Economic Development Theory

2 # Economic Development
GarmÖkfa
enAelIBiPBelakeyIgenH bBaaðcMbg nigcaM)ac;bMputsMrab;RbCaCatinImYy²
nigCaBiessRbCaCatiénBiPBelakTIbIenaH KWbBaðaGPivDÆn_esdækic©. müa:geTot
Baküfaesdækic©GPiDÆn_ rWBaküfaGPivDÆn_esdækic©enH eKEtgEtB¤BIRKb;mCÄdæan
nigsßab½nTaMgGs; eRBaHEteKTaMgGs;enaHcg; nig)ancUlrYmedaypÞal; rWeday
RbeyaledImI,CYyCMrujeGaymankarGPivDÆn_esdækic©énRbeTsrbs;xøÜn. etIehtuGVI
)anCaeKTaMgGs;Kña cg;eGaymankarGPivDÆn_esdækic©?. ebIeyIgemIleTAelIBakü
{karGPivDÆn_esdækic©} eyIgnwgKitfavamanlkçN³sμúKsμaj nigTUlMTUlayNas;
kñuúgkarykmkRbtiþbtþiedIm,ICMrujeGayRbeTsenaHmankarGPivDÆn_esdækic©.
TaMgenHvaCakarBiteRBaHfakarGPivDÆn_esdækic©mann½yfaeFVIeGaymankarrIk
cMerInelIRKb;Epñk CaBiesselIEpñk esdækic© sgÁm nigneya)ayénRbeTs.
dUecñHkarcat;viFankarN_edIm,ICMrujeFVIeGaymankarrIkcMerInénEpñkTaMgGs;enH KWCa
bBaðalM)ak nigsμúKsμaj eRBaHTaMgGs;enaHCacegáaménbBaðad¾cak;eRsH. k¾b:uEnþ
eTaHbIy:agNak¾eday eyIgGacyl;eXIjpgEdrfa FatuCamUldæanénkarCMruj
rWelIksÞÜyeGaymankarGPivDÆn_esdækic©énRbeTsenaH KWkareFVIeGayrIkcMerIn
rWk¾kareFVIeGaymankarGPivDÆn_ rWk¾karelIksÞÜyénkMritCIvPaBRKYsarnImYy²énsgÁm
Cati rWk¾RbCaCatienaH eRBaHkMritCIvPaBRKYsarnImYy²enaHÉg k¾CaPsþútageBj
smtßPaBsMrab;bgðajGMBIkMriténkarGPivDÆn_esdækic©énRbeTsenaHÉg.
dUecñHGVIEdlCakarGPivDÆn_esdækic© rWk¾kareFVIeGayRbeTsenaHmanesdækic©
GPivDÆn_ KWmanEtEsVgrkenAbTbiesaFn_ rWk¾RTwsþIedIm,IykmkRbtibtþisMrab;edaH
RsaybBðaaEdlCamUldæanenaH ehIyCakarBit KWCakaredaHRsayedIm,IelIkdMekIg
kMritCIvPaBénRKYsarnImYy²énRbCaCati rWk¾sgÁmCatienaH.
dUcenHesovePAesdækic©GPivDÆn_enH fVIt,itEtCacMeNHdwgd¾tictYcmYyebI
eRbobeFobeTAnwgBaküfa :esdækic©GPivDÆn_}enaH k¾b:uEnþesovePAenH )anniyay
esdækic©GPivDÆn_ "3
Bnül;nUvlkçN³CamUldæanénkarGPivDÆn_esdækic©Edl)anbkRsayxagelI edIm,I
CYyCacMeNHdwgkñúgkarCYyCMrujénkarGPivDÆn_ rWk¾CYyCMrujkñúgkarelIktMekIgkMrit
CIvPaBRbCaCn rWk¾kMritCIvPaBRKYsarnImYy²enAkñúgRbeTsenaH. edayehtuenH
ehIyenAkñugesovePAenH )anbgðajnUvkarviPaK nigkarbriyaynUvmUldæanRTwsþI
nigbTBiesaFn_mYycMnYnénkarGPivDÆn¾esdækic©edIm,I;ykmkeRbIR)as;CamUldæanRKwH
rWCaeKalKMnitedIm,ICMrujeFVIeGaymanRbsiT§PaBénkarGPivDÆn_esdækic©énRbeTs.
CadMbUgedIm,IkMNt;RBMEdnkñúgkarsikSarbs;xøÜn esovePAenH)ansakl,g
Bnül;kñúg CMBUkTImYyrbs;xøÜnTak;TgnWgkarEsVgyl;BIGtßn½y nigGaMgDIkaT½rén
karGPivDÆn_esdækic© RBmTaMgBnül;BImUldæanénkarcMNat;fñak;karGPivDÆn_esdækic©
TUeTAénRbeTsTaMgGs;enAelIBiPBelak. CMBUkTI2 esovePAenH)anxitxMBnül;BI
ktþa\T§iBlepSg²EdlTak;TgeTAnwgkarGPivDÆn_esdækic©énRbeTskMBugGPivDÆn_na
na RBmTaMg)anviPaKBIKuNsm,tþi nigKuNvib,tþiénktþa\T§iBlesdækic©TaMgenaHEdl
Tak;TgnwgkarGPivDÆn_esdækic© nig)ancg¥úlbgðajnUvviFankarN_mYycMnYnsMrab;
eFVIkarBicarNaedIm,ICMrujkarGPivDÆn_TaMgenHeGaymanRbsiT§PaBkan;EtekIneT,IgE
fmeTot. CMBUkTI3 )anbkRsayBnül;nUviFankarN_neya)ayénma:RkUesdækic©
sMxan;² nigbgðajBIKuNsm,tþi KuNvib,tþi nigRBMEdnénviFankarN_TaMgenaHcMeBaH
karGPivDÆn_esdækic©pgEdr. minRtwmEtb:ueNÑaH k¾)anelIkyknUvviFankarN_mYy
cMnYnsMrab;TukCaTunkñúgkarBicarNaedIm,IGPivDÆn_énma:RkUesdækic©eGay)ansmRs
btameKalbMNgénkarGPivDÆn_esdækic©énRbeTskMBugGPivDÆn_nImYy²enAkñúgbc©úb
,nñPaBpgEdr.
eyIg´GñkniBn§sgÇwmfaesovePAenH nwgpþl;dl;mitþGñkGan nigGñksikSa
RsavRCavnUvcMeNHdwgCamUldæanénesdækic©GPivDÆn_ nigsUmEføgGMNrKuNya:g
RCaleRCAcMeBaHRKb;mitþGñkGan nigGñksikSaRsavRCavcMeBaHkarGan nigsikSa
esovePAesdækic©GPivDÆn_enH RBmTaMgsUmsVaKmn_edayPaBesμaHsμ½RKral;kar
riHKn;EklMGr edIm,IeGayesovePAenHkan;Eteq<aHeTArkPaBRtwmRtUvEfmeTot.
can; b‘unnivtþn_
ma:sÞ½r viTüasaRsþesdækic©ksikmμ nig sgÁm
esckþIEføgGMNrKuN
karerobcMnUvesovePAesdækic©GPivDÆn_enHeLIg KWTamTarnUveBlevla
smtßPaB nigkarelIkTwkcitþCaeRcIn. ehtuenHeyIg´GñkniBn§ sUmeqøotyk»kas
d¾viessvisalenH edIm,IsUmeFVIkarEføgGMNrKuNdl;GñkEdl)anCYyKaMRT nigxñH
ExñgedIm,IeGayesovePAenHelcecjCarUbrageLIg. enAkñúgenHeyIg´CaGñkniBn§
sUmEføgGMNrKuNGs;BIdYgcitþ cMeBaHRksYgBaNiC¢kmμ sklviTüal½y
ksikmμcMkardUg nigCaBiessmhaviTüal½yesdækic©ksikmμ nigGPivDÆn_CnbTén
sklviTüal½yksikmμcMkardUg RBmTaMgviTüasßanGnþrCatiénkm<úCaEdl)anpþl;
»kas nigkarelIkTwkcitþsMrab;karerobcMesovePAesdækic©GPivDÆn_rbs;eyIgxJMúenH
eT,Ig.
kñúg»kasenHEdr sUmEføgGMNrKuNya:gRCaleRCAcMeBaHPriyarbs;xJMú
GñkRsI sIuy:anI Fa nigyuvsisS Ca rtn³ Edl)anCYyvayGtßbTTaMgmUlcUlkñúg
kMBüÚT½r RBmTaMgelak b‘un huk mRnþIviTüasßanGnþrCatiénkm<úCaEdl)anCYyrcnabT
nigepÞógpÞat;GtßbTenHeT,Igvij nigGrKuNCaTIbMputcMeBaHbgb¥Ún²mitþPkþiTaMgGs;
Edl)anCYyeRCamERCgelIkTwkcitþRBmTaMgpþl;eBlevlad¾manGtßRbeyaCn_sMrab;
karsikSarbs;xJúM.
CaTIbBa©b;sUm]TÞwsesovePAenHCUn cMeBaHelak«Buk nigGñkmaþy RBmTaMg
bgb¥ÚnTaMgGs;Edl)anEckzany:agGaeNacGaFm’kñugrbbRbl½yBUCsasn_.
PñMeBj éf¶TI 02 Ex FñÚ qñaM 2005

can; b‘unnivtþn_
matikaGtßbT
***************
CMBUk I: mUldæanRKwHTUeTA
A> karBicarNaeTAelIktþaEdlTak;TgnwgkarGPivDÆn_
1> mUldæanCasarB½n§sBÞ ........................................................................ 1

1>1 karGPivDÆn_ kMriténkarGPivDÆn_ nigdMeNIrkarGPivDÆn_ ............... 1
1>2 niymn½yTUeTAénRbeTskMBugGPivDÆn_ ...................................... 2
2> GaMgDIkaT½rsMrab;vas;EvgénkarGPivDÆn_ ............................................. 3
2>1> niymn½yénGaMgDIkaT½rsMrab;karGPivDÆn_ .................................. 3
2>2 GaMgDIkaT½rGPivDÆn_Caesdækic© .................................................. 4
2>2>1> R)ak;cMNUlsMrab;RbCaCnmñak;² ..................................... 4
2>2>2> GaMgDIkaT½rénkarEbgEck ................................................ 8
2>3>karBicarNabEnßménGaMgDIkaT½rGPivDÆn_minEmnesdækic©............ 12
3> cMNat;fñak;esdækic©énRbeTsnanaenAkñúgPaBBit ............................. 16
3>1> karkMNt;RBMEdnénRkumRbeTs ................................................ 16
3>2> nimμitkmμénRkumkñúgcMeNamRbeTskMBugGPivDÆn_....................... 17
CMBUk II: bMNkRsayEdlCaRTwsþIesdækic©GPivDÆn_
B. karGPivDÆn_ nigktþabrikça
1> karGPivDÆn_ nigbrikçaEdlCaFnFanFmμCati ...................................... 20

1>1> brikçavtßúFatuedIm nigkarGPivDÆn_esdækic©................................. 20
1>2> brikçadI nigkarGPivDÆn_esdækic©............................................... 22
1>3> GakasFatu nigkarGPivDÆn_esdækic©........................................ 23
1>4> brisßanxVHxat nigkarGPivDÆn_esdækic©.................................... 23
1>5> lT§pl................................................................................. 24
2> karGPivDÆn_ nigbBaðaTun .................................................................. 24
2>1> karbegáItTun nigkarGPivDÆn_esdækic© ....................................... 24
2>2> mUldæanRTwsþIénkarbegáItTun .................................................... 28
2>3> karxVHxatTunCalT§plénkarbegáItkarsnSMEdlBMuRKb;RKan;mYy29
2>4> karxVHxatTunCalT§plénkarvinieyaKénplitkmμEdlBMuRKb;RKan;
mYYy ...................................................................................... 31
2>5> karxVHxatTunCalT§plénkarxVHxatsßab½n............................. 33
2>6> karxVHxatTunCalT§plénkarhUrecjénTuneTAeRkARbeTs..... 34
3> Gnßn½yEdlCaneya)ayGPivDÆn_énlkç½NÐsgÁm nigneya)ay ......... 35
4> PaBRkIRkCalT§plénkarxVHxatktþabrikçaénRkumRbCaCnnImYy² ........ 37
C. karGPivDÆn_ nigrcnasm<½n§sgÁmesdækic©EdlTVikniym
1> lkçN³vinicä½yénesdækic©TVikniym..................................................... 38
1>1> niymn½yénesdækic©TVikniym.................................................. 38
1>2> lT§plénkarekIneLIgxøÜnÉgénrcnasm<½n§TVikniym ................ 39
2> lT§plEdlCaneya)ayGPivDÆn_énTVikniym.................................... 41
2>1> TVikniym nigeKalbMNgénPaBrIklUtlas; .......................... 41
2>1>1> TVikniym nigeKalbMNgénRbsiT§PaB............................ 41
2>1>2> TVikniym nigeKalbMNgénkarekIneLIg ....................... 43
2>2> TVikniym nigeKalbMNgénkarEbgEck................................ 43
3> kareGaytMélCabBa©b; .................................................................... 44
D. karGPivDÆn_ nigTMnak;TMngesdækic©GnþrCati
1 cMNab;GarmμN_CadMbUg .................................................................... 45
2 »naPivDÆn_CalT§plénBaNiC¢kmμGnþrCati ? ................................... 47
2>1> rcnasm<½n§BaNiC¢kmμeRkARbeTsénRbeTskMBugGPivDÆn_......... 47
2>2> \T§iBlénkarEbgEckGMNacEdlBMuesμIrKñaenAkñúgBaNiC¢kmμ
GnþrCati ................................................................................ 49
2>3> \T§iBlénlT§pl Backwash GnþrCati.................................... 52
2>4> ]naPivDÆn_CalT§plénkarfycuHén Terms of Trade............. 53
2>5> ]naPivDÆn_CalT§plénPaBBMunwgnrénplcMNUlnaMecj ......... 60
3> »naPivDÆn_CalT§plénclnaTunGnþrCati ? .................................... 63
3>1> karvinieyaKTunedaypÞal;énbreTs nigcRkBtþiniym> .............. 63
3>2> KuNsm,tþi nigKuNvibtþiEdlCaneya)ayGPivDÆn_énkarvinieyaK
TunedaypÞal;énbreTs ......................................................... 67
4> karBnül;én]naPivDÆn_edayRTwsþIénPaBBuMÉkraCü.............................. 73
4>1> eKalsMxan;énRTwsþIPaBBMuÉkraCü............................................ 73
4>2> karbkRsay]naPivDÆn_edaysarPaBBMuÉkraCü....................... 75
4>3> karTieTonEdlCakitþiys ....................................................... 81
E. PaBekIneLIgénRbCaCn nigkarGPivDÆn_esdækic©
1> lT§plénPaBekIneLIgénRbCaCneTAelIkarGPivDÆn_esdækic© ............ 82
1>1> PaBekIneLIgénRbCaCn nigktþabrikça..................................... 82
1>2> karekIneLIgénRbCaCn nigesdækic©TVikniym .......................... 85
1>3> karekIneLIgénRbCaCn nigTMnak;TMngesdækic©GnþrCati> .......... 86
CMBUk III: neya)aysklénma:RkUesdækic©sMrab;karGPivDÆn_
F.mUldæanénneya)ayfvika
1> viFankarsMrab;eFVIeGaykan;EtRbesIreLIgénehdæarcnasm<½n§hirBaØvtßú 86
2> viFankarEdlCaneya)ayfvikarsMrab;KaMRTénkareRbugebobénkar-
vinieyaKTun ..................................................................................... 90
2>1> neya)ayénkarR)ak; ............................................................. 90
2>2> neya)ayénkarpÁt;pÁg;fvika ................................................... 94
2>3> dMeNIrkarénGtiprNaCalT§plénneya)ayfvikarEdlman
ninñakarKaMRTkarvinieyaKTun.................................................... 97
3> viFankarEdlCaneya)ayfvikarsMrab;KaMRTénkarRbugeRbobsnSM ..... 108
G. mUldæanénneya)ayhirBaØvtßú
1> karbgðajsucritPaBénviFankarEdlCaneya)ayhirBaØvtßú............... 112
2> viFankarEdlCaneya)ayénkarcMNUl .......................................... 113
2>1 RbB½n§énkarcMNUlenAkñúgRbeTs ......................................... 113
2>2 lT§PaB nigRBMEdnénkarBRgIkBn§edayRbeyal................... 116
2>3> lT§PaB nigRBMEdnénkarBRgIkBn§edaypÞal; ........................ 122
2>4> RBMEdnénkarEkTMrg;énneya)ayBn§ ...................................... 126
3> viFankarneya)ayénkarcMNay .................................................... 133
3>1> rcnasm<½n§énkarcMNayénrdæ................................................ 133
3>2> lT§PaB nigRBMEdnénkarkat;bnßyénkareRbIR)as;EdlCardæ ... 135
3>3> lT§PaB nigRBMEdnénkarEkTMrg;énkarcMNayeTAelIkar
vinieyaKTunEdlCardæ........................................................... 137
3>4> karcMNayénrdæ nigkarEbgEckR)ak;cMNUl.......................... 138
H. mUldæanénneya)ayrUbIyvtßú
1> neya)ayrUbiyvtßú nigtulükarénkarbg;R)ak; ¬CBa¢IgTUTat;¦ .............. 139
1>1> cMNab;GarmμN_dMbUg ........................................................... 139
1>2> GRtabþÚrR)ak; nigsmtaénesdækic©eRkARbeTs....................... 142
2> siT§ieRCIserIsneya)ayGRtabþÚrR)ak;énRbeTsmYy ......................... 145

2>1> RbB½n§énGRtabþÚrR)ak;P¢ab; rWefr .............................................. 145
2>2> RbB½n§énGRtabþÚrR)ak;bENþt ................................................. 148
3>karvaytMélCaneya)ayGPivDÆn_énRbB½n§GRtabþÚrR)ak;TaMgBIr ........... 149
3>1> GRtabþÚrR)ak;P¢ab; ................................................................. 149
3>1>1> mUldæanénPaBTal;Rck; .............................................. 149
3>1>2> fñak;énPaBbt;EbnCalT§plénGRtabþÚrR)ak;P¢ab; .......... 151
3>2> GRtabþÚrR)ak;bENþt.............................................................. 155
4 > plénneya)ayGRtabþÚrR)ak; ....................................................... 160
esdækic©GPivDÆn_ " 11
1
mUldæanRKwHTUeTA
A. karBicarNaeTAelIktþaEdlTak;TgnwgkarGPivDÆn_
1> mUldæanCasarB½n§s½BÞ
1>1> karGPivDÆn_ kMriténkarGPivDÆn_ nigdMeNIrkarénkarGPivDÆn_
edIm,IeFVIkarsikSaBIbBaðaesdækic©énRbeTskMBugGPivDÆn_ eyIgRtUvEtcab;epþIm
eFVIkarBinitüeTAelIsßanPaBGPivDÆn_énRbeTsenH. CamYynwg enHeyIgRtUvEteFVI
kareGayniymn½yeTAelIRbeTsTaMgenaH edIm,IgayRsYlkñúgkarkMNt;RBMEdnén
karsikSa. enAkñúgesovePAsikSaCaeRcInkarkMNt;niymn½yénBaküGPivDÆn_vaman
karlM)akya:gxøaMg CaBiesscMeBaHBaküénRbeTskMBugGPivDÆn_dUcCa XøamYyEdl
EføgenAkñúgsnñisiT§GnþrCati ³ {An underdeveloped country is like the giraffe,
an animal difficult to define, but easy to recognize} XøaenHva)anbBa¢ak;c,as;
GMBIPaBlM)akénPaBvinicä½ycMeBaHfaRbeTsNaCaRbeTskMBugGPivDÆn_enaH. dUc
enH edIm,IeFVkI arkMNt;énBaküGPivDÆn_ rWkMNt;faRbeTsmYyCaRbeTskMBugGPivPDÆn_
eyIgRtUvcaM)ac;EsVgyl;eGayc,as;GMBGI tßny½ énBaküGPivDÆn¾enaH. CaTUeTAGtßny½
énBaküGPivDÆn_EdleKniymeRbIR)as;enaHmanBIr ³
- kalNaeKcg;niyay BIdMeNIrRbRBwtþrbs;vaeTAtameBlevla enaHeK
Etgniyayfa {dMeNIrkarénkarGPivDÆn_ (development's process) :.
- kalNaeKcg;niyayBIkarGPivDÆn_enAcMeBlmYyenaH enaHeKeRbIR)as;
Baküfa {zanPaBénkarGPivDÆn_ ( level of development) :.
dUcenHPaBxusKñakñúgkareRbIR)as;BaküTaMgBIrenH KWvasßitenAelIeBlevla
EdlCaktþakMNt;rbs;va. dMeNIrkarénkarGPivDÆn_ KW{CaDINamIk} va)anbgðaj
enAPaBpSarP¢ab;KñaCamYynwgzanPaBénkarGPivDÆn_EdlCa {CasþaTIk : enaH. dUc
enHCMhandMbUgedIm,IQaneTAyl;dl;BIBaküdMeNIrkarGPivDÆn_ rWdMeNIrkarGPivDÆn_
énRbeTskMBugGPivDÆn_nimYy² eyIgRtUvEtcab;epþImsikSaBIzanPaBénkarGPiDÆn_
EdlCaTUrelxsMxan; edIm,IsMeyaKeGaydwgBIdMeNIrkarGPivDÆn_enaH.
CaTUeTAkMriténkarGPivDÆn_énRbeTsnImYy² KWGacqøúHbBa©aMgedayeyaleTA
elIkMriténvibulPaB rWkMritRTBüsm,tþirbs;RbCaCnénRbeTsenaH. k¾b:uEnþsBaØaN
énvibulPaB CaTUeTAvaBi)aknwgkareGayn½yc,as;las;Nas; dUecñHeKEtgEtsnμt;
eTAelIlkçxNÐénkarrs;enA rWniyayeGaycM KWkMriténkarrs;enArbs;RbCaCnén
RbeTsenaHmkeFVICargVas;énzanPaBénkarGPivDÆn_rbs;RbeTsenaH.
kMriténkarrs;enArbs;RbCaCnénRbeTsnImYy² vakan;EtekIneLIg KWkal
NatMrUvkarCamUldæanrbs;smaCikxøÜnRtUv)anbMeBjeGaykan;Etl¥eLIgEfmeTot.
karpþl;ya:gRKb;RKan;sMrab;esckþIRtUvkarCamUldæanénmnusSmñak; KW)ann½yfa
KWkarpþl;nUv rWkareFVIeGaymannUvlkçNHrs;enAEdlya:gticbMputnUvtMélCamnusS.
tMélCamnusSya:gticbMput KWRtUvTamTarpþl;eGayeK nUvrUbsaRsþ citþsaRsþ
nigsgÁménmnusS.
eyageTAtamsmaKmn_GnþrCatixagkargar (ILO) eK)aneGayniymn½yén
esckþIRtUvkarCamUldæanrbs;mnusSman ³ karmanmðÚbGaharhUbcukRKb;RKan; man
pÞHsñak;GaRs½y mansMelokbMBak; ehIyeRkABIenH mansMParHpÞHsMEbg nigeRKOg
tuTUekAGIERK ehIyTak;TgnwgsgÁm eKRtUvEtmankarpþl;eGay EpñksuxaPi)al
EpñkGb;rM karpþl;eGaynUvTwks¥at karpþl;eGaysuxPaBnigGnam½y nigkarpþl;
eGaynUvmeFüa)aydwkCBa¢ÚnsaFarN³.
sMrab;kMNt;enAelIkMriténkarrs;enArbs;RbCaCn EdlCamUldæansMrab;kar
eRbIR)as;énsBaØaNGPivDÆn_ eKGacrab;bBa©ÚlnUvesckþIRtUvkardéTeTotdUcCalkç-
xNÐkargarl¥RbesIr karQb;sMrak; nigkarBiPakSa snþisuxsgÁm esrIPaBrbs;
mnusS k¾dUcCaesckþIRtUvkarEdlcaM)ac;mYycMnYneTot. qøgkat;nUvkaryl;BIkMritén

karrs;enA vapþl;lT§PaBeFVIeGayeyIgkan;EtgayRsYlBIGtßn½yénsBaØaNénkar
GPivDÆn_TaMgsþaTIk nigDINamIk. zanPaBénkarGPivDÆn_énRbeTskMBugGPivDÆn_
nImYy² KWGacbgðajeGayeyIgeXIjenAkMritCIvPaBrs;enArbs;RbCaCnRbeTs
enaHenAcMeBlmYy. cMENkdMeNIrRbRBitþénkarGPivDÆn_ KWvakMNt;faetIsmtßPaB
énkarGPivDÆn_enAkñúgcenøaHeBlmYyvaERbRbYlya:gNa.
1>2> niymn½yTUeTAénRbeTskMBugGPivDÆn_
enAkñúgenHeyIgyl;BIGtßn½yénzanPaBénkarGPivDÆn_ eyaleTAelIGtßn½y
enHeyIgGaceFVIkareGay niymn½yeTAelIRbeTs EdlCaRbeTskMBugGPivDÆn_
dUcCamankareRbIR)as;BakSCaeRcInsMrab;sMKal;RbeTskMBugGPivDÆn_ nigRbeTs
kMBugrIkcMerIn.
CaTUeTAeKEtgEtcab;GarmμN_eRbIR)as;BaküsMrab;RbeTsnana EdlsßitenA
eRkamesdækic©Gn;fy faCaRbeTsedIrfyeRkay edayeKeFVIkareRbobeFobeTAnwg
RbeTsrIkcMerIn rWRbeTs]sSahkmμ mYycMnYn EteTaHCaya:gNakareGayniym
n½ycMeBaHRbeTskMBugGPivDÆn_ eKBMueFVIkareRbobeFob eGayxøaMgkøaeTAnwgkMritén
karrs;enArbs;RbCaCnénRbeTs]sSahkmμeLIy rWk¾eTAtamrebobrs;enArbs;
RbeTselakxaglicenaHeT. lkçN³EdlCasþg;da KWsßitenAelIlT§PaBénsMPar³
EdlCaktþakMNt; nigbegáInenAlkçxNÐénkarrs;enA. lT§PaBénsMPar³ TaMgenH
vaCatMélénkarvas;sÞg;EdlKYreRbIR)as;enAkñúgRbeTsmYyehIyvaGacERbRbYlBI
RbeTsmYyeTARbeTsmYykñúgRbeTsénsklelakeyIgenH.
dUcenH)ann½yfavaKμantMélrYmNamYyEdlRtUvGacykmkeRbIR)as; rWbgðaj
eGayeRbIR)as;sMrab;vas;sÞg; nigeGaytMéleTARbeTsmYy faCaRbeTskMBug
GPivDÆn_BitR)akdeLIy. CaBiess KWkareGaytMéleTAelIsBaØaNénkMritCIvPaB
KWeyaleTAelITMhMénsMParH²EdlRbCaCnénRbeTsenaHman ehIyEdlTak;Tg
eTAnwglkçxNÐneya)ay nigsgÁménkarrs;enA. dUcenHkñúgkarRsavRCavGMBIzan
PaBénkarGPivDÆn_énRbeTsmYy eKRtUvTajrkeGayeXIjenATMhMénkarpÁt;pÁg;én
sMParHEdlRbeTsenaH)aneFVIcMeBaHRbCaCnxøÜn.
2> GaMgDIkarT½rsMrab;vas;EvgénkarGPivDÆn_
2>1> niymn½yénGaMgDIkarT½rénkarGPivDÆn_
sMrab;mUldæankñúgkareGayniymn½yénRbeTsnImYy²énRkumRbeTskMBug
GPivDÆn_ nigRbeTs]sahkmμ KWvaRtUvmanlkç½NÐBIredIm,IbMeBj³
k¦ RtUvrkeGayeXIjnUvGaMgDIkarT½rsmRsbedIm,IGacvas;enAsßanPaBén
karGPivDÆn_ ehIyEdleKeGayeQμaHfa GaMgDIkarT½rGPivDÆn_.
x¦ RtUvelIkeLIg rWkMNt;enARBMEdntMélsMrab;GaMgDIkarT½rTaMgenaH edIm,IeFVI
karEbgEcknUvRBMEdnrvagRbeTsTaMgBIr. GaMgDIkarT½rGPivDÆn_TaMgenHGacTaj
ecjCaTMhMkMNt;mYyénkMritGPivDÆn_.
kalNakareFVIecjCarUbmnþénGaMgDIkarT½rGPivDÆn_ EdlTukkMNt;lkçx½NÐ
KuNPaBénkarBiesaFn_niym nigTuksMrab;eRbobeFobCalkçNHGnþrCati Gac
RbRBwtþeTA)anenaH CMh‘anbMrugsMrab;karGnuvtþn_niymn½yénRbeTskMBugGPivDÆn_ rW
k¾RbeTskMBugGPivDÆn_tictYc KWGacTajecj)aneBjelj.
CakarBitGaMgDIkaT½rGPivDÆn_mann½yCakarsnμt;b:ueNÑaH dUcenHkarpSMpÁMuúén
GaMgDIkaT½rTaMgenHCamYykarpþl;eGaynUvTUrelxCasþg;da KWGacbegáIt)anenA
cenøaHRbehag. karkMNt;énktþasMxan;mYy rWk¾ktþasMxan;CaeRcInEdlTaMgGs;
enaHmann½yCaGaMgDIkaT½rGPivDÆn_ EdlmanTisedApSarP¢ab;eTAnwgRbePTsþg;da
rs;enAénsgÁm KWbgðajnUvniymn½yénRbeTskMBugGPivDÆn_ rWk¾RbeTskMBug
GPivDÆn_tictYcmYyd¾eBjelj.
EtcMeBaHkarBiPakSaénsBaØaNGPivDÆn_ KW)ancg¥úlbgðajfa sBaØaNenaH
Tak;TgeTAnwgvis½yesdækic© sgÁm nigneya)ay. eyageTAtamenHeKGacEbg
EckGaMgDIkaT½rGPivDÆn_Caesdækic© CasgÁm nigCaneya)ay. TnÞwmnwgGaMgDIkaT½r
CasgÁm manTMnak;TMngeTAelIsgÁm ehIyk¾dUcCaGaMgDIkaT½rCalkçNHneya
)ay KWmankarTak;TgeTAnwgvis½yneya)ay GaMgDIkaT½rCalkçN³ esdækic©k¾man

TMnak;TMngeTAnwgzanPaBesdæki©énRbeTsnImYy²enaH.
2>2> GaMgDIkaT½rGPivDÆn_Caesdækic©
2>2>1> R)ak;cMNUlsMrab;RbCaCnmñak;
2>2>1>1>niymn½yénR)ak;cMNUlsMrab;RbCaCnmñak;
CaGaMgDIkaT½rEdlmanPsþútageBjsmtßPaBkñúgcMeNamGaMgDIkaT½repSg²
eTotEdlsMrab;vas;EvgénkMritGPivDÆn_Caesdækic© KWCaBiessR)ak;cMNUlkñúg
RbCaCnmñak;. eKTTYl)annUvR)ak;cMNUlénRbCaCnmñak;RbcaMqñaMEdlenAkñúgenaH
eKykcMNUlsrubénbuKÁlTaMgGs;EdlcUlrYmenAkñúgesdækic©mYy ¬R)ak;cMNUl
Cati = national income¦EcknwgcMnYnRbCaCnénRbeTsenaH. R)ak;cMNUlCati KW
GaRs½yCamYyenaHeTAnwgplTunCatisuT§énktþabg;tMél (net domestic product to
factor costs) )ann½yfaesμIeTAnwgplTunCatisuT§énktþabg;tMélenaHÉg.
NDP sMrab;ktþabg;tMélGacKNna)antamBIrRbePT edayTajecjBIkar
KNnaTUeTAénesdækic©Cati ³
a) kareRbIR)as;énkarKNnaecjBIRbPBcMNUl (origin calculation) )an
n½yfaTak;TgeTAnwgktþaR)ak;cMNUl nigcMeNjEdl)anekIteLIgedayKitCa
Éktaluy
karKNnaénRbPB
ksikmμéRBeQI nigensaT
+ muxrbrEdlplitsMParH ¬]sSahkmμ ¦
+ BaNiC¢kmμ nig KmnaKmn_
+ shRKaspþl;esva:kmμ
shRKasCasrub ¬minTan;TUTat;¦
- kardkfvikarEdlBwgBak;GaRs½ysMrab;esvakmμFnaKar (payment in
advance TaMgkñúgRbeTs nigeRkARbeTs¦
shRKassrub ¬TUTat;rYc ¦
+ rdæ
+ pÞHsEm,gÉkCn rW esdækic©RKYsar
nimitþkmμtMéldul (gross value of creation) CasrubEdlTUTat;rYc

+ Bn§énplcMNUl EdlminGacmansmtßPaBdkyk)an
+ cMNayénkarnaMcUl
plTunCatidul (gross dosmetic product)

+ tulükarénR)ak;cMNUlBIkareFVIkargar nig RTBüsm,tþirvagGñkkñúgRsuk
nigGñkeRkARsuk
plTunCatidulsMrab;éføTIpSar (GDP to market price)
- karsgrMlYs
plTunCatisuT§sMrab;éføTIpSar (NDP to market price)
_ karcMNaysuT§enAkñúgvis½yplitkmμ ¬= karbg;tMélTun – kar]btßmÖ ¦
plTunCatisuT§sMrab;ktþabg;tMél (NDP to factor cost = national

income or national revenue)
b). enAkñúgRbeTsCaeRcInmankarCYbRbTHplvi)ak kñúgkarekþabkþab;eGay

)anRtwmRtUvénR)ak;cMNUlTaMgGs;Edl)anekIteLIg sMrab;eRbIR)as;kñúgviFIsaRsþ
énkarKNnatamRbPB (origin calculation). enAkñúgkrNIenH eKGaceGay
dMbUnμankñúgkarRbRBwtþnUvviFIsaRsþKNnaeTAtamEpñkénkareRbIR)as; (calculation of
consumption side) énkarKNnaTUeTAénesdækic©Cati ³
kareRbIR)as;énR)ak;cMNUlCati ¬KitCaÉktaluy¦
kareRbIR)as;CaÉkCn
+ kareRbIR)as;énrdæ
+ karvinneyaKdul
kareRbIR)as;enAkñúgRbeTs
+ tulükarénkareRbIR)as;rvagGñkkñúgRsuk nigGñkeRkARsuk ¬= kareRbIR)as;
eRkARbeTs ¬eyageTAtamTsSn³énkñúgRbeTs¦)
plTunCatidul sMrab;éføTIpSar (GDP to market price)
– karsgrMlYs
plTunCatisuT§ sMrab;éføTIpSar (NDP to market price)

– Bn§edayRbeyal
+ kar]btßmÖ (subsidy)
plTunCatisuT§sMrab;ktþabg;tMél(NDP to factor cost=R)ak;cMNUlCati¦
2>2>1>2 bBaðaénkarekþabkþab;énplTunCati
cMeBaHkareGabRkesab rWkarsikSaénplTunCatielcecjnUvbBaðaEdlTak;
TgeTAnwgcMnYnplitplEdlRtUvBicarNa. eRBaHfaCaTUeTARKan;EtCakarvaytMél
CaRbmalemIleTAelIplitpl nigesvakmμEdlekIteLIgBitR)akenaH dUcenH
vamankarxusKñaya:gxøaMgrvagcMnYnEdlbgðajenAkñúgTUrelx nigcMnYnplitplBit
R)akd. CaBiessenAkñúgRbeTskMBugGPivDÆn_xøHEdl)anbgðajCamYynwgTMhMxøH
énRbtibtþikarxusc,ab; ehIyk¾dUcCaCamYynwgsßab½nsßitiEdljwkjab;)anbgðaj
eGayeXIjkarxVHxatya:gxøaMgenaH KW)anCYbRbTHnUvplvi)akenHya:gBit R)akd.
eyageTAtamGñkCMnajkarEdl)anvaytMél KWPaBxusKñaBIkarBitenaHBMufaenA
vis½yNaeTRbRBitþeTAenAkñúgtMél ±30%.
CabBaðabnþeTAeTot KWecaTeTAelIéføEdlRtUveRbIR)as;sMrab;føwgEføgénkar
bMeBjkarplitEdlpþl;eGayCarUbFatuenAkñúgRbeTsmYy. enAkñúgkarKNna
esdækic©Cati dUcCakarRsavRCavplTunCati KWéføTIpSarsßitenACamUldæan k¾b:uEnþéfø
TIpSarenHBMu)anbgðajCanic©CakalCatMéltulüPaBeLIy KWGaRs½yeTAnwgtYnaTI
GMNacénEpñkGñktMrUvkar nigEpñkGñkpÁt;pÁg;.
CabBaðadUcKñaEdr KWkarminBicarNaeTAelIéføedIm (payment in advance)
rbs;esdækic©RKYsar ]TahrN_ karbg;tMélénkareFVIdMeNIreTAkEnøgeFVIkarCaedIm
enAkñúgplTunCatidul.
eBlevlaQb;sMrak;EdlERbRbYledaysarkarkat;bnßyénkargar nigkar
ERbRbYlénGayueFVIkargark¾BMuRtUv)anvaytMélenAkñúgplTunCatidulEdr nigman
bBaðaCaeRcIneTotEdleyIgBMu)anrab;bBa©ÚlenATIenaH.
2>2>1>3> bBaðaénkarRsavRCavRbCaCn
cMnYnRbCaCnRtUv)anrab;BMuBitR)akd rWk¾RtUvbenøIsEdlCaehtueFVIeGaykar
KNnaR)ak;cMNUl kñúgRbCaCnmñak; BMu)ankøayCaPsþútagEdleBjsmtßPaB. enA
kñúgRbeTsmYycMnYn)anbgðajnUvcMnYnRbCaCnRKan;EtCakarRbmaNEdlminl¥itl¥
n; dUcCa]TahrN_karKNnaBIrdgénGñkrs;enAkñúgTIRkugmYy k¾dUcCaenAkñúg
RsukkMeNIt. müa:geToteTaHbIkarrab;cMnYnRbCaCn)anRtwmRtUvk¾eday k¾manlT§-
plepSgKñacMeBaHkarRsavRCavénzanPaBGPivDÆn_EdlkalNaGayuénRbCaCnma
nPaBxusKñaya:gxøaMgenaH eRBaHfakUnekμg nigmnusScas;BMu)ancUlrYmviPaKTanenA
kñúgplTunCatiduleT rWk¾)anEtbnþicbnÞÜcEtb:ueNÑaH.
2>2>1>4> bBaðaénkarvaytMélCafμIéncMnYnR)ak;cMNUlkñúgRbCaCnmñak;
(per capita) eTACarUbIyvtßúrYmmYy (W(R/US$) =3900(R/US$)
cMeBaHkarvaytMélCafμIéncMnYnR)ak;cMNUlkñúgRbCaCnmñak;eTACarUbIyvtßúrYm
mYy ¬]TahrN_ US$¦ elcecjnUvkarXøatq¶ayxusBIFmμta. mUldæanRKwHénkar
KNnaCafμI ¬karbþÚrR)ak;¦ enH KWCasuBlPaBénPaBxusKñaénkMlaMgTij. RTwsþIenH
bgðajnUvtulüPaBénPaBxusKñaénkMlaMgTijenAkñúgRbeTsmYyedayqøgkat;GRtabþÚr
R)ak;rvagrUbIyb½NÑEdlRtUvCYbRbTHenaH ( W(R/US$) = P (R)/P (US$).
1
C
1
US
b:uEnþenAkñúgPaBBit GRtabþÚrR)ak;pøÚvkarBMuqøúHbBa©aMgnUvTMnak;TMngénkMlaMgTij
eT. TaMgenHsßitenARtg;faGRtabþÚrR)ak;énRbeTskMBugGPivDÆn_CaeRcIn KWBMuERbRbYl
{dUcRTwsþIsmPaBénkMlaMgTijeT} eRkABIenH KWvaefr. TaMgenH KWedaysarkar
GPivDÆn_epSg²KñaénkMlaMgTijkñúgRsuk manRbtikmμyWtya:vBImUlehtuEdlelc
ecjBIGRtaGtiprNaEdlxusKñakñúgRsuk nigedaysarkarekIneLIgénplTunCati
BitR)akdEdlnwgERbRbYl.
müa:geTotRTwssIþ mPaBénkMlaMgTijBuM)anBicarNaeTAelIkarcUlrYménclna
TunGnþrCatiEdlCaktþakMNt;plEdrénGRtabþÚrR)ak;. GRtabþÚrR)ak;begáItecjBI
El,grYménkarpÁt;pÁg;rUbIyb½NÑ EdlTMhMrbs;vaBMuRtwmEtRtUv)ankMNt;edaysar
clnaénBaNiC¢kmμenaHeT eRkABIenHeTotedaysarclnaénTunpgEdr. dUcenH
karERbRbYlénGRtabþÚrR)ak; nigCamYyenaHEdrkarrMkilenAkñúgrcnasm<½n§én per
capitaCaGnþrCati )anbgðajeGayeXIjfaBMumankarBicarNaeTAelIkarrMkilEdl
GaRs½yeTAnwgéfø rWcMnYnénlMhUrBaNiC¢kmμeLIy. k¾b:uEnþeTaHbImankrNItulüPaB
énkarbg;R)ak; k¾dUccMeBaHkarelIkElgnUvkarBicarNaeTAelIkarTUTat;éntulüPaB
Tunya:gNak¾eday k¾kareRbobeFobénkMlaMgTijCamYynwgkarCYyénGRtabþÚrR)ak;
k¾sßitenAkñúgRBMEdnd¾ceg¥otEdr eRBaHfaplitpl nigesva:kmμxøHEdlsßitenAkñúg
plTunCatidul KWBMuGacsßitenAkñúgtYnaTIéntulüPaBénkarbg;R)ak;énRbeTsenaH
nigEdlCamYyenHkarGPivDÆn_énéfø nigplitkmμrbs;vaBMuman\T§iBleTAelIGRta
bþÚrR)ak;eLIy.
TnÞwmnwgenaHEdrrcnasm<½n§énéføCati KWmanPaBgakerq¶ayBIKñaya:gxøaMg
edaymUlehtu edaysarPaBxusKñaénTMnak;TMngplitkmμ nigedaysarrcnasm<½n§
CaGtßiPaBk¾xusKñaEdr. müa:geTot edaysarlT§plénkarplitxusKña nigéføplit
plxusKñakñúgRbeTsnImYy²eRkayBIkarKNnatamGRtabþÚrR)ak;TMnak;TMngenHk¾rit
EtxusKña ehIyEdlCH\T§iBleTAelIplTunCatidulk¾dUcCaeTAelI per capita Edr.
2>2>1>5> cMeBaHPsþútageBjsmtßPaBénkareRCIserIskareRbobeFobzan
PaBGPivDÆn_
edaysarmUlehtuénPsþútageBjsmtßPaBénkareRbobeFob per capita
CaGnþrCatiRtUvmanRBMEdn GñkniBn§CaeRcIn)anBüayamEsVgrkenAGaMgDIkarT½rEdl
RtwmRtUvsMrab;TMhMénplitpl nigesvakmμEdlsßit enAbMrugTukkñúgRbeTsmYy
eCosCag per capita. enAkñúgkrNIenHktþanImYy² EdlBMumansßitenAkñúgsßiti
plTunCati nigCamYyenaHenAkñúgkarKNna per capita rWk¾EdlBMMuRtUv)anelIkyk
mkBicarNaenaH ¬eTaHbICaktþaTaMgenHvaman\T§iBleTAzanPaBGPivDÆn_esdækic©
enHk¾eday¦ KWRtUvEtRbEmRbmUl rWEsVgrkeGaykan;EtRbesIreLIg. k¾b:uEnþeKal
karN_TaMgenHvaeFVIeGayQWcab; eRBaHfakarTajecjCaRTwsþIBitR)akdmanEtbnþic
bnþÜcEtb:ueNÑaH.
dUcenH eKrkSanUv per capita-GaMgDIkarT½r sMrab;CaGaMgDIkarT½rEdlCa
PsþútageBjsmtßPaBénTMhMplitplénRbeTsmYy eTaHbIPaBTn;exSayrbs;vaCa
lkçN³TsSn³Tan nigCalkçN³sßitik¾eday. )ann½yfa per capita-GaMgDIkarT½r
sßitenAsMrab;karsikSaRsavRCavBiesaFn_epSg²GMBIPsþútageBjsmtßPaBepSg²Kña
én per capita nigsßitenACaskþanuBlénkarBnül;x<s;bMputénzanPaBGPivDÆn_
énRbeTsmYy.
2>2>2 GaMgDIkarT½rénkarEbgEck
cMeBaHmUldæanénkarbkRsayxagelITMhMén per capita )anpþle; GayBt’man
EdlmanRBMEdnGMBTI MhMBti R)adkénplitpl nigesvakmμEdlmansßti enAkñúgRbeTs
mYy. k¾b:uEnþCamYyenHEdr KWrUbPaBCa aspect TaMgGs;énzanPaBGPivDÆn_Ca
esdækic© KWBMuTan;ekþabkþab;)an. ecjBIGtßn½ydUcKñaenH KWTaMgGs;enHBuMTan;dwgfa
etIEpñkénRbCaCnNaEdl)anTTYlBitR)akdenAkñúgkarRsUb rWkareRtkRtGalCa
mYyplitpl niglT§plenH. CamYyenaHkarEbgEckCa per capita RtUv)aneFVIeTA
elIsmaCikénsgÁmnImYy² KWmanPaBesμIr²KñaTaMgGs;énR)ak;cMNUl. EttamPaB

BitkarEbgEckR)ak;cMNUlrebobenHBMuekIteT,IgTal;EtesaH.
enAkñúgRTwsþIénkarEbgEck eyabl;CaeRcInRtUv)aneFVIkarBicarNa dUcCaeK
GaceRbobeFob nigvas;EvgCaBiesaFn_nyi mnUvrcnasm<n½ E§ bgEckénRbeTsnImYy²
EdlsMxan;CageK KWviFIsaRsþén Lorenz nig Gini.
eyageTAtamviFIsaRsþvas;Evgrbs; Lorenz TMhMPaBminesμIKñaénkarEbg
EckR)ak;cMNUlkñúgRbeTsnImYy²RtUv)anekþabkþab;edayqøgkat; faeKRtUvykGñk
TTYlR)ak;cMNUldak;eTAkñúglMdab;lMedayCan;fñak; edayeyageTAtamTMhMénkMrit
R)ak;cMNUlrbs;buKÁlmñak;². enATIbBa©b;eK)ankMNt; rW)anrkeXIjfaetIEpñkNa
énR)ak;cMNUlsrubEdlFøak;eTAelIRkumGñkTTYlEdlepSg²BIKña.
cMeBaHkarbgðajCaRkahVikénkarEbgEckenH KWeKeRbIR)as;GVIEdlehAfa
ExSekag Lorenz. ecjBIExSekagenH eKGacemIleXIjeyageTAtamviFIsaRsþ
Edl)anbkRsayxagelI KWmann½yfaeKGac faetIPaKryb:unμanénR)ak;cMNUl
srubRtUvFøak;eTAelIcMnYnPaKryc,as;las;mYyénGñkEdlTak;TgénR)ak;cMNUlena
H. cMnYnPaKryenaHRtUv)anbUkbBa©ÚlrhUtcab;BIkMritR)ak;cMNUlEdlTabbMput
rhUtdl;kMritR)ak;cMNUlEdlx<s;bMput. ExSekag Lorenz enH )anbgðajenAkñúg
rUbxageRkamEdlenAkñúgenaH KWenAelIG½kSG½rDINaT½rkt;RtanUvGRtaCaPaKry
nImYy²énR)ak;cMNUlsrub nigenAelIG½kSGab;sIuskt;RtanUvGRtaPaKryénRbCaCn
EdlTTYl)annUvcMnYnR)ak;cMNUlenaH.
ExSekag lorenz
I
viFIsaRsþdéTeTotsMrab;vas;EvgénkarEbgEckR)ak;cMNUl)anpþl;eGayeda
yelak Gini. Kat;)ansakl,gsgát;F¶n;eTAelIkarRbmUlpþMú (concentration)
énR)ak;cMNUleTAelIGñkTTYlR)ak;cMNUlnImYy² CamYynwgkarCYyénemKuNEbg
Eck (distribution coefficient) ehIyEdleKeGayeQμaHfa emKuN Gini (Gini
coefficient). k¾dUcCa per capita Edl)aneRbIR)as; KWsgát;F¶n;eTAelIkMriténkar
sMerc)anR)ak;cMNUl É Gini coefficient k¾qøúHbBa©aMgEtBIkarEbgEckénR)ak;
cMNUlenaHEdr. cMeBaHelak Gini karEbgEckR)ak;cMNUlepSg²KñabegáIteGay
manemKuNepSg²KñaEdr TaMgenH mann½yfaeyageTAtamkareRbobeFobénemKuN
Gini eKGackMNt;)annUvlMdab;lMedayCan;fñak;enAkñúgkarRbmUlpþúMR)ak;cMNUl.
emKuN Gini eKGacTajecjBIExSekag Lorenz EdlenAkñúgenaHeKyképÞEdl
CaRBMEdnrvagExSekag Lorenz bnÞat;Rtg;énkarEbgEckesμIKña OU ¬enAkñúg
rUbPaBxagelI KWépÞBitR)akdEdl)anKUsqUt²¦ EcknwgépÞRbmUlpþúMCaGtibrima
¬enAkñúgrUbxagelI KWCaRtIekaN OUT). emKuN Gini mantMélesμI 1 cMeBaHkar
EbgEckminesμIPaBkan;Etx<s;mYy TnÞwmnwgvamantMélesμInwg 0 cMeBaHkarEbgEck

