‡e| Avi OM2 Drcv`b n‡j Pvwn`v `vg
†hvMvb `v‡gi †P‡q Kg| d‡j ª‡e¨i 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‡e¨i `vg wba©vwiZ n‡e|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 223
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‡e¨i 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‡e¨i Pvwn`v cwigvc K‡i| E2 `ª‡e¨i †¶‡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‡e¨i Pvwn`v †ewk I ªe¨ evo‡e| Avevi E1 ª‡e¨i †¶‡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‡e¨i 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‡e¨i g~j¨ cwigv‡ci †¶‡Î e¨eüZ †¯‹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‡g¨i gva¨‡g MY ª‡e¨i 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‡e¨i `¶ e›Ub cÖwµqv e¨vL¨vq wZwb mvaviY g‡Wj e¨envi K‡ib| †hLv‡b MY`ªe¨ I
e¨w³MZ `ª‡e¨i cv_©K¨, Drcv`b m¤úK© Ges LiP enb cÖwµqv GB g‡W‡j e¨vL¨v Kiv nq|
GKB m‡½ MY ª‡e¨i e¨envi Øviv mgvRKj¨vY e„w× cv‡e; Kg‡e bv| GwU mvaviY fvimv‡g¨i
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›`ifv‡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‡`i cQ›` A‡c¶K †`qv
Av‡Q| K wP‡Î j¤ A‡¶ MY`ª‡e¨i cwigvY Ges f‚wg A‡¶ e¨w³MZ ª‡e¨i 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‡e¨i cv_©K¨,
Drcv`b m¤úK©
Ges LiP enb
cÖwµqv GB g‡W‡j
e¨vL¨v Kiv nq|
GKB m‡½ MY ª‡e¨i
e¨envi Øviv
mgvRKj¨vY e„w×
cv‡e; Kg‡e bv|
GwU mvaviY
fvimv‡g¨i gva¨‡g
cÖ vb K‡ib|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 224
Kiv n‡e| MY ª‡e¨i Kj¨vY cÖPwjZ Avq e›Ub †_‡K cwigvc Kiv m¤¢e| e¨w³MZ c‡Y¨i
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‡b¨i Kj¨vY evov‡bv
miKv‡ii D‡Ïk¨| MY`ª‡e¨i 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‡e¨i cQ›`bxqZv cÖKv‡k m¶g| cÖv_wgK Ae¯’vq
miKvi hw` OG cwigvY MY ªe¨ mieivn K‡i Z‡e e¨w³MZ ª‡e¨i †hvMvb n‡e OL cwigvY|
GB cwigvY ª‡e¨i 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‡e¨i 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‡e¨i (P) wfwˇZ MY ª‡e¨i (G) cÖvwšÍK
Kj¨vYmg~‡ni (A) I (B) e¨w³i †hvMdj Aek¨B e¨w³MZ `ª‡e¨i wfwˇZ MY ª‡e¨i 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 225
miKvi hw` OJ cwigvY MY ªe¨ mieivn K‡i Z‡e e¨w³MZ ª‡e¨i 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‡e¨i 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‡e¨i cÖ‡qvRbxqZv
Ges mgvRKj¨vY e„wׇZ MY ª‡e¨i f‚wgKv GB g‡W‡j ¯úó n‡q I‡V|
cv‡VvËi g~j¨vqb 11.3
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
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‡e¨i ˆewk󨸇jv wK?
2| mvgvwRK ev MY`ª‡e¨i ˆewkó¸‡jv wK?
iPbvg~jK cÖkœ
1| †¯^”Qv wewbgq ZË¡ Av‡jvPbv Kiæb|
2| m¨vgy‡qjm‡bi cY¨ wefvRb g‡WjwU Av‡jvPbv Kiæb|
ˆbe© w³K cÖ‡kœi DËi
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 e¨e ’vq Drcvw`Z nq, hv cÖ‡Z¨K †fv³v cÖ‡qvRb g‡Zv
e¨envi 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‡e¨i cv_©K¨,
Drcv`b m¤úK© Ges LiP enb cÖwµqv GB g‡W‡j e¨vL¨v Kiv nq| GKB m‡½ MY ª‡e¨i e¨envi Øviv
mgvRKj¨vY e„w× cv‡e; Kg‡e bv| GwU mvaviY fvimv‡g¨i gva¨‡g cÖ vb K‡ib|
mvims‡¶c
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 226
K‡ii msÁv, ˆewkó¨ I Kvbyb
GB cvVwU c‡o Avcwb Rvb‡Z cvi‡eb-
K‡ii msÁv
K‡ii ˆewkó¨
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 ˆeaZvi cÖkœ RwoZ| Auberon
Herbert g‡b K‡ib, ÔKi †Kv‡bv mgq ˆbwZKfv‡e wePvh© bqÕ|
K‡ii ˆewkó¨mg~n
K‡ii msÁv †_‡K Avgiv †gŠwjK wKQy ˆewkó¨ Lyu‡R cvB| miKvi Av‡qi Drm wn‡m‡e K‡ii
Ici †ewk wbf©ikxj| K‡ii g~j ˆewkó¨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 ˆeaZvi cÖkœ
RwoZ|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 227
cwieZ©b n‡j Ges bZzb Ki Av‡iv‡ci my‡hvM _vK‡j miKvi Zv e¨envi 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‡`i †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‡`i cÖ‡qvRbxq wbivcËv hZUzKz `iKvi 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
e¨e¯’vi mvnvh¨ †bqv nq| †`‡ki Avq ˆelg¨ 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© ˆewkó¨|
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 `iKvi|
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‡`i mvg_© Abymv‡i Ki fvi enb Ki‡e| d‡j mgv‡R mgZv
cÖwZwôZ n‡e| GB bxwZ Abymv‡i Ki cÖ vbKvix‡`i †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_© e¨e ’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 e¨e ’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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 228
(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‡`i 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 `iKvi| 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‡`i 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 `iKvi 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 e¨e ’v
Drcv`bkxj n‡e|
(6) mijZvi bxwZ (Canon of Simplicity) t
GB bxwZ Abymv‡i Ki e¨e ’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 e¨e¯’v RwUj n‡j Ki`vZv Ki Dc‡`óvi
mvnvh¨ wb‡Z eva¨ nq Ges K‡ii cÖwZ Abxnv Av‡m| RwUj Ki e¨e ’v `yb©xwZi m„wó K‡i|
AvaywbK A_©bxwZwe`iv Ki e¨e¯’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„wׇZ 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‡`i Ici †h ai‡bi Ki Av‡ivc Ki‡j duvwK w`‡Z cvi‡e bv Zv‡`i 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‡`i
KvQ †_‡K Av`vq Kiv
nq|
A_©bxwZi mg„wׇZ
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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 229
Av‡ivc Kiv DwPZ| †fv³v‡`i Ici e¨q Ki ev ªe¨ Ki, †ckvRxex I e¨emvqxi 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‡e¨i 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|
cv‡VvËi g~j¨vqb 11.4
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
1| Ki I †mevi m¤úK© AvbycvwZK| mZ¨/wg_¨v
2| w¯§_-Gi g‡Z, cÖ‡Z¨K e¨w³ Zv‡`i 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 ˆewk󨸇jv Av‡jvPbv Kiæb|
2| K‡ii Kvbybmg~n wK? e¨vL¨v Kiæb|
ˆbe© w³K cÖ‡kœi DËi
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 ˆeaZvi cÖkœ RwoZ| K‡ii wKQy †gŠwjK ˆewkó¨ 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
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 230
Ki e¨e ’vi ZË¡mg~n, evsjv‡`‡ki Ki KvVv‡gv we‡kølY
GB cvVwU c‡o Avcwb Rvb‡Z cvi‡eb-
Ki e¨e¯’vi ZË¡mg~n
Z‡Ë¡i cÖ‡qvM I ΓwU
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 ˆeÁvwbK wfwË †bB|
mg-mvgwqK mgv‡Ri gvby‡li g‡bvfw½i HKg‡Z¨i 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‡`i
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‡`i 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
wfwˇZ 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‡e¨i †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 wfwˇZ 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‡`i cÖwZ
MÖnY‡hvM¨ Av‡cw¶K