énPaBesμIPaBeBjelj. kalNaemKuN Gini kan;EtFMenaHR)ak;cMNUlEdl
EbgEckeTAelIRkumGñkTTYlnImYy²kan; EtBMuesμIeLIg.
viFIsaRsþEdl)anbgðajTaMgBIr )anbgðajeGayeXIjnUvKuNsm,tþi nig
KuNvib,tþi. viFIsaRsþ Gini KWgaynwgGnuvtþn_eRBaHfaviFIsaRsþenHeGabRkesab
cUlKñanUvrUbPaBTaMgmUlénsßanPaBEbgEckeTAkñúgEtemKuNEtmYyb:ueNÑaH va)an
bgðajnUvKuNsm,tþiRbhak;RbEhleTAnwgrgVas; per capita EdlsMrab;kMNt;én
kMritplitkmμenAkñúgsgÁmmYy. k¾b:uEnþKuNvib,tþirbs;va KWRtUv)anbkRsayenAkñúg
rUbPaBxageRkam. enAkñúgrUbPaBxageRkam)anbgðajnUvExSekag Lorenz BIrEdl
kat;Kña ehIyExSekag Lorenz TaMgBIrmanépÞesμIKñaCamYynwgbnÞat;BuHcMkNþalmuM
Ekg OU (diagonal OU).
krNITI1 )anbgðajfa karEbgEckenAkñúgR)ak;cMNUlEdlTabesIμPaB
smrmüCagkrNITI 2 pÞúyeTAvijenAkñúgEpñkR)ak;cMNUlx<s; karEbgEckminesμI
PaBsmrmüCagkrNITI2enaHeT,Iy. k¾b:uEnþépÞrvagbnÞat;BuHcMkNþal nigExSekag
Lorenz nImYy² KWesμK I añ rWnyi aymüa:geTot ³ épÞEdl)anKUsqUt²TaMgBIrenAkñúg
rUbPaBxageRkam KWmanTMhMesμKI añ . CamYyenHEdrkarEbgEckTaMgBIrnaMeTAeGayman
emKuN Gini dUcKña ¬= snÞsSn_RbmUlpMþú Gini dUcKña¦ nigCamYyenHEdrnaMeTA
eGaymanPaBxusKñaénR)ak;cMNUldUcKña. k¾b:uEnþlT§plenHelcecjCaeBj
eljRtwmRtUv)aneBlNaEdlPaBxusKñaénR)ak;cMNUlEdldUcKñadac;xatenAkñúgTM
hMénR)ak;cMNUlEdlepSg²KñaenaHTTYl)annUvGtßn½ydUcKña¬enAkñúgrUbxageRkamG
tßn½yrbs;PaBxusKñakñúgR)ak;cMNUlenaHBMudUcKñaeT KWvabgðajnUvPaBERbRbYl
karRbmUlpþMúénGñkTak;TgénR)ak;cMNUl ¬GñkTTYlR)ak;cMNUl¦¦.
kñúgeBlEdleKkan;EtXøatq¶ayBIkarsnñidæanenH ¬>>>{nUvGtßn½ydUcKña}¦enaH
eKBMuGacEfrkSabnþeTotnUvkardak;eGayesμIKñaenHénlT§pldUckarsnñidæan EdlCa
nimiμtkmμCamYynwgkareRbIR)as;énkarbgðajrbs; Gini enaHeLIy.
karEbgEckénR)ak;cMNUlKW enAkñúgkarBitCasBaØaNRbePTsμúKsμajEdl
eKminGacpþl;eGaysBaØaNenaHeRscEtcitþenAkñúgcMnYnvas;EvgEtmYyb:ueNÑaH.
dUcenHehIy Krelle )anEføgsMrab;karRbesIrbMput {eKRtUvbMeBjbEnßmeTotCamYy
nwgkareRbobeFobCaEPñk (optical) énExSekag Lorenz epSg² nigRtUve)aHbg;kar
sgát;FJn;eTAelIcMnYnelx EdlsMrab;kMritrgVas;énPaBminesμIénkarEbgEck} enaH.
karviPaKeTAelIviFIsaRsþ Gini
k¾b:uEnþCamYynwgGaMgDIkaT½rTaMgenaH KWBMumanBt’manGMBITMhMsrubénGñkRkdac;
xatenAkñúRbeTsmYyeLIy eRBaHfaEpñkénGaMgDIkaT½rnImYy²GacCYbEtrgVg;buKÁl
epSg²Kña. dUcenHenAkñúgkarBiPakSaneya)ayGPivDÆn_ KWkarRbwgERbgeq<aHeTArk
kareFVIeGayGaMgDIkaT½rnImYy²bUkrYmKñaeTAkñμúgGaMgDIkaT½rCatMrUvkarmUld§an (basic -
needs-indicator) EtmYyEdlpþl;nUvBt’manGMBIfaetIEpñkNaénRbCaCnEdlBMuGac
bMeBjtMrUvkarrbs;xøÜneGay)ansmrmüenaH. ]TahrN_EdlEtgniyayCajwk
jab;enAkñúgÉksarGnþrCatisþIGMBI basic-needs-indicator KWCabnÞat;énPaBRkIRk
(porverty line) EdlRtUv)aneRbIR)as;edayFnaKarBiPBelak. bnÞat;énPaBRkIRk
enaHsakl,gsMrab;kMNt;nUv per capita nImYy² EdleFVIeGayGacmannUvsþg;da
énkarrs;enAEdlmanCIvPaBGb,rima.
sMrab;karKNnarbs;vaeK)anbegáIteLIgrYmnUvtaragbBa¢Iénplitpl nig
esvakmμEdlcaM)ac;énCIvPaB nigKNnaR)ak;cMNUlEdlTamTarsMrab;karTijnUv
rbs;rbrTaMgenaH. cMnYn per capita Edl)anbgðajecjBIkarKNnaRtUv)aneK
vaytMéledayFanaKarBiPBelak KW 300 US$ b¤k¾ 350 US$ ¬sMrab;éføkñúgqñaMén
edImTsvtS 80¦. dUcenHPaBRkIRkdac;xatsßitenAcMeBaHsmaCikénsgÁmTaMgGs;
enAeBlEdl per capita BitR)akdrbs;eKsßitenAeRkambnÞat;RkIRkenaH TaMgenH
mann½yfasmaCikénsgÁmenaH BMuGacbMeBjnUvesckþIRtUvkarCamUldæanrbs;eK)an
eLIy.
2>3 karBicarNabEnßménGaMgDIkaT½rGPivDÆn_EdlCalkçN³minesdækic©
cMeBaHkarRsavRCavsMrab;eGabRkesabbBa©ÚlKñaénGaMgDIkaT½resdækic©Edl
xus²KñaeTACaGaMgDIkaT½rsarubmYy GñkesdæviTU)aneGaydMbUnμaneGaydak;bBa©Úl
enArUbPaBénkarGPivDÆn_EdlmanlkçN³minesdækic©cUleTAkñúgGaMgDIkaT½rsrubena
H. sMrab;bBaðaenH KWRtUvTamTarrkeGayeXIjnUvGaMgDIkaT½rGPivDÆn_EdlCa
lkçN³sgÁm nigneya)ay.
GaMgDIkaT½rTaMgenaHRtUvbgðajzanPaBGPivDÆn_CalkçNHsgÁm nigneya)ay
nigRtUvpþl;Bt’man faetITMnak;TMngBitR)akdenAkñμúgEpñkminEmnesdækic©énsþg;da
rs;enACalkçN³sgÁm nigneya)ayeFVIeGaycab;GarmμN_ya:gdUcemþc?. eRBaHfa
karGPivDÆn_mni RtwmEteGabRkesabEpñkesdækci e© T müa:geTotvaeGabRkesabpgEdr
nUvEpñksgÁm nigEpñkneya)ay dUcenHcMeBaHkarsßabna GaMgDIkaT½r srubmYyeK
RtUveGabRkesabnUvrUbPaBCasgÁm nigneya)ayénzanPaBGPivDÆn_enAkñúgenaH
Edr. TaMgenHekItmaneLIgedaysarkarBicarNaénGaMgDIkaT½r EdlmanlkçN³
CasgÁm nigneya)ay dUcCa]TahrN_smahrNkmμénbuKÁlnImYy² Rkum rWtMbn;
enAkñúgkarrs;enACalkçN³sgÁm niglkçN³neya)ay. l.
CaeKalkarN_sMxan;énkarBRgIkénRbBn§½GaMgDIkaT½rsMrab;vas;EvgénzanPa
BGPivDÆn_CaTUeTAénRbeTsnImYy² eKGacemIleXIjenAkñúgkarsikSanImYy²
edayRtUve)aHBum<pSayeday UNRISD enAkñúgqñaM1970. UNRISD (= united
nation research institute for social development) KWCaviT,asßanRsavRCav
sMrab;karGPivDÆn_sgÁmrbs;GgÁkarshRbCaCati. enAkñúgkarsikSaRsavRCavdMbUg
KW 73 GaMgDIkaT½rRtUv)anvaytMélsMrab;karRsavRCavénzanPaBGPivDÆn_Casrubén
RbeTsnImYy². bnÞab;mkeK)aneFVIkarbnßyedaybBa©ÚlKñaénGaMgDIkaT½rdMbUgenaH
eGaysl;Et 24 eKalGaMgDIkaT½rEtb:ueNÑaH. enAkñúgdMeNIrkarRbRBwtþénkarbnßy
enaH KWeKbM)at;ecalnUvGaMgDIkaT½rGPivDÆn_NaEdl)aneFVIRbtikmμexSayeTAelIkar
ERbRbYlénzanPaB nigkarbMeBjkic©énkarpþl;énsnÞsSn_ (index) BMuRtwmRtUv.
k¾b:uEnþeRkayBIkarRtYtBinit,eLIgvijén 24 UNRISD- GaMgDIkaT½r eFVIeGayeKPJak;
faGaMgDIkaT½renaHmanEtEpñksgÁm nigesdækic©b:ueNaÑH ÉGaMgDIkaT½rénzanPaB
GPivDÆn_ EdlCalkçN³neya)ayBMuRtUv)anrab;bBa¢Úl. CakarBitkarsikSarbs;
UNRISD eFVIkarCamUldæan EtCamYynwgGaMgDIkaT½r EdlTajecjedaypÞal;
BIsßitiénRbeTsEdl)anCYbRbTHenaH. dUcenHCalT§plénviFIsaRsþenaHrUbPaB
TUeTAénsBaØaNGPivDÆn_RtUv)anpat;ecalCamYyenaH KWminRtwmEtrUbPaBCalkçN³
neya)ayeT KWrUbPaBsgÁmCaeRcInénzanPaBGPivDÆn_énRbeTsmYyBMuRtUv)anrab;
bBa©ÚledaypÞal;eLIy. sMrab;karTTYlnUvGaMgDIkaT½r Edlmanrcnasm<n§½mYyRtwm

RtUvGñkesdæviTU Adelman/Morris )anGPivDÆn_viFIsaRsþrab;cMnYn (quantification
methodology) epSgmYyeTotEdlGnujatiþ ¬=yl;RBm¦ nYvesckþIrayehtuénskSI
¬Psþútag¦ GMBIRBwtiþkarN_EdlminGacvas;Evg)anenaH.
Gñkesdækic©viTUTaMgBIr)anecaTsYrGñkCMnaj énRbeTsGMBIkarvaytMélrbs;
xøÜnénrUbPaBGPivDÆn_ sMxan;²enAkñúgRbeTsnImYy²CamYynwgkarCYyénkMritBinÞú.
bnÞab;mkBinÞúRtUv)anEbgEck nigRtUv)anbUkbBa©ÚlsMrab;karRsavRCav b¤EsVgrk
sßanPaBénkarGPivDÆn¾. RbB½n§EdlCamUldæanénviFIsaRsþenH)anbgðaj 41
GaMgDIkaT½r EdlmanlkçN³CasgÁm neya)ay nigesdækic© ¬emIlkñúgtaragxag
eRkam¦.
GaMgDIkaT½rGPivDÆn_eyageTAtam
Ademan / Morris
A - GaMgDIkaT½rEdlCalkçN³sgÁmvb,Fm’
1> TMhMénvis½yksikmμEdlCaRbéBNI
2> rgVas; rÍTMhMénTVIkniym (dualism)
3> rgVas; énTIRkugPavUbnIykmμ
4> RbePTénGgÁkarmUldæanEdlmanlkçN³sgÁm
5> Gtßn½yénRbCaCnvNÑ³kNþalénRbeTs
6> rgVas;énclnasgÁm
7> GRtaénGñkecHGkSr
8> karGPivDÆn_énmeF,a)ayTMnak;TMng
9> kMriténPaBsuT§ (homogeneity) énvb,Fm’ nig CatiBn§
10>kMriténsm<aF ¬rWPaBtwgEtgén¦ sgÁm
11>GRtakMeNIt
12>kMritTMenIbkmμénKMnit b¤karcUlrYm (mentality or engagment)
B- GaMgDIkaT½rEdlCalkçN³neya)ay
1> kMriténsmhrkmμCati nigénstism,CBaJ³Cati ¬mnsikaCati¦
2> kMriténGMNacneya)ayEdlCamCÄwm
3> GnuPaB ¬smtßPaB¦ énsßab½nRbCaFietyü
4> kMriténesrIPaBénbkSRbqaMgneya)ay nigénBt’man
5> mUldæanBitR)akdénRbBn§½KNbkSneya)ay
6> kMriténkarRbkYtRbECgrvagKNbkSneya)ay
7> GnuPaB ¬smtßPaB¦ énclnakmμkr
8> Gtßn½yneya)ayén\sSrCn ¬vIrCn¦ EdlCaRbéBNI
9> Gtßn½yCaneya)ayénkgT½B
10> kMriténsmtßPaB ¬RbsiT§iPaB¦ rdæ)al
11> kMritkatBVkic©énGñkdwknaMneya)aysMrab;karGPivDÆn_esdækic©
12> rgVas; ¬TMhM¦ énesßrPaBneya)ay (polotical stability)
C– GaMgDIkaT½r EdlCalkçN³esdækic©
1> R)ak;cMNUlkñúgRbCaCnmñak; nigplTunCatidulkñúgqñaM >>>.
2> GaRtaekIneLIgénR)ak;cMNUlkñúgRbCaCnmñak; nigplTunCati cab;
BIqñaM>>>>> dl; >>>>>>>
3> vtßúFatuedImCaFmμCatiEdlman
4> GRtaénkarvinieyaKdul
5> kMritTMenIbkmμén]sSahkmμ
6> karERbRbYlénkMrit]sSaPavUbnIykmμ cab;BIqñaM >>>>>>>>>
7> GgÁkarénplitkmμksikmμ
8> kMritTMenIbkmμénbec©keTsksikmμ
9> karekIneLIg énplitPaBenAkñúgksikmμcab;BIqñaM >>>>>>>>>>>
10> KuNPaBénTunTaMgGs; CarUbPaB ¬mann½yfa ehdæarcnasm<n§½¦
11> karERbRbYlénTunTaMgGs;CarUbPaB cab;BIqñaM >>>>>>>>>>>

12> kMritsmtßPaB ¬RbsiT§PaB¦ énRbBn§½Bn§
13> karekIneLIgénRbsiT§PaBénRbBn§½Bn§
14> kMritsmtßßPaB ¬RbsiT§PaB¦ énsßab½nhirjvtßú
15> karekIneLIgénRbsiT§PaBénsßab½nhirjvtßú cab;BIqñaM >>>>>>>>>>
16> GRtaekIneLIgénKuNPaBénFnFanmnusS
17> rcnasm<½n§énBaNiC¢kmμeRkARbeTs
lT§plEdlTajecjBIrgVas;RsavRCavenH KWCaBt’manBitR)akdRtwmRtUv
kalNaTaMgGs;enHbkRsayénsßanPaBBitR)akd nigRBitkiþ arN_. k¾bu:EnþvaCabBaða
KWkalNaeKcg;bMeBjnUvkarTamTarEdlhYsBIkarGFib,ayEdlsuT§ description
]TahrN_dUcCakarTamTarEdlmann½y dUcCakareGaybgðajtamlMdab;lMeday
énkarGPivDÆn_CalkçN³GnþrCati ¬=lMdab;lMedayénRbeTs¦. CakarBitcMeBaH
bBaðaenH KWvaelcecjnUvkareRCIserIsénGaMgDIkaT½rnImYy²EdlsmRsb nig
elcecjnUvkareRCIserIsxøwmsarrbs;vasMrab;karKNnaénGaMgDIkaT½rGPivDÆn_sru
bmYy. enAkñúgkrNICaeRcIn KWPaBGaRs½yKñaeTAvijeTAmkrvagRBwtiþkarN_Edl
RtUv)anGFib,ayedayGaMgDIkaT½r-GPivDÆn_BMuRtUv)anBnül;.
k¾b:uEnþkarminmancMeNHdwgénTMnak;TMngenH KWeFVIeGayBMumanlT§PaBénkar
bRgYmcYlKñaeBjeljmYyénGaMgDIkaT½rnImYy²eTACaGaMgDIkaT½rsrubmYy³ kar
vas;Evg nigkarbBa©ÚlKñaedayBMumancMeNHdwgGMBIEdlfa etIEpñkrUbPaBnImYy²
manGtßn½yya:gNaenaH KWvamanRbeyaCn_bnþicbnþÜcEtb:ueNÑaH. karBMumanRTwsþI
CamUldæan KWeFVIeGayeKBMuGacbgðajedImehtufaGVIEdlRtUvvas;EvgBitR)akd nig
faetIlT§plénkarvas;EvgenHRtUvpþl;eGaynUvkarecHdwgNa.
mUldæanRTWsþId¾exSayénRbB½n§GaMgDIkaT½renHRtUv)aneFVIeGaykan;Etc,as;ec
jBIcariklkçN³énkarviPaKrbs; UNRISD edaysarGñkesdæviTU. karRsavRCav
rbs; UNRISD BMu)anTajykmkeBjeljnUvmUldæanénRTwsþIGPivDÆn_BitR)akd
EdlRtUvykmkeFVIkarsÞab;sÞg;emIlenaHeT k¾b:uEnþkarRsavRCavenH KWCa "within
the framework of generally accepted components of development" . bBaða

lM)akbnþreTot)anbgðajeGayeXIjfa enAkñúgRbeTsCaeRcInsßab½n sþaTIsþik KWBMu
sßitenAsßanPaBEdlpþl;eGaynUvTUrelxEdlKYreGayTukcitþ)aneLIy. k¾b:uEnþ
McGranahan )anbgðaj]TahrN_nUvGaMgDIkaT½rEdl)aneRbIR)as;enAkñúgkar
sikSarbs; UNRISD fa : by no means the ideal indicators of development,
but they are perhaps the best than can be found , given the available data… :.
kalNaeKsakl,gedaHRsaybBaðaénkarlM)akkñúgkarekþabkþab;sþaTIsÞIkenaH
edayqøgkat;karsaksYreTAGñkCMnajdUcKMnitrbs; Adelman/Morris nigeRbI
R)as;karsaksYrenaHsMrab;kMNt;énlMdab;lMedayénkarGPivDÆn_enaHvanwgekIteLI
gnUveRKaHfñak;müa:geTotEdlfa GaMgDIkarT½renaHBMuqøúHbBa©aMgnUvsßanPaBGPivDÆn_
énRbeTsnImYy²eLIy KWvaqøúHbBa©aMgnUvPaByl;dwgénkarGPivDÆn_CalkçN³
Genþam½ténGñkCMnajnImYy²Etb:ueNÑaH. CaTIbBa©b;eKmankarbraC½yeBjelj
cMeBaHkarsakl,gCamYynwgkarCYyénRbBn§G½ aMgDIkaT½renHsMrab;eFVkI areRbobeFobk
arGPivDÆn_CalkçN³GnþrCati.
karbegáIteLIgénRbBn§½GaMgDIkaT½rsarubEdleRbIR)as;edIm,Ivas;EvgénkarGPi
vDÆn_enAkñúgRbeTsTaMgGs; RtUvmanlkçN³bMeBjCamunEdlfaRbeTsTaMgGs;
RtUvmansßitenACaeRscnUvGtßiPaBdUcKñaebHbiTenAkñúgTMnak;TMngeTAnwgrUbPaBGPivD
Æn_EdlRtUvekþabkþab;edayGaMgDIkaT½rGPivDÆn_TaMgenaH. k¾b:uEnþdrabNaenAkñúgPaB
BitekIteLIgnUvPaBxusKñaénkarvaytMélCalkçN³CatienaH karvaytMélCarYmva
kan;EtexSayeLIgsMrab;karpþl;nUvlT§plEdleBjeljenaH. dUcenH CamYynwg
kareRbIR)as;enH KWBMumanpøÚvNaEdlRtUv)anbMPøWEdlfaRbBn§½GaMgDIkaT½rEdlRtUv)an
pSMpÁúMCalkçN³esdækic©sgÁm nigneya)ayeFVIGnþraKmn_pþl;cMeNHdwgsMxan;enaH
eLIy. k¾bu:EnþeKGackt;sMKal;eXIjCa]TahrN_fa etIcMENkpSMnmI Yy²énsþg;da
rs;enACasgÁmenAkñúgRbeTsepSg² KW)ansMerckñúgTMhMb:uNaÑ. CalkçN³vinicä½y
sMrab;eGayniymn½ynUvzanPaBGPivDÆn_TUeTAénRbeTsmYy b¤k¾ sMrab;eRbobeFob
eTAnwgRbeTsmYyepSgeTot KWGaMgDIkaT½renHminGaceRbIR)as;)aneT,Iy.
3> karerob b¤dak;énRbeTsnanaenAkñúgPaBBit

3> 1> karkMNt;RBMEdnénRkumRbeTs
CamYynwgkarbkRsayxagelIeFVIeGayeyIgsßitenAkñúgPaBTal;Rck ³ eTA
elImüa:gkareGayniyménRbeTskMBugGPivDÆn_CaRbeTsEdlzanPaBénkarGPivDÆ
n_rbs;eKmkdl;eBlenH KWsßitenAeRkambTdæankMNt;mYyenAeLIy müa:geTot
bgðajeGayeXIjkarBMumanlT§PaBsMrab;vas;EvgeGayTUlMTUlaysßanPaBGPivDÆ
n_énRbeTsnImYy². edayeyagBImUlehtuenH eKeFVIkarbMEbktampøÚvKMnitecj
BIviFIsaRsþkMNt;RBMEdnmYyenAkñúgRkbx½NÐGnþrCati. PaKeRcInedayeyageTAtam
{karyl;TUeTA} ¬=RbeTsnImYy²bnSl;Tuk¦ eKkMNt;RkuménRbeTskMBugGPivDÆn_
edayQrelImUldæanrab;bBa©Úl (enumeration) edayBMubBa¢ak;BImUlehtuénkar
EbgEckenaHbnþreToteLIy.
eyageTAtamdMeNIrRbRBitþenH sßab½nGnþrCati rWk¾GgÁkarGnþrCati)anRBm
eRBogKñasMrab;kMNt;nUvbBa¢IraynamCaGnþrCatirYmmYyénRbeTskMBugGPivDÆn_TaMg
enH eTaHbIkarBitBMusMerc)aneT,Iy. sMrab;karkt;sMKal;CaGnþrCatiénlT§plCYy
énkarGPivDÆn_ KW]TahrN_bBa¢IrayeQμaHRbeTsrbs; DAC (= development
assistance committe = development help committe of OECD) pþl;Ca
karsMerc. taragbBa¢IrayeQμaHenHRtUv)anbegáIteLIgCaelIkdMbUgkñúgqñaM 1960.
DAC BicarNaCaRbeTskMBugGPivDÆn_CaTUeTAKW ³
a) enAkñúgTVIbGaRhVik KWRbeTsTaMgGs;elIkElgEtRbeTsGaRhVikxagt,Úg
b) enAkñúgTVIbGaemrik KWRbeTsTaMgGs;elIkElgEtshrdæGaemrik nig
kaNada
c) enAkñúgTVIbGasIu KWRbeTsTaMgGs;elIkElgEtCb:un
d) enAkñúgTVIbGWr:ub³ RbeTsRkic RbeTsCIR)aleFI (Gibraltar) RbeTs
yUehÁasøavI RbeTsma:lta RbeTsTYKI nigRbeTs Cyprus.
e) enAkñúgTVIbGUesGanI ³ KWRbeTsTaMgGs;elIkElgEtRbeTsGURsþalI nig

NUEvlehSLg;
CasrubbBa¢IrayeQμaHén DAC eGabRkesabnUvcMnYn 160 RbeTs nig
tMbn;. enAkñúgrgVg;én UN eKeFVIkarCamYynwgbBa¢IrayeQμaHRbeTsepSg²vij.
eKEbgEckenAkñúgsßitirbs;eKnUvRkumRbeTsdUcteTA³
fñak;TI1 ³ RbeTsxaglicEdl)anGPivDÆn_rYc ¬shrdæGaemrik kaNada
GWr:ubxaglic GURsþalI NUEvlehSLg; GaRhVikxagt,Úg nigCb:un.
fñak;TI2 ³ RbeTsénrdæBaNi¢kmμ rWRbeTsesdækic©Gnþr³kal (transition' s
economics) ¬GtItrdækumμúynIsenAGWr:ubxagekIt nigGasIuxagekIt¦.
fñak;TI3 ³ RbeTskMBugGPivDÆn_ ¬RbeTsEdlenAesssl;TaMgGs;¦
ecjBIkarEbgEckénBiPBelakenH eTAkñúgbIcMNat;fñak;énRbeTsenaH kñúg
enaHk¾cab;epþImmanedImkMeNItnUvsBaØasMKal;énBakü {BiPBelakTI 3 = third
world” EdleKeRbIR)as;sBVéf¶Cajwkjab;sMrab;RbeTskMBugGPivDÆn_. pÞúyeTAvij
kalNaeKeGabRkesabcUlKñanUvfñak;TI 1 nigfñak;TI 2 enaH eKniyayfaRbeTs
xageCIg = north countries bnÞab;mkRbeTskMBugGPivDÆn_ KWCa :RbeTsxagt,Úg =
south countries nigTMnas;rvagRkumTaMgBIr eK[eQμaHfa {eCIg t,Úg bBaða north-
south-problem rWk¾ north-south-conflict”. karkMNt;RBMEdnRbeTsenH
KWCaFmμtaBuM)anbMeBjcitþeT eRBaHfaRBMEdnenHBuM)andak;ecjnUvlkçN³vinicä½y
EdlRtUv)anbkRsay eGayCaniymn½y CalkçN³Gnuvtþn_ rWk¾dUcCapþl;CaRTwsþIBit
R)akdenaHeLIy. k¾b:uEnþdrabNalkçNHvinicä½yTaMgenHnUvxVHxatpøÚvenHsßitenACa
pøÚvEtmYy ³ Ca {second best} éndMeNaHRsayEdleKGacTTYlyk)an.
3>2> nimμitkmμénRkumkñúgcMeNamRbeTskMBugGPivDÆn¾
CamYynwgkarEbgEckénRbeTsCabIRkumEdl)anerobrab;xagelIbBaðamYyeT
otRtUv)anelIkeLIg. CakarBitTaMgenHekIteLIgnUveRKaHfñak;EdlfaRkumRbeTs
TaMgenHRtUv)anemIleXIjCatMélesμIsac;suT§EtmYy (=quasi homogen unit). k¾
b:uEnþenAkñúgPaBBitTaMgGs;enH KWCabBaða ¬nigkarniyayCMTas;enHRbEhlCYbRbTH
ya:gxøaMgeTAelIRkuménRbeTskMBugGPivDÆn_¦ GMBITMrg;minesμIrsac; rWmindUcKña
]TahrN_RbeTs dUcCaRbeTs\NÐa nigRbeTss‘UrINam (Suriname) CaedIm
KWminGacdak;cUlkñúgcanEtmYy)aneLIy nigdUcKñapgEdrCamYyRbeTseRbsIul
nigRbeTsqad. dUcenH UN )aneGaymaneLIgnUvkardak;CaRkumrg (sub-group)
bnþreTotenAkñúgrgVg;énRbeTskMBugGPivDÆn_.
(1) CaRkumrgTImYyRtUv)anbegáIteLIgkñúgqñaM 1971 KWCaRbePTénRbeTs
EdleKniymehAfaRbeTsEdlRtUv)anGPivDÆn_ticbMput (=least developed
countries = LDC). sMrab;cMnuceBlénkarerobcMlMdab;lMedaydMbUgénRbeTseTA
kñúgRbePT LDC enaH UN )andak;CamUldæannUvlkçN³vinicä½ybIya:g ³
- R)ak;cMNUlkñúgRbCaCnmñak;ticCag 355 US$ ¬KitkñúgTsSvtSn_ 80¦.
- cMENkéntMélbegáItBIkarCMnYj nig]sSahkmμenAkñúgplTunCatidul
ticCag 10%.
- GRtaGñkecHGkSrenAkñúgRkumGayuelI 15 qñaM ticCag 20%.
enAkñúgcenøaHeBlqñaM 1980-1982 TMhMtMélTTYlyk (swell value) sMrab;
per capita RtUv)anEkERbxøH. cMeBaHkarsßitenAdEdlénlkçNHvinicä½yBIxagelI
¬GRta]sSahkmμ 10% GRtaGñkecHGkSr < 20% RbeTsmYyGacenAcat;TukCa
LDC dEdl drabNa per capita énRbeTsenaHBMuelIsBI 427 US$. pÞúyeTAvij
k¾mann½yCalkçxNÐ LDC EdrcMeBaHGRtaGñkecHGkSrsMerc)anelI 20% k¾b:uEnþ
GRta]sSahkmμ nig per capita sßitenAeRkam 10% nig 355 US$.
(2) CamYyRkumrgTIBrI RtUvkMNt;CaRbePTEdleKehAfa {RbeTsEdlCYbRbTH
vib,tþiesdækic©ya:gxøaMgbMput} (most seriously affected countries = MSAC).
karkMNt;enHeFVIeLIgeRkayBIkarRbCuMBiessrbs; UN CamYynwgkaredaHRsayGMBI
karGnuvtþn_ {énkmμviFIskmμPaBmYysMrab;sßabnasNþab;Fñab;énesdækic©GnþrCati
fμmI Yy}. karRbCMuenH)ansMercecjnUvesckþsI Merccitmþ YyEdlTamTarkmμviFIBiess
mYysMrab;RbeTsNa EdlRtUv)anCYbRbTHya:gxøaMgedaysarvib,tþiesdækic©Bas
eBjBiPBelak. sMrab;kMNt;énRbeTsenH lkçNHvinicä½ydUcteTARtUv)aneRCIs
erIs ³
- per capita TabbMput.
- karekInéføya:gelOnénéfønaMcUlénplitplcaM)ac; énkarrs;enAkñúgkar
eRbobeFobeTAnwgcMNUlénkarnaMecj.
- GRtaénkareRbIR)as;bMNulx<s; ¬pleFobénkarbg;tMélénkareRbIR)as;
bMNuleTAnwgcMNUlénkarnaMecj¦.
- rUbIyb½NÑbMrugTuk (currency reserve) ticbput rWk¾rUbIyb½NÑbMrugTukBMu
manTMhMeyageTAtamtMrUvkar.
- \T§iBlEdlCaKuNvib,tþiénkarbg;tMélx<s;énkardwkCBa¢Ún nigénkarqøg
kat;.
- PaBminsUvsMxan;énBaNiC¢kmμeRkARbeTssMrab;dMeNIrkarénkarGPivDÆn_
- cMNUlénkarnaMecjminRKb;RKan; nigmineGLasÞIc ehIyk¾dUcCakarxVH
xaténkarcMeNjkMérEdlCasmtßPaBénkarnaMecj.
(3) PaBBitCak;lak;CaRkumEdlpÞúyBI LDC nig MSAC Cajwkjab;RtUveGab
RkesabbB©ÚalenARbeTskMBugGPivDÆn_Edl)ansMerc)anrYcCaeRscnUvzanPaBGPi
vDÆn_mYyEdleRbobeFobeTAmankareCOnelOnxøaMg. RkumRbeTsenH RtUv)aneGay
eQμaHCaRkum {RbeTscab;epþIm]sSahkmμ} (NIC = new industrialized countries
rWk¾ SIC = semie-industrialized countries). DINamIkpÞal;xøÜnCalkçN³esdækic©
rbs;RbeTsenaHRtUvGnuBaØateGayRbeTsenaHya:gqab;bMputsMrab;CMnHcariklkçN³
rcnasm<½n§énRbePTRbeTskMBugGPivDÆn_kan;EteRcIneLIg². CakarBitCamYyenaH
EdrebIRkelkEPñkemIleTAelIGVITUeTATaMgGs; KWTaMgGs;enaHBMumanTal;EtesaHnUv
cariklkçN³énrcnasm<½n§EdlGacbgðajsMrab; {RbePTénRbeTskMBugGPivDÆn_
mYy} enaHeT,Iy.
edaysarfasBaØaNeQμaHEdleRbIR)as;enHRtUv)ankMNt;edayBMu)anRtYtBi
nitüCalkçN³BiesaFn_niym (empirical) sBaØaNenaHsßitenAkñúgkarbkRsay
cMhrCaeRcIn nigkøayeTACaviBaØatþiénPaBEdlKμanc,ab;eGaysmrmüNamYy.
CMnYsbBaðaenHenAkñúgkarBiPakSaCalkçN³neya)ay RtUv)ancab;epþImecj
eRkamkarBicarNanUvlkçNHvinicä½ybEnßmeTot ¬]TahrN_ cMENkén]sSahkmμ
enAkñúgplTunCatidulenAkñúgRbeTs kareRbIR)as;famBl PaBecHGkSr Gayurs;
enA. l.¦ eRkABITMhMén per capita cMeBaHkardak;lMdab;lMedayénRbeTskMBug
GPivDÆn_mYyCa {RbeTscab;epþIm]sSahkmμ}. k¾b:uEnþCaRbePTsMrab;RbeTsCa
eRcInénRbeTsTaMgenH KWfakarGPivDÆn_sgÁm nigneya)ay KWsßitenAeRkayén
karGPivDÆn_esdækic©. GñkesdæviTU)anBicarNa 30 RbeTsCa NIC ehIyEdlkñúg
enaHRbeTskMBg;GPivDÆn_enAGasuIGaeKñX_ KWmanRbeTsswgðbUrIEtmYyKt;.
(4) TnÞwmsMrab;karkMNt;én NIC LDC nig MSAC EdlRtUvTajecjBI
lkçN³vinicä½yénlkçN³esdækic© KWenAmanRkumRbeTsepSg²eToténRbeTskMBug
GPivDÆn_ EdlkMNt;eLIgedayeyageTAtamcMnucrUbPaBCalkçNHPUmisaRsþ
suT§saF. RkumRbeTsenH eKeGayeQμaHfa {RbeTskMBugGPivDÆn_ edayBMuman
Rck;Cab;smuRT : ( = land locked countries = LLC).
CasrubmanRbeTskMBugGPivDÆn_ 60 EdlsßitenAkñúgRkummYy rWenAkñúgRkum
TaMgBIr rWTaMgbIénRkumrg LDC MSAC nig LLC. enAkñúgcMeNamRbeTs 12
manenAkñúgenaHRbeTs 9 CaRbeTskñúgTVIbGaRhVik KWsßitenAkñúgRkumrgTaMgbIenaH.
RbeTs 20 sßitenAkñúgRkumrgTaMgBIr nigRbeTsEdlenAsl; 28 sßitenAkñúg
RkumrgEtmYy.
2
bMNkRsayCaRTwsþIesdækic©GPivDÆn_
C. ]naPivDÆn_CalT§pl énkarxVHxatktþabrikça ?
1> karGPivDÆn_esdækic© nig birkçaCaFnFanFmμCati
eyageTAtammtiénGñkniBn§sMxan;² (classical authors) skþanuBlGPivDÆn_
énRbeTsmYyRtUv)ankMNt;RBMEdnecjBIPaBmansßitenA (availability) rbs;eK
GMBIFnFanFmμCati. eyageTAtamPaBCMnYs)anEdlmanRBMEdnrvagFnFanFmμCati
k¾dUcCakargar ¬kMlaMgBlkmμ¦ nigTuneFVIeGaylT§plénkarGPivDÆn_EdlviC¢man
Gacpþl;CalT§plecjmkBIsmac½y rWkarekIneLIgénTun nigénPaBekIneLIg
énkargar ¬=kMlaMgBlkmμ¦ )anluHRtaEtkarERbRbYlénktþaTun nigktþakargarenaH
sMerc)aneBjeljdl;cMeNamRBMEdnmYyEdlRBMEdnenaH KWTamTar rWpþl;eGay
manPaBsßitenAénFnFanFmμCati. eyageTAtamniekçbTenH brikçavtßúFatuedImsMrab;
sßanPaBcaM)ac;EdlCaesdækic©énkarGPivDÆn_énRbeTsNaEdlmankarbgðajnUvmU
ldæanvtßúFatuedImEdltwgrwg rWmFü½tmYy.
]TahrN_kñúgkrNIEdlfaRBMEdnx<s;bMputsMrab;dMeNIrRbRBitþénkarGPivDÆn_
rbs;RbeTsmYyKWsMerc)anrYcCaeRscCamYynwg per capita EdltictYcmYyenaH
eKRtUvBicarNaelImUldæanvtßúFatuedImrbs;eK. CamYynwgPsþútageTAelIkarxVHxat
brikçaFnFanenH enAkñúgkarBiteKGacBnül;nUvsßanPaBBitR)akdénRbeTskMBug
GPivDÆn_CaeRcInEdlminRtwmEtbgðajnUvkMrit per capita EdlTabenaHeT müa:geTot
ekIneLIgya:gyWtpgEdr. RbeTsTaMgenHeyageTAtambMNkRsayénGñkniBn§
sMxan;² faRbeTsTaMgenaH)ansMerc)anrYcCaeRscnUvRBMEdnx<sb; MputénkarGPivDÆn_

rbs;xøÜn.
cMeBaHkareFVIeGayritEtRbesIreLIg éneKalkarN_enHeKGacEbgEckeyag
eTAtamfaetIRBMEdnx<s;bMputenaH KWbNþalmkBIbrikçaTunEdlRtUveRbIR)as;manRBM
EdnCamYynwgvtßúFatuedImenAkñúgKMnitEmnETn rWk¾naMRtLb;eTAelIePaKplFmμCati
kñúgdIEdlBMusUvman rWk¾naMRtLb;eTAelIGgÁehtuGakasFatuénRbeTsEdl)anCYb
RbTHenaH.
1>1 brikçavtßúFatuedIm nigkarGPivDÆn_esdækic©
mUldæanKMniténkrNIEdldak;eTAelIbrikçavtßúFatuedIm KWCakarsnñidæanfa
dMeNIrkarGPivDÆn_EdleGaypll¥ nigEdlsnüafasMerc)aneCaKC½y)anRtUv
dak;eTAelIplitkmμedIm ¬=plitkmμdMbUg¦. plitkmμedImmann½yfa Cakarplitén
plitplksikmμ k¾dUcCakareFVIGaCIvkmμ ¬=kareFVIeGaytic¦ énFnFanFmμCatién
RbeTsmYy. kalNaRbeTsmYyxVHvtßúFatuedImenaHvanwg)at;bg;nUvlT§PaBsMrab;
sßabnanUv]sSahkmμmYy EdlbegáItmkBIkarécñRbDitbnþBIplEdlTajecjBI
vtßúFatuedImenaH. CamYyenHkarsg; ¬=rcnasm<½n§¦ énsaxa]sSahkmμmYyEdl
sMxan;sMrab;dMeNIrkarGPivDÆn_bnþRtUv)anraraMg. CalT§pleKTTYl)annUvlT§PaB
énkarGPivDÆn_EdlminRKb;RKan;enAkñúgRbeTsEdlCYbRbTHenaH. CakarBitkarTam
TarnUvvtßúFatuedImEdlmancMNuHFMeFgsMrab;RbeTsmYy KWGacCakareRbIR)as;ya:g
FM dUcCakarGPivDÆn_fμI²)anbgðajenAelITIpSareRbgBiPBelak.
k¾b:uEnþeKBMuRtUvvaytMéleGayelIslb;GMBIPaBsMxan;énkarGPivDÆn_edaysar
vtßúFatuedImeLIy. TaMgenaH)anbgðajnUvkarGPivDÆn_esdækic©énRbeTssVIs
daNWma:k nighULg;d_. k¾b:uEnþk¾dUcCa étva:n; hugkug nigswgðbUrIpgEdr Edlfa
RbeTsTaMgGs;enaH KWBMumanlT§PaBmannUvvtßúFatuedImeRcIneLIy EteKsMerc)an
nUvkMritGPivDÆn_x<s;mYy. karxVHxatxagvtßúFatuedImRtUvGacP¢ab;edays<anqøgkat;
karRbmUlpþMeTAelI]sSahkmμEdlmanvtßúFatuedImrIkraldal k¾dUcCakareFVIBaNiC¢
kmμeRkARbeTsEdlsIuCMerA (intensiv) mYy CamYynwgvtßúFatuedIm nigplitpl

Bak;kNþalsMerc. kan;Etc,as; KWkrNIRbeTsCb:un³ enATIenaHEr:EdkTaMgmUl
KWEpñkya:gFMnaMcUlBIGURsþalI nig\NÐa k¾dUcCaEpñkya:gelIslb;ént,ÚgfμnaMcUl
BIGURsþalI \NÐa nigshrdæGaemrik pÞúyeTAvij rWk¾b:uEnþkarplitEdkEfbén
RbeTsenHRtUv)anrab;bBa©ÚleTACavis½y]sSahkmμsMxan;bMputénRbeTsenaH.
kMritEdlelIkeLIgenATIenaH BuMtMrUvkareGaymankarERbRbYlpgEdreTeTAelI
karBicarNakarpÁt;pÁg;énfamBl. rvagénGtßn½yénneya)ayGPivDÆn_énkarman
bMrugTukGMBIfamBl nigénFnFanFmμCatid¾éTeTot KWBuMekItmaneLIgnUvPaBxusKña
CamUldæaneLIy. krNIEdlRbesIrenaHRtUvGacbgðajeGayeXIjfa famBlRtUv
karcaM)ac;ya:gsIuCMerAenAkñúgdMeNIrRbRBitþénplitkmμCaeRcIn. k¾b:uEnþTaMgenH KWCa
lT§plénbBaðaplitEdlCaRbvtþisaRsþEdlfafamBl ¬CaBiesseTAelImUldæan
éneRbgkat¦ CayUrmkehIyGacRtUv)annaMcUlcMeBaHéføEdlTabbMput. Tajecj
BIenH elcecjnUvlT§pldMeNIrRbRBitþplitkmμEdlCalkçN³famBlsuICMerA
(intensive energy using).
k¾b:uEnþmanRbeTsxøHEdlmanPaBsm,ÚrénvtßúFatuedIm EtenAEtsßitenAeRkam
karGPivDÆn_ TaMgenHmkBImUlehtu ³ RbeTsEdlsm,ÚrvtßúFatuedImCajwkjab;
beg¥aneTAtamkarsakl,gsMrab;eFVIÉkeTsPavUbnIykmμ (specialization) eTAelI
EtkarnaMecjénvtßúFatuedImTaMgenaH. lT§PaBEdlsMerc)angaynUvplcMNUl
rUbiyb½NÑ nigedayqøgkat;bBaðaenHGaceRbIhirBaØvtßúenHeTAkñúgTMhMd¾FMénkarnaMcUl
EtplitpleRbIR)as;EdlnwgeFVIeGaybnßynUvclnapþl;sMrab;karrIkraldalénp
litkmμmYy nigCamYyenaHEdrenAkarsßabnaénesdækic©CatiEdlmansmtßPaB
bMeBjkarplit. kñúgkrNINamYy RbeTsenaHnwgGskmμPaB nigminrIkcMerIn.
TaMgenHpþl;eGaykñúgkareRbobeFobCamYynwgRbeTsdéTeTot KWsßitenAeRkamkMrit
énkarGPivDÆn_.
müa:geTotCajwkjab; KWmankarxVHxatnUvTunCasMPar³EdlcaM)ac;sMrab;kar
eFVIGaCIvkmμEdlman lT§pll¥ (efficiency) nigcaM)ac;sMrab;karEkécñbnþr nigman
karxVHxatnUvcMeNHdwgbec©keTs (know-how) EdlcaM)ac; nigsMrab;müa:geTot
bBaðadwkCBa¢ÚnCabBaðamYyEdlRtUvedaHRsayedaylM)akEdr. dUcenHRbeTskMBug
GPivDÆn_xøH)andak;kareFVIGaCIvkmμeGayeTAshRKasmkBIbreTs. kñúgkrNIxøH
énkargarrYmKñaenH )anpþl;eGayRbeTsenaHnUvKuNsm,tþiEtkñúgkrNIxøHeTotk¾
pþl;eGaynUvKuNvib,tþid¾FMpgEdr.
dUcenH CasrubkarxVHxatnUvvtßúFatuedImBMuEmnCamUlehtuBti R)akdsMrab;PaB
enAeRkamkarGPivDÆn_énRbeTsmYyeLIy.
1>2> brikçadI nigkarGPivDÆn_esdækic©
karBicarNadUcKñaenHEdr mann½ycMeBaHbrikçadI EdlbgðajfaCa {eCIgTIBIr :
sMrab;plitkmμedIm tYy:agplitkmμksikmμ. cMeBaHbBaðaenH k¾eKeCOPaKeRcInfa
RbeTskMBugGPivDÆn_xHø manTMhMdt¾ UcénépÞdEI dlmanCICatiEdlBMumanlT§PaB]btßmÖ
ksikmμeGay)anlT§pll¥. kareCOCak;enaH vasmehtuplEdrEtkñúgTMhMEdl
manRBMEdnmYy.
PaKeRcIneKkt;sMKal;eXIjfa dIEdlsmRsbsMrab;plitkmμksikmμenAkñúg
RbeTsRtUv)anRKb;RKgeFVIGaCIvkmμBMu)anlT§pll¥ (inefficient) eT,Iy. kare)as
sMGat pSit CMgWrukçCatiEdlrIkraldalelIépÞdI nigkarpøas;bþÚrkardaMduH {shifting
calculation} BMuRtUv)anGnuvtþn_enAkñúgneya)ayNamYyEdl KWTamTarsMrab;kar
rkSaenA (preservation) tulüPaBbrisßan nigsMrab;rkSaTukénPaBmanCICatiéndI
enaHeT,Iy.
CakarBitTMrg;énkarRKb;RKgdIenaH BMu)anbgðajnUvcMnucsMxan;énksikmμCa
lkçN³RtUBiceT,Iy. dUcCasMrab;kareFVIGaCIvkmμEdll¥RbesIrRtUvqøgkat;kareRbI
R)as;dIeGay)anRtwmRtUv nigRbB½n§beBa©jbBa©ÚlTwkEdlnaMeGayGacsMerc)annUv
Tinñplx<s;. k¾b:uEnþkareRbIR)as;énviFIsaRsþenH sßitenARbQmmuxCajwkjab;Tl;
nwgkarxVHxaténTun k¾dUcCakMritecHdwgEdlBMuRKb;RKan;énRbeTsTaMgenaH. kan;Et