AvPiY Kiv|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 231
`ª‡e¨i †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
wfwˇZ cÖ‡Z¨K e¨w³i Kifv‡ii ZviZg¨ NU‡e| e¨w³‡`i 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‡e¨i 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‡e¨i 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‡e¨i Pvwn`v Zzjbv Kiv nq|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 232
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‡e¨i GKgvÎ Íi G* †c‡Z Pvq|
A_©vr cÖ Ë Pvwn`v †iLvi wfwˇZ G* n‡”Q miKvwi `ª‡e¨i 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, hw`I 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‡`i e¨w³MZ
Pvwn`vi Ici A_©vr Zv‡`i miKvwi ª‡e¨i 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‡e¨i 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‡e¨i 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‡e¨i 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‡e¨i Avq I `vg w ’wZ ’vcKZvi Ici| Avgiv Rvwb, ª‡e¨i 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‡`i g‡b ivL‡Z n‡e, GB digyjv AvKl©Yxq n‡jI Gi ev¯Íe cÖ‡qvM mnR bq| KviY,
e¨w³MZ ª‡e¨i †¶‡Î evRvi ch©‡e¶Y †_‡K †hgb Avgiv ª‡e¨i `vg I Avq w ’wZ ’vcKZv
wn‡me Ki‡Z cvwi, miKvwi ª‡e¨i †¶‡Î Zv cvwi bv| ZvQvov wewfbœ miKvwi ª‡e¨i 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‡e¨i 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‡e¨i Avq
I `vg w ’wZ ’vcKZvi
Ici|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 233
(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, e¨enviKvixi `vg (user charges) ev Dcïé (toll) Av`vq K‡i| jvB‡mÝ, kni
cwienb, wegvbe›`‡ii myweav BZ¨vw`i 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‡e¨i Ici Ki Av‡ivc Kiv hvq| †hgb, hy³iv‡óª moK e¨env‡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 wfwˇZ DcKvi ZË¡ mg_©b Kiv nq|
(1) Avgiv Rvwb †h, e¨w³MZ ª‡e¨i †¶‡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 wfwˇZ miKvwi ª‡e¨i †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 wfwˇZ 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‡b¨i 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‡e¨i Drcv`b mvgwMÖK Pvwn`vi Zzjbvq Kg ev †ewk n‡Z cv‡i
bv| d‡j RvZxq m¤ú‡`i 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‡e¨i †hvMv‡bi mshyw³ NUvq|
wKš‘ Gme myweav _vK‡jI G Z‡Ë¡i wKQy †gŠwjK ΓwU i‡q‡Q|
DcKvi Z‡Ë¡i ΓwUmg~n (Limitations of Benefit Theory)
(1) e¨w³MZ ªe¨ I miKvwi ª‡e¨i 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 wfwˇZ 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
e¨env‡ii Rb¨ cÖZ¨¶
`vg Av`vq bv K‡i
M¨v‡mvwjb I †gvUi
Mvwoi Ici Ki
Av‡ivc Kiv nq|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 234
Avq I m¤ú‡`i †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‡e¨i †fvM DrmM© Kiv| Ab¨w`‡K abx e¨w³i Ki
cÖ v‡bi A_© wejvm `ª‡e¨i †fvM Z¨vM Kiv ev m‡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‡`i
Zzjbvq †ewk DcKvi jvf K‡i| Gi A_© Gme †mevKv‡h©i Rb¨ `wi ª‡`i‡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‡e¨i 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‡e¨i Rb¨ e¨w³MY
Zv‡`i mwVK cQ›`µg cÖKvk K‡i GB AbywgZ k‡Z©i wfwËi Ici cÖwZwôZ| wKš‘ miKvwi
`ª‡e¨i Rb¨ cQ›`µg Abyhvqx `vg cÖ vb Ki‡Z n‡j e¨w³MY KLbB Zv‡`i 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‡`i mwVK cQ›`µg †Kv‡bv bv †Kv‡bvfv‡e Rvbv _vK‡jI DcKvi bxwZ cÖ‡qvM K‡i
mvgvwRK ª‡e¨i 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
e¨envi e¨ZxZ DcKvi bxwZ cÖ‡qvM Øviv mvgvwRK ª‡e¨i 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‡e¨i 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‡`i 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 e¨env‡ii Rb¨ M¨v‡mvwjb I †gvUi
Mvwoi Ici Ki, cywjk, AwMœwbe©vcK evwnbx, cvwb mieivn e¨e ’v, cwienb e¨e ’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‡`i †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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 235
cÖ vb ¶gZv ZË¡ (Ablity to Pay Theory) t
cÖ vb ¶gZv ZË¡wU eû A_©bxwZwe`, mgvRwe` I ivRbxwZwe‡`i 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‡`i e³‡e¨i 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‡`i mvg_© Abymv‡i Ki cÖ vb Ki‡e|
Ki cÖ vb †_‡K cÖ‡Z¨‡Ki Z¨vM ci¯úi mgvb n‡e| abx‡`i Z¨vM Ges Kg Av‡qi e¨w³‡`i
Z¨vM ci¯úi mgvb n‡e| abx‡`i Z¨vM Ges Kg Av‡qi e¨w³‡`i 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‡`i Avq †ewk
Zv‡`i 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‡`i
mvg_© Abymv‡i Ki
cÖ vb Ki‡e| Ki
cÖ vb †_‡K cÖ‡Z¨‡Ki
Z¨vM ci¯úi mgvb
n‡e| abx‡`i Z¨vM
Ges Kg Av‡qi
e¨w³‡`i Z¨vM
ci¯úi mgvb n‡e|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 236
(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)
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 237
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‡`i wm×Zv m¤ú‡K© m‡›`n i‡q‡Q|
(K) µgn«vmgvb Avq Dc‡hvM wewa t
A‡bK A_©bxwZwe‡`i g‡Z, Avq e„w×i m‡½ m‡½ Gi Dc‡hvM n«vm cvq G aviYv mwVK bq|
Zv‡`i 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,
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 238
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 ΓwUmg~‡ni cwi‡cÖw¶‡Z A‡b‡K cÖ vb ¶gZv ZË¡‡K åvwšÍRbK I Aev¯Íe e‡j g‡b
K‡ib| wKš‘ Avgv‡`i ¯§iY ivLv cÖ‡qvRb †h, Ki e¨e ’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© wfwˇZ
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 e¨envwiK 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‡`i eo Drm Ki|
ZvB ΓwUc~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 ˆelg¨ 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 239
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‡`i 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 ͇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 ˆe‡`wkK
evwY‡R¨i 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 240
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 e¨e ’v we`¨gvb wQj| hv mwZ¨B A™¢zZ| Gme K‡ii nvi G‡KK c‡Y¨i GKK iKg
Ges G‡KK wfwˇZ 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‡_¨i 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‡`i †`‡ki e¨emvqx Ges RbMY Zv‡`i 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 e¨e ’v cªMwZkxj wKbv Zv Rvb‡Z n‡j K‡ii Mo I cÖvwšÍK nvi m¤‡Ü Rvbv
`iKvi| evsjv‡`‡k AvqKi cÖMwZkxj n‡jI m¤ú` Ki I f‚wg Ki cÖMwZkxj bq,
A‡avtMwZkxj| wejvmeûj ªe¨ I AZ¨vek¨Kxq ª‡e¨i Ici GKB nv‡i Ki Av‡ivc Kiv nq
e‡j Ki e¨e¯’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‡`i cÖwZ MÖnY‡hvM¨ Av‡cw¶K AvPiY Kiv †Kv‡bv wbw ©ó cwigvY miKvwi ª‡e¨i
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 wfwˇZ 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
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 241
cv‡VvËi g~j¨vqb 11.5
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
1| DcKvi ZË¡ Abyhvqx †Kv‡bv e¨w³ †Kv‡bv ª‡e¨i †fvM Ggbfv‡e web¨¯Í K‡i †hb †fvM
†_‡K cÖvß cÖvwšÍK DcKvi I Gi cÖvwšÍK LiP ci¯úi mgvb nq| mZ¨/wg_¨v
2| Ki KvVv‡gv mgvbycvwZK n‡e hw` Ey>Ep nq| mZ¨/wg_¨v
3| evsjv‡`‡ki Ki KvVv‡gv c‡iv¶ K‡ii Ici wbf©ikxj| mZ¨/wg_¨v
msw¶ß cÖkœ
1| mvaviY DcKvi K‡i DcKvi Z‡Ë¡i cÖ‡qvM wK?
2| Ki cÖ v‡bi mvg‡_© i m~PK wK wK?
3| evsjv‡`‡ki cwi‡cÖw¶‡Z cÖZ¨¶ K‡ii f‚wgKv wK?
iPbvg~jK cÖkœ
1| myweav I Amyweavmn DcKvi ZË¡ Av‡jvPbv Kiæb|
2| cÖ vb ¶gZv ZË¡ e¨vL¨v Kiæb| GB Z‡Ë¡i †Kv‡bv Ac~Y©v½Zv Av‡Q wK? _vK‡j D‡jøL
Kiæb|
3| evsjv‡`‡ki Ki KvVv‡gv we‡kølY Kiæb|
ˆbe© w³K cÖ‡kœi DËi
1. mZ¨ 2. wg_¨v 3. mZ¨
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 242
KivNvZ, Ki mÂvjb, AvcZb, evRvi I K‡ii AvcZb
GB cvVwU c‡o Avcwb Rvb‡Z cvi‡eb-
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‡`i 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‡Y¨i Ici ïé Ki Av‡ivc Kiv n‡jv| G‡¶‡Î KivNvZ
Drcv`‡Ki Ici coj| GLb Drcv`K Zvi c‡Y¨i g~j¨ e„w×i gva¨‡g K‡ii fvi Ab¨‡`i Ici
Pvwc‡q †`qvi †Póv Ki‡e| Gfv‡e K‡ii P‚ovšÍ fvi wb‡R enb bv K‡i A‡b¨i 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‡Y¨i Pvwn`v I †hvMv‡bi w ’wZ ’vcKZv, Gi
cÖK…wZ I ¸Yv¸Y, c‡Y¨i g~j¨ m¤ú‡K© †fv³v I Drcv`bKvix‡`i cÖZ¨vkv BZ¨vw`i 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‡Y¨i Pvwn`v I
†hvMv‡bi
w ’wZ ’vcKZv, Gi
cÖK…wZ I ¸Yv¸Y,
c‡Y¨i g~j¨ m¤ú‡K©
†fv³v I
Drcv`bKvix‡`i
cÖZ¨vkv BZ¨vw`i
Ici|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 243