q¶ayEfmeTotTMnak;TMngkmμsiT§EdlhYssm½y k¾dUcCaRbB½n§\NTanEdlBMuRKb;
RKan;)anraraMgkareRbIR)as;EdlCalkçN³esdækic©énbrikçadIenaHpgEdr. qøgkat;
bBaðaenHFnFanFmμCatiEdlmansßitenARtUv)aneRbIR)as;BMumanlT§pll¥ brikçadI
EdlGaceRbIR)as;)anenAkñúgksikmμ)ansVitRseBannUvskþanuBlénplitkmμEdlm
anTMhMrbs;va.
CaTUeTAeKGnuBaØati karxVHxaténbrikçadItictYcdUcKñanwgkarxVHxaténvtßúFatu
edIm ³ ktþaTaMgBIrman\T§iBlCaBitR)akdeTAelIlT§PaBénkarGPivDÆn_énRbeTs.
k¾b:uEnþktþaTaMgBIrbgðajeGayeXIjfaKμankarraraMgEdlBMuGacCMnH)aneT,Iy eRBaH
faktþaTaMgBIenAkñúgkrNICaeRcInGacRtUv)anTUTat;edaysarBaNiC¢kmμeRkARbeTs
CamYynwgvtßúFatuedIm nigplitplsMerc.
1>3> GakasFatu nigkarGPivDÆn_esdækic©
CaBitR)akdRbeTskMBugGPivDÆn_sßitenAtMbn;RtUBic nig subtropic TnÞwmnwg
RbeTs]sSahkmμPaKeRcInsßitenAkñúgtMbn;GakasFatuRtCak;. kñúgcMeNam
RbeTsTaMgGs;eKkMNt;fa karRbmUlpþMúénskmμPaBesdækic© KWsßitenAelItMbn;
EdlmanGakasFatuKYreGaycUlcitþ. k¾b:uEnþecjBIkarrkeXIjEdlmanlkçN³
BiesaFn_niym (empirical finding) eKBMuGnuBaØatieGayeyabl;falkçx½NÐ
GakasFatuEdlCak;c,as;NamYyman\T§iBlTb;sáat;énkarGPivDÆn_enaHeT,Iy Ca
]TahrN_RbeTsswgðbUrI nigRbeTsma:elsIuBuMsßitenAtMbn;GakasFatuEdlRbeTs
]sSahkmμnanaRbmUlpþMúenaHeLIy.
CakarBitlkçx½NÐGakasFatuénRtUBic nig subtropic CH\T§iBllM)akeTAelI
karsßabnaénksikmμEdlmansmtßPaBbMeBjkarplit. k¾b:uEnþlkçx½NÐenHbgðaj
eGayeXIjfaKμankarraraMgEdlBMuGacCMnH)aneLIy. dUcKñanwgkrNIenHEdreKGac
CMnH)annUvral;karekIteLIg nigEdlCYbRbTHenAkñúgtMbn;;RtUBiceTAelIrgVg;RbCaCn
Edlya:gticbMputbNþalmkBIGakasFatuenaH TaMgenaHRtUvGacraraMg nigbnßy
edaysarviFankarN_suxaPi)al nigviFankarN_neya)ayGaharUbtßmÖeRBaHCMgWxøH
ekIteLIgEtBIGaharBMusmRsb.
dUcenHCakarraraMgénkarGPivDÆn_TUeTA KWlkçxN ½ GÐ akasFatuGacRtUv)an
sMGagtictYcdUcCakrNIénkarxVHxatbrikçavtßúFatuedIm rWk¾karxVHxatKuNPaBdIEdl
BMu)anbMeBjcitþenaHEdr.
1>4> brisßanxVHxat nigkarGPivDÆn¾esdækic©
bBaðabrisßanEdlF¶n;F¶renAkñúgbNþaRbeTskMBugGPivDÆn_enAeBlbc©úb,nñ KW
karbMpøajéRBeQI PaBFøak;cuHkan;EtGaRkk;eTAnwgkar)at;bg;énépÞdIdaMduH edaysar
karhUreRcaHdI dIkøayeTACaéRb dIkøayCal,b;CaPk; k¾dUcCaviFankarN_énkar
GPivDÆn_TIRkug nig]sSahkmμ dIkøayeTACaxSac; PaBmankan;EtticeTAénRbePTCa
eRcInénrukçCati nigstVenAtamtMbn;CnbT. bBaðabrisaß nEdlekItmaneLIg CamYy
nwgkareRbIR)as;famBl bBaðaykeTAe)aHecal dUcCaTwkEdlbgðÚrecal sMram
lamk. k¾dUcCabBaðabrisßanEdlCamUlehtumkBIbBaðapÞHsEm,g ]TahrN_
CalT§plénkarpøas;bþÚr TIlMenAedayÉkÉgd¾eRcInelIslb;enAtamtMbn;TIRkug.
bBaðabrisßansMrab;Epñkya:geRcIn KWGaRs½yKñaeTAvijeTAmk brisßanenHCakarBit
enAkñúgtMbn;xøH)ansMercrYcCaeRsceTAdl;TMhMmYyEdlTMhMenaHnaMeTAeGaykarxUc
xatEdlBMuGacEkrécñeLIgvij)ansMrab;mUldæankarrs;enACalkçN³mnusS.
karBiPakSaEdlkan;EtekIneLIgénPaBBikarbrisßanenH )annaMeTAeGaykar
yl;dwgGMBI bBaðakan;EtxøaMgeLIgenAkñúgRbeTskMBugGPivDÆn_\LÚvenH. cMeNHdwg
EdlTajecj)anRsbeBlCamYyenaH )anbegáItenAkñúgTMhMmYykan;EtekIneLIg
sMrab;karEsVgrknUvviFankarN_brisßanepSg²eTAkñúgRckénkarBicarNaénkarsMer
ccitþEdlCalkçN³neya)ayGPivDÆn_. qøgkat;viFankarN_TaMgenHvaekIteLIgnUv
lT§PaBEdlsMrab;erobcMsMrYlTMnak;TMngénesdækic© nigbrisßan)anl¥RbesIrCag
kalBImunkarsMerccitþ KWTaMgGs;enHPaKeRcInsßitenAelIEdlfa pøÚvénkarGPivDÆn_
CalkçN³ esdækic©RtUvEterobcMsMrYleTAtamlkçx½NÐRkbx½NÐbrisßan.
enATIenHpgEdr lkç½NÐRkbx½NÐbrisßanénRbeTsmYyCaBitR)akdkMNt;nUv
rcnasm<½n§éndMeNIrkarGPivDÆn_Cati k¾b:uEnþeTaHbICaya:gNak¾edayvaBMuEmnRBMEdn
x<s;bMputsMrab;sMerc)annUvdMeNIrkarGPivDÆn_CatienaHeLIy.
1>5 lT§pl
CalT§plénkarBicarNaenH eKTTYl)annUvPsþútagEdlfakarRsaybMPøW
eTAelIkarxatbg;énFnFanFmμCatiénRbeTsnImYy² BMuEmnCamUlehtuCaGvsanþ rW
CasBaØaePøIgRkhm sMrab;PaBminGPivDÆn_enaHeLIy. CaBitR)akdkarmansßitenA
énFnFanFmμCati kMNt;nUvrcnasm<½n§énkarGPivDÆn_EdlmanlT§pll¥RbesIr k¾
b:uEnþvaBMukMNt;nUvkMrit (level) énzanPaBGPivDÆn_EdlGacsMerc)anGtibrimaeLIy.
2> ]naPivDÆn_CalT§plénkarxVHxaténkarbegáItTun
2>1> karbegáItTun nigkarGPivDÆn_esdækic©
2>1>1> lT§plénkarGPivDÆn_ecjBIkarbegáItTun
eyageTAelIemeronxagelI eyIgeXIjfakarxVHxaténFnFanFmμCati BuMEmn
CamUlehtuénkarEdlBMueGaymankarGPivDÆn_esdækic©eLIy. enAkñúgTMnak;TMngenH
eKpþl;eGaynUvkarsnμt;fa ]naPivDÆn_esdækic© KWCalT§plénkarbegáItTunEdlBMu
RKb;RKan;mYy CalT§plrbs;va)aneFVIeGaymannUvesdækic©CatimYyEdlCYbRbTH
cMeBaHbrikçaénsnñiFimUlFn ¬= sþúkmUlFn = capital stock¦ d¾tictYcmYy.
CakarBit RTwsþIGPivDÆn_EdlsMxan;TaMgGs; (classical development
theory) cab;epþImecjBI cMeNHdwgEdlfakarbegáItTunbgðajCayanynþ (motor)
énkarGPivDÆn_esdækic©. enAkñúgTMnak;TMngenH eKcat;TukfaTunCaEpñkNamYyén
lT§plplitkmμkñúgkMlugeBlmun EdlEpñkenaHcUlrYmkñúgkarbMeBjkarbegáIt
plitkmμ enAkñúgkMlugeBlEdlRtUv)anBicarNa. edaysarEtTun KWCasBaØaN
x<s;bMputénmeFüa)ayplitkmμEdlRtUvcUlrYmplitTaMgGs; elak Adam Smith
)aneGaydwgrYcCaeRscfaCacMbgkarbegáItsmac½yTun (= capital accumulation)
CalkçN³EdlRtUvbMeBjCamun (prerequisite) sMrab;karBRgIkCMnajCati nigkar
EbgEckkargarEdlnaMeTAeGaymankarekIneLIgén per capita EdlRtUv)anRbwg

xñHExñgenaH.
kareRbobeFobRbeTs )anpþl;eGayeXIjfaTMhMénkarbegáItTunenAkñúg
RbeTs]sSahkmμCamFümekIneT,IgeTVdg rWdl;RtIdg FMCagRbeTskMBugGPivDÆn_.
eGLasÞIcplitkmμénTunRtUv)anvaytMéledayGñkesdæviTUCaviC¢man enaHmann½yfa
karekIneLIgNamYysMrab;sþúkmUlFnEdlCalkçN³esdækic© KWmanCalT§plén
karekIneLIgénplitkmμ. karGPivDÆn_mann½yCa]TahrN_fa dMeNIrkarplitkmμ
EdlRtUvGnuvtþn_BImun ehIyEdldMeNIrkarenaHRsUbykEtTunbnþicbnþÜcenaHRtUv
pþl;CaplRbeyaCn_dl;dMeNIrkardéTeTotEdldMeNIrkarenaHeFVIeGaymanCamYy
nwgkareRbIR)as;Tunx<s;mYysMrab;Blkrmñak;. RBmCamYyenaHEdrplitPaBén
kargarEdlx<s;enaHk¾RtUvERbRbYlpgEdr.
CakarBitTaMgenH KWBuMrMBwgfaplTunCatiRtUvERbRbYlsmmaRteTAnwgkarERb
RbYlénsþúkmUlFnenaHeT eRBaHfama:CInemKuN (marginal capital coefficient)
CakarBitBMuesßreLIy. ecjBIkarbkRsayxagelIeKGacTajecj)anfa RbeTs
EdlCamYynwgkarbegáItTunEdlBMuRKb;RKan;BMuGace)aHP¢ab;dMeNIrkarGPivDÆn_Edls
nüafaeCaKC½yCanic©enaHeLIy. enAkñúgRbeTsTaMgenHCalT§plénskmμPaB
smac½yEdlBMuRKb;RKan;enaH PaKeRcIndak;kMhuseTAelIkarxVHxaténTunEdlkar
xVHxatenH KWCakarTTYlxusRtUvsMrab;plitPaBkargarEdltictYcmYy. enAkñúg
krNIenHkarGPivDÆn_RtUvGacsMerc)anCacMbgedayqøgkat;karbegáIneLIgénsmac½
yTun (capital accumulation).
2>1>2> TMnak;TMngrvagTunsMPar³ nigTunCaFnFanmnusS
cMeBaHPsþútagCalkçN³esdækic©Cati rab;bBa©ÚlmeFüa)ayplitkmμEdlRtUv
plitTaMgGs; nigCaBitR)akdBMuGaRs½yeTAnwgfaetIBak;Bn½ e§ TAnwgsMPar³ ¬]TahrN_
GaKar cegáamma:sIun TMnijsþúkTuk¦ rWeTAnwgsmtßPaBmnusSEdlRtUvbegáIteLIgenA
kñúgcrnþénplitkmμ nigEdlbgðajnUvsmtßPaBEdlRtUvplit. smtßPaBmnusSrab;
bBa©ÚlCaBiessnUvkMriténkarGb;rM nigkarsikSaénGñkeFVIkargar ehIyk_dUcCaskþa

nuBlEdlCalkçNHRKb;RKg nigEpnkarénRbeTsmYy. sMrab;karEbgEckén
RbePTTunTaMgBIr eKeRbIR)as;sBaØaNBakü {TunsMParH} ¬rWk¾TunBitR)akd rWTun
CalkçN³sMPar³¦ nig {TunFnFanmnusS} ¬rWk¾smtßPaB Tun rWTunCalkçN³BuM
sMParH¦. karbkRsayénsmtßPaBbMeBjkarplitrbs;mnusSfaCa {TunFnFan
mnusS} KWmann½yfaBMumanpøÚvNaEdlfamnusSRtUvcat;TukCa]bkrN_ggitggl;
énBaNiC¢kmμEdlmanlkçN³Caesdækic©enaHeLIy.
eKalbMNgénskmμPaBesdækic©Nak¾eday KWCakarpÁt;pÁg;énmnusSCamYy
nwgplitpl nigesvakmμ k¾b:uEnþmnusSk¾CaktþaplitkmμEdr. eyageTAtamkar
BicarNaxagelI eyIgk¾Rbkan;ykcMeBaHkarBicarNaeTAelIktþaTunFnFanmnusS
CalT§PaBmUlehtuén]naPivDÆn_. PaBsMxan;énktþaTunFnFanmnusSRtUv)anbk
RsaytamryHkarRsavRCavrbs; Denison. Denison )anbgðajeGayeXIjfa
cMeBaHkarkMNt;RBMEdnénsBaØaNTun eTAelIEtTunsMParH eKeXIjmanEtRbEhl
30-50% enAkñúgPaBrIkcMerInnImYy²EdlGacGacBnül;)anmkBITunsMParH. cMeBaH
karEsVgrknUvcenøaHRbehagénkarBnül;enaH Denison )anCYbRbTHfaenAkñúg
RbeTsTaMgGs;EdlelIkmkBicarNa)anekIneLIgnUvKuNPaBénkargarEdlRtUv)a
neRbIR)as;enAkñúgdMeNIrkarplitkmμ ehIyGRtaekIneLIgEdleTAtamRbePTRbeT
senaH KWGaRs½yeTAelIlT§plKuNPaB (qualitative effect) EdlepSg²KñaenaH.
CakarBitlT§plénkarekIneLIgenH GacbkRsayCakarrIkcMerInCalkçN³
bec©keTsmYy. bnÞab;mkeKGackMNt;)anfakarekIneLIgénplitPaBenH
¬lkçN³bec©keTsenH¦ RtUv)anelcecjCacMbgBIkareRbIR)as;énkarGb;rM nigén
karsikSak¾dUcCaBIlT§pl {learning by doing}. edaysarEtkareRbIR)as;enaH KW
CalT§plénkarcMNay {eTAelImnusS} enaHvaCalT§plénkarcMNayénkarGb;rM
TunCaFnFanmnusSmYy. CamYyenaHTunFnFanmnusSRtUvkøayeTACaktþabMeBjmYy
énTunsMParH ktþaTaMgBIrenaH KWGacCMnYsKña)anEtenAkñúgrgVg;RBMEdnbec©keTs
Edlpþl;eGayb:ueNÑaH. PaBCMnYsEdlRtUvmanRBMEdnénTunCaFnFanmnusSeday
sarktþaTunepSg²eTotenaH KWenAkñúgRbeTskMBugGPivDÆn_ xøHvaCamUlehtuénzan

PaBGPivDÆn_EdlBMuKYreGayeBjcitþ ³ RbeTsTaMgenH KWBMusßitenAkñúgsßanPaBsMrab;
eFVIeGaymantulüPaBénkarxVHxatTunCaFnFanmnusSrbs;eK edayqøgkat;kareRbI
R)as;eRcInEfmeToténktþaTundéTeTot.
tamlT§plénkarRsavRCav)aneGaydwgfa brikçaTunCaFnFanmnusSén
RbeTsnImYy²)ancUlrYmpþl;eGayenAkñúgTMhMya:gxøaMgkøasMrab;PaBxusKñaén per
capita CagBIbrikçaepSg²eTot dUcCaTunsMParH nigFnFanFmμCati. karxVHxat
enAGñkbec©keTs KWCamUlehtusMxan;Edlfacegáamma:sIunplitkmμEdlmanRtUv
sßti enAmindMeNIrkarsMrab;EpñkxøH ehIyEpñkxøHeTotGacRtUvRbRBwteþ TACamYynwgPaB
eRbIR)as;énvisalPaBsmtßPaBd¾tictYcb:ueNÑaH. GRtaénkarvinieyaKEdltictYc
eTAelITunCaFnFanmnusSénRbeTskMBugGPivDÆn_xøH ebIeRbobeFobeTAnwgRbeTs
]sSahkmμ)anbgðajCakarBitnUvcMnucd¾QWk,al (neuralgic point) sMrab;kar
Bnül;én]naPivDÆn_rbs;RbeTsTaMgenaH.
müa:geTotPaBeCaKC½yd¾tictYcénkarepÞr rWk¾karkMlayTunsMParHenAkñúg
RbeTsTaMgenaHRsaybBa¢ak;eGayeXIjpgEdrfa kareFVIeGaykan;EtRbesIreLIg
mYyénbrikçaTunsMPar³ )anbgðajeGayeXIjBuMEmnCalkç½NÐEdlRKb;RKan;sMrab;
CMrujel,ÓnénkarGPivDÆn_eLIy. PaBGacCMnYs)anEdlmanRBMEdnrvagTunsMPar³
nigktþaplitkmμepSgeTot dUcCaCacMbg KWbrikçaTunFnFanmnusSenaHTamTareFVI
eGayPaKeRcIneGaymankarekIneLIgEdlmanlkçN³CakarbMeBjKñaénRbePTktþa
TaMgenaH.
2>1>3> karxVHxatTun PaBKμankargareFVI nigPaBeFVIkarBMueBjelj
kan;Etc,as;EfmeTot karxVHxatTunénRbeTskMBugGPivDÆn_xøHRtUv)anBnül;
bkRsayedayqøgkat;PaBKμankargareFVIEdllatsn§wgFMeFg nigPaBeFVIkarBMueBj
elj. CamYyenHeKyl;faPaBKμankargareFVI KWCasßanPaBEdlenAkñúgenaHkMlaMg
BlkmμEdlGaRs½yeTAnwgR)ak;Ex BMumankEnøgkargareFVIkñúgryHeBlkMNt; rWk¾BMu
mankMNt;eTaHbIkMlaMgBlkmμTaMgenaH KWRbugeRbobrYcCaeRscsMrab;pþl;nUvkar
bMeBjkarplitEdlCalkçN³plitkmμk¾eday. pÞúyeTAvijPaBeFVIkarBMueBjelj
RtUv)anyl;fa kalNaCnTaMgGs;eFVIkarBMupþl;lT§pll¥ (inefficient) TaMgenaH
mann½yfa GñkTaMgenaHKμancUlrYmkñúgkarbMeBjEdlpþl;sMrab;lT§plplitkmμ
EdlmanlkçN³Caesdækic©enaHeT,Iy.
ecjBIniymn½yénPaBKμankargareFVI eKGacEbgEckbnþeTotrvagPaBKμan
kargareFVImYyryH nigPaBKμankargareFVIrhUt. enAkñúgTMnak;TMngénRbeTskMBug
GPivDÆn_RtUv)anbgðajeGayeXIjnUvniekçbTEdlfaPaBKμankargareFVIrbs;eK KW
swgEtrhUt. PaBKμankargareFVIrhUtenH manmUlehtuedaysarkarsßitenAénktþa
bMeBjKña ¬CacMbgKWTun¦ enAkñúgRbeTsenaHvaBMuRKb;RKan;sMrab;GacbegáIteT,IgeLIy
nUvkEnøgkargarEdleyageTAtamGñkEdlcg;eFVIkargarTaMgGs;enaH.
TMnak;TMngénktþabrikçaEdlBitR)akdrvagkargar ¬= kMlaMgBlkmμ¦ nigktþa
(factor) EdlenAesssl; ¬]TahrN_ktþaTunsMPar³¦ KWFMCagTMnak;TMngénkareRbI
R)as;EdlmanlT§pll¥GtibrimaénktþaTaMgenaH. ecjBIRbCaCnEdlelIsenaH
pþl;nUvlT§plénPaBKμankargareFVIEdlCalkçNHbec©keTs. PaBKμankargareFVI
EdlCabec©keTsenHmann½yfa TMhMCasktþanuBlénkMlaMgBlkmμEdlman
lkçN³Caesdækci R© tUv)ankMNt;RBMEdnedaybec©keTsEdlmansßti enAkñúgRbeTs
enaH.
2>2> mUldæanRTwsþIénkarbegáItTun
enAkñúgRbeTskMBugGPivDÆn_xøH el,ÓnénkarbegáItTunBMuTan;RKb;RKan;sMrab;
eFVIeGayGacmanenAzanPaBGPivDÆn_EdlKYreGayeBjcitþmYyeLIy ³ karxVHxatén
Tunman\T§iBlCakarceg¥otsMrab;karGPivDÆn_. enATIenHeyIgelIkeLIgnUvsMnYrEdl
CamUlehtuénkarbegáItTunEdlBMuRKb;RKan; enAkñúgRbeTsGs;TaMgenaH. sMrab;kar
viPaKénmUlehtuenH eKeGaydMbUnμansMrab;bgðajPsþútagedayeyaleTAelITMnak;
TMngRTwsþIEdlbgðajGMBIkarbegáItTun.enAkñúgRbB½n§énkarKNnasarubénplTun
CatikarekIneLIgral;qañ MsMrab;súþkmUlFnesdækci C© atiRtUv)ankt;RtaCa {karvinei yaK

suT§ net investments” ecjBIKNnIénkarERbRbYlRTBüsm,tþiCati ³
enAEpñkxagsþaM KWCalT§PaBhirBaØvtßúénkarbegáItRTBüsm,tþi ³ lT§PaB
hirjvtßúenaH bgðajeGayeXIjfaGacecjBIRbPBkñúgRbeTs ¬ecjBIkareRbIR)as;
énplitkmμEdlnaMeTAeGaykarbegáIténTunCaFnFanmnusS ehIyk¾dUcCaecjBI
karsnSMEdlCaÉkCn nigrdæ¦ rWk¾ecjBIkarFanaén\NTanbreTs.
enAEpñkxageqVgbgðajeGayeXIjkareRbIR)as;meFüa)ayhirBaØvtßúenH elx
3 nigelx 11 ¬taragxageRkam¦ GaRs½yeTAtamEdlfa karbegáItRTBüsm,tþi
EdleyageTAnwgkarvinieyaK ¬elx 12 nig elx 2¦ Canic©Cakal KWmanTMhM
dUcCaplbUkénkarsnSMkñúgRbeTs nigkarTTYl\NTanBIbreTs ¬rWk¾dUcCapl
dkénkarbegáItkarsnSMkñúgRbeTs nigkarsg\NTansuT§eTAbreTs¦.
k¾b:uEnþkarvinieyaKTaMgGs;BMunaMeTArkkarbegáItTunmYyenAkñúlkçNHbec©keT
splitkmμenaHeT ³ RbePTénkarvinieyaKxøH ¬TaMgkarvinieyaKÉkCn nigkar
vinieyaKrdæ¦ bgðajeGayeXIjBuMmanlT§plCasmtßPaB (capaciy's effect)eT,Iy.
RbePTénkarvinieyaKenH mann½yEtCakarbegáIténRTBüsm,tiþEdlBMuEmnCaplit
kmμ ¬TunGkmμ¦ nigRtUvdkecjBIrgVg;énkarKNnaénkarbegáItTun ¬tYy:ag elx 2¦.
dUecñHkarbegáItRTBüsm,tiþmanEtkñúgelxerog 1 Edl)anbkRsaynUvkar
ERbRbYlzanPaBTunEdlsMxan;sMrab;neya)ayGPivDÆn_énesdækic©CatimYy. eyag
eTAtamkarbkRsayxagelIbgðajeGayeXIjfa kalNaeKdkecjnUvTMnak;
TMng\NTanbreTsecjenaH karxVHxatTunEdlCYbRbTHenAkñúgRbeTskMBug
GPivDÆn_GacRtUvbNþalmkBIkarbegáIténkarsnSMBMuRKb;RKan;mkBIkarbegáIténRTBü
sm,tþiEdlBMuEmnplitkmμenAkñúgTMhMya:gFM nigrWk¾mkBIkareRbIR)as;énplitkmμd¾
tictYcmYy.
KNnIERbRbYlénRTBüsm,tþiCati
Debit Credit
1.karbegáItTun 3. kareRbIR)as;énplitkmμ 1
1.1. karbegáItTunEdlGaRs½y nwgkareRbIR)as; 4. karsnSM
1.2. karbegáItTunEdlGaRs½y nwgkarvinieyaK 4.1 karsnSMCaÉkCn
1.2.1. karvinieyaKénTunsMPar³ 4.2 karsnSMCardæ
1.2.1.1. karvinieyaKéncegáamma:sIun 5. karTTYlyk\NTansuT§BIbreTs
1.2.1.2. karERbRbYlénkarmankñúgXøaMgEdl)an
eRKagTukcMeBaHvtßúFatuedIm nig plitplBak;

kNþalsMerc
1.2.2. karvinieyaKénTunFnFanmnusS
2.karbegáItRTBüsm,tþiEdlBMuEmnplitkmμ
¬lT§PaBeRCIserIssMrab;elxerog 5¦
5a karpþl;RtLb;én\NTansuT§eTAbreTs
2>3> karxVHxatTunCalT§plénkarbegáItkarsnSMEdlBMuRKb;RKan;mYy
karxVHxatEdlCanic©CakalRtUvGacnaMeTArkkarbegáIténkarsnSMEdlBMuRKb;
RKan; kalNakarsnSMEdlecjBIEpñkÉkCn nigrdæBMuRKb;RKan;sMrab;GaceFVhI ri BaØvtßú
énkarvinieyaKNamYyEdlkarvinieyaKenaH KWTamTarsMrab;karsMerc)ankarbegáIt
TunEdlemIleXIjfal¥RbesIr. karbegáIténkarsnSMBMuRKb;RKan;enH GacmanmUl
ehturbs;vamkBIsmtßPaBénkarsnSMEdlBMuRKb;RKan; nigrWk¾karRbugeRbobénkar
snSMBMuRKb;RKan;.
1
pSarP¢ab;karbegáItTunFnFanmnusS³ ]TahrN_karGnuvtþn_kmμviFIénkareFVIeGayRbesIreLIgén
mðÚbGahar karbg;tMélR)ak;Exkñúgvis½yeBTü nig Gb;rM viFankarN¾kñúgvis½ysßabnalMenAdæan. l.
nig. l.
k¦ karxVHxatTunCalT§plénsmtßPaBénkarsnSMEdlBMuRKb;RKan;
smtßPaBsnSMénRbeTsmYyRtUvGackMNt;CasMxan;edayTMhMénR)ak;cMNUl
CatiEdleyalelITMhMénRbCaCn nigRBmCamYyenaHedayTMhMénkarEbgEckR)ak;
cMNUlrvagbuKÁlmñak;². eRBaHfakarsnSM KWeGayniymn½yCakarlHbg;énkareRbI
R)as; (consumption waiver) enaHsmtßPaBénkarsnSM KWRtUvmanlkçxNÐEdlfa
RbCaCnTaMgGs; rWk¾EpñkxøHénRbCaCnrbs;RbeTsmYy KWRtUvmansmtßPaBsMrab;
lHbg;kareRbIR)as;rbs;xøÜn.
k¾b:uEnþCamYykarBiPakSaénbBaðaPaBRkIRkBitR)akdRtUv)anbgðajrYcCaeRsc
fasMrab;karrkSaeGaysßitesßrénkarrs;Gb,rima KWeKRtUvkarR)ak;cMNUlGb,rima
mYy. cMnYnR)ak;cMNUlenHeyageTAtammUlehtuCalkçN³rUbRtUveRbIR)as;sMrab;
eKalbMngeTAelIplitpleRbIR)as; (consumption). CalT§plsmtßPaBénkar
snSMCalkçN³esdækic© KWRtUvEtmanlkç½NÐEdlfa per capita énRbeTsenaHRtUv
sßit enAelItMélNamYyEdltMélenaHqøúHbBa©aMgnUvbnÞat;PaBRkIRk(porverty line).
dUcenHkalNa per capita énRbeTsmYy KWkan;EtTabeTAenaHsmtßPaBén
karsnSMrbs;eKk¾kan;EtticEdr. CaTUeTAkarbegáIténkarsnSMBMuRKb;RKan;RtUv)anrk
eXIjecjCaRTwsþIedayGñkesdæviTUmYycMnYnRTwsþIenaHTajecjBI {TMnak;TMngmUl
ehtu} EdlRtUv)anrkeXIjeyageTAtameKalkarN_mUlehtuCargVg; ehIyeGay
eQμaHCaRTwsþI {rgVg;KYreGayRBWRBYc} (= circuli vitiosi = vicious circles). mUl
ehtuCargVg;enH mann½yenAkñúgTMnak;TMngEdlfakMlaMgEdlman\T§iBlGviC¢man
eTAelIkarbegáItTunCaRbePTEdl]btßmÖKñaeTAvijeTAmk nigeFVIeGaykan;EtxøaMg
eLIgnUvGVITaMgGs;EdlBMuGaceGaymankarbegáItTunenAkñúgtMélNamYyenaHeLIy.
RkahVikénrgVg;KYrGayRBWRBYc
RbeTsEdl)anCYbRbTHenH KWBMusßitenAkñúgsßanPaBEdlGacTajxøÜnecj
BIrgVg;kacsahavenHedaykMlaMgxøÜnÉg)aneT³ RbeTsTaMgenHnwgsßitenACaGñk
eTasénTMnak;TMngrgVg;enH ebIsinNaCaRbeTsenaHBMumanCMnYyBIbreTseday
TMhMNamYyeLIy.
x¦ karxVHxatTunCalT§plénkarRbugeRbobsnSMEdlBMuRKb;RKan;
cMeBaHkarbegáItkarsnSMEdlxMRbwgERbg KWGacTTYl)ankñúgkal³eTs³ Edl
RkumRbCaCnEdlmansmtßPaBsnSM bgðajpgEdrnUvkarRbugeRbobénkarsnSMEdl
TamTarenaH. TaMgGs;enHeFVIeGayeKTaj)anfakarxitxMRbwgERbgénkarekNÐ
RbmUlépÞkñúgBIRbeTsmYyeTARbeTsmYy KWxusKñaya:gxøaMgCamYynwglT§plénkar
RbugeRbobsnSMepSg²Kña. karRbugeRbobsnSMGaRs½yeTAnwgfaetI {TMnak;TMngén
tMél} NamYyEdlGñksnSMEdlmanskþanuBlemIleXIjrvagkareRbIR)as;bc©úb,nñ
nigkareRbIR)as;GnaKt nigfaetI {lT§PaBénkarERbRbYlBitR)akdNamYyénkar
snSMEdl)anekIteLIgenaH}.
{TMnak;TMngtMél} xagelIRtUv)ansgát;F¶n;edayqøgkat;GTßiPaBéneBl nig
ekItmaneLIgnUvTMhMEdlmanlkçN³føwgEføgnUvPaBesdækic©TUlMTUlay ¬meta-
econo-mics) pgEdr. rcnasm<½nrbs;va KWGaRs½yeTAnwgnimiμtkmμénTMnak;TMng
tMélrbs;buKÁlmñak;² GaRs½yeTAnwgkarføwgEføgxøwmsarénkarEbgEckR)ak;cMNUl
rvagbuKÁl;mñak;² nigk¾dUcCaGaRs½yeTAnwgTMhMén {economic surplus}. pÞúyeTA

vij {lT§PaBénkarERbRbYlEdlBitR)akd} RtUv)anbgðajedayqøgkat;GRta
karR)ak;EdlGñksnSM)anTTYlcMeBaHkarsnSMrbs;eKenaH.
2>4> karxVHxatTunCalT§plénkarvinieyaKénplitkmμEdlBMuRKb;RKan;
karmannUvénkarsnSMEdlcaM)ac;enaH mann½yfaBMuEmnCakarFanaEdlfaTun
RtUv)anbegáItenAkñúgTMhMEdlTamTaredayneya)ayGPivDÆn_eLIy. kalNakar
snSMRtUv)anERbkøaymineTAkñúgkarvinieyaKénplitkmμeTenaH karsnSMenaHCaBit
R)akdenAeRkamrUbPaBénRTwsþIrgVg; KWnaMeTAeGaymankarbegáItEtRTBüsm,tþiGkmμ
(= fix assets) Etb:ueNÑaH KWBMunaMeTAeGaymankarbegáIténTunskmμeLIy. enAkñúg
krNIenHskmμPaBénkarsnSMGacman\T§iBlCa]TahrN_ KWkarekIteLIgénkar
sþúkTukCamYynwgplitplsMercEdlBMuGaclk;)an ehIyEdlplitplenaH
KWsMrab;BicarNaCakarvinieyaKEdlBuM)aneFVIEpnkarc,as;las;.
ecjBIkarsþúkenHvaBMuRtwmEtpþl;lT§plénkarBMubegáItTuneT eRkABIenHCajwk
jab;eTotbegáItnUvPaBGviC¢mandl;karvinieyaKsuT§sMrab;kMlugeBlbnÞab;mk
eRBaHfakarekIteLIgénkarsþúkenH Gacman\T§iBlnUvkarlHbg;eTAelIkarvinieyaK
sarCafμI. dUcenHkarxVHxatTunCalT§plminRtwmEtecjBIkarbegáIténkarsnSMBMu
RKb;RKan;eT eRkABIenHk¾ecjBIskmμPaBkarvinieyaKplitkmμEdlBMuRKb;RKan;enaH
pgEdr. skmμPaBkarvinieyaKénplitkmμEdlBMuRKb;RKan; GacmanmUlehturbs;va
mkBI {smtßPaBénkarvinieyaKBMuRKb;RKan;mYy nigmkBIkarRbugeRbobvinieyaKBMu
RKb;RKan; :.
k¦ karxVHxatTunCalT§plénsmtßPaBénkarvinieyaKBMuRKb;RKan;
smtßPaBénkarvinei yaKénRbeTsmYy kMNt;edayeyageTAtamfaetIlT§PaB
énkarvinieyaKEdlekIteLIgGacRtUv)ankt;sMKal; nigGacRtUv)aneFVIeGayeTACa
karBitedayGñkvinieyaK ¬GñkvinieyaKÉkCn nigGñkvinieyaKCardæ¦ enAkñúgTMhMNa
mYy. eyageTAtamTsSn³énGñkesdæviTUCaeRcInkarbegáItTunEdlBMuRKb;RKan;enAkñúg
RbeTskMBugGPivDÆn_ Cajwkjab;bNþalmkBIsmtßPaBénkarvinieyaKEdlxVHxat
mYy. cMeBaHdMeNaHRsayenaHRtUv)anqøúHbBa©aMgeGayeXIjfaBMumancariklkçN³
shRKinÉkCn rWk¾BMumanrdæ)alsaFarN³Na)anbgðajnUvbTdæanénkarbMeBj
karplitEdlbTdæanenaHRtUvCalkçx½NÐsMrab;kMNt;sMKal; nigsMrab;eFVIeGayeTA
CakarBiténlT§PaBénkarvinieyaKEdlnwg]btßmÖénkarGPivDÆn_.
eyageTAtam Hirsch karBMumanRKb;RKan;éncariklkçN³énshRKas
bgðajeGayeXIjnUvmUldæand¾ceg¥oténkarGPivDÆn_sMrab;RbeTsCaeRcIn. karxVH
xaténcariklkçNHénshRKas k¾dUcCaénrdæ)alsaFarN³ mann½yfaCakarxVH
xatxagFnFnmnusS. karCMnHénkarxVHxatTunFnFanmnusSCajwkjab;CalkçN³
RtUvbMeBjCamunnUvkarpøas;bþÚrénsgÁmEdlenARTwgenaH. karpøas;bþÚrenHeFVIeGay
mankarERbRbYlEdlcaM)ac;sMrab;karpþl;énsßanPaBsmtßPaBénkarvinieyaKenAkñúg
Gkb,kiriyaEdlCaRbéBNICati nigEdlCacariklkçN³Cati. k¾b:uEnþkarERbRbYl
sgÁmenHRsbeBlCamYyKñavaCamUlehtu nigk¾CalT§plénkarGPivDÆn_esdækic©
Edr.
dUcenHenAkñúgRbeTsNaEdlenAkñúgRbeTsenaH mkdl;bc©úb,nñBMuTan;)an
mankarERbRbYlénsgÁmenaH RbeTsenaHnwgmankarxVHxatnUvsmtßPaBénkar
vinieyaKEdlTamTarsMrab;begáItTun.
x¦ karxVHxatTunEdlCalT§plénkarxVHxatkarRbugeRbobvinieyaK
bEnßmBIelIkarxVHxatsmtßPaBkarvinieyaK karxVHxatkarbegáItTunk¾bNþal
mkBIGñkvinieyaKEdlCaskþanuBlBuMRbugeRboberobcMsMrab;skmμPaBvinieyaKrbs;
eKEdr. elak Nurkse nigelak Singer )anbgðajeGayeXIjrYcCaeRsc
fargVg;KYreGayRBWRBYcénkarbegáItTunEdlBMuRKb;RKan;EdlCalT§plénkarsnSMd¾ti
ctYcRtUv)anrMkilqøgkat;rgVg;KYreGayRBWRBYcTI 2 eTot. eyageTAtamkarrkeXIj
rbs;Kat;Gñk]sSahkrenAkñúgRbeTskMBugGPivDÆn_ KWBMuRbugeRbobsMrab;kareRbI
R)as;eGayGs;visalPaBénTMhMkarsnSMEdlmancMeBaHkartMrUvkarénplitplvinie
yaKEdleyageTAtamenaHeLIy. edaysarTIpSarceg¥otenAkñúgRbeTsEdlCYb
RbTHenaH TaMgenH)anpþl;eGaynUvsMNagd¾tictYcsMrab;kareRbIR)as;TunEdlCa
lkçN³esdækic©eBjeljmYy. karrg;caMR)ak;cMeNjénvinieyaKinEdlCaskþa
nuBl KWTuTidæi. qøgkat;bBaðaenHnwgekIteLIgKμankartMrUvkarTuneGayRKb;RKan; Edl
CamYyenaHeFVIeGaykarbegáItTunEdleBjcitþCaesdækic©CatiBMuGacRtUvKNna)an.
CamYykarsnSMEdl)anvinieyaKminmanCalkçN³plitkmμ ehIyeRkABIenH
edaymUlehtuénlT§plénkarBMumantMrUvkarrbs;vaenaH eFVIeGayekItmankan;Et
eRcIneLIgén {KMnrénkarsþúk} EdlKMnrenaHCakarraMgénkarGPivDÆn_. karxVHxat
TunEdledaymUlehtu)anerobrab;enaH )ankøayeTACarwgdUcsuIm:g; nwg)anraraMg
CafμIeToténkarekIneLIgplitPaBNamYyEdlRtUvcaM)ac;sMrab;BRgIkénTIpSar³ rgVg;
nwgRtUvbiT eKGacemIlrgVg;KYreGayRBWRBYc (vicious circle) éntMrUvkarTunEdlBMu
RKb;RKan;enAkñúgrUbxageRkam.
rgVg;kacsahavenHGacBMumansuBlPaB kalNaRbeTsenaHmanRbCaCn
eRcIn ehIyeTaHbI per capita tictYck¾eday eRBaHfakartMrUvkarmanTMhMFMeFg.
müa:gvijeTotrgVg;enHk¾mann½ytictYcEdr ebIsinNakarR)ak;épÞkñúgÉkCn (internal
interest rate that is converted from the cashflow and public interest rate¦ én
karvinieyaKsßitenAelIGRtakarR)ak;TIpSarrhUtenaH. eyageTAelIPaBviC¢manén
lkçN³esdækic©enH vinieyaKinEdlCaskþanuBlnwgRbugeRbobsMrab;kardMeNIrkar
énkarvinieyaKEdlmanlkçN³esdækic©enaH.
2>5> kgVHxatTunCalT§plénkarxVHxatsßab½n
karRbugeRbobénkarsnSM nigénkarvinieyaK KWBitR)akdCakarcaM)ac;mYyk¾
b:uEnþk¾BMuEmnCalkçxNÐ EdlRKb;RKan;sMrab;karbegáItTunEdll¥RbesIrmYyeLIy.
sMrab;karbegáItkarsnSMBitR)akd nigskmμPaBvinieyaKénplitkmμBitR)akd KWRkb
x½NÐEdlmanlkçNHCasßab½n dUcCaRkbx½NÐehdæarcnasm<½n§hirBaØvtßúCaedImk¾
manmann½yya:gsMxan;Edr eRBaHfaluy rWTunEdlKitCaluyenaHvaBMuRtwmEtman
Parkic©CameFüa)ayedaHdUreT eRkABIenHvaRtUvkarEfrkSaBaNiC¢kmμtMélrbs;va
nigTMnukTukcitþpgEdr. ehdæarcnasm<½n§hirBaØvtßúEdlsMxan;enaH rab;bBa©ÚlnUv
sßab½nTaMgGs;EdlbegáIt EdlGnþraKmn_ EdlTij nigEdllk;nUvRTBüsm,tþi
hirBaØvtßúTaMgGs;. cMeBaHsßanb½nenaH KWRbB½n§FnaKarEdlmansßitenAkñúgRbeTs
dUcCa FnaKarkNþal FnaKarBaNiC¢kmμ nigFnaKarGPivDÆn_ rWFnaKarshkrN_.
eRkABIenHenAmanRkumh‘unFanara:b;rg karFanara:b;rgsgÁmkic© ebLaesaFnnivtþn_
k¾Caehdæarcnasm<½n§hirBaØvtßúEdlsMxan;enaHpgEdr .l.
PaBcaM)ac;énehdæarcnasm<½n§hirBaØvtßúEdlmansmtßPaBbMeBjkarplit KW
kan;EtFMeLIgkalNaRbeTsmYy KWkarGPivDÆn_kan;EtmankarekIneLIg.
2>6> karxVHxatTunCalT§plénkarhUrecjénTuneTAeRkARbeTs
bEnßmBIelIGVIEdl)anniyayxagelI karxVHxatTunk¾GacCamUlehtueday
sarEpñkmYyénkarbegáItkarsnSMEdlmanenAkñúgRbeTshUrecjeTARbeTseRkA.
edaysarkarhUrTunecjeTARbeTseRkA lT§PaBénkarGPivDÆn_enAkñúgRbeTsedIm
RtUvrgkarlM)akya:gxøaMg TnÞwmnwgenAkñúgRbeTseRkAmanlT§PaBeFVIeGaykan;Et
elOneT,IgénkarGPivDÆn_. krNIenATIenaH pøÚvd¾ceg¥oténkarGPiDÆn_RtUvGacbM)at;
ecal.
CaTMrg;c,as;las;énkarhUrecjénTuneTAeRkARbeTs RtUv)aneXIjCamYy
nwgkardkecjénplitkmμEdlelIselIkareRbIR)as;sMrab;karrs;enAGb,rma kñúg
eBlEdlRbeTskMBugGPivDÆn_kMBugsßitenAeRkamGaNaniKmniym. plitkmμEdl
elIsenHBMuRtUv)anvinieyaKbEnßmenAkñúgRbeTsGaNaniKmenaHeT EtRtUv)aneRbI
R)as;sMrab;hirBaØvtßúénkarBRgIk]sSahkmμenAkñúgRbeTsEdleFVIGaNaniKmenaH
vij.
qøgkat;bBaðaenHRbeTsenAeRkamGaNaniKmenaH KWBMumanlT§PaBsMrab;kar
CMrujkarbegáItTunEdlcaM)ac;sMrab;karGPivDÆn_esdækic©rbs;xøÜneT,Iy. dUcenHsßan
PaBénRbeTskMBugGPivDÆn_ KWEpñkxøHGacRtUvbNþalmkBIGtitkalGaNaniKmén
RbeTsenaHÉgpgEdr. sBVéfJenHGaNaniKmRtUv)anbBa©b; k¾b:uEnþkarhUrecjén
TunenAEtbnþredaymUlehtuénskmμPaBénRkumh‘unbreTsFM²enAkñúgRbeTskMBug
GPivDÆn_TaMgenH. PaBGaNaniKm KW de facto BMuTan;RtUv)anlb;ecaleTeRkABIenH
varMkileTAdl;épÞmYyepSgeTotEtb:ueNÑaH.
eRkABIenHRbCaCnkñúgRbeTsxøÜnÉg)annaMecjnUvkarsnSMEdlxøÜn)anbegáIt
eTAeRkARbeTsCMnYskareRbIR)as;sMrab;karbegátI TunCati. müa:geTotCalT§plTaj
ecjBIkarCMBak;breTsd¾x<s;énRbeTskMBugGPivDÆn_xøH eFVIeGaymankarekIneLIg
énkarhUrecjénTuneTARbeTseRkAEdr. karekIneLIgénkarhUrecjenH Gacman
\T§iBlraraMgénkarGPivDÆn_. cMnYnEdlcaM)ac;sMrab;karbg;tMélénkarCMBak;enaHeFVI
eGaymankarxVHénkarbegáItTunkñúgRbeTs. CalT§plbgðajeGayeXIjkareFVI
eGaykan;EtyWteTAéndMeNIrkarGPivDÆn_.
CaTIbBa©b;eKeXIjmankarpøas;TIlMenAEdleKkt;sMKal;fa {brain drain}
énkMlaMgBlkmμEdl)ansikSaGb;rMenAkñúgTMhMmYyKYreGaykt;sMKal;ecjBIRbeTs
TaMgenHpgEdr. enH KWCakarhUrecjénTunFnFanmnusS ehIyTajecjBIenHva
bgðajeGayeXIjnUvkarraraMénkarGPivDÆn_ya:gx<s;bMputsMrab;RbeTsNamYyEdl
karxVHxatTunFnFanmnusSrbs;eKGacCH\T§iBlCamUldæanénkarGPivDÆn_d¾ceg¥otr
bs;eKenaH.
3> Gtßn½yEdlCaneya)ayGPivDÆn_énlkç½NÐsgÁm nigneya)ay

CakarBitkarerobcMbMrugeGay)anRKb;RKan;EtktþabrikçaEdl)anerobrab;xag
elIbgðajeGayeXIjnUvkarcaM)ac;mYy k¾b:uEnþvaBMuEmnCapøÚvlkçxNÐEdlRKb;RKan;
éndMeNIrkarGPivDÆn_EdlbMeBjcitþmYyeLIy. TnÞwmnwgkarBicarNaeTAelIktþa
TaMgenaH eKBMuRtUvGnuBaØtieGaye)aHbg;ecalénlkç½NÐRkbx½NÐénsgÁm nigneya-
)ayeLIy. lkçxNÐenaHk¾GaccUlrYmsMrab;karGPivDÆn_énRbeTsnImYy²Edr.
dUcCa RtUv)anrMlwkCaeRcIndgrYcmkehIyrvagkarGPivDÆn_énesdækic©sgÁm nigén
neya)ay KWvaGaRs½yKñaeTAvijeTAmkya:gxøaMg. PaBGaRs½yKñaeTAvijeTAmkenH
RtUvEtBicarNasMrab;karviPaKmUlehtuén]naPivDÆn_rbs;RbeTskMBugGPivDÆn_xøH.
dUecñHEpñkxageRkamenH BMuEmnCakarsakl,génkarbgðajrcnasm<½n§TaMg
Gs;enaHeT KWRKan;Etcg;eGayyl;nUvPsþútag rWsBaØaNxøH eTAelIRckd¾ceg¥otén
karGPivDÆn_énktþasgÁm nigénktþaneya)ay. CabBaðasMxan;karRbugeRbobbMeBj
karplitEdlBMuRKb;RKan; KWbNþalmkBI\T§iBlsasna rcnasm<½n§RKYsar
bBaðaCatiBn§ karxVHxatkarcUlrYm nigk¾dUcCasßanPaBneya)ayenAkñúgRbeTs
EdlkMBugCYbRbTHenaH.
PaKeRcInsasnaEdlCaRbéBNI)anKaMRT nigCMrujnUvTMrg;Gkb,kiriyaEdlBMu
pþl;plRbeyaCn_Caesdækic© dUcCakarvinieyaKenAkñúgeKalbMngeRbIR)as;EdlCa
RbéBNIEdlBMuEmnCaplitkmμ ]TahrN_dUcCa buNüGaBah_BiBah_ buNüdgVay
sasna karbegáItvtßúmantMélCaÉkCn. karbBa©uHbBa©Úl rWkarpþl;clnaedayqøg
kat;karcMeNjCasMParH rWk¾edayqøgkat;esckþIsgÇwm rWk¾karemIleTAelIkarQan
eLIgénmuxrbrenAkñúgsgÁm dUcCaesckþIsgÇwm nigeCaKC½yEdlGacsßitenAkñúg
Epñkesdækic©TMenIbedayqøgkat;karbMeBjkarplitenaH KWBMumankarKaMRTeLIy.
PaBelcmuxelcmat;enAkñúgsgÁmenAkñúgRbeTskMBugGPivDÆn_xøH manEtRbkan;x¢ab;
nUvkargarenAkñúgrdæaPi)al enAkñúgksikmμ rWk¾enAkñúgRbB½n§sasnaNamYy. eRkABI
enHRbePTénkargarepSgeTotEdlCaKnøwHd¾sMxan;sMrab;karGPivDÆn_esdækic©BMuGacpþ
l;eGayeKnUvPaBelcmuxelcmat;kñúgsgÁmeLIy.
kargarTaMgenHPaKeRcInminRtwmEtBuMpþl;karKaMRTeT EfmTaMgCajwkjab;BuM
mankarGt;Fμt; nigGnuBaØateGayeTotpg eRBaHfakargarTaMgenaHekIteLIgnUvkar
RbkYtRbECg nigkarxUcxateTAelIsasnaEdl)anbkRsayfaCaRbéBNIenaH rW
eTAelIRbB½n§tMélrbs;Rkum rWBYkeK.
enAkñúgRbeTskMBugGPivDÆn_sBVéf¶enHenAmanPaBRKb;RKg (dominated by
clan) edayRbB½n§énGMNacRKYsar rWk¾ clan. TaMgGs;enH k¾GacraraMgpgEdrnUvkar
begáInel,OnénkarGPivDÆn¾esdækic© eRBaHfaGMNacRKYsarenHman\T§iBleGayman
karraraMgeTAelIkMlaMgcitþbMeBjkarplitEdlCalkçN³esdækic©énsmaCikRKYsar
xøÜnnImYy². karcakecjBI clan GacmankarekIteLIg nUveBlkarrMBwgénR)ak;Ex
xageRkAEdlx<s;rhUtCagplitplCamFüm rWplRbeyaCn_ rWR)ak;ExenAkñúgsm<½n§
PaBRKYsar (clan) enaH. k¾b:uEnþedaysarEtsMBaFRbCaCn enAkñúgkrNICaeRcIn
)anraraMgnUvkarekIneLIgénR)ak;ExEdlenARTwgénRbeTsenaH dUcenHlT§plxag
elIBMuGacekIteLIg)aneLIy nigCamYyenaH kMlaMgcitþbMeBjkarpliténesdækic©
EdlmanRBMEdncuHeRkam (fatalism) enaHnwgsßitenACadrabkñúgRbeTsenaH.
enAkñúgkrNICaeRcIn CnCatiPaKticdUcCaCnCatibreTsenAkñúgRbeTskMBug
GPivDÆn_ TaMgCabuKÁl rWk¾CaRkumGaceRbIR)as; nigeFVIeGaykan;EtRbesIreLIgnUv
smtßPaBEdlCaesdækic© nigbec©keTsrbs;xøÜnenAkñúg {RbeTskMeNItfμI} rbs;
eKedayBMumankarKabsgát;eGayeKarBeTAtambTdæansgÁmenaHeT,Iy. PaKeRcIn
PaBRbwgTb;Edlman (latent) eBareBjrbs;GñkRsukedIm rWRbCaCnedImTl;nwg
breTskan;EtekIneLIg nigecjBIenHvaGacbgðajnUv aversion Tl;nwgkic©kar
skmμPaB EdlRtU)anGnuvtþne_ dayCnbreTsTaMgenaH. eRBaHfaTaMgGs;enHTak;Tg
CacMbgeTAelIkic©karskmμPaBEdleFVIeGayesdækic©ekIneLIgCalMdab;. dUcenH
GñkRsukedIm)anXaMgTb;xøÜn nigbnþeTAeTotEteTAelIkic©karskmμPaBEdlCa
RbéBNIrbs;xøÜn.
TajecjBIenHpþl;nUvlT§plnUvkarRbugeRbobbMeBjkarplitEdlBMueBjcitþ
enAkñúgTMnak;TMngeTAnwgkic©karEdleFVIeGayesdækic©ekIneLIgCalMdab; ³ karpøas;
bþÚrsgÁmEdlTamTarsMrab;karGPivDÆn_esdækic©BMusßitmaneLIysMrab;Epñkd¾FMénRbCa
CnkñúgRbeTs.
GñkesdæviTUCaeRcIn)anR)ab;eGaydwgfa mUlehtuBitR)akdénPaBRkIRkBit
R)akdsßitenACaEpñkénRbCaCnEdlRtUv)anCYbRbTHPaBRkIRkenaH ehIyEdlRtUv
sßitenAbdiesdæecjBIdMeNIrkarGPivDÆn_énesdækic©sgÁm. GñkEdlRtUvCYbRbTH
enaHRtUveTACaKμantMél (marginalize). karGPivDÆn_EdlviC¢manmYyGacekItman
luHRtaNaEtRkumEdlKμantMélenaHGaccUlrYmkñúgdMenIrkarGPivDÆn_CaskmμPaB
(activ) mann½yfaCaGñkplit nigk¾CaGskmμPaB (passiv) mann½yfaCaGñkeRbI
R)as;plitpl nigesv:akmμ. CakarBitkarbkRsayenH RtUvGacvaytMélCa
GaMgDIkaT½rEdlfakarcUlrYmBMuRKb;RKan;bnþreTAeToténrgVg;RbCaCn KWsßitenACa
eRKaHfñak;énkarbegáInel,ÓnéndMeNIrkarGPivDÆn_esdækic©Cati.
CaTIbBa©b;eKRtUvEtBicarNapgEdreTAelIsßanPaBénneya)aykñúgRbeTs
nigeRkARbeTs eRBaHsßanPaBneya)ayenaH man\T§iBleTAelIbriyakasesdækic©
énRbeTsmYy nigeTAelIkarRbugeRbobbMeBjkarpliténRbCaBlrdærbs;xøÜnenA
kñúgTMhMmYyya:gFM. PaBBMumankarGt;Fμt; nigBuMGFüaRs½yeTAvijeTAmkrvagRkum
sgÁm Rkumsasna rWk¾RkumCatiBn§nImYy²Edl)anbgðajeGayeXIjenAkñúgRbeTs
kMBugGPivDÆn_xøHGaceFVIeGayhinehacdl;karRbwgERbgTaMgGs;EdlecjBIkmμviFIé
nkarGPivDÆn_yUrGEgVg.
PaBBMumankarGt;Fμt;enHraraMgCaTIbBa©b;nUvGarmμN_katBVkic©EdlcaM)ac;éns
maCiksgÁmnImYy² EdlenaHmann½yfa eTaHbImankarsßitenArYcCaeRscénlkç
xNÐsMParHk¾eday k¾dMeNIrkarGPivDÆn_EdlenARTwgenaHBMumansnÞúHeLIy.
4> PaBRkIRkCalT§plénkarxVHxatktþabrikçaénRkumRbCaCnnImYy²
karEbgEckR)ak;cMNUlrvagbuKÁlmñak;²RtUv)ankMNt;edayGgÁFatudUcxag
eRkam³
- karEbgEckR)ak;cMNUlrvagbuKÁlmñak;²eTAelIFnFanskþanuBlEdl
GaceRbIR)as;)anCaplitkmμ.
- karEbgEckR)ak;cMNUlrvagbuKÁl;mñak;²eTAelITMhMénkareRbIR)as;Edl
CaplitkmμBitR)akdénFnFanenaH.
- éføEdlRtUvbg;tMélsMrab;kareRbIR)as;FnFanenaH.
ecjBITMnak;TMngénGgÁFatuTaMgbIenH pþl;enAlT§plnUvkarEbgEckelIkTI
1énR)ak;cMNUlrvagbuKÁlmñak;² ehIykarEbgEckenHqøgkat;viFankarN_rbs;rdæ
k¾dUcCaÉkCnk¾GackøayeTACakarEbgEckTI2epSgmYyeTot. sMrab;cMnYnd¾eRcInén
GñkRkIRk kmμsiT§énFnFanEdlGaeRbIR)as;)anCaplitkmμ PaKeRcInmanRtwmEt
kMlaMgBlkmμpÞal;xøÜnrbs;eKEdlCaTUeTABMu)aneronsURtEtb:ueNÑaH. enAkñúgTMhM
d¾tUcénGñkRkIRkGacmansiT§ikmμsiT§éndIFøI]hrN_dUcCaksikrtUctac nigTunsMParH
]TahrN_dUcCaeRKOgeRbIR)as;gay². sßanPaBénkarsikSaGb;rMEdlkMNt;Tun
FnFanmnusSEdl)anGb;rMya:gTabbMputenaH mann½yfaecjBIrgVg;BYkeKBMuGacrg;
caMkareFVIeGayRbesIreLIgéntYnaTIénBYkeKenaHeLIy.
karEbgEckR)ak;cMNUlrvagbuKÁlmñak; nigCamYyenaHTMhMénPaBRkIRk ¬TaMg
absolute and TaMg relativ) KWGaRs½yeTAnwgEdlfaetIrdæ rWrdæaPi)alGackBaäk;yk
viFankarN_EbgEckeLIgvij (re-distributive instruments) enAkñúgTMhMNamYy
TaMgeTAelIneya)aycMNUl nigTaMgeTAelIneya)aycMNayénrdæEdlqøgkat;
\T§iBledaypÞal; nigedayRbeyalrbs;va)anpþl;nUvGtßn½yya:gsMxan;sMrab;man
nUvsßanPaBénkarEbgEckR)ak;cMNUlTI 2 (second distribution of income) Edl
)anniyayxagelIrvagbuKÁlmñak;².
\T§iBldUcKñaenH k¾bNþalmkBIkarepÞrénkarbMeBjkarplitCalkçN³
ÉkCnEdr. dUcenH PaBRkIRkBMuRtUvGacbkRsaymkBImUlehtuEtmYyeT. TaMgGs;
enHPaKeRcInTamTareGaybkRsaynUvkarmansßanPaBénTMnak;TMngRkIRknImYy²ed
ayqøgkat;RTwsþImYyénkarGPivDÆn_sgÁmEdlenAkñúgenaH PaBkMNt;énPaBRkIRk
enaH KWCaGBaØatiGefrEdlRtUv)anTTYl\T§iBledaysarktþaxagkñúg nig rWktþaxag
eRkA ¬lkçxNÐRkbx½NÐEdlpþl;eGayénRbePTCati nigGnþrCati¦ enAkñúgpøÚvén
dMeNIrkarGPivDÆn_. k¾b:uEnþrhUtmkdl;eBlenH BMumanRTwsþIrebobenHRtUv)anrk
eXIjeLIy.
D. ]naPivDÆn_CalT§plénrcnasm<½n§esdækic©EdlTVikniym
1> lkçN³vinicä½yénesdækic©TVikniym
1>1> niymn½yénesdækic©TVikniym
eTAtamTsSn³esdæviTUCaeRcIn karBMuGPivDÆn_enAkñúgRbeTskMBugGPivDÆn_Ca
eRcInbNþalCaBiessmkBIesdækic©TVikniympgEdr eRBaHfaesdækic©TVikniymCa
lT§plEdl)anb:HTgÁci eTAelIeKalbMNgrIkcMerIn nigeKalbMNgénkarEbgEck.
TVikniymmann½yfaCaTMnak;TMng (constellation) EdlcMeBaHTMnak;TMngenaH sgÁm
mYyenAkñúgdMeNIrkarGPivDÆn_CaRbvtþsi aRsþrbs;xnøÜ RtUv)anEbgEckCaEpñkRbéBNI
{primitiv} nigEpñkTMenIb {modern}.
EpñkRbéBNI KWCalkçN³FmμCati nig)anrIkcMerInqøgkat;ry³eBlya:gyUr
enAkñúgRbeTsenaHpÞal;. EpñkTMenIb rWeCOnelOnpÞúyeTAvijRtUv)annaMcUl. Epñk
TMenIbenH)anekIneLIgsßitesßrenAkñúgdMeNIrkarGPivDÆn_EdlTTYl\T§iBlBIxageRk
A. k¾bu:EnþBMusißtenAkñúgsßanPaBEdlsMrab;smahrNkmμenAkñúgRbB½ne§ sdækci © nig
sgÁménRbeTsEdl)anCYbRbTHenaHeLIy nigk¾BMurlayCamYynwgRbB½n§enaHeGay
eTACaRbB½n§fμImYyeLIy.
rcnasm<½n§TVikniym KWCarUbPaBelcecjEdlfaRkumsgÁmnImYy² nigRkum

smaCiknImYy² KWmansmtßPaB nigRbugeRbobenAkñúgTMhMepSgKñasMrab;TTYlyk
rlkGPivDÆn_BIxageRkA nigsMrab;smahrNkmμenAkñúgcitþKMniténkarGPivDÆn_rbs;
xøÜn. qøgkat;bBaðaenHsgÁmmYy)anGgán;CaRkumCaeRcInCamYynwgkMrit nigel,Ónén
karGPivDÆn_epSg²Kña. sMrab;karbgðajeGaygayRsYlmYy eKbkRsayTsSn³
TanTVikniymenHEtCaBIrEpñk KWEpñkTMenIb nigEpñkRbéBNI.
TsSn³Tanénesdækic©TVikniym mann½yfaEpñkesdækic©BIrekIteLIgXøatBIKña
ya:gq¶ayenAkñúgesdækic©Cati. tYnaTIplitkmμ ¬=GnuKmn_plitkmμ¦ énvis½yTaMgBIr
epSgBIKñaTaMgRsug. eRkABIenHeTotmeFüa)ayplitkmμRtUv)andwknaMeyageTAtam
lkçN³vinicä½yepSgKña ³ enAkñúgEpñkRbéBNIRtUv)anplitnUvplitpltMrUvkarkñúg
Rsuk nigCamYynwgkarCYyénbec©keTsplitkmμEdlgayRsYl ehIyEdlman
brikçaTunbnþicbnÞÜc. EpñkenHrab;bBa©ÚlnUvEpñkénksikmμ sib,kmμ ]sSahkmμ
FuntUc² nigBaNiC¢kmμ ehIyk¾dUcCaénesva:kmμbuKÁlnana. enAkñúgEpñkenHRKb
dNþb;edayeKalkarN_RKYsarCaFM (=clan) kargar KWmankarGb;rMtci tYc plitPaB
énkargareyageTAtamenHtictYcEdr nigR)ak;ExénkargarBuMmann½yCasMxan;eLIy.
pÞúyBIenHvis½yEdlCaTMenIbeFVIkargarPaKeRcInCamYynwgbec©keTsTMenIbEd
lmYyEpñkénbec©keTsenH eRbIR)as;Tunya:geRcIn. vis½yenHplitnUvplitpl
eRbIR)as;éntMrUvkarRbcaMéf¶ plitpleRbIR)as;ry³eBlEvg nigplitplvinieyaK.
esdækic©EpñkenHrab;bBa©ÚlshRKasFunmFüm nigFunFM ehIyk¾dUcCaEpñkNamYy
énksikmμEdlEpñkenaH manCMnajdaMdMNaMkñúgépÞdId¾FMPaKeRcIndUcCadMNaM]sSah
kmμ rWke¾ nAkñúgEpñkénkarnaMecjFM². rcnasm<n½ t§ MrUvkarénkargarenAkñúgEpñkenHPaK
eRcInmanTisedAbuKÁlniym. kñúgvis½yenHRKbdNþb;edayeKalkarN_CacMbg
sMrab;bMeBjcitþEdlbuKÁlmñak;²)anpþl;eGay.
1>2> lT§plénkarekIneLIgxøÜnÉgénrcnasm<½nÐTVikniym
enAkñúgRbeTskMBugGPivDÆn_ PaBdac;ecjBIKñaénEpñkEdlRtUvEbkExJkBIKña
manTMhMFMeFg. qøgkat;bBaðaenH clkrEdlRtUv)anekIteLIgedayEpñkDINamIk
rWEpñkTMenIbBuMRtUv)anTTYlykedayEpñksþaTIk rWEpñkRbéBNIeLIy. TaMgenH
mann½yfaenATIenaHBMumankarekIteLIgnUvlT§plénGñk {edIrtameRkay} rWk¾én
{kareFVIRtab;tam} Edr. rUbPaBénkarEbkExJkenHBMu)ankat;bnßyedayxøÜnÉgeLIy
eRkABIenHrUbPaBenHsßitenABMuERbRbYlenAkñúgdMeNIréneBlevla rWk¾kan;EteFVIeGay
kan;EtekIneLIgEfmeTotedayxøÜnÉg. TaMgenHsßitenAkñúgTMnak;TMngénrgVg;KYr
eGayRBWRBYcmYyEdldUcCasßanPaBénrgVg;KYreGayRBWRBYcEdl)aneXIjenAkñúgrc
nasm<½n§esdækic©Edr.
eyageTAtamrcnasm<½n§sgÁmEdlminbt;EbnénRbeTskMBugGPivDÆn_xøH Gñk
CMnajEdlmanKuNPaBenAkñúgEpñkRbéBNIBuMRtUv)anTTYlkarGb;rMenAkñúgRbeTsk¾
dUcCaenAeRkARbeTseT,Iy. cMeBaH\NTanvijedayBMumansnþisuxénFnaKareGay
)ansmrmümankarlM)ak nigGacTTYl)ansMrab;lkçx½NÐEdlBMusmRsb ¬TVikniym
énhirBaØvtßú¦ Etb:ueNÑaH. dUcenHEpñkRbéBNIkan;EtBi)akeTAenAkñúgdMNak;kalén
esdækic©EdlBMumanclnamYy kalNaviFankarN_RTRTg;EdlCaRbePTesdækic©
neya)aymYyc,as;las;BMumansßitenAenaH. bEnßmBIenHeTot mUlehtuEdlCa
meta-economics k¾)ancUlrYmbegáIteLIgnUvPaBlM)akénsgÁmRbéBNIenaHEdr
EdldUcCaPaBdac;ecjedaylkçNHPUmisaRsþ rWk¾vb,Fm’ ehIyk¾dUcCatMélyl;
eXIjEdlkMNt;edaysasna BUCsaRsþ rWk¾CatiBn§énRkumnImYy². Cajwkjab;
PaBpSarP¢ab;CaRbéBNIenAkñúgRkbx½NÐénRKYsarCaFM (clan) bgðajeGayeXIjnUv
karraraMgCalkçN³sßab½nmYysMrab;karsMrbsMrYleTAnwgrcnasm<½n§TMenIb.
lT§plénkarekIneLIgénesdækic©TVikniymenH k¾bNþalmkBIkarGPivDÆn_én
karEbgEckR)ak;cMNUlrvagvis½yTaMgenH. R)ak;cMNUlCamFüménGñkeFVIkargarén
EpñkTMenIbekIneLIgCamYynwgkarrIkcMerInya:gelOnenAkñúgeBlkMNt;mYyeTAdl;tMé
lmYyEdlTajecjBItMélenaHeFVIeGaymankarfycuHéneGLasÞIcR)ak;cMNUleTAe
lItMrUvkarénplitplrbs;EpñkRbéBNI.
TaMgGs;enHGacelcecjnUvkarekIneLIgéntMrUvkareTAelIplitplEdlRtUv
GacbkRsayfaCaplitplrbs;smaCikénEpñkTMenIbenAkñúgRbeTs ]TahrN_
dUcCa mentality of coca cola. pÞúyeTAvijR)ak;cMNUld¾TabenAkñúgvis½yRbéBNI
bgðajnUveGLasÞIcR)ak;cMNUld¾x<s;eTAelItMrUvkarénplitplEdlecjBIvis½yrb
s;xøÜn TnÞwmnwgeTAelItMrUvkarénplitpl]sSahkmμ rWvis½yTMenIbmanya:gGn;
exSaybMput.
müa:geTotshRKasénvis½yTMenIbsakl,gCanic©CakalsMrab;karfycuHén
karbg;tMélplitkmμCMnYssMrab;karrIkraldalénplitkmμ edayqøgkat;kareRbI
R)as;ya:geRcInmYyénkMlaMgBlkmμEdlecjBIEpñkRbéBNI. k¾b:uEnþkarrMBwgénkar
lk;ecjrbs;eKenAkñúgTMnak;TMngkarekIneLIgénplitkmμ KWTuTdi .iæ dUcenHCalT§pl
manninñakarekIneLIgénkarCMnYsénkMlaMgBlkmμedayTun rWma:sIunvijenAkñúgEpñk
TMenIb. TaMgenHEdleFVIeGaykan;EtekIneLIgnUvTVikniym. lT§plénkarekIneday
xøÜnÉgénTVikniymenH k¾edaysareTAelIEpñkcMeNHdwgbec©keTsEdr eRBaHfaEpñk
esdækic©nimYy²TajykcMeNjenAkñúgTMhMepSg²KñaBIPaBlUtlas;énbec©keTs.
elak Higgins )anbkRsayfakareRbIR)as;EdleCaKC½yénPaBlUtlas;bec©k
eTs snñidæanfamkBIkMrityl;dwgénbec©keTsd¾x<s; ehIyk¾dUcCakMriténkarGPi
vDÆn_EdlkMNt;mYy. sMrab;müa:geTotrcnasm<½n§énPaBlUtlas;énbec©keTsPaK
eRcInbegáItCabBaðaénkarBMueRbIR)as;kMlaMgBlkmμeRcIn rWkarsnSMkMlaMgBlkmμ.
Epñk]sSahkmμ rWEpñkTMenIbEdlRtUvRbkYtRbECgCamYynwgplitplbreTs
enATIpSarGnþrCati rWk¾sßitenAelITIpSarkñúgRsukRtUvEtbgçMcitþedayeyageTAtam
mUlehtuénsmtßPaBRbkYtRbECgCaGnþrCatiRtUvFaøk;eTAkñúgkarTTYlykPaBlUtl
as;énbec©keTsEdlsnSMkMlaMgBlkmμenH. qøgkat;bBaðaenH EpñkTMenIbbgðaj
eGayeXIjfamankarbgçMya:gxøaMgkøasMrab;karsnSMénkMlaMgBlkmμ rWk¾kareRbI
R)as;kMlaMgBlkmμtic. k¾b:uEnþpÞúyeTAvij enAkñúgEpñkRbéBNIEdlenAkñúgenaH
TMnak;TMngrvagTun nigkMlaMgBlkmμtictYcenaH KWPaBRbesIreLIgCalMdab;én

lT§PaBplitkmμEdlmanlkçN³bec©keTsbnþicbnþÜcenH BuMRtUv)anTTYl\T§iBl
eLIy rWk¾KμanTal;EtesaHEtmþg. CamYyenH eyageTAtamPaBlUtlas;énbec©k
eTsEdltamRbePTénEpñkenH esdækic©TVikniymeFVIeGayekItmannUvsßanPaBén
bec©keTsTVikniymmYyEdledIrtamKnøgénkarekIneLIgedayxøÜnÉgdUcCaesdækic©
TVikniymEdl)anerobrab;rYcmkehIyEdr.
2> lT§plénneya)ayGPivDÆn_énTVikniym
2>1> TVikniym nigeKalbMNgénPaBrIkcMerIn
2>1>1> TVikniym nigeKalbMNgén Efficiency
enAkñúgTMnak;TMngéneKalbMNg efficiency eKGacniyay)anfa rcna
sm<½n§TVikniymbNþaleGaymanenAlT§plénkar)at;bg;én efficiency. TMrg;én
karTTYlR)ak;kMér nigTunepSgKñaenAkñúgEpñkTMenIb nigRbéBNIeFVIeGayekItman
eLIgnUvPaBxusKñaénpleFobRBMEdnplitPaB (marginal productivity) rbs;
meFüa)ayplitkmμEdlCaRbePTtamEpñknImYy²³ TaMgenH KWsßitenAkñúgTMnak;TMng
xageRkam ³
(ΔXM / Δq2M ) : (ΔXM / Δq1M) > (ΔXT / Δq2T) : (ΔXT / Δq1T)
rWk¾
( Δq1M / Δq2M )> (Δq1T / Δq2T) (marginal rate of production
possibility frontier)
XM : Output from moderne side

XT : Output from traditional side
q2M and q1M : Production's factors of modern side
q2T and q1T : Production's factors of traditional side
TaMgenHmann½yfa pleFobRBMEdnplitPaBénmeFüa)ayplitkmμenAkñúg
EpñkRbéBNItUcCagEpñkTMenIb. TMnak;TMngenHBMuEmnCalkçxNÐénrcnasm<½n§
plitkmμEdll¥RbesIreLIy (inefficiency). lkçxNÐEdl efficiency luHRta
EtpleFobénRBMEdnplitPaBénmeFüa)ayplitkmμénEpñkTaMgBIresμIrKña³
(ΔXM / Δq2M ) : (ΔXM / Δq1M) = (ΔXT / Δq2T) : (ΔXT / Δq1T)
rWk¾
(Δq1M / Δq2M) = (Δq1T / Δq2T) (marginal rate of production
possibility frontier)
kalNaeKP¢ab;cMnucplitkmμEdleyageTAtamkarBicarNaénrcnasm<½n§TVi
kniymenaH eKTTYl)annUvRkahVik production possibility frontier (PPF) ASC
dUckñúgrUbxageRkam. enAkñúgkareRbobeFobsMrab;RkahVik PPF EdlsMerc)an
Gtibrma ABC RkahVki ASC sßti enAEpñkxagkñúg. EtcMeBaHplitkmμEdl efficient
enAkñúgEpñkTMenIb nigEpñkRbéBNIcMnucplitkmμEdl effective enaH KWsßitenAelI
RkahVik ABC. cMeBaHkarEbkExJksgÁmEdlCaTVikniymcMnucplitkmμEdlman
TaMgGs;sßitenAelIRkahVik PPF én ASC EdlERbkøayBIedImkMeNItRkahVik PPF
én ABC rbs;va. RkahVik ASC enHmann½yfaCakMhusTl;nwgeKalbMngén
efficiency.
Effectiv production possibility frontier of dualism Structur

2>1>2> TVikniym nigeKalbMNgénkarekIteLIg (Accumulativ Goal)

lT§plGviC¢maneTAelIkareFVIeGay)anBitR)akdéneKalbMNgénkarekIne
LIgk¾bNþalmkBITVikniymEdr. lT§plénkarraraMgPaBlUtlas;RtUvGacekIt
eLIgedaysarTVikniymEdl)anGnuvtþn_bnþenAkñúgbec©keTs. kñúgkrNIEdlbec©k
eTsTMenIbnaMeTAeGaymankarrujRcanecjénbec©keTsRbéBNIkñúgRbeTsedayBMu
Tuk»kaseGayRbCaCnsMrbsMrYlxøÜnÉgpÞal; GacnaMeGayekItmanlT§pl
dUcteTA³
kMriténcMenHdwgbec©keTsEdlRtUveFVIeGayeTACacMeNHdwgkñúgRbeTsnIyk
mμedayRbCaCnkñúgRbeTsRtUv)anfycuHedaysarlT§plénkarrujecjénbec©ke
TsEdl)annaMcUlenaH. TnÞwmnwgenaH PaBRKbdNþb;énbec©keTsbreTskan;
EtekIneLIg.
TaMgenHmann½yfa bec©keTsenHGacRtUv)aneRbIR)as;edayEpñkya:gtUcmYy
énRbCaCnEtb:ueNÑaH nigEdlCajwkjab; KWTamTarshkarIbec©keTsEdlCaCn
breTs. dUcenHeTAelIesdækic©kñúgRbeTsBMucab;epþImmanclkrénbec©keTseRcIn
EfmeToteLIy edayel,ÓnénkarbNþúHbNþalTunFnFanmnusSkñúgRbeTsRtUv)an
eFVIeGayyWtya:v ehIykalNaeKBMubkRtLb;cab;ykenAkñúgTMhMTamTarmYyénkar
]btßmÖbec©keTsBIbreTsenaH CalT§pleFVIeGaymankaryWtya:vénkarGPivDÆn_
esdækic©.
2>2> TVikniym nigeKalbMNgénkarEbgEck ¬R)ak;cMNUl¦
enAkñúgemeronmunRtUv)anbkRsayeGayeXIjfaenAkñúgRbeTskMBugGPivDÆn_
manTMhMBuMRKb;RKan;énbrikçaktþameFüa)ayplitkmμénkarbMeBjKñaEdlTamTarsMrab;e
RbIR)as;énkargarEdl efficient. TaMgGs;enHeFVIeGaymanPaBKμankargareFVI
nigPaBeFVIkarBMueBjelj. TMrg;énkarpþl;R)ak;kMérEdlepSgKñaenAkñúgEpñkRbéBNI
nigEpñkTMenIb)aneFVIeGaymankarbkRsaynUvPaBKμankargareFVIenHeTAkñúgkrNIBIr
ya:gepSgKña ³
mYyCaPaBKμankargareFVICacMhr nigBIrCaPaBKμankargareFVICalak;)aMg
¬=kM)aMg¦. kalNakMlaMgBlkmμRtUvGacdkecjBIvis½yplitkmμmYyeBjmYyqñaM
edayBMueFVIeGayplitkmμenaHfycuH cMeBaHkrNIEdlbec©keTsplitkmμ nigkar
erobcMcat;EcgénkareRbIR)as;énkargarBMumankarERbRbYl eKehAGñkEdlecjBI
plitkmμenaHfa PaBKμankargarCalak;)aMg. enAkñúgkrNIenHRBMEdnplitPaBén
kargaresμIsUnü. PaBKμankargareFVICalak;)aMgPaKeRcInmanenAkñúgEpñkRbéBNI.
pÞúyeTAvijPaBKμankargareFVIenAkñúgEpñkTMenIb KWPaKeRcInCacMhr ³ eRBaHfa
kMlaMgBlkmμEdlRtUveRbIR)as;RtUv)anbNþúHbNþal rWk¾RtUveronsURt dUcenHkMlaMg
BlkmμenH)anpSarP¢ab;eTAnwgmeFüa)ayvinieyaK. enAkñúgplRbeyaCn_énkareRbI
R)as;Edl efficient mYyénTunFnFanmnusSenH kMlaMgBlkmμnImYy²RtUvbMeBj
kargarCaeBlevlaeBjelj TaMgenHmann½yfaPaBKμankargareFVIEdllak;)aMg
enAkñúgkarBicarNaEdleGayniymn½yxagelI KWBMumansßitenAeLIy.
esdækic©TVikniymGacpþl;eGaymankarpøas;bþÚrmYyEpñkénPaBKμankargareFVI
Edllak;)aMgeTACaPaBKμankargareFVIEdlcMhr. kñúgenHmann½yfaGñkEdlKμan
kargareFVIenAkñúgEpñkRbéBNIEdllak;)aMgenaH ehIyEdlelIsBItMrUvkarRtUvhUr
mkkñúgEpñkTMenIb. lMhUrenHGacRbRBitþeTArhUtdl;R)ak;cMNUlCamFümenAkñúg
vis½yTaMgBIresμIKña. EtedaysarenAkñúgEpñkTMenIbR)ak;bMNac;Gb,rimaEdl)anpþl;
eGaysßitenAelItulüPaBR)ak;bMNac;EdlCaesdækic©srubenaH¬=tulüPaBR)ak;bMN
ac;énvis½yTaMgBIr¦. dUcenHmanEtmYyEpñkénkMlaMgBlkmμEdlRtUv)anbMlas;TI
enaH GacrkeXIjnUvkEnøgkargarenAkñúgEpñkTMenIb³ shRKasénEpñkTMenIbRtUv)an
pÁt;pÁg;edaykMlaMgBlkmμ manPaBeRcInCagEdlshRKasenaHtMrUvkarcMeBaHGRta
R)ak;bMNac;Edl)anpþl;eGaymYy. TaMgenHsßitenACaRBwtþikarN_én {unlimited
supply of labour}.
PaBKμankargareFVIedaycMhrenH naMeTAeGaymanPaBkan;EtGaRkk;eLIgén
karEbgEckR)ak;cMNUlrvagbuKÁl eRBaHfaTMhMénPaBRkIRkdac;xatnwgekIneLIg.
kMlaMgBlkmμNaEdl)anpøas;bþÚreTAEpñkTMenIbenaH mann½yfaeKRtUv)ankat;pþac;
BIkarFanara:b;rgénsgÁmEdlCaRbéBNIén clan rbs;xøÜnEdlCaGñk)anFanra:b;rg

Cajwkjab;nUvkMritpÁt;pÁg;RKb;RKan;mYy. kalNakMlaMgBlkmμenaH BMurk)ankEnøg
eFVIkarenAkñúgEpñkTMenIbeT enaHsßanPaBrbs;xøÜnkan;EtmanPaBGaRkk;F¶n;F¶reLIg.
R)ak;cMNUlrbs;eKFøak;cuHya:geRcIneTAkñúgRBMEdnRkIRkdac;xat. dUcenHTVikniym
k¾man\T§iBlpgEdreTAelIkarxUtxaténneya)aykarEbgEck.
eRkABIenH\T§iBlEdlGviC¢maneTAelIeKalbMNgénPaBlUtlas;k¾bNþal
mkBI kalNamankarcab;ykviFankarN_neya)ayGPivDÆn_Edlcg;bnßynUvlT§pl
sgÁménPaBKμankargareFVIedaycMhrenaH. hirBaØbTanénkmμviFIenHsMerc)anecj
mkBImeFüa)ayEdl)anbgðÚreTAelITisedAvinieyaK. cMeBaHTMhMEdlmanbMrugTuk
énmeFüa)ayrdæedayqøgkat;TisedAvinieyaKenH eFVIeGayTMhMénhirBaØvtßúvinieyaK
epSgeTotfycuHel,Ón nigkarbegáItTunRtUvBnüWtkñúgkrNIEdlBMuRtUvmankarTUTat;
énkar)at;bg;vinieyaKenHedaykareRbIR)as;énplitkmμx<s;mYyenaH.
drabNasmaCikRKYsarenAkñúgEpñkRbéBNIenAEtBuMRtUvTajecjedaypÞal; rWeday
RbeyalsMrab;]btßmÖénsmaCikrbs;xøÜnEdl)anpøas;bþÚreTAEpñkTMenIb)anenaH
kar]btßmÖénrdæelIPaBKμankargareFVIedaycMhrenaH naMeTAeGaymankarfycuH
mYyénel,ÓnrIklUtlas; ³ dUcenHTVikniym bgáreGaymankarraraMgénPaBrIklUt
las;.
3> kareGaytMélCabBa©b;
KMnitEdl)anbkRsayfakarEbkExJksgÁm nigesdækic©EdlminGacERbRbYl
)anenAkñúgRbeTskMBugGPivDÆn_mankarCMTas;eTAnwgcMeNHdwgénviTüasaRsþsgÁmfμI
² Edlyl;farcnasm<½n§sgÁmnImYy²GacrIklUtlas;CaRbvtþsaRsþ nigCamYy
enaH k¾GacERbRbYl)anpgEdr. dUcenH rcnasm<½n§TVikniymBMubgðajeGayeXIjnUv
éf¶ Ex EdlminGacEkERb)aneLIy eRkABIenHrcnasm<½n§enH)anbgðajeGayeXIj
nUvPaBBit (fact) mYyEdlGacEkERb)an. rcnasm<½n§enH KWBMuEmncariklkçN³
FmμCatienAkñúgKMnti énPaBsμúksμaj (complexity) EdlBMuGacedaHRsay)anenaHeT.
eRkABIenH vaKWCakarpSarP¢ab;bEnßmelIKñaénktþarcnasm<½n§EdlmanRckénkarERb
RbYl)an. dUcenHehIyesdækic©sgÁmTVikniymBMuEmnCa {dMNak;kalbBa©b;} enaH
eT,Iy. eRkABIenaHvaCa {dMNak;kalGnþrkal} énkarGPivDÆn_EdlCaBitR)akd
nwgeFVIeGaymankarlM)akdl;karGPivDÆn_. k¾b:uEnþvaCadMNak;kalEdlGacRtUvCMnH
)anCamUldæan.
sMrab;müa:geTotkarEbkExJksgÁm nigesdækic©enAkñúgRbeTskMBugGPivDÆn_xøH
BMusIuCMerAEdlfaskmμPaBeTAvijeTAmk rWskmμPaBGnþr³NamYyrvagEpñkesdækic©
nImYy²RtUv)anbdiesdæenaHeT,Iy. CakarBitTMnak;TMngGb,rimaekIteLIgrvagEpñkén
TVikniymEdlGaceFVIeGaymaneLIgnUvskmμPaBekIneT,Igénesdækci©Gnþr³enaH.
skmμPaBGnþr³enH GacRtUveFVIeGayekIneLIgeTACasmahrNkmμesdækic©srub)an
CamYynwgkareRbIR)as;viFankarN_sgÁm nigesdækic©smRsb. CakarBitRbeTs
]sSahkmμbc©úb,nñk¾)anqøgkat; nig)anCMnHnUvdMNak;kalGPivDÆn_CalkçN³
TVikniymenHEdr.
neya)ayesdækic©mYyEdl)aneRbIR)as;sMrab;eKalbMNgCMnHénTVikniyme
nHRtUvEtcat;EcgedaHRsayEpñkTMenIb nigEpñkRbéBNIepSgBIKña eRBaHedaymUl
ehtufalkç½NÐrcnasm<½n§rbs;vaTaMgBIrmanPaBepSgBIKñaTaMgRsug. pÞúyeTAvij
lT§PaBviFankarN_CamUldæanNaEdltMrg;TissMrab;RTRTg;énTMnak;TMngEdlCaEpñ
kGnþr³BMuGaceFVIeGaymankarERbRbYlénTVikniymenaHeLIy.
E. karGPivDÆn_ nigTMnak;TMngesdækic©GnþrCati
1> cMNab;GarmμN_CadMbUg
CamYykarviPaKmkdl;;RtwmenH KW)anTajEtmUlehtuesdækic©kñúgRbeTs
sMrab;karBnül;BIkarGPivDÆn_Etb:ueNÑaH. eyageTAtamKMniténesdæviTUCaeRcIn)an
bkRsayeGayeXIjfaTMnak;TMngesdækicG© nþrCatimanGtßn½yya:gsMxan;cMeBaHka
rbkRsayénkarGPivDÆn_. RbB½n§BaNiC¢kmμenHman\T§iBltYya:gCakarxMRbwgERbg
énkarGPivDÆn_Edl)anGnuvtþne_ dayecjBIkMlaMgxønÜ ÉgpÞal;énRbeTskMBugGPivDÆn_
KWBMuRtwmEtRtUvbnßykarGPivDÆn_eT EtCajwkjab;EfmTaMgeFVIeGayexÞcxÞIénkar
GPivDÆn_rbs;RbeTsenHEfmeTot TnÞmw nwgpÞúyeTAvij RbeTs]sSahkmμGacbegánI
el,ÓnénkarGPivDÆn_rbs;eKbEnßmeTotedayTMnak;TMngesdækic©GnþrCatienH.
sMrab;sikSarcnasm<½n§én\T§iBlEdlGacecjBITMnak;TMngesdækic©GnþrCatie
TAelIkarGPivDÆn_RbeTsmYy eKRtUvsegátemIleTAelItulükarénkarbg;R)ak;Edl
RtUvcat;TukCamUldæanénkarsikSaenH. tulükarénkarbg;R)ak;enH eGayniymn½y
Cakarkt;RtaénRbtibtþikaresdækic©TaMgGs; (all economical transactions) rvag
RbCaBlrdæ rdæaPi)al nigsßab½nkñúgRbeTs rWGñkkñúgRbeTs nigRbCaBlrdæ
rdæaPi)al nigsßab½neRkARbeTs rWCnbreTs sMrab;kMLúgeBlkMNt;mYy. tulükar
enHbgðajdUckñúgrUbPaBxageRkam ³
tulükarénkarbg;R)ak;
1. karnaMecjénplitpl nigesva:kmμ 4. karnaMcUlénplitpl nigesva:kmμ
2. karnaMcUlTun ¬=karekIneLIgén 5. karnaMecjTun ¬= karekIneLIgéntMrUvkar
bMNulbreTs¦ ¬kMcI¦breTs
3. karfycuHénrUbIyb½NÑbMrug 6. karekIneLIgénrUbIyb½NÑbMrug
TUrelx 1 nig 4 qøúHbBa©aMgGMBITMnak;TMngBaNiC¢kmμCamYybreTs RBmCa

mYyTUrelx 2 nig 5 qøúHbBa©aMgGMBITMnak;TMng\NTan. eyageTAtamenH eKeGab
RkesabTUrelx 1 nig 4 CatulükarénkarbMeBjkarplit nigTUrelx 2 nig 5
CatulükarTun. eRBaHfatulükarénkarbg;R)ak;RtUv)anbegáIneLIgeTAtameKal
karN_KNnItulükar nigCamYyenaHCanic©CakalRtUvmantulüPaB. dUcenH
smtulüéntulükarénkarbMeBjkarplitnImYy²EdlBMuRtUv)aneFVIeGaymantulüPa
BedaysarsmtulüEdlmanTMhMdUcKñamYyéntulükarTunenaH )anCH\T§iBleGay
mankarERbRbYlénrUbIyb½NÑbMrugénRbeTsEdlCYbRbTHenaH. kalNaeKeGab
RkesabkarERbRbYlénrUbIyb½NÑeTAkñúgtulükarTun enaHeK)ansMrab;tulükarénkar
bg;R)ak;nUvTMnak;TMngkarnaMecj (X) + karnaMecjTun (CM) = karnaMcUl (M) +

karnaMecjTun (CX).
rW k¾
CM – CX = M-X
smtulüén smtulüén
tulükarTun tulükarbMeBjkarplit
eyageTAtamrUbmnþxagelI smtulüénEpñktulükarTaMgBIr Canic©CakalRtUv
EtesμIrKña³ smtulüGkmμenAkñúgtulükarbMeBjkarplit (M > X) mann½yCasV½y
RbvtþiCasmtulüskmμenAkñúgtulükarTun TaMgenHmann½yfakarTTYlyk\NTan
suT§mYyBIbreTs (CM > CX).
smtulüskmμmYyenAkñúgtulükarbMeBjkarplit (X > M) naMeGaymann½y
CasV½yRbvtþiCasmtulüGkmμenAkñúgtulükarTun. TaMgenHmann½yfa karpþl;\N
TansuT§eTAbreTs (CX > CM).
dUcenHcMeBaHkareqøIytbénsMnYrEdlCaTMnak;TMngesdækic©GnþrCatiEdlfam
an\T§iBlGviC¢maneTAelIdMeNIrkarGPivDÆn_énRbeTsmYyenaH eKRtUvEbgEckrvag
\T§iBlénBaNiC¢kmμGnþrCatiEdlTak;TgeTAnwgRbtibtþikar (transaction) enAkñúg
tulükarbMeBjkarplit nig\T§iBléncracrTunGnþrCati ¬=cracrTunenAkñúgtulükar
Tun¦.
2> ]naPivDÆn_CalT§plénBaNiC¢kmμGnþrCati ?
2>1> rcnasm<½n§BaNCi¢kmμeRkARbeTsénRbeTsnImYy²
2>1>1> lkç½NÐBaNiC¢kmμGnþrCati
sMrab;kareqøIyénsMnYrEdlfa ]naPivDÆn_GacCalT§plénBaNiC¢kmμGnþr
Cati KWlkçx½NÐcMbgCakarBnül;énmUlehtuNaEdltMrUveGayRbeTsmYycUlrYm
pøas;bþÚrTMnijGnþrCati. dUcenH xageRkamenHRtUvbgðajnUvbMNkRsayEdlnaMeTA
eGaysMrab;Bnül;énKuNsm,tþiénBaNiC¢kmμeRkARbeTs.
karTTYlykénTMnak;TMngesdækic©GnþrCatibkRsayCaKuNsm,tþi kalNa
RbeTsmYyedaysarmUlehtubrikçaFnFanrbs;eK KWBuMsßitenAkñúgsßanPaBsMrab;
plitnUvplitplkMNt;mYy nigsMrab;karbMeBjkarplit eTaHbICatMrUvkarén
plitplenaHekItmank¾eday. BaNiC¢kmμeRkARbeTsbMerICamYyenaHnUvkarbM)at;
ecalénkarpÁt;pÁg;d¾ceg¥ótenaH³ plitpl nigkarbMeBjkarplitEdlmansßitenA
kñúgRbeTsmYyelIslb;edaymUlehtuénPaBpþac;muxénkarmanbMrugTukGacRtUv)an
naMecj nigpøas;bþÚrTl;nwgplitpl nigkarbMeBjkarplitenAkñúgRbeTsmYy Edl
xVHxatrbs;Gs;TaMgenaH eRBaHedaysarmUlehtukarxVHxaténkarmanbMrugTukenaH.
CamYynwgkarCYyénBaNiC¢kmμeRkARbeTsenH karGPivDÆn_k¾)anbM)at;nUv
PaBd¾ceg¥ótenHya:gticbMput)anxøH²Edr kalNakarCYyenH)anCYbRbTHnUvplit
pl nigkarbMeBjkarplitEdlGaceFVIBaNiC¢kmμ)an. lT§plenHkan;EtekIneLIg
kalNaeKBicarNaeTAkñúgcMenHdwgcat;Ecg nigbec©keTsEdlpSarP¢ab;eTAnwg
plitplCaeRcInenaH.
karepÞrenHGacBRgIklT§PaBénplitkmμénRbeTsmYyEdlenAkñúgenaHvapþl;
nUvlT§PaBkarekgcMenj rWkareRbIR)as;l¥RbesIrmYyéncMnYnktþaplitkmμEdl
manbMrugTuk. PaBKuNsm,tþiénBaNiC¢kmμeRkARbeTsBMumanRBMEdnRtwmEtkarpøas;
bþÚrTMnijEdlekIteLIgedaysarPaBmanpþac;muxénkarbMrugTukenaHeT. bEnßmBIelI
enHeTot BaNiC¢kmμeRkARbeTspþl;pgEdrsMrab;RbeTsEdlcUlrYmnUvKuNsm,tþi
kalNaplitplEdlRtUveFVIBaNiC¢kmμRtUvGacplitenAkñúgRbeTsTaMgGs;)an.
enAkñúgkrNIqøgkat;CMnajnIykmμGnþrCatiEdlekIneLIg PaBrIklUtlas; rWPaBrIk
cMerInénédKUrBaNiC¢kmμeRkARbeTsTaMgGs;GacRtUvekIneLIg. sMrab;bBaðaenH
RbeTsEdlCYbRbTHenaH RtUvnaMcUlnUvplitplNaEdlenAbreTs KWefakCag
enAkñúgRbeTsrbs;xøÜn ehIyCakarRbtibtþiTl;vij KWplitplNaEdlsMrab;naM
ecjTal;EtéføenAkñúgRbeTssßitenAeRkaméføenAeRkARbeTs enaHebIsinNaCa
eKcg;eFVIkareRbobeFob.
dUcenHRbeTsnImYy²eFVICMnajnIykmμeTAelIplitplNaEdléføkñúgRbeT
srbs;vamuneBlTTYlykénBaNiC¢kmμeRkARbeTssßitenAeRkaméføEdleRbobeFo
benAelITIpSarbreTsenaH. karcMeNjénPaBlUtlas; rWPaBrIkcMerInEdlCa
lT§plecjBICMnajnIykmμGnþrCatienH TajeGayeXIjfa lT§PaBénkareRbI
R)as; rWcMnucénkareRbIR)as;GacRtUveFVIeGayBitR)akd)an edayeGaysßitenA
eRkAénRkahVik rWrcnasm<½nénlT§PaBplitkmμrbs;Cati ¬=karbgðajénrcnasm<½n§
plitkmμEdll¥RbesIrCamYy nwgplitplGnþrCati¦. PaBBuMRsbKña (discripancy)
rvagrcnasm<½n§énkareRbIR)as; nigénplitkmμenH GacbM)at;ecaledaysar
BaNiC¢kmμeRkARbeTs ³ TaMgGs;enHeFVIeGaymankarekIneLIgénPaBlUtlas; rW
PaBrIkcMerInenAkñúgRbeTsenaH.
P¢ab;CamYyenHBaNiC¢kmμGnþrCatik¾GacekIteLIgpgEdr kñúgkrNIénplit
plEdlmindUcKña ¬EdlminesμIsac; = heterogeneity¦ kalNaBMumanPaBxusKñaén
éførvagRbePTplitplEdl)anKitKUrenaH. cMeBaH subjects esdækic©CaeRcInkar
sMerccitþénkarTijGaRs½yeTAnwgTMhMénPaBxusKñaénKuNPaBCaBitR)akd rWk¾
edaykarsnñidæan. eyageTAtamPaBxusKñaénKuNPaBenH plitplbreTsk¾RtUv
)anTijpgEdr kalNaplitplenaH KWéføCagplitplkñúgRbeTsEdldUcKña
enaH. dUecñH esdæviTUeGaydMbUnμanfa ³ cMeBaHkarBnül;bkRsayénTisedA nigTMhM
énBaNiC¢kmμeRkARbeTsCamYynwgplitplenH PsþútagénbMNkRsayk¾RtUvpSMpÁMú
CamYynwgkarviPaKénRTwsþIéføpgEdr. eyageTAtamcMeNHdwgEdlmanrhUtmkdl;
eBlenH karBicarNaeTAelIKuNPaBénplitplEdleFVIBaNiC¢kmμGnþrCatienH
elcecjnUvGtßn½ykan;EtxøaMgCamYynwgPaBlUtlas;kan;EtekIneLIgénesdækic©
eRBaHfarcnasm<½n§tMrUvkarGnuBaØatikan;EtminesμIsac; (heterogeneus) nigPaBxus
Kñaénplitpl k¾dUcCakarTamTarénKuNPaBGnuBaØatikan;EteRcInEfmeTot kal
NaR)ak;cMNUlénRbCaCnmñak;² (per capita) enAkñúgRbeTsEdlCYbRbTHenaHkan;
Etx<s;.
2>1>2> karbkRsayedayRTwsþIBiesaFniym (empirical finding)