†Kv‡bv ª‡e¨i Ici Ki Av‡ivc Ki‡j Gi g~j¨ AcwiewZ©Z †i‡L Drcv`K c‡Y¨i ¸YMZ gvb ev
cwigvY n«vm K‡i K‡ii cÖv_wgK fvi A‡b¨i 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‡`i 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‡Y¨i KuvPvgvj
we‡µZv‡`i‡K Kg `v‡g KuvPvgvj weµ‡q eva¨ Ki‡Z cv‡ib| †m‡¶‡Î K‡ii fvi Zv‡`i 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‡Y¨i we‡µZv hw` c‡Y¨i Ici Av‡ivwcZ Ki †ewk
g~j¨ Av`v‡qi gva¨‡g †µZv‡`i 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‡Y¨i 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‡Y¨i 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‡`i 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‡Y¨i g~j¨ evov‡Z cv‡ib A_©vr c‡Y¨i
g~j¨ 15 UvKvq DbœxZ Ki‡Z cv‡ib Z‡e Gi m¤ú~Y© fvi †µZv‡`i 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‡Y¨i Kvh©Kix g~j¨ (effective) `uvov‡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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 244
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‡Y¨i g~j¨ (P) I cwigvY (Q) wb‡ ©k Kiv n‡q‡Q| D c‡Y¨i Pvwn`v
†iLv| S Ges S1 Ki Av‡iv‡ci c~e©eZ©x I cieZ©x †hvMvb †iLv| wPÎvbyhvqx cÖwZ GKK c‡Y¨i
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‡Y¨i evRvi g~j¨ aQ1 n‡jI we‡µZv
Avm‡j bQ1 cv‡e, ab cwigvY Ki Zv‡K Kg g~‡j¨i 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‡Y¨i g~j¨ K‡ii mgcwigv‡Y A_©vr ab cwigv‡Y e„w× cv‡e| d‡j K‡ii m¤ú~Y© fvi c‡Y¨i
†µZv‡`i‡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‡Y¨i 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‡Y¨i Pvwn`v I
†hvMv‡bi w¯’wZ ’vcKZvi Ici| mvaviYZ †Kv‡bv c‡Y¨i 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‡Y¨i †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‡Y¨i 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‡Y¨i Ici Ki emv‡bv n‡jv| †m K‡ii mgcwigv‡Y
`ªe¨g~j¨ e„w× K‡i Gi fvi †fv³v‡`i Ici Pvcv‡Z m¶g n‡jv| G‡¶‡Î K‡ii AvcZb c‡Y¨i
†fv³v‡`i 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`‡`i g‡a¨ gZcv_©K¨ _vK‡jI Gi wb‡¤œv³ ˆewkó¨ 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‡Y¨i
Pvwn`v I †hvMv‡bi
w ’wZ ’vcKZvi Ici|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 245
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‡`i e›Ub BZ¨vw`i 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 m‡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
e¨envi‡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‡`i‡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‡`i g~‡j¨i cwieZ©b N‡U| g~‡j¨i cwieZ©b m¤ú‡`i
Ici Av‡ivwcZ K‡ii mgvb nq| G‡¶‡Î Ki Av‡ivwcZ m¤ú‡`i KwZcq ˆewkó¨ _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 `uvov‡e- (1000-800)=200 UvKv| hw` Rwgi wewb‡qvM Avq
nvi kZKiv 10 UvKv nq Z‡e e¨ZxZ wewb‡qv‡Mi g~j¨ `uvov‡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¨ `uvov‡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‡`i g~‡j¨i
cwieZ©b N‡U|
g~‡j¨i cwieZ©b
m¤ú‡`i Ici
Av‡ivwcZ K‡ii
mgvb nq|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 246
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 e¨e ’v †hLv‡b GKwU mgRvZxq c‡Y¨i eû msL¨K ¶z`ª †µZv
Ges we‡µZv eZ©gvb _v‡K Ges GKevi c‡Y¨i 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
e¨e¯’vi Kvh©µg mg‡qi wfwˇZ 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 wfwˇZ GB evRvi e¨e ’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‡Y¨i †hvMvb cy‡ivcywi Aw ’wZ ’vcK _v‡K| kvK&-mwâi evRvi Gi GKwU cÖK…ó
D`vniY| GB mg‡q c‡Y¨i 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‡Y¨i †hvMv‡b KZUv mvgÄm¨ weavb Ki‡Z cvi‡e Zvi Ici| †hme `ªe¨ cPbkxj
Zv‡`i †ejvq †jvKmvb †ewk Ges Av‡cw¶Kfv‡e AcPbkxj `ª‡e¨i †¶‡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‡Y¨i g~j¨
(P) Ges cwigvY (Q) wb‡ ©k Kiv
n‡q‡Q| S †iLv c‡Y¨i 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‡Y¨i Pvwn`v †iLv| G Ae¯’vq Ki
Av‡iv‡ci c~‡e© c‡Y¨i g~j¨ n‡e
OP1; g‡b Kwi c‡Y¨i Ici GKK
Ki (unit tax) emv‡bvi ci
cwiewZ©Z Pvwn`v †iLv DD; G
Ae¯’vq c‡Y¨i evRvi g~j¨ I cwigvY
c~‡e©i g‡Zv OQ Ges OQ1 ͇i
AcwiewZ©Z _vK‡e| wKš‘ we‡µZv‡`i Kv‡Q Gi wbU g~j¨ OP1 †_‡K OP2 ͇i n«vm cv‡e| Ab¨
K_vq ejv hvq, †h‡nZz c‡Y¨i 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 247
¯í‡gqv‡` c~Y© cÖwZ‡hvwMZvq -Kvh©iZ GKwU e¨emvq 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
e¨emvq 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 e¨emvq cÖwZôvb †jvKmv‡b Drcv`b Ki‡Z ivwR n‡e hw` c‡Y¨i
`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| e¨emvq 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‡Y¨i †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‡Y¨i 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‡Y¨i evRvi g~j¨ Ges Drcv`‡bi cwigvY wb‡ ©k Kiv n‡q‡Q| g‡b
Kwi, Ki Av‡iv‡ci c~‡e© e¨emvq 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‡Y¨i †hvMvb I Pvwn`v wb‡ ©k Ki‡Q| g‡b Kwi
e¨emvq 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 e¨emvq cÖwZôvb e we› y‡Z
fvimvg¨ Ae ’vq †cuŠQv‡e A_©vr GUv Drcv`‡bi cwigvY OQ3 †_‡K OQ1 ͇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‡Y¨i g~j¨ OP0 n‡Z OP1 ͇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‡Y¨i Ici
Av‡ivwcZ K‡ii cwigvY P1P2 (L wPÎvbyhvqx) ev gh (K wPÎvbyhvqx) nIqv m‡Ë¡I c‡Y¨i g~j¨
P0P1 cwigv‡Y e„w× †c‡q‡Q| A_©vr c‡Y¨i 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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 248
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¨ e¨emvq 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~‡j¨i gva¨‡g †µZviv P0P1 Ask enb Ki‡e| evwK P0P2 Ask e¨emvq cÖwZôvb/wkí enb
Ki‡e|
`xN©Kvjxb mgq Ges K‡ii ’vbvšÍi (Long run-Period and Shifting of Tax)
`xN©‡gqv‡` e¨emvq 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 e¨emvq 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‡` e¨emvq cÖwZôvb wkí †_‡K †ei n‡e ev
Gi g‡a¨ cÖ‡ek Ki‡Z cv‡i| A_©vr cyivZb e¨emvq cÖwZôvb Drcv`b n‡Z weiZ _vK‡Z cv‡i
ev bZzb e¨emvq 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 e¨emvq cÖwZôvb fvimvg¨ Ae ’vq DcbxZ n‡q‡Q Ges †Kv‡bv e¨emvq
cÖwZôvb Gi Drcv`‡bi cwigvY cwieZ©b Ki‡e bv| G Ae¯’vq d‡g©i c‡Y¨i 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| e¨emvq
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‡Y¨i 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 e¨emvq 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‡Y¨i 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‡Y¨i
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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 249
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‡Y¨i 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 ͇i n«vm cv‡e| Ki Av‡iv‡ci c~‡e© †fv³v‡`i‡K
OQ cwigvY g~j¨ cÖ vb Ki‡Z nq| Ki emv‡bvi ci Zv‡`i‡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‡Y¨i g~j¨ G‡¶‡Î †ewk e„w× †c‡q‡Q|
d‡j wk‡íi c‡¶ Kifvi cy‡ivcywi †fv³v‡`i Ici †ewk g~‡j¨i gva¨‡g ’vbvšÍi Kiv m¤¢e n‡e|
myZivs †`Lv hvq, µgn«vmgvb e¨q Ae¯’vq Kvh©iZ GKwU wk‡íi c‡Y¨i 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 e¨emvq cÖwZôvbmg~n Drcv`b hLb e„w× K‡i ZLb Gi Drcv`b e¨q µgk e„w×
cv‡e| cY¨ Drcv`‡bi e¨eüZ wewfbœ m¤ú‡`i 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‡Y¨i 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‡`i Ici ¯’vbvšÍ‡ii †Póv Ki‡e| wKš‘ K‡ii †P‡q Kg cwigv‡Y c‡Y¨i
g~j¨ e„w× cvIqvi `iæb 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‡Y¨i 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‡` e¨emvq cÖwZôvb g we›`y‡Z fvimvg¨
Ae¯’vq i‡q‡Q| (b) wP‡Îi DD n‡”Q wkí c‡Y¨i 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‡Y¨i GKK cÖwZ ON cwigv‡Y Ki emv‡bv n‡jv Ges
µgea©gvb e¨q
Ae ’vq Kvh©iZ GKwU
wk‡íi c‡Y¨i Ici
GKK Ki emv‡bv
n‡j Gi g~j¨ K‡ii
†P‡q Kg cwigv‡Y
e„w× cv‡e|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 250
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 ͇i n«vm cv‡e Ges c‡Y¨i evRvi g~j¨ `uvov‡e
OP2; G‡¶‡Î K‡ii cwigvY n‡”Q eh=P2P3; A_P c~‡e©i Zzjbvq c‡Y¨i 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‡`i 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 e¨e ’v †hLv‡b GKwU e¨emvq cÖwZôvb wb‡q wkí MwVZ
nq| GK‡PwUqv evRv‡ii Aw ͇Z¡i Rb¨ wb‡¤œv³ kZ© _vKv `iKvi-
(i) e¨emvq cÖwZôvb Ggb cY¨ cÖ ‘Z K‡i hvi †Kv‡bv wbKU weKí cY¨ †bB|