TIenHelIkeLIgenAkarecaTsYreTAelIkarrkeXIjedayBiesaFniyménlkçx½
NÐénBaNiC¢kmμGnþr³CatiTaMgbIEdl)anbgðajxagelI. TaMgenHRtUv)aneFVIkarviPaK
eTAelIcMENktMélénRbeTsTaMgbIRkumenAkñúgBaNiC¢kmμBiPBelakedayGaRs½ye
TAtamRkumTMnijsMxan;²Edl)anEbgEckeTAtam UN standard international
trade classification (= SITC). cMeBaHkarbkRsayBnül;énrcnasm<½n§naMecj
énRbeTskMBugGPivDÆn_manPaBelIslb;eTAelIbMNkRsayénkarmanbMrugénFnF
anFmμCati]TahrN_dUcCakarnaMecjFnFanFmμCati. eTAelIPaBxusKñaénéfø rWk¾
PaBxusKñaénplitplGacTajecj)anEtCaEpñkya:gtUcmYuyénkarnaMecjénRbeT
skMBugGPivDÆn_TaMgenaH.
pÞúyeTAvijPaBpþac;muxénkarbMrugTukenaH manGtßn½ytictYckñúgkarbkRsay
énkarnaMecjénRbeTs]sSahkmμ. enATIenHmanPaBelIslb;nUvéføxusKñaeday
eyageTAtamlkç½NÐéntMrUvkar nigénkarpÁt;pÁg;xusKña k¾dUcCakartMrUvkareTAtam
karpÁt;pÁg;énplitplEdlxusKñamYy. eyageTAtamkarviPaKrbs;esdæviTU )an
eGayeXIjfaTMnak;TMngBaNiC¢kmμrvagRbeTsTaMgbIRkum kt;sMKal;)anfaCakar
bMeBjKña ³ RbeTsTaMgbIRkumenaH eFVIBaNiC¢kmμCamYyKñaeTAvijeTAmkCaBiess
CamYynwgplitplNaEdlédKUrxøÜnÉgpÞal;BMuGacplit)an rWk¾BMuGacplit)anenA
kñúgKuNPaBEdlcg;)an. eyageTAtam SITC–goods groups eK)anbgðajeGay
eXIjfa rhUtmkdl;eBlenHBMumankarERbRbYlFMduMénrcnasm<½n§CMnajnIykmμenH
enAkñúgBaNiC¢kmμGnþrCatieLIy.
karrkeXIjedayBiesaFniymenH )anbgðajeGayeXIjya:gBitR)akdfa
BaNiC¢kmμGnþrCati)annaMeGayekIneLIgénR)ak;cMNUlBiPBelak. k¾b:uEnþBaNiC¢
kmμenHRtUv)anCUndMeNIredayviFIsaRsþmYyénkarEbgEckR)ak;cMNUlGnþrCatiEdl
viFIsaRsþenaH)aneFVIeGayekIteLIgnUvkarepÞrénR)ak;cMNUl (transfer of income)
BIRbeTskMBugGPivDÆn_eTARbeTs]sSahkmμ. CaTIbBa©b;BaNiC¢kmμGnþrCatienAkñúg
TMrg;sBVéf¶rbs;vaenH eGayRbeyaCn_EteTAelIRbeTs]sSahkmμb:ueNÑaH. pÞúy
eTAvijRbeTskMBugGPivDÆn_RtUv)anraraMgedayBaNiC¢kmμEbbenH cMeBaHkarxitxM
RbwgERbgkarGPivDÆn_rbs;xøÜn.
2>2> \T§iBlénkarEbgEckGMNacEdlBuMesμIKñaenAkñúgBaNiC¢kmμGnþrCati
eyageTAtamelak Perroux \T§iBlEdlraraMgkarGPivDÆn_énBaNiC¢kmμeRkA
RbeTssMrab;RbeTskMBugGPivDÆn_ekIteLIgedaysarkarEbgEckGMNacEdlBMuesμI
KñamYyenAkñúgBaNi¢kmμGnþrCati. mUldæanénRTwsþIrbs;Kat; KWCaGVIEdlehAfa
{lT§plénGMNaceKobsgát;} (effect of the domination). elak Perroux )an
eGayniymn½yénlT§plénGMNaceKobsgát;Ca\T§iBlGsmb,maNEdlBuMRtLb;
)an (= asymmetrical irreversible influence) mYyEdlesdækic© A mYyGnuvtþn_eTA
elIesdækic©epSgmYyeTot B. sBaØaNénGsmb,maN nigPaBBMuRtLb;)anenH
mann½yfa lT§plénGMNaceKobsgÁt; KWRbRBwtþeTAtamEtmYyTisedA tYya:gBI
RbeTs A eTARbeTs B nigBMuGacRtLb;vij)aneLIy. elak Perroux kt;sMKal;
A Caesdækic©EdlmanGMNaceKobsgát;eTAelI B EdlCaesdækic©RtUvrgGMNac
eKobsgát;.
lT§plénGMNaceKobsgát;GacekIteLIgrvagesdækic©CatiBIr³
a- rvagshRKasénRbeTs A nig B
b- rvagrdæ A nig B
c- rvagrdæ A nigshRKasenAkñúgrdæ B edayqøgkat;karcat;Ecgrvag
shRKasénrdæ A rWénrdæ B.
eyageTAtamelak Perroux esdækic©CatiEdlmanGMNaceKobsgát;eday
GaRs½yeTAelIlT§plénkareKobsgátE; dl)ancab;epþmI BIxnÜø eFVeI GaymanmYlehtué
nPaBBuMmansmtaenAkñúgTMnak;TMngesdækic©GnþrCati. PaBBuMmansmtaenHbk
RsayeGayeXIjenAkñúgtulükarénkarbg;R)ak; (balance of payment) énRbeTs
kMBugCYbRbTHenaH. tulükarénkarbg;R)ak;énRbeTsenaH BuMmantulüPaB)aneLIy
eRkAEtmankarbgðajnUvPaBelIslb; nigPaBxVHxat eRBaHfaesdækic©Edlman
GMNaceKobsgát;eRbIR)as;lT§plénGMNaceKobsgát;rbs;xøÜn sMrab;raraMgén
tulüPaBenaH. sMrab;CaviFankarN_ (instruments) eKobsgát;enHRbeTsEdlman
esdækic©GMNaceKobsgát;GacERbRbYlnUvTMhMénkarnaMecjTun k¾dUcCakarnaMcUl
énplitplrbs;eK.
karERbRbYlenHeFVIeyageTAtamrgVas;énkarGPivDÆn_esdækic©pÞal;xøÜnrbs;eK
. karERbRbYlenH)anepÞrPaBBMumanesßrPaBenAkñúgkarGPivDÆn_énesdækic©Edlman
GMNaceKobsgáte; GayeTAesdækci E© dlRtUv)anrgnUvGMNaceKobsgát; TnÞmw nwgkar
epÞrRtLb;mkvijeyageTAtamniymn½yénesdækic©EdlmanGMNaceKobsgát;enH
KWBMuGaceFVIRtT,b;eTAvijekIt)aneT,Iy.
Gsmb,maNcMeBaHéføeGLasÞIcCalT§plTajecjBIkarTTYlykénTMhMEd
lnaMcUlEdlrwgqáwgmYyénesdækic©EdlmanGMNaceKobsgát;. cMeBaHkarBnül;
GMBImUlehtuénkarTTYlykénTMhMnaMcUlEdlrwgqáwgenHelak Perroux )anbk
RsayfasMrab;RbeTsEdlmanGMNaceKobsgát;karnaMcUlPaKeRcInEteTAelIvtßúFa
tuedIm nigplitplksikmμ eRBaHfaRbeTsenHsMrab;plitpl]sSahkmμ KWman
]tþmPaBesdækic©Cabec©keTsd¾elIslb; EdlCaehtueFVIeGayGñkpÁt;pÁg;breTsBMu
manP½BVsMNagénkarlk;plitpl]sSahkmμenAelITIpSarkñúgRbeTsrbs;eKeLIy
.
ehtuenH GñkpÁt;pÁg;breTs ¬RbeTs B¦ KWBMusßitenAkñúgsßanPaBsMrab;sMerc
)annUvkarfycuHénkarbg;tMélkñúg 1 ÉktaplitplEdlCaktþaTamTarsMrab;
smtßPaBRbkYtRbECgGnþrCati edIm,IeFVIkarBRgIkTIpSarrbs;xøÜnenaH)aneT,Iy.
cMeBaHvtßúFatuedIménRbeTsEdlRtUvrgGMNaceKobsgát;EdlRtUv)annaMcUledayRb
eTsmanGMNaceKobsgát;éførbs;vaBMuERbRbYleLIy eRBaHvapSarP¢ab;eTAnwgTMhM
plitkmμEdl)aneFVIEpnkarrYc nigCaBiessmankarRbkYtRbECgBIRbeTsEdlRtUv
rgGMNaceKobsgát;epSgeTot. dUecñHemkanicénéføplitplTaMgenaHBMumandMeNIr
kareLIy.
cMeBaHemkanicénR)ak;cMNUlsMrab;RbeTs B k¾BMuekItmantulüPaBEdr.
PaBnaMecjelIslb;enAkñúgkMlugeBlmYy CH\T§iBlCaBitR)akdnUvkarekIneLIg
énR)ak;cMNUlCati nigénTMhMénkargar. k¾b:uEnþpÞúyeTAvijTMhMénkarnaMcUlEdl
GacbgármkBIkarekIneLIgenH BIRbeTsesdækic©EdlrgGMNaceKobsgát;GaRs½y
EteTAnwgGRtanaMcUlEdlmancMnYntictYceTAkñúgesdækic©Catirbs;RbeTsEdlmanGM
NaceKobsgát; ¬RbeTs A¦ Etb:ueNÑaH eRBaHedaysarEtRbeTs A eKmanTIpSar
sMrab;kñúgRbeTsd¾FM nigkarpÁt;pÁg;xøÜnÉgd¾x<s;rbs;eKrYceTAehIy. dUcenHTnÞwm
nwgPaBKμanénemkanicéfø rWk¾PaBKμanénemkanicGRtabþÚrR)ak; tulüPaBénR)ak;cMNU
lk¾KμanEdrsMrab;RbeTs B.
CaTIbBa©b;emkarnicénkarR)ak;k¾BMu)anekIteLIgEdr eRBaHfaRbeTsEdlman
GMNacesdækic©eKobsgát;CaFmμta)anbgçaMgnUvlMhUrénrUbIyb½NÑeGayenAEtkñúgF
naKarkNþalrbs;eK. TaMgenHGnuBaØatieGayeKrkSa)anenAkñúgédnUvlT§plKuN
sm,tþiEdlfaTunRtUv)anvinieyaKenAkñúgesdækic©CatipÞal;xøÜnrbs;eK. edaysar
bBaðaenH karnaMecjénTunEdlsVyt½ BIesdækci E© dlmanGMNaceKobsgátR; tUv)an
raraMg ehIyCalT§PaBeTot karvinieyaKeRkARbeTsxøHk¾RtUv)anehARtLb;mkvij
nigRtUv)aneRbIR)as;CameFüa)aysMrab;RbtibtþikarénkarvinieyaKkñúgRbeTsrbs;eK
vij.
etIlT§plNamYybgðajecjBITMnak;TMngenH? eRBaHvaBMumanRbtibtþikar
CMnYjsVy½tnaMeTAeGaymandMeNaHRsayénPaBsmtaeT,Iy ehtuenHnaMeGay
RbeTsEdlmanGMNacesdækic©eKobsgát;EdlCaGñkTTYl)ankareRbIR)as;l¥Rbe
sIrBIrcnasm<½n§esdækic©BiPBelakenH RtUvTTYlyknUvRbtibtþikarCMnYjEdlRtUv
bgáreLIgenH eTAbMeBjnUvcenøaHRbehagGviC¢manEdl)anerobrab;xagelIenaH.
manEtkarRbtibtþidUcya:genHeT eTIbBaNiC¢kmμeRkARbeTsenAkñúgTMrg;EdlRbeTs
manGMNacesdækic©eKobsgát;xitxMRbwgERbgcg;)anenaH GacsßitenAKg;vgS)an
nigenAkñúgTMrg;enHeTotesatRbeTsmanGMNacesdækic©eKobsgát;GacbnþnaMcUlen
AkñúgTMhMcaM)ac;énvtßúFatuedIm k¾dUcCaGacnaMecjnUvplitpl]sSahkmμrbs;xøÜn
bnþeTot. CaRbtibtþikarCMnYjEdlRtUvbgáreFVIeLIgenH CacMbg KWCaclnaTunEdl

Cajwkjab;RtUv)aneFVIeLIgCaTMrg;énCMnYyéntulükarénkarbg;R)ak; rWk¾CaTMrgén
CMnYyGPivDÆn_ (= development aids) edayRbeTsEdlmanGMNacesdækic©eKob
sgát;eFVIeTAelIRbeTsEdlRtUvrgGMNaceKobsgát;.
RbtibtþikarenH manParkic©rkSaeGaynUvnwgnrénsmtßPaBénkarbg;R)ak;én
RbeTsEdlRtUvrgGMNacesdækic©eKobsgát;enaH. CamYyenaH TaMgenHGacmanCa
TMrg;énR)ak;kMcIEdlmankarR)ak;tictYc rWk¾KμankarR)ak;. k¾b:uEnþTaMgGs;enHsMrab;
RbeTsEdleGayx©I dUcya:gCaRbeTsEdlmanesdækic©eKobsgát;enaH nUvEtGac
cMeNj)anCanic©. TinñplBitR)akdrbs;eKsßitenAelIkarTukeGayenAdEdlén
rcnasm<½n§BaNiC¢kmμeRkARbeTsEdlmkdl;eBlenH k¾dUcCakarTukeGayenAkñúg
sßanPaBdEdlénkarekIneLIgénGMNacesdækic©rbs;RbeTsdéTeTot³
rcnasm<½n§esdækic©BiPBelakEdl)anekIteLIg RtUvkøayCarwgqáwgdUcsIum:g;
ebIsinNaRbeTsEdlrgGMNacesdækic©eKobsgát;enaHBMumankarEkrTMrg;NamYye
nAkñúgrcnasm<½n§BaNiC¢kmμeRkARbeTsrbs;xøÜn.
2>3> \T§iBlénlT§pl Backwash GnþrCati
TnÞwmnwgelak Perroux )anbkRsayRTwsþIrbs;xøÜneTAelITisedAKuNvib,tþi
énBaNiC¢kmμeRkARbeTssMrab;RbeTskMBugGPivDÆn_ eTAelIkarTTYlykénkarEbg
EckGMNacBMuesμIKñamYyenAkñúgBaNiC¢kmμGnþrCati elak Myrdall )anbkRsay
KuNvib,tþienH eday\T§iBlénlT§pl Backwash.
kalNaeKbkRsayRTwsþIrbs;Kat; eTAelI\T§iBlénTMnak;TMngesdækic©Gnþr
CatienaH RTwsþIenaHmann½yfakarhUrecjktþaplitkmμGnþrCatiecjBIRbeTskMBug
GPivDÆn_eTARbeTs]sSahkmμ. qøgkat;bBaðaenH skþanuBlénkarGPivDÆn_én
RbeTsGñkmankan;EtrIkFMFat; TnÞwmnwgenaHkarTMlak;bnÞúkeTAelIRbeTsRkIRkk¾
ekIteT,IgEdr. dMeNIrkarenH manninñakarEdlBMuGaceFVIeGaymantulüPaBxøÜnÉg
)aneLIy eRBaHedaysarkarekIneLIgénPaBep¥ógeRTténkarGPivDÆn_EdlbNþal
mkBIclnaktþaplitkmμ nigclnaplitplGnþrCatienH.
ninñakarenHkan;EteFVIeGayekIneLIgéndMeNIrkar tYya:gPaBkan;EtlUtlas;
enAkñúg]sSahkmμ nigPaBkan;EtedIrfyeRkayenAkñúgRbeTskMBugGPivDÆn_.
TnÞwmnwgdMeNIrkarenH bgðajnUvlT§plviC¢mansMrab;RbeTs]sSahkmμ dMeNIrkar
enHk¾pþl;eGaysMrab;RbeTskMBugGPivDÆn_nUvlT§plGviC¢manEdlCaGVI EdleKehA
fa {backwash effect}. CacMbgmankarhUrecjnUvRkumRbCaCnNaEdleCOfa
edayeyageTAtamsmtßPaBbMeBjkarplitrbs;xøÜn eKGacmansmtßPaBRbkYt
RbECgenAkñúgRbeTsEdlnwgbnøas;TIlMenAeTAenaH. k¾b:uEnþRkumenHk¾RtUvcaM)ac;pg
EdrsMrab;karGPivDÆn_enAkñúgRbeTsedImkMeNItrbs;xøÜnenaH.
clnaénTunGnþrCatik¾lMeGogpgEdrsMrab;karRTRTg; nigbegáItEfmeTotnUv
dMeNIrkarén (= backwash effect) enH. TaMgenHmann½yfa enAkñúgmNÐlcMnuc
kNþalénkarpÞúHénkarlUtlas;esdækic© kartMrUvkarplitplEdlekIneLIg)aneFVI
eGaymankarCMrujkarvinieyaKenAkñúgTMhMd¾x<s;pgEdr. lT§plénkarekIneLIg
EdlekIteLIgmkBIbBaðaenH eFVIeGaykan;EtFMEfmeTotnUvR)ak;cMNUl nigtMrUvkar.
edaysarbBaðaenH karekIneLIgénkarvinieyaKbEnßmeTot RtUvbNþaleGaymankar
vieyaKekInmaneLIgEfmeTot ehIynwgeRcInEfmeTot. ehtuenHehIyTunRtUvhUr
eTAkñúgtMbn;EdlmankarpÞúHénkarlUtlas;esdækci e© naH dUctYya:gkñúgRbeTs
]sSahkmμCaedIm. dUcenH karbegáInel,ÓnénkarGPivDÆn_énRbeTs]sSahkmμ
k¾RtUv)anCYyErkBn§edayRbeTskMBugGPivDÆn_EdlenAnwgfál;enaHEdr.
eyagtamelak Myrdall cracrTMnijGnþrCatik¾begáInkarcMeNjeTARbeTs
]sSahkmμeRcInCageTARbeTskMBugGPivDÆn_pgEdr. TaMgenHmann½yfakarBRgIk
énTIpSarEdlbegáItedaysarkarTTYlyknUvBaNiC¢kmμeRkARbeTs eFVIeGaykan;Et
xøaMgeLIgCadMbUgRbeTsEdlmankarrIkcMerIn niglUtlas; ehIyEdl]sSahkmμ
rbs;eKbgðajnUvPaBEdlmaneRbobénkarGPivDÆn_enaH. RbeTsRkIRkBuMmansgÇwm
sMrab;)anenAPaBman]tþmPaBénkarGPivDÆn_dUcRbeTs]sSahkmμedayqøgkat;nUv
karbegáInkarGPivDÆn_]sSahkmμmYyrbs;xøÜnenaHeLIy. PaKeRcInsMrab;RbeTs
kMBugGPivDÆn_ekIteLIgeRKaHfñak;Edlfa ]sSahkmμFuntUcrbs;eK k¾dUcCasib,kmμ
RtUv)anbBaÄb;edaysarkarRbkYtRbECgénTMnijnaMcUlBIRbeTs]sSahkmμ kal
NaeK BMu)ankarBarvaedayviFankarN_énkarkarBarBaNiC¢kmμNamYyenaHeT.
lT§plviC¢manEdlecjBIBaNiC¢kmμGnþrCatieTAelIRbeTskMBugGPivDÆn_ekI
teLIgBIkarnaMecjénplitpldMbUgEdlecjBIvis½yEr: nigksikmμ. plitplenH
GPivDÆn_eTACaEpñkya:gsMxan;énkarnaMecjrbs;xøÜn. k¾b:uEnþkarBRgIkbnþeTotén
]sSahkmμenH manRBMEdnya:gceg¥otCag]sSahkmμnaMecjénRbeTs]sSah
kmμ. k¾b:uEnþkarekIneLIgéntMrUvkarplitpldMbUgEdlecjBIRbeTskMBugGPivDÆn_
KWmancMnYntictYceT eRBaHvaeyageTAtamc,ab;rbs;elak Engel “Engel’s theory”
KWeGLasÞIcénR)ak;cMNUléntMrUvkareRKOg]bePaK nigbriePaKEdlecjBIksikmμ
eTAkñúgRbeTs]sSahkmμmantictYcNas;. k¾mancMnYnnaMecjdUcKñaenHEdr sMrab;
]sSahkmμsMelokbMBak; nigvaynþP½NÐEdlplitecjBIvtßúFatuedImksikmμ.
eRkABIenHtMrUvkarénvtßúFatuedImdéTeTot eTaHbImankarekIneLIgénvis½y
]sSahkmμenAkñúgRbeTs]sSahkmμk¾eday tMrUvkarrbs;vak¾fycuHEdr eRBaHeday
sarPaBrIklUtlas;énbec©kviC¢aEdlmanenAkñúgRbeTs]sSahkmμ. qøgkat;PaB
rIklUtlas;enH Gacpþl;lT§PaBeGayeKeRbIR)as;vtßúFatuedImnaMcUlenaH eday
sniTankmμ ]TahrN_kareFVI recycle énplitpleRbIR)as;cas;² nigeKGac
begáItnUvlT§PaBCMnYsCaeRcInénvtßúFatuedImFmμCatiedayvtßúsMeyaKBIKImIenAkñúgRbe
Ts]sSahkmμTaMgenaH. ehtudUcenH eGLasÞIcR)ak;cMNUlsMrab;vtßúFatuedIm KW
EpñkxøHtictYcCageGLsÞIcsMrab;plitplsMercEdlplitecjBIvtßúFatuedImenaHeT
AeTot.
2>4> ]naPivDÆn_CalT§plénkarfycuH {terms of trade}?
2>4>1> Prebisch-Singer-niekçbTénPaBkan;EtGaRkk;én {terms of trade}
TaMgRTwsþIGMNacesdækic©eKobsgát;rbs;elak Perroux k¾dUcCaRTwsþI
backwash effect rbs;elak Myrdall )anBnül;enAkñúgPaBBitnUvKuNvib,tþién
BaNiC¢kmμGnþrCaticMeBaHRbeTskMBugGPivDÆn_. dUcenH karTieTonCakitþiyseTAelI

RTwsþITaMgBIrRtUvEtcab;epþImCamYynwgkarRtYtBinitüeLIgvijedayCaBiesaFniym
(empirical controlling) énbMNkRsayrbs;Kat;TaMgBIrGñkenaH. enATIenHeK
TamTarsMrab;karvas;nUvlT§plénGMNaceKobsgát; k¾dUcCa backwash effect nig
sMrab;kareRbobeFobCamYynwgel,ÓnénkarGPivDÆn_Edlel,ÓnenaHGacRtUvKitCas
nÞsSn_CaTUrelx)an edayqøgkat;karekIneLIgénR)ak;cMNUlsMrab;buKÁlmñak; (per
capita). k¾b:uEnþ karRtYtBinitüCaBiesaFniymenH BMuGacmanlT§PaB)aneLIy
TaMgenAkñúgRTwsþIénlT§plénGMNaceKobsgát;EdlCaRTwsþIrbs;elak Perroux
k¾dUcCa backwash effect EdlCaRTwsþIrbs;elak Myrdall. d¾rabNalT§pl
(effect)EdlCasñÚlénRTwsþIrbs;GñkesdæviTUTaMgBIrBuMGacvas;)anenaH dUcenHRTwsþI
TaMgBIrk¾BMuRtUvGaceFVIkarRtYtBinitü)anEdr. TaMgenH)ann½yfaRTwsþIenaHBuMman
Gtßn½yCaBiesaFniymeLIy.
elak Prebisch nigelak Singer )ansakl,gbM)at;karxVHxatTaMgenH.
karxitxMrbs;GñkesdæviTUTaMgBIr KWkarxitxMRbmUlpþMúén\T§iBlEdlCaKuNsm,tþi
énBaNiC¢kmμeRkARbeTscMeBaHRbeTskMBugGPivDÆn_CamYynwgkarCYyénGaMgDIkaT½r
EdlGacvas;EvgCalkçN³BiesaFn_niym)an nigRsbCamYyKñaenH k¾manGtßn½y
esdækic©eBjeljEdr. CaGaMgDIkaT½rEdlsmRsbsMrab;vas;EvgénkarcUlrYm
GPivDÆn_énBaNiC¢kmμeRkARbeTsenaH GñkesdæviTUTaMgBIr)anBicarNaeTAelI
snÞsSn_énBaNiC¢kmμ {terms of trade (=ToT)”. ToT CaplEckrvagsnÞsSn_
(=index) éføénplitplnaMecj (=P ) nigsnÞsSn_ (=Index) éføénplitpl
X
naMcUl (=P ) énRbeTsmYy ³

M
ToT = PX / PM
ToT )anbgðajeGayeXIjfa etIcMnYnÉktab:unμanénplitplnaMcUlEdl

RbeTsmYyTTYl)anenAkñúgkarpøas;bþÚrTl;nwgmYyÉktaénplitplnaMecjénRbeT
senaH. enAkñúgRkahVikxageRkam)anbgðajeGayeXIjnUvExSekag production
possibility frontier (=PPF) BCD énRbeTs A. PPF BCDenH )anb:HeTAnwg
bnÞat; ToT ¬=bnÞat;éføTIpSarGnþrCati¦ Rtg; C. C bgðajnUvcMnucplitkmμrbs;Cati

rWrbs;RbeTsmYy TnÞwmnwgcMnuctMrUvkarrbs;Cati rWrbs;RbeTsmYyenaHsßitenARtg;
cMnucEdlbnÞat; ToT b:HnwgcMnucGb,rimaénExSekag indifference curveénsgÁm
(social indifference curve rW social utility curve) enARtg;cMnuc V.
PaBxusKñarvagcMnucplitkmμ C nigcMnuctMrUvkar V tMrUveGayRbeTsenaHeFVI
BaNiC¢kmμeRkARbeTs edaynaMecjnUvÉktaCGénplitpl X nigpøas;bþÚrvaeday
eyageTAtam ToT Tl;nwgÉkta GV énplitpl Y (= naMcUlénplitpl Y).
RbQmTl;nwgsßanPaB autarky RbeTsenaHGacsMerc)anRtwmEtExSekag
indifference curve J . ehtuenHeyIgsegáteXIjfaenAkñúgkrNIEdlman
1
BaNiC¢kmμeRkARbeTs eFVIeGayRbeTsenaH mankarcMeNjénPaBrIklUtlas;

y:ageRcIn. TaMgenH KWkarTTYl)anya:gBitR)akdnUvniTsSn_eRbIR)as;d¾x<s; (high
utility-index) énExSekag J (indifference curve J ).
3 3
RKb;karERbRbYlén ToT CH\T§iBlEdlfa ¬emIlrUbxageRkam¦cMnucplitkmμ

k¾dUcCacMnuctMrUvkar rWeRbIR)as;RtUv)anrMkil ³ cMnucEdlERbRbYlenHRtUvkt;sMKal;
edayeyageTAtamTMnak;TMngénRBMEdnkarbg;tMél (marginal cost) rWk¾TMnak;TMng
RBMEdneRbIR)as; (marginal consumption) énplitpl X nigplitplGaRs½y
eTAnwg ToT. dUcenHkarERbRbYlén ToT CH\T§iBleGaymandMeNIrkarsMrbsMrYl
eTAelITaMgépÞ ¬rW sector¦ énGñkplit rWplitkr k¾dUcCaépÞ ¬rW Sector¦ énGñktMrUvkar
rWGñkeRbIR)as;. kalNa ToT Ca]TahrN_BMuRtUv)anbgðajCabnÞat; FE Et
RtUv)anbgðajCabnÞat; LM Edl)anKUsCacMnuc²enaHvij ¬emIlkñúgrUbxageRkam¦
enaHTaMgenH )anbgðajeGayeXIjfa cMnucplitkmμénRbeTsRtUvpþÚrmkRtg;cMnuc
N nigcMnuctMrUvkarénRbeTsRtUvpþÚrmkRtg;cMnuc K EdlsßitenAelIExSekag
indifference curve J . cMnuc K enH bgðajeGayeXIjnUvniTsSn_eRbIR)as;Edl
2
ticCagniTsSn_eRbIR)as;Rtg;cMnuc V. CalT§plkarERbRbYl ToT mann½yfa

lT§plénPaBrIklUtlas;RtUv)ankat;bnßy. karERbRbYlenHbNþalmkBIkarekIn
eT,IgéføénplitplnaMcUl Y ¬rWk¾karFøak;cuHénéføénplitplnaMecj X ¦CagbnÞat;

FE én ToT mun.
dUcenHkarfycuH ToT enH manGtßn½yCakar)at;bg;énPaBrIklUtlas; ³
eKGacniyayfaCa :PaBkan;EtGaRkk;} én ToT. karekIneLIgén ToT RtUv)anbk
RsayCakarcMeNjénPaBrIklUtlas; ³ eKGacniyayfaCa {PaBkan;Etl¥} én
ToT.
cMeBaHkarbkRsaymUlehtuénPaBkan;EtGaRkk;én ToT sMrab;RbeTskMBug

GPivDÆn_elak Prebisch nigelak Singer )anbkRsayeTAelIkarGPivDÆn_én
tMrUvkar nigkarpÁt;pÁg;EdlepSgKña³ edaymUlehtuénsm<aFRbCaCnEdlekIneLIg
k¾dUcCaPaBcaM)ac;sMrab;begáInén]sSahPavUbnIykmμenAkñúgRbeTskMBugGPivDÆn_
eGLasÞIcénR)ak;cMNUleTAelItMrUvkarénTMnijEdlCa]sSahkmμbgðajeGayeXIj
mantMélx<s;mYyTnÞwmnwgeGLasÞIcénéføeTAelItMrUvkarénplitplenaH KWTabbMput
¬=mann½yfa karnaMcUlBMuERbRbYltaméføERbRbYleT KWERbRbYltamR)ak;cMNUlkñúg
RbeTsenaH¦. TMnak;TMngpÞúyKñaxagelImansßitenAkñúgTMnak;TMngeTAelItMrUvkar
naMcUlénRbeTs]sSahkmμcMeBaHplitpldMbUg (primary products) EdlRtUv
)anpÁt;pÁg;edayRbeTskMBugGPivDÆn_ ³ plitplenH bgðajeGayeXIjnUveGLa
sÞIcénR)ak;cMNUld¾TabmYy TnÞwmnwgéføeGLasÞIcenAkñúgTMnak;TMngénkarekIneLIg
énéfømansPaBx<s; nigkñúgTMnak;TMngénkarfycuHénéfømansPaBTab (=TaMgenH
mann½yfaeKepþateTAelIKuNPaBén primary products enaH EdlsMrab;KuNPaB

enaHRbeTskMBugGPivDÆn_xøHBMuGaceFVIeGaysMerc)aneLIy).
eyageTAtamelak Prebisch KWmankarKYreGaycab;GarmμN_eTAelIktþa
plitkmμCaeRcInenAkñúgEpñkénkarpÁt;pÁg;énRbeTs]sSahkmμ. ecjBIRTwsþIEdlfa
qøgkat;karrIklUtlas;énbec©kviTüaeFVIeGayEpñkplitplsMercEdlCa]sSahkmμ
FMCagEpñkénkarpliténplitpldMbUg ¬=plitplksikmμ rWFnFanFmμCati¦. ehtu
enH karGPivDÆn_énéføedayeyageTAtamTMhMénkarERbRbYlplitPaBGacnaMeGay
manninñakarcuHefakénéføplitplkñúgEpñk]sSahkmμ. k¾b:uEnþkarvivDÆn_ rWk¾kar
GPivDÆn_enH k¾RbQmmuxTl;nwgninñakard¾x<s;énPaBpþac;muxnIykmμ (monopolize)
eTAelITIpSarplitpl nigTIpSarktþaplitkmμénRbeTs]sSahkmμEdr ³ TaMgenHva
BMuRtwmEtraraMgnUvkareGaymanbnþrnUvPaBrIklUtlas;énplitPaBeTAelIéføplitpl
b:ueNÑaHeT KWEfmTaMg ¬eTaHbImankarfycuHénkarbg;tMélEdlbNþalmkBIPaB
rIklUtlas;énbec©keTs¦ CH\T§iBleGaymankarekIneLIgénéfø EdlbBaðaenHeFVI
eGayshCIBEdlmanGMNacrbs;eKsßitenAkñúgsßanPaBeFVIkarbMElgénkarekIne
LIgénplitPaBenHeTACakarekIneLIgénR)ak;bMNac;RbcaMExsMrab;Blkrrbs;eKvi
j. qøgkat;bBaðaenH CaTIbBa©b;BMuekItmanekIteT,IgnUvkarfycuHénkarbg;tMéleT
eRkABIenHvabnþreGaymannUvkarbg;tMélplitkmμEdlefrteTAeTot ehIyEdlrYm
KñaCamYynwgkarekIneLIgénPaBpþac;muxnIykmμénTIpSarplitpl KW)anbegáIutnUv
lT§plninñakarénkarekIneLIgénéføplitplenaHdEdl.
pÞúyBIenHeTAvijplitpl]sSahkmμnaMecjénRbeTskMBugGPivDÆn_ )ansßit
enAkñúgsßanPaBsm<aFénkarRbkYtRbECgya:gmutRsYc. TaMgenHraraMgBMuRtwmEtkar
ekIneLIgénéføeT eRkABIenHnwgCH\T§iBlEfmeToteTAelIkareGaymanbnþénkarfy
cuHénkarbg;tMéledaysarEtéfø)anmkBIGñktMrUvkarenaHvaTab. bBaðaenHeFVIeGay
shCIBd¾TunexSayrbs;RbeTsenaH BMusßitenAkñúgsßanPaB rWk¾KμanTal;EtesaH
nUvsßanPaBénkarERbkøaykarekIneLIgénplitPaBeTACakarekIneLIgénR)ak;bMNac;
RbcaMExrbs;BlkrxøÜneT,Iy.
CalT§plénTMnak;TMngGsmb,maNenH bgðajeGayeXIjnUv {PaBkan;Et

l¥ : én ToT sMrab;RbeTs]sSahkmμ TnÞwmnwgRbeTskMBugGPivDÆn_man {PaBkan;
EtGaRkk;} én ToT.
ecjBI ToT EdlBMuGnueRKaHenaH bgðajeGayeXIjnUvkarBicarNaBIrya:g
énlT§plGviC¢mansMrab;RbeTskMBugGPivDÆn_ ³
• tamryHbBaðaenH smtßPaBnaMcUld¾resIbénRbeTsenH RtUveFVIeGayTn;
exSay. smtßPaBenH GacTaj)antYya:genAkñúgkarvivDÆn_éneBlCamYynwgTMhMén
plitplnaMecjdMbUgEdlkMNt;mYy nwg)anmkvijnUvcMnYnd¾ticeTA²énplitpl
naMcUlEdlecjBIRbeTs]sSahkmμ kalNaeKKuNplEck ToT Edl)aneRbI
R)as;rhUtmkdl;eBlenH CamYynwgniTsSn_éncMnYnnaMcUl (index of export
quantity) Q enaH eKTTYl)anR)ak;cMNUl-ToT (= {income of terms of trade}=
x
I – TOT)
I – TOT = Px* Qx/Pm
CacMbgenAkñúgRbeTsEdlrgTukçlM)akeRkamkarxVHxaténTun KWRtUv)an
bgðajeGayeXIjfalT§PaBénkarGPivDÆn_rbs;RbeTsenaHEdlGaRs½yya:geRcIn
eTAelIEdlfa etIRbeTsenaHGacTijnUvTMhMnaMcUl ¬plitplCaTun rWplitpleRbI
R)as;Edlman\T§iBlplitkmμ¦ b:unμan CamYynwgplcMNUlénkarnaMecjénkMlug
eBlkMNt;mYyenaH. PaBkan;EtGaRkk;én ToT edaymUlehtuénkarFøak;cuHéføén
plitplnaMcUlnaMeTAeGaymankarfycuH I-ToT nigCamYyenaH naMeTAeGayman
karkat;bnßyénsmtßPaBnaMcUlénRbeTsEdlCYbRbTHenaH.
karfycuHénéføcMeBaHplitpldMbUg (primary products) naMecj)aneFVI
eGayRbeTskMBugGPivDÆn_BMumanlT§PaBsMrab;begáInénR)ak;cMNUlénktþaplitkmμ
¬CaBiessR)ak;cMNUlénkmμkrbuKÁlik¦ enAkñúgvis½yplitkmμénplitpldMbUgenA
kñúgCMh‘anesμIKñaCamYynwgPaBrIklUtlas;Cabec©keTsénplitPaBrbs;vis½yenaH
eLIy. qøgkat;bBaðaenH vis½ynaMecjenAkñúgRbeTskMBugGPivDÆn_BMuGacbMeBj
nUvlT§PaBcUlrYmsMrab;karekIneLIgénPaBrIklUtlas;eLIy eRkABIenHvij vis½y
naMecjenHRtUvepÞreTAeRkARbeTsnUvEpñkmYyén {karcMeNjénplitPaB} rbs;

xøÜn. pÞúyeTAvijRbeTs]sSahkmμGacrkSa)aneGayenAkñúgRbeTsxøÜnnUv {kar
cMeNjénplitPaB} xøÜnedayqøgkat; (via) karekIneLIgénR)ak;cMNUlénktþa
plitkmμ CaBiess KWR)ak;cMNUlénkmμkrbuKÁlik.
kalNaRbeTskMBugGPivDÆn_cg;BRgIknUvTMhMénplitkmμplitpldMbUg
(production of primary products) sMrab;k®nÞb;cab;mkvijnUvtulüPaBén
karfycuH{plcMNUlénkarnaMecj}EdlbNþalmkBIkarFøak;cuHéføénkarnaMecjr
bs;xøÜnenaH CaBitR)akdlT§plénesßrPaB (stability effect) GacbgðajeGay
eXIjkñúgryHeBlxøImYy)an. EtenAkñúgryHeBlEvg edayqøgkat;bBaðaEdl)an
bkRsayxagelIeFVIeGaysßanPaBénkmμkrbuKÁlikrbs;xøÜnkan;EtGaRkk;eTAenAkñúg
TMhMkan;EtekIneLIg eRBaHfaviFankarN_enH BMu)aneRbIR)as;eGaycMeTAelImUlehtu
Edl)anemIleXIjenAkñúgrcnasm<½n§énBaNiC¢kmμGnþrCatiEdlmansßitenAsBVéf¶e
nHeT. drabNarcnasm<½n§enH ¬eyageTAtamTsSn³énesdæviTUTaMgBIr Prebisch
nig Singer¦ BMuRtUv)anERbRbYlenaH karbkRsayEdlCaRbéBNItulüPaBén
cMeNjecjBIBaNiC¢kmμGnþrCatienaH KWBMu)anCYbRbTHenAkñúgTMnak;TMngénBaNiC¢
kmμeRkARbeTsrvagRbeTs]sSahkmμ nigRbeTskMBugGPivDÆn_PaKeRcInenaHeT.
TaMgenHmann½yfa RbeTs]sSahkmμenAEt)ancMeNjecjBIkarpøas;bþÚrTMnijCa
GnþrCatienHeRcInCagRbeTskMBugGPivDÆn_.
2>4>2> karTieToneTAelIkarbkRsayEdlCarUbmnþsßitirbs;esdæviTUTaMgBIr
cMeBaHkarsakl,génkarTieTonCaktiþyssMrab;niekçbT Prebisch –Singer
k¾dUcCasMrab;lT§plEdl)anTajecjmk eKbgðajeGayeXIjCadMbUgnUvcMnuc
TieTonmYyEdldak;eTAelIkarbkRsayEdlCarUbmnþsßitirbs;Kat;. CaTUeTAcMeBaH
karRsavRCavénniTsSn_éfø (price index) manviFIsaRsþsMxan;BIrsMrab;eRbIR)as; ³
viFIsaRsþrbs; Laspeyres EdleRbIR)as;rcnasm<½n§plitplén {kMlugeBldMbUg}
¬=kMlugeBlmUldæan¦ CaktþasMxan;. ÉviFIsaRsþrbs; Paasche EdleRbIR)as;rcna
sm<½n§plitplén {kMlugeBlEdldMeNIrkar} CaktþasMxan;vij. RKb;énkareRCIs

erIsénviFsI aRsþTaMgBIrenH GacsRmYleGaymankarvivDÆn_ ToT epSgKña. TaMgGs;
enHGaceGayKiteXIjfaniTsSn_mYybgðajeGayeXIjnUvkarekIneLIg ÉniTsSn_
(index) epSgeTotpÞúyeTAvijbgðajeGayeXIjnUvkarfycuH.
eRKaHfñak;enH KWkan;EtFMeLIg kalNaqñaMEdlCamUldæan nigqñaMEdleRbob
eFobenH KWkan;EtXøatKñaq¶ay eRBaHfaPaBmannIyPaB (probability) énkarERb
RbYlrcnasm<½n§BaNiC¢kmμeRkARbeTsekIteLIgCamYynwgcenøaHeBlEdlkan;EtFMe
T,IgeTA. cMENkKuNPaBénplitplEdleFVIBaNiC¢kmμRtUv)anERbRbYleTAtam
eBlevlapgEdr. TaMgenHmann½yfa plitplEdleFVIBaNiC¢kmμmkdl;eBlenH
RtUv)an)at;bg; nigRtUvCMnYsedayplitplfμIvij. CaBiesscMeBaHTMnij]sSa
hkmμRtUvBicarNaEdlfaTMnijenaHCajwkjab;RtUvEtdwgfamankarekIneLIgénKuN
PaBya:gxøaMg nigCalT§plvamanPaBrYmCamYynwgplitplénqñaMCamUldæanCajwk
jab;manEteQμaH nigtYnaTI ¬kñúgkrNIxøHebIsinGacman¦ Etb:ueNÑaH.
pÞúyeTAvijcMeBaHplitpldMbYg (primary products) BMubgðajeGayeXIjnUv
RbePTénkarpøas;bþÚrKuNPaBd¾FMdMueT. dUecñHeKGackt;sMKal; rWniyayfaEpñkmYy
ya:gticbMputén ToT Edlkan;EtGaRkk;CarUbqøúHénkarvivDÆn_énKuNPaBEdlepSg
KñaenaH nigminEmnCaRbePTplitplEdleFVIeGaymankarFøak;cuHénéføeLIy. Ca
lT§plénbBaðaekþabkþab;EdlCasßiti (statistic) enH eKGacbkRsayEtCakarERb
RbYlén ToT EdlmanlkçN³cMnYnkñúgTMhMFMCagkarERbRbYlénéføEdlfaBitenaH.
karbkRsaydUcKñaenH k¾mann½ysMrab; ToT EdrEdlenATIenHmanEtkarERb
RbYlya:gxøaMgRtUv)anemIleXIjfaCakarTMlak;Tm¶n;énkarrMkilénéførvagplitpl
naMecj nigplitplnaMcUl.
2>4>3> karTieToneTAelIkarbkRsayénkarviPaKrbs;esdæviTUTaMgBIr
TnÞwmnwgkarTieToneTAelIkarbkRsayEdlCaBiesaFniym rWCasßitirbs;
elak Prebisch nigelak Singer k¾mankarRsavRCavfaetI karbkRsayénlT§pl
EdlecjBIninñakar ToT EdlRtUv)ankMNt;enaHRtwmRtUvEdrrWeT? CadMbUgTamTar
cab;epþImecjBIrkarbkRsayEdl)anbgðajén ToT EdlRtUv)anERbRbYl. kar
TTYlykRsbKñaénkarfycuHén ToT EdlpSarP¢ab;CamYynwgkarbkRsayxagelI
nigkar)at;bg;énPaBrIklUtlas;GacRsbc,ab; rWTTYlsÁal;)anluHRtaenAkñúg
RbeTskMBugCYbRbTHenaHlkçx½NÐénplitkmμ k¾dUcCalkçxNÐéntMrUvkarBMuRtUv)an
ERbRbYleT,Iy. enAkñúgkrNIenH mann½yfakarERbRbYlénTMnak;TMngéføGnþrCati
KWbNþalmkBIkarERbRbYlEténTUrelx rWlkç½NÐEdlecjBIbreTsBitR)akdEmn.
k¾b:uEnþdrabNaenAkñúgRbeTsbgðajeGayeXIjnUvkarERbRbYlénlkç½NÐplitkmμ
niglkçx½NÐéntMrUvkar enaHkarfycuHén ToT GacRtUvkt;sMKal; {RKan;EtCaRbmux}
EdlfaPaBkan;EtGaRkk; nigk¾dUcCakarekInén ToT faCaPaBkan;Etl¥énPaBrIk
lUtlas;Etb:ueNÑaH.
kalNakñúgRbeTs ekIteLIgdMeNIrRbRBwtþénPaBrIklUtlas;EdlnwgBRgIk
éntMrUvkareTAelIplitplnaMcUlenAkñúgRbeTsenaH ¬nigCamYyenaH cMeBaHéføTIpSar
GnþrCatiEdlBMuERbRbYl k¾BRgIkénkarpÁt;pÁg;plitplnaMecjkñúgRbeTsenaHEdr¦
lT§plecjBIenaH TajecjmknUvPaBkan;EtGaRkk;mYyén ToT sMrab;RbeTs
rbs;xøÜnenaH. eyaleTAelIkrNIEdl)anelIkeT,IgenH eKBMuGacrkSa)annUvkar
BicarNaEdleTAelIEtEpñkénkarERbRbYlénéføeLIy PaKeRcIneKRtUvEtBicarNa
bEnßmeToteTAelIlT§plénPaBrIklUtlas;EdlnaMeTAeGaymankarcMeNjénes
ckþIcMerIn (prosperity). TaMgGs;enH GaRs½yeTAelIGnuPaBTMnak;TMnglT§plén
PaBrIkcMerIn niglT§pl ToT EdlfaetIkarqøgkat;karTYTat; ¬smtulü¦ énPaBrIk
cMerInesdækic©RtUvvaytMélCaviC¢man rWk¾GviC¢man. TaMgGs;enHCaBitR)akdGacsßit
enAkñúgsßanPaBEdlfa cMeBaHsßanPaBenaH lT§plén ToT EdlnwgbnßyénPaB
rIklUtlas;TUTat;elIslb;eTAelI {lT§PaBrIklUtlas;EdlnwgekIneLIgénesckþI
rIkcMerIn :.
k¾b:uEnþkrNIxusBIFmμtaEdlmaneQμaHl,Il,ajfaCa {immiserizing of
growth} enHekIteLIgEtenAkñúgsßanPaBEdlRtUv)ankt;sMKal;edaysarPaBrIk
lUtlas;xøaMgénninñakarnaMecj k¾dUcCaRbtikmμya:gxøaMgén ToT eTAelIkarrIkral
dalénkarnaMecjenaH. enAkñúgkrNICaeRcInlT§plén ToT EdlGviC¢man
exSayCaglT§plénPaBrIkcMerInEdlviC¢man TaMgenHmann½yfa sMrab;RbeTsEdl
CYbRbTHenaHeTaHbICamanPaBkan;EtGaRkk;én ToT EtvabgðajeGayeXIjmankar
cMeNjénesckþIrIkcMerIn. dUcenHecjBIkarbkRsayenH eFVIeGayeyIgeXIjfa
drabNa\T§iBlén ToT RtUvbNþalmkBIedaysarRbeTsxøÜnÉgpÞal;enaH PaBeFVI
tMrUvCaTUeTAénniekçbTrbs;elak Prebisch nigelak Singer BitCaBMuGaTTYlsÁal;
)aneLIy. ecjBImUlehtuenH RtUvTamTarCMnYsbBaðaenaHnUvkarrkeGayeXIj
énmUlehtusMrab;ninñakarvivDÆn_yUrGEgVgén ToT nigRtUvTajykmkkñúgkarviPaK
eGay)anhμt;ct;³ karBicarNaén ToT Edldac;edayET,kEtÉgmYydUckrNI
elak Prebisch nigelak Singer enaHBMupþl;nUvlT§plEdlCaesdækic©eBjelj
)aneLIy.
2>4>4> lT§pl
sMrab;sMnYrEdl)anelIkeLIg faetITMnak;TMngesdækic©GnþrCatiGaceRbIR)as;
CamUlehtuén]naPivDÆn_enaH tamkarbkRsayénniekçbTrbs;elak Prebisch nig
elak Singer BMumankarpþl;nUvcMelIyEdlbMeBjcitþ)aneLIy ³ eRBaHfaRbeTs
kMBugGPivDÆn_xøHkarGPivDÆn_)anRbRBitþeTAedayqøgkat;dMeNIrkarénPaBrIkcMerInkñúg
RbeTsrbs;eKpÞal; eTaHbIkñúgTMhMEdlBMubMeBjcitþmYyk¾eday. dUcenHkarERb
RbYlén ToT énRbeTsenaH BMuRtUvGacCamUlehtuEtCamYynwgbMNkRsayeTA
elIkarERbRbYlénTUrelx rWk¾lkç½NÐeRkARbeTseLIy. karERbRbYlén ToT
RtUvbNþalmkPaKeRcInedaykarERbRbYlénTUrelx niglkç½NÐxagkñúgRbeTsEdr
nigdUcenHRtUvEtRsavRCavenAkñúgKMnitEdleyageTAtamkarERbRbYlenaH nigRtUvEt
elIkykmkbkRsayvapgEdr.
Ca]TahrN_sMrab;PaBRtwmRtUvénniekçbTEdlfaRbeTskMBugGPivDÆn_RtUvCYb
RbTHPaBGviC¢manedaysarEtTMnak;TMngesdækic©GnþrCatisBVéf¶enaH kareRbIR)as;
énkarERbRbYl ToT Edl)anbkRsayxagelIedayelak Prebisch nigelak
Singer BuMGacRtUv)aneRbIR)as;)aneT.
2>5> ]naPivDÆn_CalT§plénPaBminnwgnrénplcMNUlnaMecj
\T,ÚvenHRtUv)anbkRsayfa RbeTskMBugGPivDÆn_RtUv)aneFVIeGaylM)akenA
kñúglT§PaBénkarGPivDÆn_rbs;xøÜnedaysarplcMNUlénkarnaMcUlrbs;xøÜnsßitenA
kñúgsßanPaBminnwgnrya:gxøaMg. bBaðaénPaBminnwgnrénplcMNUlnaMcUlenHsßit
manenA ¬edayBMuGaRs½yeTAnwgkarGPivDÆn_d¾yUrGEgVgdUc ToT eT¦ elIplitplEt
b:ueNÑaH eRBaHfaPaBminnwgnrénplcMNUlenHTajecjedayeBjeljBIkarvivDÆn_
énéfø. karpþl;eGayCaBiesaFniym)anelcenAkñúgkarBitCaPsþútagfaTMhMénPaB
minnwgnrénplcMNUlnaMecjsMrab;RbeTskMBugGPiDÆn_ KWFMsem,ImCagsMrab;
RbeTs]sSahkmμ. CamYyenaHPaBGesßrPaBénkarnaMecjmanninñakarkan;EtxøaMg
eLIg kalNaRbeTsenaHkan;EttUc (emIleTAelIGDP) TMhMTaMgmUlénkanaMecj
kan;EttUc per capita kan;EtTab nigGRtaekIneLIgén GDP kan;EttUc.
cMeBaHPaBBMunwgnrénplcMNUlnaMecj sMrab;plitpldMbUg (primary
products) RbeTsnImYy² RtUv)anCYbRbTHkan;EtxøaMg kalNakarrYmcMENkkan;Et
x<s;énplitplnaMecjenaH enAkñúgplcMNUlnaMecjsrubénRbeTs. dUcenH
cMeBaHRbeTsnaMecjCaÉkvb,kmμnImYy² ¬=KWCaRbeTsEdlkarnaMecjrbs;eKman
PaBelIslb;edayplitpleTalmYy rWk¾RkumplitpleTalmYy. BMunaMecjnUv
plitplcMruHmuxeT,Iy¦ EdlnaMecjenAplitpldMbUgBMuRtUv)anvaytMélya:gTab
nUveRKaHfñak;énPaBBMunwgnrénplcMNUlnaMecjenaHeLIy. mUlehtuénkarfycuH
éføplitplnImYy²RtUv)ansegáteXIjTaMgenAelIEpñkpÁt;pÁg; k¾dUcCaEpñktMrUvkar ³
mUlehtuEdlkMNt;enAEpñkxagpÁt;pÁg; KWCaPaBGaRs½yénplitkmμeTAnwglkçx½NÐ
FmμCatiEdlmanryHeBlEvg TinñplénplitkmμBuMbnþbnÞab; nigk¾dUcCarcnasm<½n§
énkarpÁt;pÁg;EdlelcecjCacMENktUc²TaMgfñak;Cati nigfñak;GnþrCati.
mUlehtuEdlkMNt;enAkñúgEpñktMrUvkar KWCaBiesskarpSarP¢ab;ya:gxøaMgCa
mYynwgsßanPaBesdækic©enAkñúgRbeTsEdlTTYlyk ehIyEdlsßanPaBenaH
¬dUcCaeKalkarN_BenøÓnénesdækic© = principle of economical acceleration¦
GacvaypþÜleTAelIkarekIneLIgéntMrUvkarnaMcUlrbs;eK. eRBaHfaTaMgkarpÁt;pÁg;én
Gñkplit k¾dUcCakartMrUvkarénGñkEdleRbIR)as;manRbtikmμeTAtaméføBMueGLasÞIc
¬éføeGLasÞIcsßitenAcenøaH –1 nig 0¦ enAkñúgryHeBlxøIenaH. EtPaBBMuman
tulüPaBenAelITIpSarGnþrCatiRtUvGackat;bnßy)anEtCamYynwgkarCYyénkarERbRbY
lénéfød¾xøaMgmYy. qøgkat;bBaðaenHnaMeTAeGaymankarFøak;cuHéføya:gxøaMgenAelI
TIpSarvtßúFatuedIm nigTMnijGnþrCati nignaMeTAeGaymanPaBBMunwgnrénplcMNUl
sMrab;RbeTsnaMecjCaÉkvb,kmμenaHEdlBMuRtUvGackat;bnßy rWk¾BMuRtUvGaceFVIeGay
mantulüPaBedaysarkarERbRbYlénplcMNUlEdl)anmkBIkarnaMecjénplitp
ldéTeToteLIy.
PaBBMunwgnrenHvaydMueTAelIel,ÓnénkarGPivDÆn_énRbeTsEdlCYbRbTHena
Hkan;Etc,as; kalNaGRtanaMecjrbs;eKenAkñúg GDP kan;EtFM nigkalNa
RbeTsenaHepþateTAelIkarnaMcUlkan;EtxøaMgsMrab;karrkSaéndMeNIrkarGPivDÆn_rb
s;xøÜn. kalNaeKcab;epþImecjBIrUbmnþénkareRbIR)as;EdlsMxan;rbs; GDP³
Y=C+I+X–M
C = kareRbIR)as; , I = karvinieyaKdul
X = karnaMecj , M = karnaMcUl
nigkalNaeKBicarNabnþeTotedayTajecj C nig I eTACa C, I kñúg