(ii) wk‡í Ab¨vb¨ e¨emvq cÖwZôvb cÖ‡ek Ki‡Z cv‡i bv|
(iii) dv‡g©i c‡Y¨i 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 e¨emvq 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 e¨emvq 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‡Y¨i 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‡Y¨i cÖwZ GK‡Ki Ici mywbw ©ó cwigv‡Y Ki Av‡ivc Kiv n‡j †m c‡Y¨i Drcv`b n«vm Ki‡e
Ges `ªe¨g~j¨ e„w×i gva¨‡g K‡ii fvi †fv³v‡`i 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‡Y¨i 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‡Y¨i Rb¨
†fv³v‡`i 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‡Y¨i 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 251
wP‡Îi f‚wg A‡¶ GK‡PwUqv Kvievix c‡Y¨
weµq †`Lv‡bv n‡q‡Q| Dj¤ A‡¶ c‡Y¨i
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‡Y¨i
Rb¨ RM cwigvY g~j¨ `vwe (charge) K‡i|
awi c‡Y¨i 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‡Y¨i Rb¨
NS cwigvY g~j¨ Av`vq Ki‡Z cvi‡e| A_©vr c‡Y¨i †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‡`i G‡¶‡Î VN<uT; myZivs ejv hvq uT- Gi GKvsk VN
†fv³v‡`i 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‡Y¨i 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
e¨envi K‡i| †Zgb Ae ’vq Drcv`b evov‡bvi m‡½ Hme m¤ú‡`i Pvwn`v hLb e„w× cvq ZLb
G‡`i‡K c~‡e©i †P‡q †ewk g~j¨ cÖ vb Ki‡Z
nq| d‡j Drcv`b e„w×i m‡½ c‡Y¨i
cÖvwšÍK e¨q e„w× †c‡Z eva¨| Giƒc ea©gvb
e¨q Ae ’vq Kvh©iZ GK‡PwUqv Kviev‡ii
c‡Y¨i 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~‡j¨i AvKv‡i †fv³v‡`i‡K
enb Ki‡Z n‡e| D‡jøL¨ †h, m¤ú‡`i
cÖK…wZ we‡klvwqZ ai‡bi nIqvq Zv‡`i
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‡`iI 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‡Y¨i
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~‡j¨i AvKv‡i
†fv³v‡`i‡K enb
Ki‡Z n‡e|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 252
wP‡Îi f~wg A‡¶ GK‡PwUqv Kvievixi c‡Y¨i †hvMvb ev weµ‡qi cwigvY †`Lv‡bv n‡q‡Q| Dj¤
A‡¶ c‡Y¨i 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‡Y¨i cÖvwšÍK e¨q †iLv n‡”Q MC; c‡Y¨i 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‡Y¨i cÖwZ GKK weµ‡qi Ici UV cwigv‡Y
Ki emv‡bv n‡jv| A_©vr wPÎvbyhvqx cÖvwšÍK e¨q †iLv Kimn GLb `uvov‡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‡Y¨i 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‡Y¨i 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‡`i‡K WW1
cwigvY †ewk g~j¨ cÖ vb Ki‡Z nq| myZivs UV K‡ii GKvsk †fv³viv †ewk g~‡j¨i gva¨‡g
enb Ki‡e| Ab¨w`‡K Ki Av‡iv‡ci c~‡e© m¤ú‡`i 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‡`i‡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 e¨envi K‡i hw` Zv‡`i weKí e¨envi 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‡Y¨i 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‡Y¨i 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‡Y¨i 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‡Y¨i fvimvg¨
weµ‡qi cwigvY I g~j¨ n‡”Q h_vµ‡g
ON Ges gN | g‡b Kwi, c‡Y¨i 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‡Y¨i 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~‡j¨i 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 e¨envi
K‡i hw` Zv‡`i
weKí e¨envi 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|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 253
GK‡PwUqv Kvievixi c‡¶ GUv †fv³v‡`i 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‡Y¨i
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‡e¨i 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‡Y¨i weµ‡qi Ici wbf©ikxj| GUv
c‡Y¨i evRvi g~‡j¨i 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‡Y¨i g~‡j¨i 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‡Y¨i †gvU Ki
A‡c¶K n‡”Q-
T=tq … … (1) †hLv‡b T= K‡ii †gvU cwigvY, q= c‡Y¨i weµ‡qi cwigvY, t = c‡Y¨i 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‡Y¨i g~‡j¨i
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|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 254
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‡Y¨i weµ‡qi
cwigvY Ges Dj¤ A‡¶ Ki nvi (t) wb‡ ©k Kiv n‡q‡Q| t0 n‡”Q c‡Y¨i 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 `uvov‡e Ot0uq2.