RbeTs (= C , I ) nig C , I naMcUl (= C , I ) enaHeK)anTMnak;TMngsmIkarxag
d d m m
elIeTACa³
Y = Cd + Id + X + (Cm + Im – M)
rWk¾
Y = Cd + Id + X
PaBBMunwgnrnImYy²énplcMNUlnaMecjvaydMuedaypÞal;eTAelI GDP nig

CamYyenaHeTAelIR)ak;cMNUlRbcaMqñaMénRbCaCnmñak; per capita kalNakar
cMNaysMrab;plitplkñúgRsuk C + I BMuRtUv)anpSarP¢ab;eTAkñúgvicarNBaØaN
d d
BitR)akdmYy rWk¾CaBaNiC¢kmμEdlCaesdækic©c,as;las;mYy. lT§plenHkan;

EtekIneLIg kalNa X kan;EtFMenAkñúgkareRbobeFobCamYynwg C + I .
d d
cMeBaHtulükarénkarbMeBjkarplitEdlmantulüPaBtMélénkarnaMcUl nig
tMélénkarnaMecjERbRbYlenAkñúgrebobdUcKña³
X = M = Cm + Im
karekIneLIgénplcMNUlnaMecj begáInsmtßPaBsMrab;karbg;tMélénkar
naMcUl ÉkarfycuHénplcMNUlnaMecjbnßynUvlT§PaBsMrab;karbg;tMélénkar
naMcUl. karsMerccitþsMrab;bkRsayEdlCaRTwsþIGPivDÆn_énPaBBMunwgnrénpl
cMNUlnaMecj KWepþatCaBiesseTAelIniekçbTEdlfa C nig I CaTUeTARtUv
m m
b:HTgÁicepSg²Kña. cMeBaHkarfycuHénplcMNUlnaMecj eFVIeGaymankarCYbnUv

PaBP½yxøacEdlfakarvinieyaKRtUv)anraraMgya:gxøaMgCagkareRbIR)as; eRBaHfa
R)ak;cMNUlCaR)ak;bMNac;RbcaMExEdlkMNt;kareRbIR)as;vaCakarTUTat; rWCaR)ak;
cMNUlmanlkçN³Cakic©snüaedayBMuGaRs½yeTAnwgTMhMERbRbYlénplcMNUlnaMe
cjeLIyenAkñúgryHeBlCamFüm. edaysabBaðaenH karbnßyénplcMNUl
naMecjnwgvaydMedayeBjeljeTAelIR)ak;cMNUlénTunEdlkMNt;sMrab ;Etkarvi
nieyaK ³ dUcenHdMeNIrkarGPivDÆn_RtUvEtcab;RhVaMg rWk¾RtUvBnüWt.
pÞúyeTAvij kalNaplcMNUlnaMecjRtUv)anekIneLIg mann½yfaeyageTA

tamkarbkRsayenaH mankarekIneLIgénR)ak;cMNUlsMrab;Tun. k¾b:uEnþecjBIenaH
Taj)anecjnUvlT§pld¾kMrénkarbegáInel,ÓnénkarGPivDÆn_edayeyageTAtamen
aH ³ edaysarmUlehtuénrcnasm<½n§esdækic©épÞkñúgKaMgsþÚk rWs<wkRsBn; rWk¾dUcCa
smtßPaBbt;Ebnénrdæ)al nigshRKin rWkarRKb;RKgEdlmanRBMEdn KWvaeFVI
eGaymankarxVHxatPaKeRcInénEpnkarénkarvinieyaKEdl)anRbugeRbobTuk. TaMg
enHmann½yfa karBMuGacsßitenAkñúgCMhrénkareFVIEpnkarEdltMrUvkarryHeBlEvg
mYy. sMrab;eBldak;cuH rWbBa©b;énkareFVIEpnkarvinieyaK KWCajwkjab;karnaMecj
RtUvfycuHmkvijrYceTAehIy enaHmann½yfakarvineyaKeBlenaHFøak;eTAeRkam
edaymUlehtukarrMBwgénkarcMeNjEdlTuTidæi. CMnYsbBaðaenH karcMeNjénkar
naMecjEdl)anekIneLIgenH RtUv)anhUreTAkñúgkareRbIR)as;énshRKin ¬=eTACaRTBü
EdlBMuEmnCaplitkmμ KWCaRTBüGkmμ¦ eRBaHfa karcMeNjenHRtUv)anemIleXIj
faBMusißtesßr eRkABIenaHRtUv)anemIleXIjfaRKan;EtCakarcMeNjécdnü (windfall
profits) Etb:ueNñaH. CabBa©b;karnaMecjEdlnwgekIneLIgenAkñúgEpñknaMecjEdl
Gacpþl;»kassMrab;ekIneLIgénR)ak;ebovtSn_EdlGacekIneLIgenaH BMuGaceFVIeGay
ekIneLIgeToteT,IyedaysarEtPaBkan;EtGaRkk;énsßanPaBnaMecjenaH.
3> ]naPivDÆn_CalT§plénclnaTunGnþrCati
3>1> karvinieyaKedaypÞal;énbreTs nigcRkBtþiniym
karbkRsayrhUtmkdl;eBlenH)aneGabRkesab CacMbgCamYynwgrcna
sm<½n§énkarbþÚrTMnijrvagRbeTs]sSahkmμ nigRbeTskMBugGPivDÆn_. CamYyenaH
CaBitR)akdEdl EpñkEdlsMxan;bMputénTMnk;TMngesdækci G© nþrCatiRtUv)anBicarNa.
k¾b:uEnþTMnak;TMngesdækic©GnþrCatiRtUveGabRkesabbnþeTot ³ TnÞwmnwgkarpøas;bþÚrén
TMnijGnþrCati TMnak;TMngesdækic©GnþrCatimann½ybEnßmeTotCaclnaénTunGnþr
CatiEdlfaTidæPaB (aspect) mYyEdlRtUv)ankt;RtanUvpøÚvepSg²énkarhUrecjén
TuneTAeRkARbeTs. cMeBaHelak Perroux nigelak Myrdall k¾)anbgðaj

]naPivDÆn_RtUv)anTTYl\T§iBledaysarclnaénTunGnþrCatiEdr.
niekçbTén\T§iBlEdlCavivaTnwgkarGPivDÆn_énclnaTunGnþrCatiRtUv)anbegáI
teLIgya:gTUlMTUlayedayGñkRTwsþIéncRkBtþiniymfμIEdlCalkçN³ ma:kSniymfμI
Edl)anecaTCacMbgeTAelIRkumh‘unbreTsEdlmanskmμPaBkñúgRbeTskMBugGPiv
DÆn_ ¬enAkñúgRbeTsePJovrbs;xøÜn¦. elak Baran ¬GñkRTwsþIcRkBtþiniymfμIEdl
l,Il,aj¦ CaGñkdMNagnUvniekçbTEdlfa cRkBtþni yi melakxaglic)anbNþalCa
dMbUgnUv]naPivDÆn_énRbeTskMBugGPivDÆn_edayqøgkat;karraraMgénlT§PaBGPivDÆn_pÞa
l;xøÜnrbs;RbeTsTaMgenaH. sMrab;bMNkRsayénniekçbTrbs;Kat; Baran )an
RsavRCavnUvmUlehtuEdlkMNt; eyageTAtamkaremIleXIjrbs;Kat;sMrab;kar
Gn;fyénRbeTskMBugGPivDÆn_ EdlKat;eCOfaGacrkeXIjEtenAEpñkéncRkBtþni yi m
(imperrialism). cMeBaHbBaðaenH Baran )anRsavRCavrvag\T§iBlénkareRCotcUl
énmUlFnniymelakxagliceTAkñúgGaemricxageCIg GURsþalI nigNUEvlhSWLg;
d_CaEpñkmYy nig {karebIkcMhr} GasIu GaRhVik rWk¾GWr:ubxagekIt edaysacRkBtþi
niymelakxaglicCaEpñkepSgeTot.
kñúgkarBnül;krNITI 1 rbs;Kat; ¬kareRCotcUleTAkñúgGaemrikxageCIg>>>¦
CnGWr:ubxaglic)anruleTACYb rWeRCotcUleTAelItMbn;EdlBMumanRbCaCn rWman
bnþicbnþÜc. qøgkat;bBaðaenH eFVIeGayeKsMerc)ansMrab;karsßabnanUvRbB½n§sgÁm
pÞal;xøÜnrbs;eKedayeyageTAtamBYkeKenAelITwkdIEdlmanCICati nigEdlBMuTan;
eRbIR)as;enaH. eTaHbImankarlM)akya:gFMya:gNak¾eday k¾eKGacbegáIt)annUv
RbB½n§neya)aymYyenAkñúgRbeTseRkAenaHEdlmanesckþIGnueRKaHcMeBaHkarGPiv
DÆn_énmUlFnniymrbs;eK. eRBaHfaenATIenaH de facto BMumanRbB½n§sgÁm
EdlCamUlFnBImunGacRtUv)ansßitenA rWk¾RbB½n§enaHGacRtUv)anrMelIgecjGs; rWk¾
RtUvGacbMElg. dUcenHenATIenaH lT§plGPivDÆn_EdlGviC¢manedaysarcRkBtþi
niymBMuRtUv)anCYbRbTHeLIy.
pÞúyBIenHTaMgRsug sßanPaBenAkñúgRbeTsesssl;énBiPBelak ¬stvtSTI

17 –19¦ ³ enATIenaH CnGWr:ub)anRbQmmuxTl;nwgsgÁmEdl)anbegáIteLIgrwgmaM
CamYynwgvb,Fm’sm,ÚrhUrh‘a nigcMNas;dUcCa cin nig\NÐa Edl)ansßitenAkñúg
dMNak;kalénmunmUlFnenAeLIy rWk¾EdlBMuTan;)anCMnHenAeLIynUvkarcab;epþIm
dMbUgénkarGPivDÆn_EdlCamUlFnniympÞal;rbs;xøÜn. enAkñúgkrNITaMgBIrenH ¬cin
nig\NÐa¦ CnGWr:ubxaglic)anTajykRKb;lT§PaBcMeNjd¾FMecjBIRbeTsTaMgBIr
¬EdlCaRbeTsePJovrbs;eK¦ nigepÞrkarcMeNjenaHeTARbeTsxøÜn. TaMgenH
mann½yfamankarekIneLIgnUvkarepÞrEtmçagmYyénPaBsm,ÚrN_edayRTBüFnecj
BIRbeTsEdlBMuEmnGWr:ubeTARbeTsGWr:ubxaglic.
etIkarepÞrEdlmanEtmçagman\T§iBlya:gNaeTAelIRbeTsEdl)anepÞr
enaH? eRBaHfaEpñkmYyya:gFMénplitkmμelIslb;EdlRtUveFVIeGayekIneLIgmk
dl;eBlenaH ¬EdlelIsBIesckþRI tUvkarpÞal;xnÜø ¦ RtUv)annaMecjeTAbreTs dUcenH
karfycuHEdlRBYy)armÖmYyekIteLIgsMrab;karekIneLIg (accumulation) EdlCa
dMbUg KWTun (= marcantile phase of capitalism) enAkñúgRbeTsTaMgenaH ³ RbeTs
EdlCYbRbTHenaHsßti enACaBitR)akdenAeRkamGMNacénmUlFnniym. k¾bu:EnþsMrab;
RbeTsxøÜnÉgpÞal;BMumankarekIneLIgénTunpÞal;xøÜneLIy.
elak Baran )anelIkyk\NÐaCa]TahrN_sMrab;niekçbTrbs;Kat;.
RbeTsenaH RtUv)anekgRbv½Ba©dl;rWsKl;cab;taMgBIkarbegáIteLIgénkgBl\NÐa
xagekIt. elakBaran )ansakl,gsMrab;karbkRsayedayRbeyalnUvbBaðaenH
EdlenAkñúgenaHKat;)anelIkykkarepÞógpÞat;rvagkarGPivDÆn_enA\NÐaTl;nwgkar
GPivDÆn_enACb:unEdlCaRbeTsEtmYyKt;eyageTAtamTMhMGaceFVIkareRbobeFob)a
n ehIyEdlBMu)anERbkøayenAeRkamGaNaniKm nigEdlCamYyenaHmanlT§PaB
sMrab;Rbtibtþineya)ayGPivDÆn_CatimYyEdlÉkraCü.
ecjBIkareRbobeFobenaH elak Baran )anTajnUvlT§plEdlfamUlFn
niymelakxaglicbNþaleGaymannUv]naPivDÆn_énBiPBelakTI 3 (third world)
EdlenAkñúgmUlFnniymenH raraMgRbeTsTaMgenaHkñúglT§PaBénkarGPivDÆn_pÞal;
xøÜnrbs;eK. cRkBtþiniymelakxaglic)anCH\T§iBleTAelIRbeTskMBugGPivDÆn_
sBVéf¶eGaysßitenARTwgenAkñúgdMNak;kal rWkñúgkMritén feudalism rWk¾énmUlFn
niymBaNiC¢kmμ mann½yfakarqøgkat; rWkarpøas;bþÚreTACamUlFnniym]sSahkmμ
EdlnwgRTRTg;karGPivDÆn_RtUv)an)aMg rWraraMgedaysarcRkBtþni yi melakxaglic.
kalNaeKgakmkeRbobeFobTMrg;bc©úb,nñéncRkBtþiniym CamYynwgTsSnH
vis½yrbs;eKEdl)anmansBlPaBsMrab;edImstvtSn_enH enaHeK (Baran k¾Ca
GñktMNagEdr¦ )ankMNt;facRkBtþni iymsBVéf¶)anbgðajnUvRbB½nE§ dlkan;EtTMenIb
nigkan;EtmanvicarNBaØaNEfmeTotmYyénkarekgRbv½Ba©EdlCalkçN³cRkBtþini
ymenaH. CaviFankarN_sMrab;karCH\T§iBlénGMNaccRkBtþiniymsBVéf¶enaH
CacMbgesva:kmμénRkumh‘unbreTsEdlCaGñkraraMgkarGPivDÆn_rbs;RbeTskMBugGPi
vDÆn_. eyageTAtamelak Baran TaMgenHhuclT§plya:gxøaMgkøaedaysarfa
Rkumh‘unTaMgenaH)anBRgwgnUvGMNacénmUlFnniymBaNiC¢kmμ nig)anBnüWtkar
pøas;bþÚrrbs;RbeTsTaMgenaHeTArkmUlFnniym]sSahkmμ rWk¾GaceTAdl;karraraMg
Etmþg. \T§iBléncRkBtþiniymsBVéf¶ k¾dUcCamunstvtSenHEdr \T§iBlenHraraMg
karqøgkat;eTArkkMritGPivDÆn_Edlx<s;mYyénRbeTsTaMgenH.
Baran )andak;Rkumh‘unbreTsCacMnucmUldæanénRTwsþIcRkBtþiniymfμI (neo-
imperialism theory) rbs;Kat;. CakarBitKat;)anEbgEckRkumh‘unTaMgenH rvag
Rkumh‘unEdlpÁt;pÁg;pSarkñúgRbeTs nigRkumh‘unEdlplitplitplnaMecj. k¾b:uEnþ
eRBaHfaRkumh‘unEdlpliténplitplnaMecj suT§EtCaEpñkk,alma:sIunénRkúmh‘un
breTs ¬eKeRbobeFobenATIenH ]TahrN_karcMraj;énFnFanFmμCatiCasrub¦enaH
Baran )anRbmUlpþúMkñúgkarRsavRCavrbs;Kat;eTAelI\T§iBlénRkumh‘unTaMgenaH eTA
elIkarGPivDÆn_énRbeTsEdlCaePJovenaH. CamYyenaH Kat;)anTTYlnUvcMeNHdwg
GviC¢manya:geRcIn ³
- cMeBaHkarvaytMélénkarvinieyaKEdlRtUv)aneFVIeGayRkumh‘unbreTs
Baran )anrkeXIjfaEpñknImYy²énkarvinieyaKEdlRtUvbg;éføenAkñúgTMrg;énkar
GnuBaØatCapøÚvkarsMrab;TTYlFnFanFmμCatiEdlcaM)ac; nigEdlRtUvhUrcUleTAkñúg
RbeTskMBugGPivDÆn_CaFmμtamancMnYntictYcbMput. EpñkEdlenAsl; KWcMNay

eTAelIkarvinieyaKsMrab;plit nigkarerobcMplitkmμEdlkarerobcMenaHPaKeRcIn
RtUv)anbegáIteLIgenAkñúgRsukkMeNIténRkumh‘unbreTsTaMgenaH. TaMgenHnaMeTA
eGayCaBiesskarrIkraldalénTIpSarkñúgRbeTsénRbeTs]sSahkmμ nigBMupþl;
pll¥cMeBaHRbeTskMBugGPivDÆn_eLIy.
- cMeBaHkarvaytMéledaypÞal;eTAelI\T§iBlRbtibtþikarénRkumh‘unbreTs
Edl)anplitmYyPaKFMnUvplitplksikmμenAkñúgRbeTskMBugGPivDÆn_enaH bgðaj
eGayeXIjKuNvib,tþiya:geRcIn ³
k¦ plitplksikmμ ³ karRbmUlpþMúeTAelIplitplksikmμEtmYyRbePT)an
huclT§plenAkñúgkrNICaeRcInnUvkarxÞicxÞICarUbPaBénEpñkya:gFMrbs;BlrdækñúgRb
eTs. lT§plénCMnajnIykmμya:gelIslb;rebobenH eFVIeGaymanPaBkan;Et
GaRkk;xøaMgeLIgmYyénsßanPaBkarciBa©wm rWkarpÁt;pÁg;mðÚbGaharrbs;RbCaBlrdækñúg
RbeTs. TaMgenH KWkarnaMeTArkeRKaHTurPikS.
x¦ vtßúFatuedIm ³ Rkumh‘unbreTscat;TukRbPBénvtßúFatuedIménRbeTskMBug
GPivDÆn_CaplitplTeT¬ykeday\tKitéfø¦ EdlsßitenATukbMrugedayKμankMNt;.
k¾b:uEnþeRBaHfavtßúFatuedImbMrug CakarBitmankMNt;enaH mann½yfakarcMraj;rbs;
eKnaMeGaymankarfycuHénP½BVsMNagGPivDÆn_énRbeTsTaMgenaH eRBaHtamryH
eFVGI CIvkmμEbbenH vtßúFatuedImbMrugTaMgenaHsßti kñúgsPaBEdlBMuGacrkSa)annUvtMél
EdlbgðajsMrab;]sSahkmμCalkçN³mUlFnniymeT,Iy.
- \T§iBlénR)ak;cMNUlEdlRtUvcab;epþImedayRkumh‘unbreTsenaH eyag
eTAtam Baran k¾huceGaynUvKuNvib,tþisMrab;RbeTskMBugGPivDÆn_Edr EpñkénR)ak;
cMNUlsrubénRkumh‘un EdlRtUvykmkpþl;sMrab;R)ak;ebovtSn_CaTUeTAtictYc eRBaH
faEpñkenHRtUvkMNt;edayGRtaR)ak;ebovtSd¾TabsMrab;kMlaMgBlkmμkñúgRbeTs
TnÞwmnwgmüa:geTotenAkñúgsaxaénplitkmμEdlCYbRbTHenaH kartMrUvkarnUvkMritd¾
x<s;mYyénemkaniknIykmμFMCagkartMrUvkarkMlaMgBlkmμ rWbec©keTsPavUbnIykmμ
dUcenHEpñky:agFMénR)ak;ebovtSn_enHGachUrcUl)anEteTAkñúgkareRbIR)as;énplit
plEdlgay²EdlRtUv)anplitenAkñúgvis½yksikmμ rWk¾enAkñúgsib,kmμkñúgRbeTs
dUecñHehIyTaMgenH BMumanlT§PaBGacbegáItnUvTIpSarmYyEdlcUlrYmcMENksßabna
nUvshRKas]sSahkmμeLIy.
- CamYyenaHEdr Baran )anTieTonbEnßmeToteTAelI\T§iBledayRbeyal

énRkumh‘unbreTs eTAelIlT§PaBGPivDÆn_énRbeTskMBugGPivDÆn_. CaBitR)akd
Rkumh‘unbreTs)anCMrujelIkTwkcitþCajwkjab;sMrab;karsßabnanUvehdæarcnasm<½
n§ dUcCapøÚvreTHePøIg kMBg;Ep pøÚvfñl; TIlanynþehaH.l. nig.l. k¾b:uEnþ
KMeragTaMgenaH pþl;eGayRKan;EtbnÞab;bnSMsMrab;karBRgIkénTIpSarkñúgRbeTsEt
b:ueNÑaH eRBaHfaplitplEdlcaM)ac;sMrab;ehdæarcnasm<½n§rbs;eKRtUv)annaMcUl
esÞIrEtTaMgGs;.
k¾b:uEnþeTaHbIEpñkmYysMrab;plitplvinieyaKRtUv)anbegáIteLIgkñúgRbeTsEd
lCYbRbTHenaHk¾eday EtlT§pléntMrUvkarrbs;Rkumh‘unbreTsCaTUeTAmanPaB
viC¢manCagRkumh‘unkñúgRsuk. CalT§plKMeragTaMgenaH KWKμanesaHeLIysMrab;
PaBrIkcMerInEpñkrcnasm<½n§épÞkñúgénRbeTskMBugGPivDÆn_EdlCYbRbTHenaH. TaMg
enaH eKkMNt;RBMEdneTAelIEtTMhMénrUbPaBPUmisaRsþ edayBMuBicarNaénkarpSar
P¢ab;EdlCalkçN³esdækic©eLIy.
3>2> KuNsm,tþi nigKuNvib,tþiEdlCaneya)ayGPivDÆn_énkarvinieyaK
edaypÞal;énbreTs
cMeBaHkarTieTonCakitþiyscMeBaHRTwsþIcRkBtþiniymfμIrbs;elak Baran naM
eTAeGaymanBIrkrNI dUcCakareRbobeFobrvag\NÐa nigCb:unCamYykarviPaKén
RbvtþisaRsþ k¾dUcCakarrMlwkeLIgEtmçag nigedayem:ATaMgGs;énRkumh‘unbreTs
EdlsßitenACacMNuckNþalénRTwsþIrbs;Kat;.
karelIkeLIgrbs;Kat; KWCaFmμCatiEdlCakar)a:n;sμansuT§saF nigenAkñúg
TMrg;EdlminGacbkRsaymUlehtu)an. Baran KYrEtelIkyky:agticbMputmk
bgðajfa RbeTs\NðakalenAkñúgsßanPaBEdlÉkraCüKYrEtsßitenAkñúgsßanPaB
sMrab;begþItclkr (impulse) EdlKaMRTkarGPivDÆn_RbeTsrbs;xøÜnpÞal;pg. enA
kñúgenaH Baran RtUvEtelIknUvkarekgRbv½Ba©énktþasMrab;karGPivDÆn_EdlmanbMrug
muneBlEdlmanGMNacéncRkBtþiniymenaHmkbkRsayeGayeXIjsin. drab
NaPsþútagTaMgenHBMuRtUv)anpþl;eGayenaH ]naPivDÆn_énRbeTs\NÐa ]TahrN_

eTAelIkarGsmtßPaBsMrab;begáIténclkrDINamikenaH BMuGacRtUvbNþalmkBI
cRkBtþiniymeLIy. dUcenHmUlehtuBitR)akdsMrab;]naPivDÆn_énRbeTskMBug
GPivDÆn_BMuEmnkarlukluycUléncRkBtþiniymeLIy eRkABIenH KWkarGsmtßPaBén
RbeTsTaMgenaHsMrab;CMnHnUvktþaEdlraraMgkarGPivDÆn_.
edayKμansgS½y karsþIbenÞasénkarekgRbv½Ba©EdlRtUv)anelIkeLIgeday
Baran RtUv)aneFVIeTAelIRkumh‘unbreTsepSg²EdlfaCacRkBtþiniymEbbfμI. k¾
b:uEnþecjBIkrNInImYy² TaMgenH eKBMuGnuBaØatdak;kMhusvinicä½yEdlCarYmdUcEdl
BYkGñkRTwsþIcRkBtþiniymfμI (neo-capitalism theoritists) )aneFVIenaHeLIy. karvay
tMélCayfavtßú (objective) eTAelIRkumh‘unbreTsRtUvEtsakl,gPaKeRcIncMeBaH
karRsavRCavenAkñúgkrNInImYy²nUvKuNsm,tþi nigKuNvib,tþirYcdak;RbQmTl;mux
KñaføwgEføg nigeTIbvaytMélCaeRkay.
cMeBaHdMeNIrkarenH karsgát;F¶n;RtUveFVIeTAelIkarRsavRCavral;lT§pl
EdlRtUvbNþalmkBIkarmkdl;énkarvinieyaKrbs;Rkumh‘unbreTs. GñkniBn§Ca
eRcIn)andak;bnÞúknUvkarelcecjlT§plGviC¢manTaMgGs;éndMeNIrkar]sSahPavU
bnIykmμEteTAelIvinieyaKKinbreTs eTaHbI\T§iBldUcKñaGacekIteLIgpgEdr
kalNaRkumhu‘nkñúgRbeTsEdlCaÉkCn rWrdæk¾GacsßitenAkñúgkarvayRbhareTA
elIbBaðaEdl)anCYbRbTHenaHpgEdr. dUcenHkarviPaKEdlvaytMéleTAelIKuN
sm,tþi nigKuNvib,tþiénkarvinieyaKÉkCnbreTs enAkñúgRbeTskMBugGPivDÆn_RtUv
EtBicarNaeGay)anm:t;ct;enAkarsMerccitþTaMgenH kalNakarviPaKenaHBMucg;
TTYlnUvkarsþIbenÞasBIPaBecHEtniyayénGñkviTüasaRsþ (Scientists)enaH.
CaPaBviC¢maneK)anelIkeLIgCadMbUgfa edaysarskmμPaBvineyaKTunén
breTseFVIeGayGRtavinieyaKTunénRbeTsEdlCYbRbTHenaHRtUv)anekIneLIg
eRBaHfaRkumh‘unbreTsBMu)anTamTar rWRtUvkarTaMgsmac©½ykñúgRbeTsk¾dUcCa
rUbbIyb½NÑbMrugénRbeTsEdlCYbRbTHenaHeLIy. enAkñúgRbeTsNaEdlcMeBaH
RbeTsenaH PaBmanbMrugénplitplTunbgðajeGayeXIjCamUldæanmankar
ceg¥otsMrab;karGPivDÆn_enaH eK)ansegáteXIjCaTUeTAfa karvinieyaKTunbreTs

eFVIeGaymankarekIneT,IgnUvskþanuBlénkarGPivDÆn_rbs;RbeTsenaH.
müa:geTotskmμPaBesdækic©rbs;Rkumh‘unbreTspþl;eGayCajwkjab;nUvEpñ
kya:gtUcmYysMrab;karrIklUtlas;énRbeTsEdlCYbRbTHenaH eRBaHfatMélplit
kmμdulénkarvinieyaKTunedaypÞal;enaH RtUv)anRtLb;CaBitR)akdeTAkñúg GDP
énRbeTsrbs;eKvij ¬CamYynwgkarelIkElgénkarTij payment in advance BI
breTs¦ ³ mYyEpñkRtUveRbIR)as;sMrab;bg;éføénkarcUlrYménktþaplitkmμBIbreTs
mann½yfaeTAkñúg GDP RbeTsrbs;eK kñúgenaHk¾rab;bBa©ÚlTaMgplcMeNjrbs;
eKpgEdr. ÉEpñkEdlesssl;RtUveRbIR)as;sMrab;bg;éfø payment in advance
nigktþaplitkmμrbs;RbeTsEdleKvinieyaKenaH k¾dUcCasMrab;karbg;éføBn§
nigsm,Tan nigcUlrYmcMENksMrab; GDP énRbeTsEdleKvinieyaKenaHpgEdr.
dUcenHkalNaktþaplitkmμkúñgRbeTsEdleKvinei yaKenaH ¬EdlP¢ab;CamYy
payment in advance¦ eRbIR)as;kan;EtticenAkñúgRkumh‘unbreTsnImYy² enaHkar
cUlrYmcMENkrbs;Rkumhu‘nbreTs sMrab;PaBrIkcMerInénesdækic©rbs;RbeTsenaHk¾
kan;;EttUcEdr. TaMgenHmann½yfa skþanuBlénPaBrIkcMerInEdlbNþalmkbEnßm
BIkarvinei yaKTunbreTsenaH ceteris paribus kan;EtFM kalNaRbeTskMBugGPivDÆn_
enaHRtUv)anrYmcMENkCamYynwg payment in advance ¬éføedIm¦ ecjBIplitkmμ
rbs;xnÜø kan;EteRcIneTAkñúgtMélplitkmμdulénKMeragbreTsTaMgenaH. kareRbIR)as;
énkarvinieyaKTunbreTssMrab;RbeTskMBugGPivDÆn_xøH kan;EtFMkalNalT§pl
(effect) énkarbegáItktþabBa©Úl (input) ¬=karcUlrYmcMENkenAkñúg input¦ én
RbeTsenaHeTAelIsaxaesdækic©breTsEdlviinieyaKenaHkan;EtTUlMTUlayeTA
TaMgenHmann½yfa kalNatMrUvkar ]TahrN_ ³ CaplitplBak;kNþalsMerc
rWFnFanmnusSEdlmansmtßPaBeTAkñúgrcnasm<n½ p§ litkmμEdlx<s²; enAkñúgsaxae
sdækic©breTsenaHRtUv)anbMeBjcitþ rWpþl;edayRbeTsEdlGñkvinieyaKbreTs
enaHvinieyaK. dUcenHGRtakargarenAkñúg]sSahkmμEdlCaplitplBak;kNþal
sMerc rWshRKaspÁt;pÁg;plitplBak;kNþalsMercRtUv)anekIneLIg. lT§plenH

bgðajeGayeXIj\nUv\T§iBlviC¢manénkarvinieyaKbreTs.
enAkñúgkarBicarNadUcKñaenH k¾RtUvbkRsayenAkñúgTMnak;TMngCamYynwgkar
eRbIR)as;kMlaMgBlkmμenAkñúgRbeTsEdr. enATIenHk¾eyIgBMuGaccab;GarmμN_eday
emIlnwgEPñkfacMnYnénkMlaMgBlkmμEdleRbIR)as;enAkñúgRkumh‘unbreTs RtUv)an
raraMgeT. PaKeRcInmankarERbRbYlekIneLIgénkareRbIR)as;kMlaMgBlkmμEdl
bNþalmkBIRkumh‘unTaMgenaH. müa:geTotedaysar\T§iBlénplitkmμénRkumh‘un
breTseFVIeGaymankarekIneLIgtMélplitkmμsuT§énRkumh‘undéTeTotenAkñúgRbeT
s.
TnÞwmnwgkarcUlrYmbegáItPaBrIkcMerInedaypÞal;nUvlT§plénrUbIyb½NÑ KWk¾
GacnaMeTAeGaymanlT§plénPaBrIkcMerInedayRbeyalEdreTAkñúgRbeTskMBugGPi
vDÆn_kñúgkrNIénkarxVHxatrUbIyb½NÑenAkñúgRbeTsenaH. sMrab;GaceFVIkarRsav
RCav\T§iBlénrUbIyb½NÑenaH eKRtUvEtEbgEckkarvinieyaKCa{karvinieyaKTuneday
pÞal;EdlmanTMnak;TMngbreTs} nig{karvineyaKTunedaypÞal;edaymanTMnak;
TMngkñúgRbeTs}. cMeBaHRkumén {karvinieyaKTunedaypÞal;manTMnak;TMngbreTs}
rab;bBa©lÚ nUvKMeragNaEdlplitplrbs;KMeragenaHRtUv)anlk;ecjeTAkñúgRbeTs
epSgeTot nigCajwkjab;eTAkñúgRbeTsedImkMeNIténGñkvinieyaKTunenaHeTotpg
Edr.
pÞúyBIenH {karvinieyaKTunedaypÞal;EdlmanTMnak;TMngkñúgRbeTs} KWtMrg;
TiseTAelIkarpÁt;pÁg;énTIpSarkñúgRbeTsénRbeTsEdleKvinieyaKenaH. EtenAkñúg
karBitkarEbgEckCakrNITaMgBIrenHRtUv)anliclg; eRBaHfakarvinieyaKeday
pÞal;EdlmanTMnak;TMngkñúgRsuk)aneRbIR)as;kñúgeBlCamYyKñaenHEdr k¾sMrab;kar
RbtibtþiénkarnaMecjeTAkñúgesdækic©CatiénRbeTsCitxagEdr ³ ]TahrN_ kar
sßabnaeragcRkLankñúgRbeTseRbsIulGacRtUvbgðajeGayeXIjfa eragcRkenaH
pÁt;pÁg;sBVéf¶enH eTAelITIpSarénbNþaRbeTsGaemrikLaTInTaMgmUl. dUcenHCa
lT§pleKKYrEteFVIkarEkERbénkarEbgEckenH ehIyk¾dUcCaRbmUlpþMúkarBicarNa
eTAelIBaküTaMgBIrenaHeT,Igvij. k¾b:uEnþenAkñúgkarsikSaenATIenHeyIgBMueFVIkarERb
RbYlénkarEbgEckenaHeT.
KuNsm,tþiEdlCamUldæanénkarvinieyaKedaypÞal;EdlmanTMnak;TngbreT
s)anbgðajfa karcUlrYmcMENksuT§rbs;eK cMeBaH GDP rbs;RbeTskMBug
GPivDÆn_ rWrbs;RbeTsEdleK)anvinieyaKenaH. TaMgenHmann½yfa karhUrcUlén
rUbIyb½NÑenAkñúgTMhMmYyya:gFMkñúgRbeTsenaH kalNaeKBicarNaeTAelIlT§pl
TIBIr (secondary effect) cMeBaHplitkrkñúgRsuk eRBaHfaplcMNUlénkarvinieyaK
edaypÞal;EdlmanTMnak;TMngbreTsenH edayeyaleTAelIniymn½yxagelI KW
ecjBIvis½y rWxÞg;naMecj. dUcenHplcMNUlenH ya:gticbMputkøayCarUbIyb½NÑén
RbeTsEdlCaePJovenaH. CamYyenHlT§plrbs;rUbIyvtßúénRbePTkarvinieyaKenaH
KWsMrab;RbeTsEdlCaePJóvBitc,as;las;CaviC¢man. TaMgenHeFVIeGayrUbIyvtßúbMrug
rbs;RbeTsenaHRtUv)anekIneLIg. enAkñúgkal³eTs³xøHlT§plsuT§énrUbIyvtßú
EdlviC¢manenaH GacFMCagkarcUlrYmcMENksuT§sMrab;PaBrIkcMerInrbs;GñkvinieyaK
KinRbePTenH kalNaenAkñúgdMeNIrénkarsMrbsMrYlrcnasm<½n§TIpSarkñúgRbeTs
EdlRtUv)anvinieyaKenaH plitkmμEdlRtUvnaMcUlsuICMerA (intensiv importing
productions)mkdl;eBlenHRtUv)ankat;bnßy. qøgkat;lT§plsuT§énrUbIyvtßúenH
RbeTskMBugGPivDÆn_RtUv)anpøas;eGayenAkñúgsßanPaBeRbIR)as;plitplTunbreT
ssMrab;naMeTArkkarsßabnaén]sSahkmμkñúgRbeTs nigsMrab;begááInsnÞúHénel,Ón
rIkcMerInenAkñúgRbeTsrbs;xøÜn.
kñúgkrNIénkarvinieyaKedaypÞal;EdlmanTMnak;TMngkñúgRbeTs eKTTYl
)anlT§plepSgBIxagelI. eRBaHfakarvinieyaKTunRbePTenH pSarP¢ab;ya:gs¥it
rmYteyaleTAelIniymn½yBIxagelI GacelcecjnUvKuNsm,tþi nigKuNvib,tþi
ya:geRcInCamYynwgTIpSarkñúgRbeTsénRbeTsEdlRtUvvinei yaKenaH. edaysar
plitplEdlRtUvnaMcUlmkdl;eBlenHeFVIeGayCadMbUgmankarsnSMrUbIyvtßúEdlTu
ksMrab;naMcUlplitplenaH lT§plénkarsnSMénrUbIyvtßúenH CaTUeTAticCag
lT§plénkarsnSMrUbIyvtßúEdlecjBIkarvinieyaKedaypÞal;EdlmanTMnak;TMngbre
Ts eRBaHfakarsnSMénrUbIyvtßúEdlCaesdækic©srubPaKeRcIntictYc edaysarmUl
ehtumandMeNIrRbRBitþénkarCMnYsenAkñúgTIpSarkñúgRbeTs ³ kúñgeBlEdltMrUvkar
esdækic©kñúgRbeTsRtUveFVIeGaymanskmμPaBbEnßmenaH CaBitR)akdekIneLIgnUv
PaBrIkcMerInénesdækic©Cati. k¾b:uEnþbBaðaenHminRtUv)anCUndMeNIredaykarsnSMén
rUbIyvtßúEdleyageTAtamenaHeLIy. eTAelIEpñkepSgeTotkarepÞrénkarcMeNjk¾
TMlak;bnÞúkeTAelItulükarénkarbg;tMélEdr rYcmkCaTUeTAktþaplitkmμk¾RtUv)annaM
cUlBIbreTsEdlGacbNþaleGaymankarhUrecjénrUbIyvtßúeTAeRkARbeTs.
dUcenHfaetIkarvinieyaKTunpÞal;EdlmanTMnak;TMngkñúgRbeTseFVIeGaymanPaBRbe
sIreLIg rWk¾GaRkk;eLIgénsßanPaBrUbIyvtßúénRbeTsEdlRtUvvinieyaKenaH KWeKBMu
Gacniyay)anmuneLIy. cMelIyEdlBitR)akdGaRs½yeTAelIlT§plénkarsnSM
rUbIyvtßúEdlTak;TgeTAnwgplitplenaH ehIyk¾GaRs½ypgEdrfaetIRkumh‘un
breTsenaHeFVIsmahrNkmμeTAkñúgesdækic©énRbeTsEdlxøÜnvinieyaKenaHmanTM
hMb:uNÑaEdr?
eRkABIlT§plénTun nigrUbIyvtßúCajwkjab;k¾mankarBiPakSaEdlfa
karvinieyaKTunbreTsmann½ypgEdrfa CakarCYynUvbec©keTsEdlkñúgenaHman
Gtßn½yd¾sMxan;sMrab;RbeTskMBugGPivDÆn_. Cajwkjab;edaysarRkumh‘unbreTs
viFIsaRsþplitkmμEdlsMxan;²RtUv)anTTYlyk eRkaymkeTotedayshRKaskñúg
Rsuk. eRkABIenHeTotlT§plepSgénkarcat;EcgshRKasEdlCavicarNBaØaN
k¾RtUvbgðajpgEdr. qøgkat;karbNþúHbNþalkmμkrCMnaj visVkr nigGñkRKb;RKg
PaKeRcInpþl;enAlT§PaBénkarepÞrEdlhμt;ct; nigmanel,ÓnelOnén :know how}
ecjBIRbeTs]sSahkmμeTARbeTskMBugGPivDÆn_ nigCaBitR)akdBMuRtwmEtCakar
epÞrén :know how : EdlekIneLIgenAkñúgcMnuceBlénkarvinieyaKTunenaHeT eRkABI
enHk¾bnþrnUvkarsikSaRsavRCavEfmeToténbec©kviC¢anImYy²EdlTMenIbpgEdr.
CamYyenH karcenøaHRbehagrvagRbeTs]sShkmμ nigRbeTskMBugGPivDÆn_
EdleKsÁal;faCacMeNHdwgénbec©keTs nigshRKinEdleKEtgeGayeQμaHfa
{technological and managerial gap} GacRtUvCMnH)an rWya:gticbMputGacRtUv

raraMgnUvcenøaHRbehagkan;EtFMrbs;vaenaH.
karGPivDÆn_enHkan;EtekIneLIg kalNakarGnuBaØatikarvinieyaKTuneday
pÞal;enHGacpSarP¢ab;CamYynwglkçx½NÐEdleyageTAtam tYy:agdUcCakarsßabna
nigrkSaénkEnøgbNþúHbNþalpÞal;xnÜø k¾dUcCakarTTYlykkMlaMgBlkmμkúñgRbeTs
eTAkñúgtYnaTIdwknaMCaedIm.
eRkABIenHeKRtUvEtRbugRby½tñpgEdrfa kñúgkrNIxøH KWvaBMuekIteLIgnUvP½BV
sMNagEdlfacenøaHRbehagénbec©kviC¢arvagRbeTs]sSahkmμ nigRbeTskMBug
GPivDÆn_RtUv)anpSarP¢ab;Pøam²enaHeT,Iy eRBaHfatYya:gkMlaMgBlkmμEdlRtUv
bNþúHbNþaledayRkumh‘unbreTs GacRtUv)ancUlrYmtictYcbMputsMrab;PaBRbesIr
eLIgéncMeNHdwgbec©keTsEdleRbIR)as;d¾manRbsiT§iPaBenaH cMeBaHshRKas
kñúgRsukeT,Iy. k¾b:uEnþtamkarRsavRCavCaeRcInbgðajeGayeXIjfa BuMmanbBaða
bec©keTsTVikniymenH rvagRkumh‘unbreTs nigRkumh‘unkñúgRsukFMdMueT.
CamYyenHEdr Rkumh‘unbreTsCamYynwgbec©kviC¢aTMenIbrbs;xøÜnkñúgkar
eRCotcUleTAkñúgTIpSarrbs;RbeTsEdlxøÜnvinieyaK Edlmkdl;eBlenaHGñkpÁt;
pÁg;kñúgRsukRtUv)anRKbdNþb;edaybec©keTsburaNenaH rWBMuTan;sm½yenaH vaekIt
eLIgnUv {lT§plénkarrujRcanecj} ³ )ann½yfaRkumh‘unkñúgRsukEdlmanbec©k
viC¢aTabRtUvxÞatecjBITIpSar. lT§plénkarrujRcanenH kan;EtxøaMgeLIg kalNa
plitkmμRbRBitþeTAkan;EteRcIneLIgenAeRkamlkç½NÐénkarfycuHénkarbg;tMélsMr
ab;mYyÉktaplitplsMrab;viFIsaRsþTMenIb ³ eRBaHfakarcMeNjCajwkjab;
ekIneLIg over-proportional eTAnwgcMnYnénkarlk;. kalNakarfycuHénkar
bg;tMélxøaMgCaglT§PaBénkarfycuHénéføEdlRtUvRbkan;yksMrab;karBRgIkénkar
lk;enaH mann½yfakarRbwgERbgya:gxøaMgénEpñkxagRkumh‘unbreTsRtUv)anekIt
eLIgsMrab;sMerc)annUvcMENkTIpSarGtibrimamYy.
karRbwgERbgenHnaMeTAeGayCajwkjab;nUvkarrujRcanecjénGñkRbkYtRbEC
gkñúgRbeTs rWk¾Rkumh‘unkñúgRbeTs. kalNabBaðaenH BMuRtUv)anrkeXIjGVI
epSgeTotenaH CalT§plecjBIkarrujRcanenH KWkaredjecjénkMlaMgBlkmμ.

eRBaHfakMlaMgBlkmμenHRtUvrujRcanecjBIEpñkplitkmμEdlCamYynwgbec©kviC¢aE
dlmanlkçN³suICMerAénkM;laMgBlkmμ dUcenHlT§plénkaredjecjenaHnwg
ceteris paribus FMCagkaredjecjEdlbNþalmkBIRkumh‘unbreTs. Casmtulü
bgðajeGayeXIjecjBIbBaðaenH mankarekIneLIgéncMnYnGñkGt;kargareFVIenAkñúg
RbeTskMBugGPivDÆn_enAkñúgkrNIEdlBMumankarTUrTat;énkareRbIR)as;kMlaMgEdlti
ctYcenaH RtUv)ansMercedaysarkarekIneLIgénTMhMplitkmμEdleyageTAtam.
CamYyenHskmμPaBénRkumh‘unbreTsenAkñúgRbeTsCaePJovenaH GacnaMeTA
eGaymankarekIneLIgénGñkGt;mankargareFVI nigCamYyenaHnaMeGayman\T§iBlén
karEbgEckR)ak;cMNUl EdlpÞúyBIeKalbMNgEdl)anelIkeLIgénneya)ay
EbgEckenAkñúgRkbx½NÐéntYnaTIsñÚlénsgÁm. k¾b:uEnþebIsinNaCabec©kviC¢aenaH
RtUv)aneRbIedayRkumh‘unkñúgRsukenaHeKsnμtf; a )anTTYlnUvlT§pldUcKñaenHEdr.
dUcenHlT§plEdl)anbgðajxagelI )anR)ab;CakarBitfaCalT§plén
karmanlT§PaBkargar rWk¾kMlaMgBlkmμepSg²KñaenAkñúgRkbx½NÐénbec©kviC¢aEdl
TMenIb nigEdlRbéBNI eCosCagCalT§plEdlTMlak;bnÞúkEteTAelIRkumh‘un
breTsEtmYymux. bEnßmBIenHeTotkarsþIbenÞasEdl)anelIkeLIgPaKeRcInénkar
epÞrkarcMeNjd¾x<s;eTARbeTsedImkMeNItGñkvinieyaK k¾ekIteLIgecjCamUlehtu
epSgmYyeTot. eKBMuRtUvGnuBaØatiBicarNaEteTAelItYya:gTUrelxénkarcMeNj
BitR)akdenaHeLIy eRkABIenHCanic©Cakal eKRtUvemIleTAelIkarbegáItTMnak;TMng
sMrab;TunEdleRbIR)as;enaH. CamYynwgkaremIleXIjeTAelIGRtaénkarcMeNj
x<s; nigEpñkya:gFMénR)ak;cMeNjEdlRtUv)anepÞrenaH eKBMuGnuBaØatieGaybk
Rsay)anfakarvinieyaKTunedaypÞal;énbreTsBMu)anelIksÞÜy rWk¾cUlrYmtictYc
bMputsMrab;R)ak;cMNUlénRbeTsEdlCaePJovenaHeLIy. eTaHbIfakarcMeNjén
Rkumh‘unbreTsRtUv)anbgðajeGayeXIj 100% k¾eday nigedaysarkarbg;én
karGnuBaØatiEpñkcMeNjenaHRtUv)anhUreTAbreTsk¾eday k¾EpñkdéTeToténkar
cMeNjk¾sßitenAkñúgRbeTsEdlCaePJovenaHCaGñkTTYl nigCamYyenaHGacekIn
eLIgnUvR)ak;cMNUlkñúgRbeTs. dUcEdl)anniyayBIxagelIrYcmkehIIy TMhMenH

GaRs½yeTAelIsmahrNkmμrbs;eKeTAkñúgesdækic©énRbeTsEdlCaePJovenaH k¾
dUcCakareFVIsmahrNkmμénRbeTsEdlCaePJovenaHcUleTAkñúgesdækci é© nRkumh‘unb
reTsenaH. müa:geTotesÞIrEtRKb;krNITaMgGs; GRtaénkarcMeNjd¾x<s;EdlRtUv
sMerc)an nigRtUvepÞreTARbeTsedImkMeNIténGñkvinieyaKKin GaceFVIeGaymankar
ekIteLIgnUvkarP½yxøaccMeBaHkardkBn§cMeNjEdlBMuRtUv)anTUrTat;eLIgvij. dUc
enHkarepÞrénkarcMeNjenHbgðajeGayeXIjCaBitR)akdnUvkarnaMcUlmkRbeTsE
dleKvinieyaKenaHvij.
dUcenH edaysareKBMuGacmanlT§PaBpþl;BinÞúeTAelIKuNsm,tþi nigKuN
vib,tþién\T§iBlkarvinieyaKTunedaypÞal; rbs;breTsmkelIRbeTskMBugGPivDÆn_
enaH dUcenHekIteLIgnUvmtiepSgKña ³ TnÞwmnwgGñkRTwsþIcRkBtþiniymfμIvaytMélfa
karcMeNjCakarekgRbv½Ba©énRbeTskMBugGPivDÆn_ edaysarRkumhu‘nGnþrCatiFM²
enaH GñkKaMRTénRkumh‘unbreTs)anbkRsaykarcMeNjCaTUeTACalT§plRtLb;
mkvijcMeBaHkarpþl;énsmtßPaBshRKin nigcMeNHdwgbec©keTsrbs;xøÜn. enaH
mann½yfa karcMeNjenAkñúgTMnak;TMngenHRtUv)anbgðajfaCaR)ak;cMNUlénktþa
plitkmμsuT§saF eRBaHfasMrab;karvaytMélénlT§plRtLb;mkvijEdlCash
RKinenaH {BMumanbTdæantMélEdlCarUbPaBBitR)akd} eT,Iy. dUcenH karkMNt;
TMhMcMeNjEdlGactMNagGtibrimamYy KWmann½yeTAtamkarvinicä½yéntMélEdl
eyageTAtamedImkMeNItmenaKmviC¢aénGñkBicarNaenaHEdlnaMeTAeGaymanlT§p
lepSg²Kña. niyaymüa:geTot sMnYrecaTeTAelIkarEbgEckR)ak;cMeNjEdl
esμIPaBenaHBMuRtUvGaceqøIy)aneLIy drabNaBMumanlkçN³vinicä½yEdlCa objectiv
sMrab;karEbgEckenaHeLIy. CamYyenH CakarBitBMumandMeNaHRsayénbBaðaesμI
PaBénlT§plTaMgenaHRtUv)anrkeXIjeLIyenATIenH. TIenHCakarBit RKan;EtCa
karbkRsaynUvlT§plEdlRKbdNþb;edayneya)aysuT§saFEtb:ueNÑaH.
CasarubTMnak;TMnglT§plkarGPivDÆn_énkarvinieyaKTunedaypÞal;rbs;bre
TsRtUv)anvinicä½yCaviC¢man k¾dUcCaGviC¢man dUcEdlkarvaytMélénEpñknaMecj
Edr ³ TaMgenH Gacman\T§iBlEdl]btßmÖkarGPivDÆn_pg ehIyk¾Gacman\T§iBl