GLb hw` Oq2=(20q1) nq Z‡e Avgiv ej‡Z cvwi Ot0uq2=(20q1st0) n‡e| A_©vr weµ‡qi
cwigvY wظY n‡e| Gfv‡e `ªe¨ weµ‡qi Ici GKK K‡ii cwigvY wbf©i K‡i, Gi g~‡j¨i 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‡Y¨i g~‡j¨i 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‡Y¨i 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‡Y¨i g~j¨ µgk Kg
MÖn‡Y ivwR nq ZLb Zvi c‡Y¨i g~‡j¨i 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‡`i †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‡Y¨i
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‡Y¨i g~‡j¨i GKwU
wbw ©ó kZKiv nv‡i
GB Ki Av‡ivc Kiv
nq| G ai‡bi Ki‡K
ZvB g~j¨vbycvwZK Ki
ejv nq|
GmGmGBPGj evsjv‡`k Dš§y³ wek¦we`¨vjq
BDwbU-11 c„ôv - 255
weµ‡qi cwigvY e„w× †c‡j g~j¨vbycvwZK Ki e¨e¯’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‡Y¨i 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‡Y¨i 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‡Y¨i g~j¨ e„w× ev
n«v‡mi `iæb 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‡Y¨i g~j¨ e„w× †c‡j †gvU Ki n«vm cv‡e| c‡Y¨i 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‡Y¨i weµq Ges Dj¤
A‡¶ Gi g~j¨ wb‡ ©k Kiv n‡q‡Q| AB
n‡”Q c‡Y¨i Mo Avq †iLv| awi c‡Y¨i
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~‡j¨i 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‡Y¨i g~j¨ n«vm †c‡j cÖwZ GK‡Ki Ici
K‡ii cwigvY n«vm cv‡e| c‡Y¨i 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‡Y¨i Ici Av‡ivwcZ GKK Ki‡K c‡Y¨i †hvMvb †iLv Z_v
cÖvwšÍK e¨q †iLvi evgw`‡K ’vbv¯Í‡ii gva¨‡g wb‡ ©k Kiv m¤¢e| Avevi GUv c‡Y¨i evRvi
Pvwn`v †iLvi wb¤œgyLx ¯’vbvšÍi Øviv cÖKvk Kiv hvq| Aci c‡¶ g~j¨vbycvwZK Ki c‡Y¨i g~‡j¨i
m‡½ m¤úwK©Z| GB Kvi‡Y c‡Y¨i 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¨ e¨emvq cÖwZôvb ev wkí †Kvb evRvi e¨e¯’vi Aax‡b KvR Ki‡Q| A_©vr GUv c~Y©
cÖwZ‡hvwMZv, bv Ac~Y© cÖwZ‡hvwMZvi AvIZvq KvR Ki‡Q|
A_©bxwZ : A_©kv‡¯¿i g~jbxwZ-2 weG/weGmGm †cÖvMÖvg
BDwbU-11 c„ôv - 256
(ii) we‡eP¨ e¨emvq 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‡Y¨i g~j¨ m¤ú‡K© wK AbywgwZ MÖnY
Kiv n‡e Zv we‡ePbv Ki‡Z n‡e|
cv‡VvËi g~j¨vqb 11.6
ˆbe© w³K cÖkœ
(mwVK DËiwU wPwýZ Kiæb)
1| †Kv‡bv c‡Y¨i Pvwn`v w ’wZ ’vcK n‡j Ki mÂvjb m¤§yLgyLx nq| mZ¨/wg_¨v
2| Avw_©K fvi Ki`vZvi e¨envi‡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‡Y¨i Ici Ki ywUi cÖfve Av‡jvPbv Kiæb|
ˆbe© w³K cÖ‡kœi DËi
1. wg_¨v 2. mZ¨ 3. wg_¨v 4. mZ¨
Ki mÂvj‡bi gvÎv I cÖK…wZ g~jZ wbf©i K‡i c‡Y¨i Pvwn`v I †hvMv‡bi w ’wZ ’vcKZv, Gi cÖK…wZ I
¸Yv¸Y, c‡Y¨i g~j¨ m¤ú‡K© †fv³v I Drcv`bKvix‡`i cÖZ¨vkv BZ¨vw`i Ici| Ki mÂvjb m¤§y‡L bv
cðv‡Z msNwUZ n‡e Zv g~jZt wbf©i K‡i Ki Av‡ivwcZ c‡Y¨i 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‡`i
g~‡j¨i 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
KvR Ki‡e| GKK Ki †Kv‡bv c‡Y¨i g~‡j¨i 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| 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‡Y¨i g~‡j¨i GKwU wbw ©ó kZKiv nv‡i GB Ki Av‡ivc Kiv nq| G ai‡bi Ki‡K ZvB
g~j¨vbycvwZK Ki ejv nq|
mvims‡¶c