EdlraraMgkarGPivDÆn_pg. TaMgenHmann½yfaeKRtUvEtcab;yknUvlkçx½NÐénkrNI
nImYy²sMrab;karvaytMéledIm,IeGaykarvinicä½yQaneTArkPaBsmrmü.
4> karBnül;én]naPivDÆn_edaysarRTwsþIénPaBBMuÉkraCü
4>1> eKalsMxan;énRTwsþIPaBBMuÉkraCü
cMeBaHkarviPaKRTwsþIénPaBBMuÉkraCüenH eKRtUvEbgEckCaeKalsMxan;BIr ³
RTwsþIénPaBBMuÉkraCüEdlCaCatiniym nigRTwsþIénPaBBuMÉkraCüEdlCama:kSniym.
4>1>1> RTwsþIénPaBBuMÉkraCüEdlCaCatiniym
edayeyaleTAelITisedACatiniym ¬GñktMNag KWelak Juguaribe,
Sunbel, Furtado nigelak Pinto¦ PaBBMuÉkraCüRtUv)anyl;faCaplbUk
rWCalT§plénktþaxageRkATaMgGs;. kñúgnamCalkçx½NÐéndMeNIrkarGPivDÆn_
CatimYyEdr ktþaxagkñúg (domestic factors¦RtUv)an)anraraMgnUvcenøaHsEmþgénkar
sMerccitþsMrab;rdærbs;xøÜnnImYy² nigedaysarbBaðaenHeFVIeGaykan;EtdundabnUv
lT§PaBénkarGPivDÆn_rbs;RbeTsenaH. eRBaHfa {dependency} bgðajBI
sBØaaNrYmsMrab;cMnYnCaeRcInmYyénkarekIneLIgPaBBMuÉkraCüBitR)akdenAkñúges
dækic© neya)ay vb,Fm’ nigeyaFa.
PaBBMuÉkraCüenHe)aHCMh‘an TnÞwmnwgkarkMNt;CalkçN³épÞkñúgéndMeNIrkar
GPivDÆn_pgEdr. Et]naPivDÆn_RtUvbNþalkñúgeBlCamYyKñaedaysarktþaxageRkA
EdlBMuTajecj)aneBjeljeTAelITisedARTwsþIénPaBBMuÉkraCüenaHeLIy.
CMnYsbBaðaenHPaBBMuÉkraCüepþImecjBIkarkMNt;eTAvijeTAmkdUcrgVg;KYreGayRBWRBY
cmYy (vicious circle) énRkumktþaTaMgBIr.
4>1>2> RTwsþIénPaBBMuÉkraCüEdlCama:kSniym
TisedAEdlsgát;F¶n;eTAelIma:kSniyménRTwsþIPaBBMuÉkraCü ¬GñktMNagsM
xan;²manelak Cardoso, Cordova, Dos Santos nigelak Frank¦ pSarP¢ab;eTA
nwgRTwsþImUlFnniymrbs;ma:kS. mUldæanénRTwsþIEdlniymma:kS nigCamYyRTwsþIén

PaBBMuÉraCüenH ekIteLIgBITMnas;vNÑ³EdlnaMeTAeGaymanTMnak;TMngekgRbv½Ba©
mann½yfakarlMeGogén {tMélx<s;} edayvNÑ³EdlmanGMNac. CamYyenH
RbB½n§énvNÑ³EdlmanGMNacsBVéf¶ KWCamUlFnniyménBiPBelak. eyageTAtam
enHTMnak;TMngekgRbv½Ba© KWCakarekgRbv½Ba©mUlFnniym. vilmkvijPaBBMuÉkraCü
bgðajCaEpñksMxan;mYyénRbB½n§mUlFnniymBiPBelakEdlnaMeTAeGaymankar]n
aPivDÆn_énRbeTskMBugGPivDÆn_ ³ TaMgenHmann½yfa PaBBMuÉkraCüCacariklkçN³
CaRbB½n§kMNt;mYyEdlsßabnaeLIgedaysgÁmpÞal;xøÜnénRbeTsenaH.
sMrab;karviPaKén»naPivDÆn_RtUv)anTajecjeyageTAtamenaH karEbgEck
én {tMélx<s;} BIRkumepSgénvNÑ³GPiCnkñúgRbeTs nigeRkARbeTs k¾dUcCaeRkam
karCYy]btßmÖBITMnak;TMngGñkmanGMNacenAkñúgRbeTs. eRBaHfa]naPivDÆn_RtUv
bNþalmkBI\T§iBlénRbB½n§mUlFnniymBiPBelakenaH ktþaEdlCamYlehtuTaMg
Gs;KW }ktþaxagkñúg” ¬dosmetic factors¦ énRbB½n§enH. k¾b:uEnþkarBnül;énTMnak;
TMngrvagktþaxageRkA nigxagkñúgelcecjepSg²KñaenAkñúgRTwsþIénPaBBuMÉkraCü
Edlsgát;F¶n;eTAelIma:kSniym. EtCarYm eKalkarN_TaMgGs;énRTwsþIbgðajeGay
eXIjfaTMnak;TMngrvagktþaxagkñúg nigxageRkAkt;sMKal;CaTMnak;TMngpøas;bþÚr
EdlBMuesμIPaB. cMeBaHbBaðaenH)ann½yfaktþaxagkñúgRtUv)ankMNt;edayktþaxag
eRkA. edaysarTMnak;TMngenHRbeTs]sSahkmμ (= metropolis rWk¾mCÄmNÐl
kNþal¦ RtUv)anTTYlplRbeyaCn_ ehIypÞúyeTAvijRbeTskMBugGPivDÆn_xøH (=
periphery) RtUvTTYlkarxatbg;.
CaBitR)akdkarkMNt; rWkarebþCJaeTAvijeTAmkmYyrvagktþaxagkñúg nig
xageRkABMuRtUv)anbdiesFeT. k¾b:uEnþCasmtulü\T§iBlEdlxøaMgsßitenACanic©elI
EpñkEdlTn;exSay mann½yfaeTAelIRbeTskMBugGPivDÆn_. CamYyenHEdrCakarBit
karTajecjénRBMEdnrvagktþaxagkñúg nigxageRkAenAkñúgépÞxagkñúgénRbeTskMBug
GPivDÆn_ BMuTan;)anbkRsayBnül;enAeLIyeT eRBaHfarcnasm<½n§épÞkñúgsBVéf¶én
RbeTsenaHbeBa©jeGayeXIjrab;stvtSmkehIynUvktþa\T§iBlxageRkA.
karbkRsayepSg²énPaBBMuÉkraCü k¾dUcCakarkMNt;RBMEdnBMuc,as;las;
rvagPaBBMuÉkraCüenaHeFVIeGaymankarlM)akya:gxøaMg cMeBaHkaryl;énTsSn³Tan
énPaBBMuÉkraCü. sMrab;karCMnHénbBaðaEdlelceLIgmkenH GñkniBn§xøH)aneGay
eyabl;nUvkareRbIR)as;énkarcgRkgEdlmanlkçN³CaRbtibtþiénPaBBMuÉkraCüEd
lkñúgenaH karKitCaTUrelxmYyénTMnak;TMngPaBBMuÉkraCüRtUvTTYlyk)aneday
kareRCIserIsGaMgDIkaT½rénkarTak;TgbreTs dUcCakarcUlrYmTunrbs;Rkumh‘un
breTs TMhMén\NTanbreTs bTdæanbreTs kmμsiT§ibBaØa nigGnuBaØatkarepÞr
énR)ak;cMeNj .l. k¾b:uEnþ dMeNIrRbRBwtþrebobenHmkdl;eBlenHelcecjEtCa
sMnYrEtb:ueNÑaH dUcenHTMhMEdlCabirmaNénkarviPaKPaBBMuÉkraCüxagelIsßitenA
elIpøÚvbnþeTAeTot. dUcenH karRsavRCavenHRtUvemIlya:gBinitSBic½yedayGñkRTwsþI
esdækic© k¾dUcCaGñkRTwsþIGPivDÆn_neya)ayesdækic© CamYynigkarTieTonya:gxøaMgBI
mCÄdæanepSg².
4>3> karbkRsay]naPivDÆn_edaysarPaBBMuÉkraCü
kñúgeBlenHkarsakl,gBnül;énRTwsPIþ aBBMuÉkraCüepSg²cMeBaH]naPivDÆn_
énRbeTskMBugGPivDÆn_RtUvbkRsaybgðaj. CamYyenHEdr eKRtUvEbgEckrvag
\T§iBlxageRkA nigxagkñúg tYya:gkarekgRbv½Ba© nigkarEkrTMrg;énrcnasm<½n§.
4>3>1> ]naPivDÆn_ nigkarekgRbv½Ba¢
TisedAénbMNkRsayTImYykñúgcMeNaménPaBBMuÉkraCü cat;Tukkarekg
Rbv½Ba©énRbeTskMBugGPivDÆn_edayRbeTs]sSahkmμEdlCamUlFmniym Cacarik
lkçN³EdlkMNt;énPaBBMuÉkraCü. eyageTAtamenH ]naPivDÆn_CalT§plén
TMnak;TMngekgRbv½Ba©enH. CamYyenHEdr KWRtUvEbgEckrvagTMrg;énkarekgRbv½Ba©
edayRbeyal nigkarekgRbv½Ba©edaypÞal;.
• enAkñúgkarekgRbv½Ba©edayRbeyalenAkñúgcMnucmUldæanénRTwsþIPaBBMuÉkr
aCüEdlCatiniym eK)anelIkeLIgnUvniekçbTénPaBkan;EtGaRkk;énRbPB (secular
deterioration) {term of trade (ToT)} CaGMNHGMNag ¬emIlkñúgemeronxagelI¦.
eyageTAtamkaryl;dwgénRTwsþIPaBBuMÉkraCüEdlCaCatiniym RbeTskMBug
GPivDÆn_EdledaysarEtPaBkan;EtGaRkk;Cab;rhUtén ToT RtUvbgçitbgçMsMrab;
plitplnaMecjrbs;xnÜø nUvkarekIneLIgCabnþbnÞab;énkarpliténplitplnaMecje
naH edIm,IGachirBaØvtßúsMrab;EfrkSaéndMeNIrkarGPivDÆn_rbs;xøÜn k¾dUcCaénTMhM
naMcUlEdlTamTarsMrab;karsMerc)anénsþg;dars;enAEdlmkdl;eBlenH.
CamYynwgPaBkan;EtGaRkk;én ToT KWRsbeBlCamYyenaH manPaBTak;Tg
nUvkarepÞrR)ak;cMNUleTAkñúgRbeTs]sSahkmμ. karepÞrenHRtUvbgçMedaysarkar
Føak;cuHénR)ak;ebovtSénkMlaMgBlkmμkñúgRbeTsEdlCYbRbTHenaH nigCamYyenaH
KWkarmkdl;én {karekgRbv½Ba©}. eyageTAtamRTwsþIma:kSniym ¬GñktMNagman
elak Kohlmey, Emmanuel nigelak Marini¦ karekgRbv½Ba©edayRbeyal
KWCaGVIEdleKehAfa {karepÞréntMél}EdlRtUv)anviPaKedayRTwsþIén {karbþÚrEdlBMu
esμIPaB}.
karviPaKenHsakl,gsMrab;bkRsaynUvmUldæanRKwHénkarEbgEckR)ak;cMNU
leTAkñúgsgÁmmUlFnniym nigkarEbgEckeLIgvijénplitkmμBiPBelak
edayqøgkat;emkanicénTIpSarBiPBelak rWTIpSarGnþrCati. karEbgEckEdlBMuesμI
Kñaénplitkmμesdækic©BiPBelakeTAelIRbeTsnImYy²RtUvbNþalmkBIPaBxusKñar
vagéføénplitplEdlRtUvbþÚrenAelITIpSarGnþrCati nigkarbg;tMélrbs;va ¬mann½y
faCakarbg;tMéltMélénkarbMeBjkarplitEdlcUlrYmenAkñúgplitplnImYy²enaH
¦. karKaMBarénkarbþÚrEdlBMuesμIrKña KWCaGVIEdlTMnijrbs;eKRtUv)anlk;elItMél
ehIykarEdl)at;bg;EdleyageTAtamenaH KWCaGVIEdlTMnijrbs;eKRtUvlk;eRkam
tMélsMrab;karGaccUlrYmenAkñúgBaNiC¢kmμBiPBelak.
karbþÚrEdlBMuesμIrPaBTajecjeGayeXIjeBjelj ]TahrN_ cMeBaHkar
bþÚrénplitplrvag metropolis ¬RbeTs]sSahkmμ¦ nig periphery ¬RbeTskMBug
GPivDÆn_¦ kalNacMeBaHkMritplitPaBesμIrKña plitplén periphery EdlRtUv
vaytMélTabedaymUlehtuénkarbg;tMélTab sMrab;kMlaMgBlkmμRtUv)anbþÚrTl;
nwgplitplEdlvaytMélx<s;énRbeTs]sSahkmμ. TnÞwmnwgrcnasm<½n§esdækic©
nigsgÁmenAkñúgRbeTs]sSahkmμGnuBaØatieGayekIneLIgCabnþrbnÞab;énkarbg;tMé
lBlkmμedaysarTIpSarEdlpþac;muxnIykmμ nigshCIBEdlmanGMNacenaH
enAkñúgRbeTskMBugGPivDÆn_edaymUlehtuénrcnasm<½n§esdækic© nigsgÁm EdlRtUv
EkTMrg;eFVIeGayR)ak;ebovtSn_sßitenAkMBs;efrd¾tictYc nigTaMgenHCakarTTYlyknUv
PaBxusKñaénR)ak;ebovtSn_cMeBaHkarbþÚrEdlBMuesμIrPaB.
RTwsþITaMgBIrenH rhUtmkdl;eBlenHBMuRtUv)anbkRsayCaBiesaFniymenA
eLIy ¬emIlkñúgemeronBImunGMBIkarTieToneTAelIGaMgDIkarT½r ToT nigkarTieToneTA
elIRTwsþIma:kSniym¦. edaymUlehtuenH RTwsþITaMgenHRtUvcab;epþImniyayGMBItMél
énPsþútagsMrab;karviPaK EdlCaBiesaFniyméndMeNIrkarGPivDÆn_esdækic©sgÁm.
PaBTn;exSayénRTwsþITaMgBIr)ancUlrYmcMENkya:gsMxan;sMrab;karCMnYsd¾TUlMTUla
yrbs;eKedayeKalkarN_epSgeTotenAkñúgkarBiPakSaEdlRbmUlpþMúeTAelIPaBBMuÉ
kraCü nig]naPivDÆn_. eKalkarN_enHmanninñakarCadMbUgeTAelIkarekgRbv½Ba©
edaypÞal;.
• karekgRbv½Ba©edaypÞal; ³ eyageTAtamkaryl;dwg TaMgGñkRTwsþIénPaB
BMuÉkraCüEdlCaCatiniym k¾dUcCaGñkRTwsþIénPaBBMuÉkraCüEdlCama:kSniym TMrg;
énkarekgRbv½Ba©edaypÞal;bgðajecjBIkarepÞrénR)ak;cMeNjEdlecjBIkarbg;tMé
lénkmμsiT§ibBaØa nigkarGnuBaØatEdlx<s;elIslb; k¾dUcCaecjBIkarbg;tMélén
karepÞrbec©kviC¢aénkumh‘uncMruHCati rWk¾énRkumh‘un transnational company eTAkñúg
RbeTs]sSahkmμrbs;eK.
Rcvak;énkarbkRsayEdleRbIR)as;enATIenHRbRBitþeTAdUcteTA ³ karxitxM
RbwgERbgén]sSahPavUbnIykmRbeTskMBugGPivDÆn_)anKaMBarnUvkarsßabnaénRku
mh‘unbreTsenAkñug]sSahkmμEkécñ eRBaHfaPaKeRcInmanEtRkumh‘unTaMgenaHeT
EdlbMBak;eTAedaybec©kviC¢aEdlRtUvtMrUvkar nig{know how}. k¾b:uEnþ Rkumh‘un
EdlmansaxabreTsTaMgenaH )anCH\T§iBleTAelIkMriténR)ak;cMNUlCatiCa
GviC¢man eRBaHfaR)ak;cMeNjEdlRtUv)anepÞreTARkumh‘unkNþalenAkñúgRbeTs
]sSahkmμCaTYeTAekIneLIgelIslb;elIFnb,maNénTunEdlRtUvvinieyaKeTAeTot
. TaMgenHmann½yesμInwgkarmkdl;nUvkarlMeGogd¾xøaMgmYyénplitplcMruHsgÁm
enAkñúgRbeTs]sSahkmμedaysarvNÑ³EdlmanGMNacenaH. edaysarkarhUr
RtLb;mkvijénTunEdlcMhrenH KWFMCagkarepÞrénFnFan ¬dUcCa]TahrN_kar
vinieyaKTunCasaFarN³ nigÉkCn nigkarCYy rWeGayeday\tKitéfø .l.¦
ecjBIRbeTs]sSahkmμTaMgenaH. dUcenHbgðajeGayeXIjfamankardkTunecj
(decapitialize) BIRbeTskMBugGPivDÆn_EdlCYbRbTHenaH.
karfycuHénTunenHRtUvkan;EtekIneT,Ig edaysarkarhUrecjénTunEdl
lak;kM)aMgEdlRtUvTajecjeGayeXIjeBjeljkñúgRkbx½NÐénkarEkøgbnøMenAkñug
karkt;RtaelxnBn§ (accounting) enAkñúgkarbegáItéføenAkñúgkarbg;Bn§ k¾dUcCaBI
karbg;tMélEdlx<s;elIslb;eTAeGaykMlaMgBlkmμénelakxaglic. lT§PaBén
karekIneLIg (accumulation) d¾tictYcEdlCalT§plecjBIkardkTunBIRbeTs
kMBugGPivDÆn_enaH)anraraMgmüa:gnUvkarekIneLIgénplitPaBkargar nigCamYyenaH
Edr)anraraMgnUvkarekIneLIgénR)ak;cMNUlTUlMTUlaymYyenAkñúgRsTab;RbCaCnén
RbeTsEdlCYbRbTHenaH EdlGacnaMeTAeGaymannUvkarBRgIkénTIpSarkñúgRbeTs
d¾ceg¥otmYy nigCamYyenaHnaMeTAeGaymanninñakareTArkPaBsuT§ (homogeneity)
énrcnasm<½n§esdækic© nigsgÁm.
eRkABIenHRkumh‘unCatiepÞrTaMgenaH RtUv)ansMrYleGayTTYlykKMrUplitpl
eRbIR)as;elakxaglic. k¾b:uEnþsMrab;plitkmμénplitplEdlRtUvpliteday
bec©keTselakxaglic CaTUeTAcaM)ac;manenAviFIsaRsþEdlCaTunsIuCMerAEdlBMu
GacsRmbsRmYledayTMnak;TMngénktþabMrugTukenAkñúgRbeTsxøÜnEdlCaRbeTskM
BugGPivDÆn_)aneLIy. ktþaTaMgBIr ¬karnaMmkenAplitpleRbIR)as;EdlCaelak
xaglic nigkareRbIR)as;viFIsaRsþEdlCaTunsIuCMerA¦ eFVIeGayekIneLIgnUvtMrUvkar
énrUbIyvtßú nigCamYyenH nUvPaBcaM)ac;énkarTTYlyk\NTanBIbreTs EdlCa
GVInwgRtLb;mkvijnUvkarKaMBarénkarepÞrTuneTARbeTseRkAdEdledaytamryHkar
bg;tMélénkarR)ak;enaH.
pÞúyBIGñktMNagénRTWsþIénkarekgRbv½Ba©edayRbeyal GñktMNagénbMNk
RsaykarekgRbv½Ba©edaypÞal;enH )anxitxMRbwgERbgyUryarYcCaeRscsMrab;RtYt
BinitüCaBiesaFniymmYyénniekçbTrbs;eK. CakarBitkarsikSamYycMnYnGacbgðaj
eGayeXIjfa enAkñúgRbeTsnImYy²karpÁtp; ÁgT; unrbs;Rkumhun‘ breTsenAelITpI Sar
TunénRbeTskMBugGPivDÆn_ RtUv)anTajeGayeXIjeBjeljnUvlkçx½NÐEdlRtUv
TamTareGaymankarRTRTg;y:agxøaMg. TaMgenHk¾mann½yesμIrnwgCamYyeTAnwgkar
hUrecjénTund¾tictYcmYyBIRbeTseRkA nigkarrujRcanEdlmanskþanuBlmYy
rbs;GñktMrUvkarTunkñúgRbeTs. eRkABIenH karRsavRCavbgðajeGayeXIjnUvkar
Gnuvtþn_PaBelIsénvik½yb½Rt (over invoice) énkarnaMcUlenAkñúgsaxa]sSahkmμ
xøHpgEdr.
sMrab;karRbtibtþikarénkarvinieyaKbnþeTot CakarBiteK)anbgðajnUvkrNI
CaeRcIncMeBaHkrNIkarhUrecjénTunral;qñaMEdlCalT§pl énkarbg;tMélcMeNj
eTARkumh‘unkNþalenAbreTs KWFMCagkarhUrecjTunrbs;eKeTAsaxaRkumh‘unenA
kñúgRbeTsEdlCaePJov. k¾b:uEnþPsþútagenHmansuBlPaBcMeBaHEtRkumh‘unenAkñúg
EpñkcMraj;FnFanFmμCatiEtb:ueNÑaH.
eTaHbIkaryl;RBm EdlrkeXIjmYyEpñkénbMNkRsaykarekgRbv½Ba©eday
pÞal;k¾eday k¾b:uEnþvasßitenAcMhrfaetIdMeNIrRbRBitþEdl)anbgðajenaHcUlrYmBit
R)akdcMeBaHkardkTunecjBIRbeTsEdlCYbRbTHenaHEdrrW nigbEnßmBIelIenHeTA
eTotcMeBaHkarbegáInénPaBBMuÉkraCü nig]naPivDÆn_énRbeTsenaH.
4>3>2 ]naPivDÆn_ nigkarEkTMrg;énrcnasm<½n§ (structural deformation)
TnÞwmnwg bMNkRsayénPaBekgRbv½Ba©rMkileTArkTMnak;TMngénesdækic©Gnþr
CatirvagRbeTskMBugGPivDÆn_ nigRbeTs]sSahkmμenAkñúgrUbPaBEdl)anbkRsay
xagelI sMrab;TsSn³TanénkarEkTMrg;énrcnasm<½n§bgðajCadMbUgeTAelIlT§plén
esdækic© ¬=TIpSar¦ nigCaBiessBitR)akdeTAelIbBaðaénkarekIneLIg (problem of
the accumulation) k¾dUcCaTidæPaBbIya:gEdlpSarP¢ab;KñaeTAvijeTAmkEdlenAkñúg

enaHmanCaPsþútagdUcCa ³
- Structural interlocking of the production enAkñúgRbeTsEdlBMuÉkraCü
nigEdlsV½yy½t
- Structural characteristic of the production enAkñúgRbeTsEdlBMu
ÉkraCük¾dUcCa
- rcnasm<½n§sgÁmnImYy²
TidæPaBTaMgenHKaMRTPaBBMuÉkraCüénrcnasm<½n§ rWk¾vayRbharPaBBMuÉkraCü
énrcnasm<½n§.
• ]naPivDÆn_ nigbunplitkmμEdlBMuÉkraCü (dependently reproduction)
TidæPaBén structural interlocking of production rvagRbeTs]sSahkmμ nig
RbeTskMBugGPivDÆn_RtUv)anBiPakSaCaBiessedayelak Samir Amin enAeRkam
sBaØaNEdlehAfa {bunplitkmμEdlBMuÉkraCü (dependent reproduction)}
eyageTAtamenH RbB½n§esdækic©énRbeTsmYyEbgEckeTAkñúgvis½ybYn ³ naMecj
plitplsMrab;kareRbIR)as;RTg;RTayFM (products for mass consumptions)
plitplsMrab;kareRbIR)as;RbNit nigplitpléneRKOg]bkrN_brikça ¬plitpl
vinei yaK¦. visy½ TaMgenHpSarP¢ab;Kañ eTAvijeTAmkenAkñúgTMhMepSg²Kña. karGPivDÆn_
énmUlFnniymEdlCaRbeTs]sSahkmμkt;sMKal;eXIjnUvkarGPivDÆn_RsbKñaénvi
s½yplitplénkareRbIR)as;RTg;RTayFM nigvis½yplitplénkarvinieyaK EdlCa
mUldæaneTAelIkarekIneLIgénplitPaBEdlnwgeFVIdMeNIrmun nigEdlnwgCUndMeNIr
énvis½yksikmμ. PaBbMeBjKñarvagplitkmμénplitpleRbIR)as; nigplitpl
vinieyaK mann½yCaBiesssMrab;BRgIkénrcnasm<½n§plitkmμEdlxus²Kña.
karekIneLIgénplitPaBEdlekIneLIg edaysarkaeRbIR)as;Tunkan;EtxøaMg
eLIgmYy nigedaysarkareRbIR)as;énmeFüa)ayplitkmμTaMgenH mann½yfakar
ekIneLIgéføénkMlaMgBlkmμedayGMNacshCIB nigedaysarkarfycuHmYy
énkarpÁt;pÁg;kMlaMgBlkmμ ¬fycuHénPaBKμankargareFVI¦ CaTUeTAbNþaleGayman

karekIneLIgénR)ak;cMNUlEdlBitR)akd (real income) EdlEp¥keTAelIkarekIn
eLIgenH naMeTAeGaymankarekIneLIgéntMrUvkarénplitpleRbIR)as;RTg;RTayFM.
karekIneLIgénTun (capital accumulation) edaybgáredaysarbBaðaekIneLIg
éntMrUvkarxagelIenH CH\T§iBleGaymankarrIkraldalbnþeTotmYyénplitkmμ
plitplvinieyaK EdlCaGVInaMeTAeGaymankarekIneLIgénplitPaBRtLb;eLIgvij
nigecHEtRtLb;eLIg nigRtLb;eLIgvijrhUt.
pÞúyeTAvijmUldæanpSarP¢ab;enAkñúgmUlFnniyménRbeTskMBugGPivDÆn_ KW
cariklkçN³edaykarpþMúKñaénvis½yplitpl énkareRbIR)as;RbNitEdlCa]sSa-
hkmμ nigvis½ynaMecj. karxVHxatvis½yvinieyaK nigvis½yplitpleRbIR)as;RTg;
RTayFMEdlCarbs;xnÜø ÉgpÞal;mYy eFVeI Gaykan;EtekIneLIgénPaBBMuÉkraCüénbec©k
viC¢aénRbeTskMBugGPivDÆn_BsI MNak;R; beTs]sSahkmμ. eRBaHfaedIm,ItYnaTIsnþsi ux
rWPaBekIneLIgBitR)akdénbunplitplsgÁm (social reproduction) enAkñúgRbeTs
kMBugGPivDÆn_TaMgenaH meFüa)ayplitkmμ nigplitplénkareRbIR)as;RtUvcaM)ac;
PaKeRcInsuT§EtnaMecjBI Metropoly rWk¾RbeTs]sSahkmμ. karGPivDÆn_EdlxVH
xat rWk¾EdlyWtya:vsMrab;karGPivDÆn_edaypÞal;xøÜnmYyénvis½yTaMgBIrenHbNþal
eGayekIteLIgnUvR)ak;cMNUlepSgKñaya:gxøaMgenAkñúgRbeTs Edlcab;epþImmUlFn-
niym Periphery enaH.
karekIneLIgnUvplitPaBEdlRtUv)ansMercenAkñúgvis½ynaMecj )anpþl;
lT§PaBnUvkarpliténR)ak;cMNUld¾x<s;. R)ak;cMNUlenHRtUv)anERbkøaycMeBaH
EpñkmYyya:gFMeTAkñúgtMrUvkarénplitpleRbIR)as;RbNit. pÞúyBIenHeTAvijtMrUvkar
énplitpleRbIR)as;RTg;RTayFMBMumankarcMerIneTAmux (= stagnation)eT eRBaHEpñk
d¾FMénvis½yksikmμ nigCamYyenaHRbCaCnpgEdrBMu)ancUlrYmenAkñúgkarGPivDÆn_
EdlekIneLIgénplitPaBTaMgenaHeT. cMeBaHtMrUvkarénplitplvinei yaKkarcMenj
PaKeRcInEteTAelIRbeTs]sSahkmμ TnÞwmnwgRbeTskMBugGPivDÆn_edaymUlehtu
karTTYccg;)anénbec©kviC¢aelakxaglic k¾)ancab;yviFIsaRsþplitkmμEdlCaTun
sIuCMerA eTaHbIRbeTsTaMgenaH)anbgðajeGayeXIjkarxVHxaténbirkçaTunk¾eday.
müa:geTotviFIsaRsþplitkmμenH CMTas;ya:gxøaMgeTAnwglkçN³FmμCatiCaRbéBNI
énRbeTsTaMgenaH.
dUcenHTaMgGs;enH k¾BuMGacsMerc)anedIm,IeGayEpñkya:gFMénRbCaCneFVI
smahrNkmμenAkñúgdMeNIrkar]sSahPavUbnIykmμ (industrilization) nigedIm,I
sMerc)annUvlkç½NÐsMrab;plitkmμénplitpleRbIR)as;RTg;RTayFM edaysarEt
karekIneLIgénR)ak;cMNUlenaHeT,Iy. PaBxusKñaénvis½yTaMgenHenAkñúgRbeTs
kMBugGPivDÆn_eFVIeGayekIneLIgvijnUvkarEbgEckkargarGnþrCatiEdlCaburaNenaH
(classical) nigCamYyenaHeFVIeGaymankarsuICMerAénPaBBMuÉkraCüénrcnasm<½n§BI
Metropoly ¬RbeTs]sSahkmμ ¦.
edayBicarNaeTAelIkarekIneLIgplitkmμénplitplvinieyaKenAkñúgRbeT
skMBugGPivDÆn_ k¾elcecjeLIgnUvsMnYrEdlfa {bunplitkmμEdlBMuÉkraCü (=
dependently reproduction)} BuMRtUvbgðajCadMMNak;kalGnþrkalenAelIpøÚveq<aH
eTArk]sSaPavUbnIykmμsMrab;RbeTskMBugGPivDÆn_EdlsMbUreTAedayRbCaCn nig
FnFaneT,Iy. cMelIyrbs;vaRtUvEtTamTareFVIkarBnül;nUvTMnak;TMngénvis½yTMenIb
eTAnwgvis½ydéTeTotEdlBMuRtUv)aneFVIsmahrNkmμenAkñúgTIpSarGnþrCati.
• ]naPivDÆn_ (underdevelopment) nigPaBBMusuT§énrcnasm<½n§ (structural
heterogeneity)
TMnak;TMngenH RtUv)ansakl,gviPaKCamYynwgkarCYyénsBaØaNénPaBBMu
suT§énrcnasm<½n§. PaBBMusuT§énrcnasm<½n§enHRtUv)anbriyayCakarekIteLIgkñúg
eBlCamYyKñaénplitkmμEdlCamUlFnniym nigEdlCaBMuEmnmUlFnniymenAkñúg
rgVgé; nsgÁmmYy rWkT¾ Mnak;TMngénrcnasm½<ne§ TAvijeTAmkénvisy½ TaMgBIrenH. enA
kñúgRTwsþIénPaBBMuÉkraCüeyagtamTsSn³ma:kSniym PaBBMusuT§énrcnasm<½n§CaTidæ
PaBEdlpþl;mkvijnUvTMnak;TMngTIpSarkñúgRbeTsénRbeTskMBugGPivDÆn_ ehIyk¾
dUcCaTidæPaBEdleRbIR)as;sMrab;kMNt;cariklkçN³énlkçN³rcnasm<½n§epSgKñaé
nmUlFnniymEdlCa Metropolis nigEdlCa Periphery.
TnÞwmnwgenAkñúg Metropolis cab;taMgBIbdivtþ]sSahkmμ)annaMeTAeGayman
kareRCotcUlénTunnIykmμeTAelIvis½yTaMgGs; rWk¾sMrab;BRgIkénplitkmμmUlFn
niymeTAelIvis½ydéTeTot)anbNþaleGaymanbTdæannIykmμ (standardization)
énkMritplitPaB GnuPaBénkargar GRtacMeNj nigkMritR)ak;ebovtSn_enaH pÞúyeTA
vijsMrab;enAkñúgRbeTskMBugGPivDÆn_BMuekItmaneLIgnUvPaBsuT§EdlCaRbePTdUcen
HenAkñúgesdækic© nigsgÁmrbs;xøÜneLIy. EtPaBBMusuT§énrcnasm<½n§enHRtUv)an
kt;sMKal;CaTMnak;TMngEdlekIteLIgenAkñúvis½yTaMgGs; EdlelcecjkñúgsgÁm
Tunniym nigBuMTunniymEdlCamYyenaHplitkmμEdlBMuTunniymRtUv)anCYbRbTH
CaBiessenAkñúgvis½yksikmμ nigenAkñúgtMbn;CnbT.
lT§plénPaBBMusuT§énrcnasm<½n§ EsþgeGayeXIjenAkñúgPaBxusKñaya:g
xøaMgénplitPaB nigR)ak;cMNUlrvagvis½yesdækic©TaMgGs;CamYynwgplitkmμEdl
epSgKña nigeRkABIenHeTAkñúgRbB½n§vNÑ³EdlBMusuT§ rWesμIsac;mYy. PaBBMusuT§én
plitkmμ nigrcnasm<½n§vNÑ³)ane)aHCab;eTAelIRbB½n§c,ab; ]tþmKtineya)ay nig
vb,Fm’enAkñúgRbeTsEdlCYbRbTHenaH ¬emIlemeronTVikniymbEnßmeTot¦. Ca
segçbkarEkrTMrg;énrcnasm<n½ e§ sdækci © nigsgÁmenAkñúgRbeTskMBugGPivDÆn_bgðaj
CalT§plén\T§iBlBIxageRkA ¬PaBBMuÉkraCüénrcnasm<½n§¦. PaBBMusuT§énrcna
sm<½n§ (social and economical heterogeneity of structure) CalT§plxagkñúg
énPaBBMuÉkraCüénrcnasm<½n§ EdlbgçMnaMeTAeGayman]naPivDÆn_ (under-

development) nig]naPivDÆn_Canirn_þ (sustainable under-development).
4>4> karTieTonCakitþiys
tamkarBiteKalkarN_énPaBBMuÉkraCü RtUv)anTTYlkarTieTonya:geRcIn.
TaMgenaHmann½yfa karTamTarénPaBBMuÉkraCüsMrab;CaRTWsþIEdltMrUvkarsMrab;
Bnül;énPaBBitenaH RtUv)anTieTonedayGñkRTwsþIénkarGPivDÆn_faCaTsSn³eKal
karN_EdlBMumannUvsmtikmμEdlxus. kñúgkrNIenH eKGacyl;)annUveKalTsSn³
énPaBBMuÉkraCüfaCa paradigma ¬=]TahrN_KMrU¦ mYyenAelIépÞr)aykarN_d¾x<s;
mYyenaH)an luHRtaeKalTsSn³enaHRtUvbMeBjnUvkarRtYtBinitüCaBiesaFn_niym
bEnßmeTot.
CakarBitGñkniBn§RTwsþIPaBBMuÉkraCü eRcInlMeGogecjBIkarGegáteTAelIkar
TajecjnUvkrNInImYy² EdlvaytMélCaGviC¢mantamryHkarvinicä½yCarYmya:g
elOnmYy. TaMgGs;enHeFVIeGayeXIjya:gRtwmRtUvfa enAkñúgRbeTskMBugGPivDÆn_
xøH ecjBIkarsMucUlrYmrbs;xnÜø enAkñúgRbB½né§ nkarEbgEckkargarGnþrCatienH )an
bgðajeGayeXIjnUvlT§plEdlraraMgkarGPivDÆn_ k¾b:uEnþenAkñúgenaHk¾man]Tahr
N_CaeRcInEdlfaRbeTskMBugGPivDÆn_xøHeTot )anTTYlcMeNjecjBIkareFVIsma-
hrNkmμrbs;eKeTAkñúgkarEbgEckkargarGnþrCatienaHEdr.
cab;taMgBIedImTsvtSn_qñaM 80 edayeyageTAtamcMeNHdwgenHeFVIeGay
RTwsþIénPaBBMuÉkraCü KWenAnwgfál; ³ Psþútagd¾tictYc KWRtUv)anykmkeFVICatMNag
edayGñkRTWsTIþ aMgenaH ebIeRbobeFobCamYynwgkarTamTarTaMgT,ayEdlfaBitrbs;
BYkKat;CadMbUgenaH. dUcenHRTwsþIenH kñúgeBlbc©úb,nñRtUvTTYlykRtLb;eTAvij
edayGñktMNagRTwsþITaMgenaH. CaTIbBa©b;RTwsþIenHk¾GacCatMNagpgEdrkñúgkar
TTYlxusRtUvpÞal;sMrab;]naPivDÆn_énRbeTsCaeRcInénBiPBelakTIbIEdr eRBaHfa
RTwsþIPaBBMuÉkraCüenH )aneFVIGnþraKmn_eKobsgát;EdlfaRbeTsTaMgenaHBMuGac
GPivDÆn_)anTal;EtesaH edaysarmUlehtuénkarpSarP¢ab;eTAkñúgRbB½n§énkarEbg
EckkargarGnþrCatienH. qøgkat;bBðaenH eFVeI GaylT§PaBénviFankarN_ds¾ kþanuBl

EdlRTRTg;karGPivDÆn_RtUvlickb;)at; rWBMuRtUv)aneGIeBIeT,IyenAkñúgRbeTskMBug
GPivDÆn_TaMgenaH. TaMgGs;enHRtUv)aneXIjCa]TahrN_rvagRbeTskñúgGaemrik-
LaTInEdl)anbgðajeGayeXIjmankarekIneLIgnUvbec©kviC¢atictYc TnÞwmnwgenA
kñúgRbeTsGasIuGaeKñy_mankarkt;sMKal;nUvkarsMerc)anénkarGPivDÆn_edayKYreGa
ycab;GarmμN_mYy. TaMgenHedaysarRTwsþIPaBBMuÉkraCüekItecjBIGaemrikLaTIn
ehIysBVéf¶enHenAkñúgTVIbenHenARtUv)anecaTRbkan;Cajwkjab;GMBIPaBBMuÉkraCüBIR
beTs]sSahkmμ TnÞwmnwgecjBIRbeTsGasIuGaeKñy_BMuRtUv)aneXIjelIkeLIgnUv
karsþIbenÞasEdleyageTAtamenaHcMeBaHRbeTs]sSahkmμeLIy ³ enAGasIuGaeKñ
y_eKTajecj)annUvesckþsI gÇwménBaNiC¢kmμEdlCaneya)ayGPivDÆn_BitR)akd.
F.PaBekIneLIgénRbCaCn nigkarGPivDÆn_esdækic©
1> lT§plénPaBekIneLIgénRbCaCneTAelIkarGPivDÆn_esdækic©
1>1> PaBekIneLIgénRbCaCn nigktþabrikça
1>1>1> mUldæanRKwH
karviPaKén\T§iBlénPaBekIneLIgénRbCaCneTAelIktþabrikça KWbEgVTiseTA
rkeKalbMNgénGnuKmn_plitkmμkñúgRbCaCnmñak;
X/P = f (L/P, C/P, R/P)
X = plitpl, L= kMlaMgBlkmμ, C= Tun, R= vtßúFatuedIm, P= RbCaCn
kalNaeKTajecjedaypÞal;BIniymn½y per capitaenaH eyageTAtam
rUbmnþxagelIbgðajeGayeXIjfamankarfycuHén per capita kalNaRbCaCn
ekIneLIgelOnCag GDP. kalNaGRtaénkarekIneLIgénRbCaCn KWkan;Etx<s;
enaH KWkarmaneRKaHfñak;kan;EtFMEdlfaTaMgGs;enHnwgnaMeTAeGaymankarfycuH
én per capita Edl KWCaGtþsBaØaNenAkñúgkrNICaeRcInEdlCamYynwgenaHman
karQanfyeRkayénesdækic©kñúgRbeTs.
cMeBaHlT§pldUcKñaenH eKTTYl)anCamYynwgrUbmnþdUcxagelIEdr ³ ebIsin

NaRbCaCnekIneLIgkan;EtelOnenaH P¢ab;CamYykarekIneLIgkan;EtyWt ¬rWk¾kar
fycuHkan;EtelOn¦ énbrikçakñúgRbCaCnmñak;CamYynwgkargar ¬lT§pleTAelIktþa
Blkmμ¦ CamYynwgTun ¬lT§pleTAelIktþaTun¦ nigCamYynwgFnFanFmμCati
¬lT§pleTAelIFnFanFmμCati¦.
1>1>2> \T§iBleTAelIktþakargar
enAkñúgTMnak;TMngeTAelIktþakargar KWCadMbUgkMNt;CalT§plénkarekIn
eLIgénRbCaCn)anbnßykñúgryHeBlxøInUvbrikçakargarkñúgRbCaCnmñak;. EteRkay
eBlryHeBl 10-15 qñaM karekIIneLIgénRbCaCnnaMeTAeGaymankarekIneLIgén
skþanuBlénkMlaMgBlkmμ ¬kñúgkrNIGRtakMeNItx<s;CagGRtasøab;¦. EtfaetIkar
ekIneLIgenHnaMeTAeGaymankarekIneLIgmYy rWkf¾ ycuHmYyénbrikçakñúgRbCaCnmñak;
enaH KWGaRs½yeTAnwgcMnYnya:geRcInénktþadéTeTot dUcCa]TahrN_ Gayukalrs;
enACamFüm k¾dUcCaDINamIkénkarGPivDÆn_GRtakMeNIt. EtTaMgenHBMuEmnCaPsþú
tagEdlCaTUeTAeT vaRKan;EtCalT§PaBPsþútagEdlTak;TgkrNIxøHEtb:ueNÑaH.
kalNaeKBMuTak;TgeTAnwg per capita KWRKan;EtTak;TgnwgbrikçakMlaMg
Blkmμdac;xatenaH ecjBIkarekIneLIgénRbCaCn eK)anCalT§plenAkñúgkar
emIleXIjCaryHeBlmFümrhUtdl;yUrGEgVgenAkarekIneLIgya:gc,as;énskþanu
BlkMlaMgBlkmμ drabNaBMumankarbgðajnUvkarrMkilEdlxøaMgkøaenAkñúgTMnak;
TMngeBleFVIkargar nigeBlva:kg rWsMrakenaHeT.
etIlT§plénplitkmμNaEdlCalT§plecjBIkarekIneLIgenH? TaMgGs;
enH GaRs½yeTAnwgplitPaBplitkmμénkMlaMgBlkmμenaH ³ kalNaTaMgGs;
enaHviC¢man enaHGDPnwgekIneLIg. k¾b:uEnþkalNalT§plénplitPaBplitkmμ
enaH RbRBwtþeTAesμIrsUnü enaHGDP nwgsßitenAesßrTaMgGs;. enHmann½yfa per
capita fycuH.
1>1>3> \T§iBleTAelIktþaTun
enAkñúgTMnak;TMngelIlT§pléncMnYnTun cMeBaHkarekIneLIgénRbCaCn CadM

bUgRtUv)anbkRsayeGayeXIjfakarekIneLIgénRbCaCnya:gelOnenAkñúgRbeTs
kMBugGPivDÆn_xHø RtUv)anelcecjCacMbgmkBIkarfycuHénGRtakUnekμgsøab; CamYy
nwgGRtaekItEdlrMkileTArkPaBefr. CalT§pl KWkarekIneLIgénGRtabnÞúkrYm
¬GRtaénPaBBMuÉkraCü rWénGaRs½y¦. CaBiessEpñkénekμgCMTg;eRkamGayu 15 qñaM
ekIneLIgya:gxøaMgenAkñúgRbCaCnsarub. TajecjBIenHmannUvlT§plénPaBcaM
)ac;sMrab;karcMNayya:gFMEdlCaÉkCn nigrdæ cMeBaHmðÚbGahar karGb;rM nigkar
bNþúHbNþalénekμgTaMgenaH. edaysarbBaaðenH FnFanEdlRtUv)anrkSaTuksMrab;
eKalbMngdéTeTot k¾RtUvkat;bnßypgEdrnUvlT§PaBsMrab;karbegáItTunenAkñúg
vis½yepSgeTot.
müa:geTotkarvinieyaKFnFanenHeTAelIekμgCMTg; edIm,ICYyGnþraKmn_eGay
eKmansmtßPaBedIm,IbMeBjkarplitNaEdlTamTarsMrab;rYmcMENkenAkñúgdMeNIr
karénplitkmμenaH plrbs;vaGacRtUv)anraraMgEdlfayuvCn nigyuvnarITaMgenaH
GacraraMgkñúgkareRbIR)as;d¾manRbsiT§iPaBCalkçN³plitkmμ eRBaHedaysarEt
karxVHxatTunénRbeTsTaMgenaH. EpñkmYyénkarvinieyaKGb;rMbNþúHbNþalenH
bgðajeGayeXIjCamYyenaH enAkñúgkaremIleXIjénesdæækic©CakarvinieyaKxVHxat
¬rab;bBa©ÚlTaMgGñkEdl)anGb;rMbNþúHbNþalehIyEtsßitenAkñúgPaBKμankargar
rWk¾søab; rWk¾karBMue)aHbg;karemIleXIjEdlTak;TgeTAnwgCatiBn§ nigsIlFm’¦.
edaysarkarvinieyaKxVHxatenH TMhMénkarbegáItTunEdlCaplitkmμRtUvFøak;
cuH nigkarxVHxatTunénRbeTsEdlCYbRbTHenaHkan;EtRsYcRsav. dUcenH\T§iBl
RtLb;EdlGviC¢maneTAelITMhMénkarbegáItkarsnSMenAkñúgRbeTsmYy k¾epþImecj
BIkarrIkraldalénRbCaCnEdr. eyageTAtamemeronxagelIEdl)anbkRsayrYc
GRtaénkarsnSMénesdækic©CatiGacekIneLIgCamYynwgkarekIneLIgén per capita.
k¾b:uEnþcMeBaHkarrIkcMerInén GDP Edl)anhuceGaymYy KWkarekIneLIgén per
capita kanEtticeTA kalNacMnYnRbCaCnekIneLIgkan;EtelOneLIg. CalT§pl
GRtaénkarsnSMk¾kan;Ettic eRBaHfakarekIneLIgén GDP GaRs½yeTAnwgTMhMén
GRtasnSMenaHeLIgvijCamYynwglT§PaBTunEdl)anhuceGayenaH. karrIkraldal
énRbCaCn)anbnßyCamYyenaH nUvkarekIneLIgén GDP edayqøgkat;lT§plén
GRtasnSMEdlGviC¢manrbs;va nigskmμPaBénkarvinieyaKEdlpSarP¢ab;CamYyd¾tic
tYcenaH ¬d¾rabNaTMhMénkarekIneLIgénTun (capital accumulation) RtUv)ankMNt;
RBMEdn EtedaysarkarbegáIténkarsnSMkñúgRbeTs¦. TaMgenHmann½yfa GRtaekIn
eLIgén per capita RtUv)anbnßyedaysarBIrEpñk ³ karekIneLIgén GDP Edltic
tYc nigkarekIneLIgénRbCaCnd¾x<s;. karBnüWténkarekIneLIgcMnYnRbCaCnGac
cUlrYmcMENksMrab;karekIneLIgénGRtasnSMmYy nigedayqøgkat;bBaðaenHGacrYm
cMENksMrab;karbegáInsnÞúHénel,ÓnGPivDÆn_.
1>1>4> \T§iBleTAelIktþaFnFanFmμCati
CamYyenH eK)anbgðajeGayeXIjfaCakarBitenAkñúgRbeTskMBugGPivDÆn_
BMuEdlmankarekIteLIgénkarrIkcMerInFnFanFmμCatiEdlbNþalmkBIRbCaCnenaH
eT,Iy k¾b:uEnþCajwkjab;mankarfycuHénFnFanFmμCati EdlbNþalmkBIRbCaCn
)aneRbIR)as;vaeTAvijeT. kñúgkrNIEdlFnFanFmμCatienaH RtUv)aneRbIR)as;Ca
plitkmμenaH CalT§plEdlecjBIenaH KWkarfycuHén per capita.
cMeBaHkarbBa¢ak;karBiténTidæPaBenH KWbgðajCadMbUgeTAelIbBaðaénkarkab;
éRBeQI. TaMgenH müa:gbNþalmkBI ¬CalT§plénkarekIneLIgénRbCaCn¦ tMrUv
karénfamBlBIéRBeQIRtUv)anekIneLIg ¬Gusdut¦ müa:geTotmkBIkarranéRBeQI
sMrab;BRgIkénépÞdIeRbIR)as;EdlCaksikmμ .l. nig.l. k¾b:uEnþkarkab;éRBeQI
mann½yenAkñúgkrNICaeRcIn KWCakarsMBgya:gxøaMgkøamYyeTAkñúgkarRKb;RKgén
FnFanTwkenAkñúgtMbn;enaH nigeFVIeGaymankarkan;EtGaRkk;nUvlkçx½NÐplitkmμ
sMrab;éf¶GnaKt edaysarmUlehtuénkarbMpøicbMpøajbrisßanEdl)anpSarP¢ab;Ca
mYyenaH dUcCakñúgRbeTsmanTwkCMnn;ekIneLIg nigkarhUreRcaHdI .l.
1>1>5> eyabl;bBa©b;
sMrab;karRsavRCavnUvlT§plplitkmμsrubénkarekIneLIgRbCaCn TaMgGs;
enHTamTarnUvkareGabRkesabrYmKñanUvlT§plénEpñkTaMgbIénktþaBlkmμ énktþaTun
nigénktþaFnFanFmμCati. \LÚvenH eK)anbgðajeGayeXIjTak;TgeTAnwgktþaTun
nigFnFanFmμCati nUvlT§plénkarGPivDÆn_Edlc,as;las;CaGviC¢man TnÞwmnwgkar
Tak;TgeTAnwgktþaBlkmμGacpþl;eGaynUvsßanPaBlT§plEdlCaGviC¢man k¾dUc
CaviC¢man. ehtuenHeKGacbgðajeGayeXIjpgEdr cMeBaHkarvinicä½yCarYmnUvkar
eGaytMélEdlCaviC¢man k¾dUcCaGviC¢manénlT§plGPivDÆn_esdækic©CatiecjBIkar
ekIneLIgénRbCaCnd¾x<s;mYy.
eyageTAtamenaHGñkniBn§ ¬dUcCaelak Clark¦ )anTieTonpgEdrnUvCMenO
smBaØ {myth} énkarrIkraldalRbCaCn faCakarraraMgkarGPivDÆn_. CMh‘rtTl;
rbs;elak Clark KWmanmUldæaneTAelIkarRsavRCavEdlCaBiesaFniymmYy
(empirical research) EdlenAkñúgenaHGRtaénkarekIneLIgén per capita nigén
RbCaCnRtUveFVIkareRbobeFobCamYyKñaeTAvijeTAmkenAkñúgRbeTskMBugGPivDÆn_mY
ycMnYn.
kalNaeKcab;epþImecjBIkarrIkraldalénRbCaCnfaCa\T§iBleTAelIkarr
araMgénkarGPivDÆn_mYyenaH RbeTsCamYynwgGRtaekIneLIgd¾tictYcmYyénRbCaCn
RtUvbgðajeGayeXIjfamankarekIneLIgénGRta per capitarbs;xøÜn KWx<s;CagRb
eTsdéTeTotEdlmankarekIneLIgénRbCaCnd¾elOnmYy. k¾b:uEnþkarviPaKCasßiti
(statistical analysis) bkRsayeGayeXIjBMumanshTMnak;TMng (correlation)
c,as;las;énRbePTEdl)anBnül;xagelIenaHeLIy. mann½yfaecjBItaragsßiti
Edl)ankt;RtaGMBIGRtaekIneLIgénRbCaCn nigénGRtaekIneLIgén per capita enA
kñúgRbeTskMBugGPivDÆn_mYycMnYn GaceGayeKemIleXIjCakarBitBMumanshTMnak;
TMng (correlation) EdlnwgsMGageTAelIPaBRtwmRtUvtamc,ab;EdlCaBiesaFniym
rvagkarekIneLIgénesdækic© nigkarekIneLIgénRbCaCnenaHeT,Iy.
1>2> karekIneLIgénRbCaCn nigTVikniym
lT§plGPivDÆn_CaGviC¢man k¾GacepþImecjBIkarrIkraldalénRbCaCneday
sarEtkareFVIeGayF¶n;F¶reLIgénrcnasm<½n§TVikniym. Ca]TahrN_elIkarbgðaj
enATIenH KWCalT§plEdl)anBiPakSaenAkñúgTMnak;TMngCamYynwgPaBKμankargar
eFVI. PaBKμankargareFVIenH CasMxan;minRtwmEtCabBaðasklniymenaHeLIy eRkABI
enHk¾CabBaðarcnasm<½n§neya)ayépÞkñúgmYyénRbeTskMBugGPivDÆn_CaeRcIn ¬emIl
kñúgemeronTVikniymbEnßm¦.
1>3> karekIneLIgénRbCaCn nigTMnak;TMngesdækic©GnþrCati
CaTIbBa©b;ecjBIkarekIneLIgénRbCaCnd¾x<s;mYyGacbNþaleGaymanTaMg
lT§plviC¢man k¾dUcCaGviC¢maneTAelIrcnasm<½n§ nigTMhMénTMnak;TMngesdækic©
GnþrCatiénRbeTsmYyEdlecjBIenaHGacbgðajeGayeXIjRtLb;mkvijnUv\T§iB
lRtLb;eTAelIdMeNIrkarénkarGPivDÆn_épÞkñúgvij. enATIenHbMNkRsayya:g
xøImYyRtUv)anpþl;eGayeTAelIlT§PaBénRcva:k;TMnak;TMngBIr³
• cMeBaHTMnak;TMngTImYykarekIneLIgénRbCaCnd¾x<s;mYy Gacelcecj
eLIgnUvKuNsm,tþiRbkYtRbECgEdlkan;EtxøaMgsMrab;;plEdlCakMlaMgB
lkmμsuICMerA drabNarhUtmkdl;eBlenaH Blkmμ KWenAEtCaktþaEdl
kMritRBMEdnmYysMrab;RbtibtþikarénplitkmμEdlCaRbePTenaH.
• cMeBaHTMnak;TMngepSgeTotedaysarkarekIneLIgénRbCaCnx<s;eFVIeGay
ekIneLIgya:gGenknUvkareRbIR)as;kñúgRbeTsénplitplEdlRtUvvinicä½y
Camun ¬=yl;Camun¦ cMeBaHeKalbMngnaMecjpgEdr. edaysar
bBaðaenHeFVIeGaymanlT§PaBbnßynUvskþanuBlénRbeTsmYycMeBaHkare
FVIesdækic© rWkarTajykénrUbIyb½NÑEdlRtUvcaM)ac;sMrab;Tijénplit
pl]sSahkmμbreTs nigplitplTuncMeBaHdMeNIrkarGPivDÆn_Cati.
3
neya)aysklénma:RkUesdækic©
G. mUldæanénneya)ayfvikar
1> viFankarsMrab;eFVIeGaykan;EtRbesIreLIgénehdæarcnasm<½n§hirjvtßú
cMeBaHkarbkRsayviFankarN_EdlCaneya)aysklénehdæarcnasm<½n§
hirBaØvtßúEdlviFankarN_enaHGaccUlrYmcMENk sMrab;sMerc)anéneKalbMNg
esdækic©Edlkan;EtRbesIreLIgenaH CacMbgeKRtUvcab;ykneya)ayénfvikar
{money policy}. enAeRkamsBaØaNénneya)ayfvikar eKeGabRkesabenAkñúg
TMnak;TMngnUvviFankarN_TaMgGs;EdleRbIR)as;edIm,ICH\T§iBleTAelIlkç½NÐEdlCa
fvikaénesdækic©CatimYy. lT§PaBcMeBaHkareRbIR)as;énviFankarN_neya)ayfvika
sßitenA nigbeg¥anxøÜneTACamYynwglkçx½NÐEdlCaehdæarcnasm<½n§énneya)ay
fvika. CakarBitkarbegáIténRkbx½NÐehdæarcnasm<½n§hirBaØvtßúEdlmansmtßPaB
bMeBjkarplitmYy bgðajnUvlkç½NÐkMNt;mYysMrab;eFVIeGaykan;EtRbesIreLIg
énkarbegáItTunenAkñúgRbeTsmYy. TaMgGs;enH BMuRKan;EtsMxan;sMrab;karRbmUlpþMú
d¾sniTan (rational) nigd¾manRbsiT§PaB (efficient)énskþanuBlsnSMénRkum
RKYsarÉkCnb:ueNÑaHeT eRkABIenHvak¾sMxan;pgEdrsMrab;ENnaMbBa¢ÚnkarsnSMenH
eTACaskþanuBlvinieyaKsMrab;BRgIknUvRkbx½NÐEdlCalkçN³PUmisaRsþ niglkç
N³tYnaTIénsßab½nhirBaØvtßú ehIyk¾dUcCasMrab;GPivDÆn_nUvviFankarN_hirBaØvtßú
EdlRtUvsmRsbcMeBaHkic©karenaH.
TaMgGs;enHCYbRbTHenAkñúgTMhMdUcKña nUvkarepÞrfvikaEdlkMNt;eBl (time

transformation) karepÞrfvikaEdlCacMnYncUlrYm nigkarepÞrfvikaEdl
CahaniP½yénkarsnSMeTAkñúgkarvinieyaKTun EdledaysarkarvinieyaKTunenHeFVI
eGayskmμPaBénehdæarcnasm<½n§hirBaØvtßúkan;Etlatsn§wgeT,Ig. kalNaeK
BicarNa ]TahrN_eTAelIrcnasm<½n§Edl)ankMNt;eLIgedayBiesaFniyménkar
snSMénRkumRKYsarÉkCnenaH eKkt;sMKal;eXIjfacMeBaHkarsßitenAénRkbx½NÐ
ehdæarcnasm<½n§hirBaØvtßúEdleyageTAtamkarcg;)anmYy RkumRKYsarÉkCnCa
TUeTA)anepIJelIsBI 50° énR)ak;snSMrbs;eKkñúgTMrg;CaluysuT§ (money) nigTMrg;
CaesovePAepJIrR)ak;enAFanaKar (bank book or cheque book). Epñkya:gFMénkar
snSMÉkCnenHk¾sßitenAkñúgtMrUvkarénsßab½nhirBaØvtßúEdr enHmann½yfaenAkñúgkar
snSMénhirBaØvtßú. pÞúyBIenHedaymankarelIkElgtictYc karsnSMmanTMrg;Ca
tMrUvkaredaypÞal;énvis½yBMuEmnCahirBaØvtßú ¬=énsßab½nBMuEmnCahirBaØvtßú¦ RtUv)an
BicarNafaElgsUvsMxan; kalNarcnasm<½n§hirBaØvtßúd¾mansmtßPaBbMeBjkar
plitmYyRtUv)anekIteLIg.
karGPivDÆn_RbRBwtþeTAc,as;las;eTAkñúgTisedA énrcnasm<½n§hirBaØvtßúmYy
luHRtaEtkñúgrcnasm<½n§hirBaØvtßúenaH karbegáItkarsnSMenAkñúgTMrg;CatMrUvkarén
sßab½nhirBaØvtßúsMerc)anCanic©CakalnUvGtßn½yya:gsMxan; Tl;eTAnwgesckþItMrUv
karedaypÞal;énrdæ nigshRKas ¬GñkvinieyaKTun¦. RbeTskMBugGPivDÆn_RtUvEtKaM
RT rW]btßmÖnUvkarvivDÆn_enHedayqøgkat;viFankarN_ehdæarcnasm<½n§EdleyageTA
tamenaH edIm,IeFVIeGaykan;EtFMeLIgnUvTMhMénkarsnSMEdlCahirBaØvtßúenaH. man
EtrebobenHeT KWGacFana)anEdlfarcnasm<½n§énkarsnSMénRkumRKYsarÉkCnRtUv
)anERbRbYlsMrab;CaplRbeyaCn_énkarmand¾l¥énhirBaØvtßúkñúgRbeTs. viFan
karN_rebobenH ¬dUcCaeyIg)anbkRsaykñúgemeronmun {karbegáItTun}¦ GaceFVI
eGaykan;EtekIneLIgminRtwmEtGRtaénkarsnSMeT eRkABIenHeFVIeGaykan;EtRbesIr
eLIgénplitPaBénkarvinieyaKTun.
cMeBaHneya)ayRbePTmYyenH CadMbUgsMrab;RtYtBinitüfaetIPaBxusKñaEdl
Caehdæarcnasm<½n§énvis½yfvikar nigén\NTanNamYyénRbeTsmYy KWman
lMnaMsmrmü. pÞúyBIGVIEdlCaRbvtþisaRsþénRbeTs]sSahkmμ EdlCamYyenaH
FnaKarkNþal)anbegáItCadMbUgenAeBleRkaymk enAkñúgRbeTskMBugGPivDÆn_
KWmanenAFanaKarkNþal rWk¾]TahrN_enAkñúgkrNIRbeTstUc KWmanenAkariya
l½yrUbIyvtßúEdlTak;TgKñamYyrYcCaeRsc enAkñúgkarcab;epþImrIkduHdalénsßab½n
enH.
TnÞwmnwgenaHk¾manenAFnaKarCMnYj ¬=FnaKarBaNiC¢kmμ¦ EdlbNþajsaxa
rbs;vaRtUvCanic©CakalrwgmaMeLIgCamYynwgkMriténrUbIyvtßúnIykmμ. CamYynwgkar
CYyrbs;FnaKarenH RsTab;d¾TUlMTUlayénRbCaCnRtUv)anTajeGaymanTMnak;
TMngeTAkñúgcracrénfviikar nigén\NTan.
enAkñúgkrNICaeRcIneTot mankarbBa©ÚlbEnßmrYcCaeRsceTot nUvFnaKar
GPivDÆn_. Parkic©sMxan;rbs;FnaKarenH sßitenAkñúgkarCYy]btßmÖnUvskmμPaBNa
EdlCaBitR)akdbMeBjenAParkic©EdlCaneya)ayGPivDÆn_enAeRkamTidæPaB Edl
Caesdækic©Cati k¾b:uEnþmüa:geTotEdlRtUv)ane)aHbg;ecaledaysßab½nhirBaØvtßú
epSgeTot. enAkñúgkarBitenAeBlbc©úb,nñ KWswgEtKμanteTAeTotnUvRbeTskMBug
GPivDÆn_ EdlBMumanbMrugnUvFnaKarGPivDÆn_pÞal;xøÜnmYy eTaHbIPaBmansßitenArbs;
vaBMubNþaleGaymankarP¢ab;RtLb;eTAnwgkarcUlrYmcMENkBitR)akdrbs;vaeTAnwg
karGPivDÆn_esdækci C© atike¾ day. CamYykarekIneLIgénsarsMxan;énFnaKarGPivDÆn_
PaKeRcInkarpSarP¢ab;eTAnwgkarBRgIkCMnajnIykmμrbs;va. TaMgGs;enaH KWkarekIn
eLIgFnaKarGPivDÆn_én]sSahkmμ nigFnaKarGPivDÆn_énksikmμ k¾dUcCaviTüasßan
CMnaj ¬]TahrN_ sMrab;RTRTg;vis½yeTscrN_¦EdlCMnYjCamUldæanrbs;vasßit
nUvsMrab;karpþl;én\NTanryHeBlyUr. pÞúyBIenH FnaKarBaNiC¢kmμCaeRcIn
RbmUlpþMúEteTAelIkarFanara:b;rgenAkñúg\NTanryHeBlxøI nigryHeBlmFüm.
CamYynwgkarsßabnabEnßmeToténvis½yfvikar nigén\NTansßab½nEdl
nwgRbmUlpþMúénkarsnSM dUcCasßab½nénkarsnSM (saving bank) nigsßab½nsßabna
karsnSM (building and loan association) k¾ekIneLIgnUvsar³sMxan;pgEdr. Rsb
eBlCamYyenaH k¾elcecjnUvshkrN_\NTan TnÞwmnwgFnaKarBaNiC¢kmμEdr.
sMrab;kal³eTs³Biess ®tUvEtbegáIteGay)annUvmUlniFi\NTan rWk¾FnaKar
BiesssMrab;GnuvtþénkarEkTMrg;dIFøI. dUcKñaenHEdr \T§iBlénRkumh‘unFanara:b;rg
nigRkumh‘unvinieyaKk¾RtUvbegáIteLIgEdr. pÞúyBIenHkarFanara:b;rgBIsgÁm (social
insurance) enAkñúgRbeTskMBugGPivDÆn_xøH k¾rIkraldalKYrsmEdr.
CacugbBa©b; karrIkduHdalénsßab½nenHk¾ekItmaneLIgpgEdr PaKeRcIn
nUvkarbegáItnUvpSarPaKh‘un (stock exchange) mann½yfasßab½nnIykmμénTIpSar
TunmYy. PaBrIklUtlas;éntMrUvkaresva:kmμénehdæarcnasm<½n§hirBaØvtßúRtUv)an
kMNt;CasMxan;edayPaBrIkcMerInénplitplsgÁmBitR)akd (real GDP) k¾dUcCa
énkarTajeGaymanTMnak;TMngénEpñkCIvRBitþ (subsistence sector) EdlmanenAkñúg
esdækic©EdlCalkçN³fvikarmkdl;eBlenHEdr. lT§plTaMgBIrCMrujeGayman
kartMrUvkarénGnþraKmn_BITunbreTs nigPaKxøHecjBIcMnYnénkarsnSMsMrab;hirBaØ
bTaneTAelIkarvinieyaKTun.
Canic©Cakal karrMkilénlT§plsaxa]sSahkmμnImYy²enAkñúgdMeNIrkar
énPaBrIklUtlas; KWmanGtßn½y ¬rWmann½yfakarpøas;evnén {leading sectors}
BImuneday sector epSgeTot¦ caM)ac;EdrnUvPaBmankarrMkil (shiffting) énkareRbI
R)as;karvinieyaKTunEdlrhUtmkdl;eBlenH. karsßabna rWkareFVIeGaykan;Et
RbesIreLIgénehdæarcnasm<½n§hirBaØvtßúenAkñúgTMnak;TMngenH KWGaceTACa
{demand following} rWk¾ {supply leading}. CamYyenHEdrmankarelIkeLIg
nUvsMnYrCaeRcIn faetIdMeNIrRbRBwtþNamYynaMeTAeGaymanlT§plénkarGPivDÆn_
EdlRbesIrenaH.
enAkñúgkrNI :demand following} ehdæarcnasm<½n§hirBaØvtßúsMrbsMrYleTA

tamkarTamTarBIGñktMrUvkarhirBaØvtßúnImYy² Edl)anbgðajrUbragd¾BiesscaM)ac;
enAkñúgdMeNIrRbRBwtþénkarGPivDÆn_mkdl;eBlenH. enAkñúgdMeNIréndMeNIrkar
GPivDÆn_BitR)akdénesdækic©Cati bgðajeGayeXIjCanic©CakalnUvtMrUvkarén
hriBaØvtßúfμI². drabNatMrUvkarenaH KWvac,as;las; (articulate) tMrUvkarenaHRtUveFVI
eGayeBjcitþedayehdæarcnasm<½n§hirBaØvtßú. EtkñúgkrNIenH vis½yhirBaØvtßúman
tYnaTIGkmμ (passiv) enAkñúgdMeNIrkarénkarGPivDÆn_. lT§PaBénvis½y rWEpñkEdl
RtUvrMkli rWepÞrGaRs½yeyageTAtamsmtßPaBénehdæarcnasm<n½ h § ri BaØvtßúEdlsMrab;
TTYl)annUvkarKaMRTénhirBaØvtßúenaH nigqøgkat;bBaðaenH k¾sMrab;karbM)at;ecalnUv
karceg¥oténneya)ayGPivDÆn_Edr. kalNaehdæarcnasm<½n§hirBaØvtßúmankar
bMeBjcitþnUvtMrUvkarénhirBaØvtßúEdlRtUv)anelIkeLIg c,as;las;enaHkan;EtyWteTA
enaH\T§iBlénkarcab;RhVaMg rWénkarBnüWtEdlcab;epþImecjmkBIbBaðayWtenaHeTA
elIdMeNIrkarénkarGPivDÆn_BitR)akdk¾kan;EtxøaMgeLIgEdr.
PaBceg¥óténkarGPivDÆn_EbbenH GacraraMg)ankalNaeKepÞr rWpøas;bþÚr
ehdæarcnasm<½n§hirBaØvtßúeTACatYnaTI {supply leading}. enAkñúgkrNIenH kar
GPivDÆn_vis½yhriBaØvtßúmankarelOneTAmuxmunkarGPivDÆn_énEpñkesdækic©plitkmμ.
enAkñúgenaH ehdæarcnasm<½n§hirBaØvtßúRbmUlpþMúenAkñúgTMhMEdlnwgekIneLIgénkar
snSM dUcenHehdæarcnasm<½n§enHRbwgERbgedIm,IebIkcMhrenAkñúgTMhMEdleyag
eTAtamenaH nUvlT§PaBénkarsßabnakarcMeNjsMrab;karsnSMenaH nigqøgkat;
bBaðaenHedIm,IdwknaMFnFanEdlCaplitkmμeGaymanplitPaBelIslb;elIvis½yE
dlmansmtßPaBbMeBjkarplit ¬vis½ynaMecj nignaMcUl¦. qøgkat;karbMrugTukén
\NTanEdlmanTMhMTUlMTUlaysMrab;hirBaØvtßúénkarvinieyaKTun ¬cMeBaHKMeragFM²
pgEdr¦rebobenH ehdæarcnasm<½n§hirBaØvtßúGacbegáIn rWCMrujkartMrUvkarénplitpl
vinieyaKTunrbs;shRKin ¬=]sSahkr¦ nigtamryHenHGacbegáInel,ÓnénPaB
rIklUtlas;énesdækic©EdlBitR)akd. Parkic©énkarCMruj rWénkarelIkTwkcitþenH
GacRtUvlatsn§wgkan;EtFMEdlfatYnaTIénshRKinenAkñúgEpñkplitkmμRtUv)anTTY
lykedaykarcat;EcgBIsßab½nhirBaØvtßú ]TahrN_kñúgTMrg;CakareGayeyabl;
nigkarecjnUvkatBVkic©cMeBaHkarFanaén\NTan. EpñkhirBaØvtßú ¬edayqøgkat;nUv
\T§Bi lEdlCakarEckrMElkrbs;va¦ RtUv)aneTACavisy½ naMmuxénkarGPivDÆn_esdækci ©
EdlsßitenAEtkñúgRkbx½NÐCaGñkpþl;én\NTanpg k¾dUcCaskmμPaBénneya)ay
shRKaspg. EtdMeNIrkarshRKas KWBMusMerc)aneCaKC½yeRkamTidæPaBénesdæ
kic©nimYy²enaHeT eRkABIenH KWk¾sßitenAeRkamTidæPaB rWlkçx½NÐénesdækic©rYmEdr.
k¾b:uEnþenATIenH sßanPaBBitR)akdénRbeTsCaeRcIn KWekIteLIgnUvkaresak
sþaybnþci bnþcÜ eRBaHfaskmμPaBénehdæarcnasm<n½ h § ri BaØvtßúmanninañ karya:geRcIn
eTAnwglkçN³vinicä½yénesdækic©nImYy² dUcCa]TahrN_GRtaTinñplÉkCnx<s;
haniP½yénesdækic©nimYy²tictYc nigkarbg;tMélénkarcat;Ecg\NTanTab Edl
KWBuMRtUvGaceTACakarsgát;F¶n;eTAelIPaB EdlGacrkplcMeNj)and¾x<s;énesdæ
kic©srubeLIy. elIsBIenHeTAeTotkarBRgIkénehdæarcnasm<½n§hirBaØvtßúeGay
elOneTAmuxk¾GacRsUbykktþaesdækic©Cati EdlxVHxateGaysßitenAnwgfál;rhUt
dl;Gs;visalPaBrbs;xøÜnpgEdr TnÞwmnwgktþaTaMgenHGacsMerc)anenAkEnøgepSg
eToteRkamkal³eTs³xøHnUvlT§plGPivDÆn_EdlCaviC¢manenaH. CalT§plkarra
raMgén\T§iBlénPaBceg¥óténehdæarcnasm<½n§hirBaØvtßúk¾naMeTAeGaymanPaBceg¥ót
énkarGPivDÆn_enAkñúgEpñkdéTeTotEdr.
eyageTAtammUlehtuenH eKBMuGnuBaØatiFøak;cUleTAkñúgkMhuscMeBaHkarerob
cMsaß bnaénRbB½nh § ri BaØvtßúEdlsMbUrEbbCaGtßPi aBEtmYymuxenaHeT,Iy. CaBitR)akd
karbegáInel,ÓnénkarGPivDÆn_esdækic©plitplmYy KWGacmanlT§PaBeTA)ankal
Nacab;epþImecjBIehdæarcnasm<½n§hirBaØvtßúénRbeTsmYy EdlBMuman\T§iBlénkar
raraMg rW\T§iBlénkarCan;RhVaMg. k¾b:uEnþehdæarcnasm<½n§hirBaØvtßúCaktþamYyénktþa
GPivDÆn_sMxan;²CaeRcIn EdlenAkñúg\T§iBlrYmrbs;vabegáItCaTMrg;P½BVsMNagén
karGPivDÆn_RbeTsmYyenaH. kan;Etq¶ayeTAeTotkarsßabnaénehdæarcnasm<½n§
hirBaØvtßúBitR)akdCajwkjab; KWCakarcaM)ac;mYy k¾b:uEnþBMuEmnCalkçxNÐRKb;RKan;
mYy sMrab;begáInel,ÓnmYyénkarGPivDÆn_esdækic©énRbeTseT,Iy. niekçbTenHGac
RtUv)anbkRsayedaykarRsavRCavCaBiesaFniymepSg². kalNaCakarBitTMhM
énkarbegáIténkarsnSMEdlCaÉkCn bgðajnUvPaBceg¥óténmUldæanGPviDÆn_enaH
neya)aymYyEdlmanTisedAsßabnaénehdæarcnasm<½n§hirBaØvtßúGaccUlrYmcMEN
kcMeBaHkarnUvRTwgénkarbegáInsnÞúHénel,ÓnénkarGPivDÆn_rbs;RbeTsenaH.
2> viFankarN_EdlCaneya)ayfvikarsMrab;kar]btßmÖ rWKaMRTkarRbug
eRbobénkarvinieyaKTun
2>1> neya)ayénkarR)ak;
dUcCaRtUv)anbkRsayenAkñúgemeronmun karxVHxaténTunenAkñúgRbeTskMBug
GPivDÆn_CaeRcIn)anbgðajCamUldæannUvPaBd¾ceg¥oténkarGPivDÆn_. karkat;bnßy
karxVHxatTunenH KWCalkçx½NÐRtLb;eTAeGaymanskmμPaBénkarvinieyaKEdl
kan;EtxøaMgkøamYy. eyageTAtambMNkRsayrbs;GñkesdæviTUr Keynes skmμPaB
énkarvinieyaKTunEdlkan;EtxøaMgkøaénRbePTmYyenH GacRtUvGnuvtþn_)anpgEdr
kalNakarxVHxaténkarsnSMEdlCalkçN³CatimYymanenArYcCaeRsc. Gñk
tMNagénRTwsþITaMgenH cab;epþImecjtYya:gEdlfa karvinieyaKTunnimYy²begáIt
(ex-post = realized) nUvkasnSMBitR)akdEdlcaM)ac;sMrab;hirBaØvtßúrbs;xøÜn ³ qøg
kat;TMhMénkarvinieyaKTunEdlRtUvekIneLIg ehIyedaydMeNIrkarTaMgGs;enH
eyageTAtamdMeNIrkarénkarbegáIncMnYn (process of multiplication) GacnaMeTA
eGaymankarekIneLIgénR)ak;cMNUlBitR)akd (increasing of real income) Edl
RtUvcaM)ac; (ex-post = realized) sMrab;hirBaØbTanénkarvinieyaKTun ¬ecjBIR)ak;
cMNUlekIneLIgenH karsnSMnImYy²GacRtUvbMEbkecj)an¦.
GVIEdlCYbRbTHTaMgenaH KWfa (ex-ante = planed) hirBaØbTanénkarvinieyaK
Tun BMuRtUv)anGnuBaØatbMeBjbEnßmeTotedaykarTTYlyknUvfvika nig\NTanenaH
eT,Iy. karsMerccitþsMrab;TMhMénkarbegáItTun KWcMeBaHeKalTsSn³enHCasiT§ipþac;
muxénkartMrUvkarénGñkvinieyaKTun. TaMgenHmann½yfaneya)ayfvikaRtUveRbIR)as;
CaplRbeyaCn_énkar]btßmÖénskmμPaBvinieyaKTun. edaysmtßPaBénkar
vinieyaKTunERbRbYl)anedayxøÜnÉgEtkñúgryHeBlEvgenAkñúgdMeNIrRbRBwtþ én
dMeNIrkarGPivDÆn_ enaHviFankarN_EdlCaneya)ayfvikaRtUvEtEsVgrkCacMbg
cMeBaHkareFVIeGaykan;EtRbesIreLIgsMrab;karRbugeRbob énkarvinieyaKTunrbs;Gñk
skþanuBlvinieyaK. karRbugeRbobénkarvinieyaKTunrbs;skþanuBlvinieyaKKin
GaRs½yeTAtamkarrMBwgénkarcMeNjEdlCakarpSarP¢ab;eTAnwgbMNg rWectnaén
karvinieyaKTun Edlk¾nwgbnþreTAdl;sMrab;karsMerccitþrbs;eK.
eyageTAtamkarKNnaénkarvinieyaKEdlCaRbéBNI eKeFVIkarvinieyaK
drabNaGRtakarR)ak;épÞkñúg ¬Ca¦ ÉkCn (= r = GRtakarR)ak;enAeBltMélTunén
p
karvinieyaKTunmYydak;eGayesμIsUnü2¦ sßitenAelIGRtakarR)ak;énTIpSar (= i ). p
tulüPaBénkarvinieyaKTun KWsMerc)anCamYynwgPaBEdlRsbKña rWRtUvKñaén r nig p
i (r = i ).
p p p
k¾b:uEnþeyageTAtambMNkRsayrbs; Keynes karxVHxatTunenAkñúgRbeTs

kMBugGPivDÆn_kt;sMKal;edaysarfaGRtakarR)ak;épÞkñúgsgÁm ¬=CasgÁm¦ (= r ) S
sßitenAelIGRtakarR)ak;Fmμta ¬GRtakarR)ak;EdlkMNt;edayFnaKarkNþal¦.
TMnak;TMngenH CalT§plénkarBitEdlfaGRtakarR)ak;épÞkñúgénÉkCn r EdlRtUv p
)anrMBwgedayshRKin rWvinieyaKKin KWticCag r . CalT§pleKRtUvEtvinieyaK

S
ticCagkarcg;)anrbs;esdækic©Cati ³ TaMgenHnaMeTAeGaymankarxVHxatTun.
TMnak;TMngEdl)anniyayenH )anbgðajenAkñúgrUbxageRkamenH. eK)an
kt;RtaGRtakarR)ak; i enAelIG½kSG½rDINaT½r ÉenAelIG½kSGab;sIus KWCakartMrUvkar
énTun (CD) nigkarpÁt;pÁg;énTun (CS). kareFVIeGayeTACagayRsYl KWsnñidaænfa
CS ekIteLIgecjBIkarsnSMEdlCaÉkCn rWrbs;ÉkCn. É CD ecjBIkartMrUvkar
énkarvinieyaKTunEdlCaÉkCn rWrbs;ÉkCn. kartMrUvkar\NTannImYy²Edl
bgðajBIkareyaleTAelImUlehtuénGRtakarR)ak;épÞkñúg EdlCaÉkCnénTunRtUv
2
tMélénTun, I : TuneRbIR)as;dMbUg, R : R)ak;cMNUl, E :
C0 = -I0 + ∑ (Rt – Et ) * 1/(1+rp)t , C0 : 0 t t
R)ak;cMNay, t: niTsSn_énkMT,úgeBlvinieyaK ¬t: 0, 1, 2,…n), rp: karR)ak;CaÉkCnKitCa %.

bgðajedayRkahVik CD [p] (CD [p]-Curve) TnÞwmnwgRkahVik CD [s] (CD [s]-

Curve) bgðajnUvkartMrUvkarén\NTanNamYyEdlsMercykCamYynwgGRtakar
R)ak;sgÁm. karbegáItTunEdlCaesdækic©RbesIrbMputRtUv)ankMNt;enAkñúgrUbPaB
xageRkamenH edaycMnuckat; F énRkahVik CS nig CD [s]. karbegáItTunEdl
RbesIrbMputenaHRbRBwtþeTAenAelI OC nigbgðajnUvkarR)ak;énPaBkMrmYy (=i )
1 S
enAkñúgTMhMén Oi . k¾b:uEnþtulüPaBénTIpSarTunBitR)akdsßitenARtg;cMnuc B ¬cMnuc

2
én CS RkahVik (CS-Curve) nig CD [p] RkahVik (CD [p]-Curve). enARtg;cMnuc

enaHsMrab;GRtakarR)ak; Oi (=i ) RtUvbegáIt)annUvTunenAkñúgTMhM OC . CalT§pl
0 p 0
karbegáItTun KWenAeRkamPaBRbesIrbMput (= sub-optimal) (OC < OC ).

0 1
karbegáItTunEdlenAeRkamPaBRbesIrbMputenH eyageTAtambMNkRsay
rbs; Keynes GacbM)at;ecal)an kalNaGRtakarR)ak;)ankMNt;cuHeRkamtMél
éntulükarrbs;vaedayviFankarN_rdæ)al (administrativ instruments). enAkñúg
krNIenH karR)ak;Edlnwgpþl;cMeBaHkarvinieyaKTun (= i ) KWtUcCagkarR)ak;énPaB
p
kMrénTunEdlnwgbegáItenAelITIpSarénTun. TaMgenHmann½yfaTMhMénkarbegáItTun
GacRtUveFVIeGayRbesIreLIg. PaBRbesIrbMputGacsMerc)an drabNaPaBxusKña
rvag r nig r EdlRtUvGacbgðajeGayeXIjCamYykarbegáItTunEdlRbesIrbMput
S p
enaH RtUvpþl;bkmkvijenAkñúgTMhMeBjeljedayPaBxusKñarvagkarR)ak;én
PaBkMrénTun (=i ) nigGRtakarR)ak;EdlRtUvkMNt;;eT,Ig i enaH. CamYyPaBRbesIr
S p
bMputenaH tulüPaBénkarvinieyaKTunEdl)aneFVIeGaysMerc)anbnÞab;mkenaH nwg

sßitenACaTMnak;TMngdUcteTA ³
rS > rp
rS = iS
rp = ip
TMnak;TMngenHRtUvsMerc)an drabNakarR)ak;énTIpSarTunRtUvkMNt;sßitenA
elI i . enAkñúgkrNIenH kartMrUvkar\NTanBitR)akd (CD [p]) GaRs½yeTAtamGVI
1
EdlCakarTamTarsMrab;eFVIeGayeTACaBitR)akd énkarbegáItTunEdlRbesIrbMput
OC . karkMNt;enARtg;karR)ak; i GacsMerc)an]TahrN_qøgkat;karRTRTg; én
1 1
karR)ak;EdlCalkçN³rdæ (government subsidies interest rate) rWk¾qøgkat;kar

ecjviFankarN_én {karR)ak;x<s;} EdlRtUvrMkileRkamGRtakarR)ak;Edlmkdl;
eBlenH. cMeBaHviFankarN_EdlCameFüa)ayrbs;rdæenH karTUrTat;karxatbg;
mYyRtUvsMerc)anCamYynwgehdæarcnasm<½n§hirBaØvtßú. CamYyviFankarN_RbePT
enH eyageTAtamkarbkRsayrbs; Keynes el,ÓnénkarbegáItTunGacbegáInsnÞúH
nigtamryHenH karxVHxatTunGacRtUv)ankat;bnßy.
CamYyenHGacRtUvsakl,gpgEdredayviFankarN_rdæ)al dUcCa]TahrN_
qøgkat;kardkBn§CavKÁ²eTAelIkarcMNayénkareRbIR)as; ¬eRBaHkalNaTMnijéfø
naMeTArkkarekIneT,IgénkarsnSMeRcIn¦ edIm,IeGayrMkileTAsþaMmYyénGunKmn_ CS.
CamYyenHEpñkénneya)ayfvikasuTs§ aFxagelIGaccakecal)an nigCMnYs
bBaðaenH karpSMpÁMúmYyénneya)ayfvika nigénsareBIBn§dUcEdlkarpSMpÁMúenHRtUv)an
eXIjCaFmμtaenAkñúgkarGnuvtþn_enaH nwgRtUvcab;epþImTTYlykmkbkRsaybnþr.
2>2> neya)ayéncMnYnfvika
kalNaneya)aykarR)ak;EdleyageTAtam Keynes RtUv)andak;eday
ELkBIeKenaH mann½yfaneya)ayenaH naMeTAeGayEdlfakarpÁt;pÁg;\NTan
EdlCaKMerag (ex-ante) KWpþl;eGayCaFmμtaBMuRKb;RKan;sMrab;hirBaØvtßúénkar
vinieyaKTuneLIy. enAkñúgrUbPaBxagelItMrUvkarTun i D EdlcaM)ac;cMeBaHkarbegáIt
1
TunEdlRbesIrbMputenaH KWedaysarEtskmμPaBsnSMEdlCaÉkCnBMuTan;RKb;RKan;
mYy vaRtUvsßitenARbQmeTAnwgEtkarpÁt;pÁg;enARtg; i C Etb:ueNÑaH ¬emIlrUbxag
1
elI¦. eyageTAtamkarbegáItkarsnSMEdlCaÉkCnkarvinieyaKTunrebobenH RtUv

GacmanskmμPaBEtenAkñúgTMhM i C Etb:ueNÑaH. TaMgGs;enaHeFVIeGaysßitmanenA
1
karelIslb;énkartMrUvkarvinieyaKTunkñúgTMhM CD. karelIslb;éntMrUvkarenHpþl;

sBaØaminRtwmEtkarbegáItTunEdlBuMRKb;RKan;Etb:ueNÑaHeT PaKeRcInPaBelIslb;
éntMrUvkarenHCajwkjab;ErkBn§CamYyenaHpgEdr EdlfakarvinieyaKTunEdlRtUv
)anekIteLIgBitR)akdBMubgðajeGayeXIj nUvPaBEdlGacrkplcMeNj)anén
esdækic©CatiEdlCalT§PaBGtibrimaenaHeLIy. eRBaHfa karEbgEck\NTan
cMeBaHTMnak;TMngEdlbgðajenATIenHRtUv)anbMeBjenAelIpøÚvén {non-price
rationing} ¬TaMgenHmann½yfa BMuRtUv)anbMeBjedaysarkarEbgEckEdlTak;Tg
nwgéfø¦ enaHeT,Iy. lkçN³vinicä½yrbs;vapþl;eGayRtUvEtCamUldæanepSgeTot.
TaMgGs;enH KWGacBMumanbBaða kalNaGñkpþl;\NTanRtUv)ansMerccitþcMeBaHkar
sMerccitþénkarEbgEck\NTanrbs;Kat; edayeyageTAtamcMnucCamUldæanén
PaBEdlGacrkcMeNj)anEdlCalkçN³esdækic©CatirYmmYy.
k¾b:uEnþCamYyenaH enAkñúgPaBBitBMuRtUv)anKitKUreLIy. PaKeRcInGñkpþl;
\NTanmanninñakarCadMbUgeTAelIPaBCak;lak; rWPaBsnþisuxEdlRtUv)anpþl;
eGayedayGñktMrUvkarén\NTan. enAkñúgbBaðaenHTMnak;TMngRTBüsm,tiþbuKÁlCa
nic©CakalRtUvsßitenACamUldæan. enAkñúgkrNIenH P½BVsMNagEdlsMrab;TTYl)an
nUv\NTanEdlcaM)ac;cMeBaHkarekIneLIgénR)ak;cMNUl KWkan;EtFMkalNaGñktMrUv
kar\NTanmanRTBüsm,tþikan;EteRcIn. enAeRkamTidæPaBTajecjBITMnak;TMng
Edl)anbgðajenATIenH KWCalT§plBMuRtwmEtkarEbgEckedayELkénktþaEbgEck
EdlBMuRKb;RKan;enaHeT eRkABIenHecjCalT§plénPaBkan;EtGaRkk;énkarEbgEck
R)ak;cMNUlEdlCarvagbuKÁl.
sMrab;karraraMgén\T§iBlEdlGviC¢manenH neya)aykarR)ak;TabRtUvbMeBj
edayneya)aycMnYnfvikarEdlERbRbYl (elastic money policy) eyageTAtam
mYy. qøgkat;bBaðaenHkarpÁt;pÁg;\NTanEdlCaÉkCnGacRtUvBRgIkedaynimiμtkmμ
énfvika (money creation). edaysarnimiμtkmμénfvikaenH RkahVikénkarpÁt;pÁg;
\NTanEdlmanlkçN³Caesdækic©CatiGacRtUvkac;eLIgRtg;eTAelIRtg;cMnuc C
nigsMrab;GRtakarR)ak;EdlRtUvkMNt;eLIgEdlERbRbYlKμankMNt;. TaMgenHman
n½yfa ecjBIEpñkénkarpÁt;pÁg;\NTanBMumannUvkarraraMgbnþreTotsMrab;skmμPaB
énkarvinieyaKTuneT,Iy. cMeBaHkarKaMRTénbMNkRsayenHRtUv)anbkRsayCajwk
jab;eTAelIkarrkeXIjEdlCaBiesaFniymEdlfa rvagGRtaekIneLIgéncMnYnfvika
nigR)ak;cMNUldMbUg (nominal income) ekItmanenAshTMnak;TMng (correlation)
EdlviC¢manx<s;mYy ³ kalNacMnYnfvikaekIneLIgelOnenaH bgðajeGayeXIj
GRtaekIneLIgx<s;énR)ak;cMNUldMbUg (nominal income) nigRtLb;mkvij (et
vice verse).
CaBitR)akdshTMnak;TMng (correlation) enHBMumansBlPaBxøaMgkøasMrab;
karviPaKEdlCaryHeBlxøImYyeLIy k¾b:uEnþkñúgryHeBlEvgshTMnak;TMng (cor-
relation) enHbgðajya:gc,as;las; eRBaHfakarERbRbYléncMnYnfvikaCH\T§iBleTA
elI nominal income CadMbUgeRkayBIkarBnüaeBlkñúgryHeBlBI 6 eTA 9 Ex.
k¾b:uEnþeRBaHfaplRbeyaCn_ EdlCaneya)ayGPivDÆn_pþl;plRbeyaCn_Cakar
GPivDÆn_EdlCaryHeBlyUrEdr dUcenHTidæPaBEdlCaryHeBlxøIenAkñúgemeronenH
RtUvBMucaM)ac;elIkykmkBicarNaeLIy.
karviPaKeTAelIKMnitEdl)anbkRsayxagelI KWmanenAkñúgsmIkarrbs;
Fisher :
M*V=P*X=Y
nominal income Y EdlCaplKuNecjBIéfø P nig real income X (= real

transaction volumen = real consumtions TaMgGs;¦ KWGaRs½yCanic©CakaleTA
nwgcMnYnfvikaEdlmanRbsiT§PaBeTAelIesdækic© “ M * V ”, M bgðajCacMnYnfvika
dMbUg (nominal money)3, V bgðajCael,Óncracrén nominal money enaH.
dUcenHehIykarekIneLIgén M * V naMeTAeGayCanic©CakalsMrab;karekIneLIg
énR)ak;cMNUldMbUg (nominal income).
shTMnak;TMngEdl)anbgðajxagelI rvagGRtaekIneLIgéncMnYnfvikadMbUg
(nominal money) nig nominal income mann½yEdlfael,Óncracr V sßitenA
kñúgTMnak;TMngEdlefr. dUcenH karekIneLIgén M BMuRtUvGnuBaØateGayTUrTat;eday
karfycuHén V eLIy ebIkalNaTajecjBIenaHRtUvecjCalT§plnUvkarekIn
eLIgéncMnYnfvikarEdlmanRbsiT§iPaBeTAelIesdækic©Cati.
manEtdUcenHeT eTIbman\T§iBlenAkarekIneLIgén nominal income. pÞúy
eTAvijebIfvikaEdlbEnßmRtUv)ansþúkEfmeTotenaH mann½yfakarekIneLIgén M
eFVIeGayman\T§iBlenAkñúgkarfycuHEdlRtUvTUrTat;mYyénel,Óncracr V. kñúg
krNIenHel,Óncracr V fycuH. TaMgenaHmann½yfa ryHeBlCamFüménkarrkSar
fvikarenAkñúg cash (cash in hand) ekIneLIg. bnÞab;mkfvikaEdlmanRbsiT§i
PaBelIesdækic©CatiiBMumanERbRbYlcMnYneT,Iy. TaMgGs;enHERbRbYlEtGgÁFaturbs;
vaEtb:ueNaÑH.
tamkarBitenAkñúgkrNICaeRcIn eKGaccab;epþImEdlfael,Óncracr V ERb
RbYlyWtya:vcMeBaHmUldæankMNt;EdlmanTMnak;TMngyUrGEgVg. CaBitR)akdeyag
eTAtamkarBiesaFniym (empirical analysis) rbs; Ezekiel nig Adekunl enAkñúg
kareRbobeFobénRbeTsCalkçN³GnþrCatimYy)aneGayeXIjfa el,Óncracr V
fycuHCamYynwgkarekIneLIgén per capita. k¾b:uEnþdMeNIrkarénel,ÓncracrEdl
kan;EtyWtenaH BMuTajeGaymanelcecjnUvlT§plénkarrMxanCabnþbnÞab;én
3
cMnYnfvikadMbUg manluysuT§ luyenAkñúgesovePAFnaKar rw kñúgkMBüÚT½rFnaKarluydak;TukenA
FnaKar kñúgkMNt;eBlmYy nig luysnSM.
neya)aycMnYnfvikareT,Iy. kalNakarERbRbYléncMnYnfvikadMbUgRtUv)anbMeBj
enAkñúgTMhMya:gFMenaHTajecjBIenaH nigCaTUeTApgEdr KWmannUvlT§plénkarERb
RbYlEdlmanTisedAdUcKñaéncMnYnfvikaEdlmanRbsiT§PaBeTAelIesdækic©Cati ( M
* V).
CakarBitcMeBaHehdæarcnasm<½n§hirBaØvtßúEdlBMuRKb;RKan;mYy karsakl,g
edayqøgkat;karekIneLIgénkarTTYlyk\NTanrbs;vis½yÉkCn edIm,IsMerc)an
nUvkarrIkraldaléncMnYnfvikar Edl)aneRKagTukBMuTTYl)anlT§plKYreGay
bMeBjcitþeLIy. enAkñúgkrNIrebobenH rdæGacsakl,gxÜønÉgpÞal;edIrtYCaGñk
tMrUvkar\NTansMrab;ykmkeRbIR)as;enAkñúgEpñk Edlrdæ)anxkxanvinieyaKeday
sarEtkarcMNayxVHxatrbs;rdæenaH (Defecit Spending) ³ rdæTTYlyk\NTan
edIm,IGaceFVIskmμPaBeTAelIkarcMNayRbePTenaH EdlcMeBaHhirBaØbTanBImun
rbs;vaBMuTan;sMerc)annUvcMNUlEdlsmrmümYy.
hirBaØbTanén\NTanenaH naMeTAeGaymankarekIneLIgéncMnYnfvikaEdl
manRbsiT§PaBeTAelIesdækic© kalNa\NTanenaHmanedImkMeNItecjBInimiμt
kmμfvika rWk¾dkecjBIsþúkrbs;RbB½n§FnaKar rWk¾BIvis½yÉkCn rWk¾ecjBIkarhUrcUl
énfvikabreTs nigRtUveRbIR)as;sMrab;hirBaØbTanénkarTijTMnijkñúgRbeTs. pÞúy
eTAvij kalNakarpþl;\NTanRtUveFVIeGayekItmaneT,IgedaysarEtkarpþl;\N
TaneTAeGayÉkCnRtUv)ankat;bnßykñúgTMhMdUcKña rWk¾karcMNayEdlCaÉkCnRtUv
)anraraMg ¬edaysarkardkBn§énkarcMNay¦ TaMgenHmann½yfakarnaMmknUv\N
TanBMumann½yfakarekIneLIgéncMnYnfvikaeLIy eRkABIenH KWRKan;EtCakarepÞrmYy
énmeFüa)ayfvikarecjBIvis½yÉkCneTACavis½yénesdækic©EdlCardæEtb:ueNÑaH.
ecjBIkarbgVli RtT,b;rebobmYyenH énmeFüa)ayfvikaGacbgðajnUvlT§pl
(effect) EdlCalkçN³rYj rWrYm (contractiv) k¾dUcCalkçN³TUlay (expansiv).
k¾b:uEnþlT§plenH BMuEmnCalT§plénneya)aycMnYnfvikaEdlCaTsSn³Taneyag
eTAtameKalKMnitén Keynes nig post-Keynes eLIy. eRkABIenHvabNþalmkBI
karrujRcanecj (crowding out) énskmμPaBesdækic©ÉkCnedaykNþab;édEdl

CasaFarN³ (public hand) ¬=viFankarN_rdæ)al¦.
RbePT crowding out enHGacRtUvelcecj kalNaR)ak;cMNUlénrdæd¾x<s;
enaHRtUvbNþalmkeBjeljedaysarkarkat;bnßyénkarsnSMEdlCaÉkCn ¬kar
ykBn§BIkarsnSM¦ eRkABIenHk¾bNþalmkedaysarkarkat;bnßyénkareRbIR)as;
EdlCaÉkCnpgEdr ¬karykBn§eTAelIkarcMNay¦¦. enAkñúgkrNIenH eKehAfa
crowding out edaypÞal;. kareFVIeGaymankarERbRbYlénGRtakarR)ak; nig¼rWk¾
kMriténéføEdlnwgCH\T§iBleTAelIGñktMrUvkar\NTanedaymUlehtuénkarcMNayr
bs;rdæd¾x<s;nwgelcecjnUv crowding out EdlRbeyal.
CakarBitTaMgcMeBaH {defecit spending} k¾dUcCacMeBaH {crowding out}
KWEpñkénneya)ayfvikaenHRtUv)ancakecalEtRtwmenH ehIykrNIneya)ay
GPivDÆn_RtUv)anbMeBjtYnaTIedayneya)ayhirBaØvtßúbnþeTAeTot.
2>3> dMeNIrkarénGtiprNaCalT§plénneya)ayfvika Edlmanninñakar
KaMRTkarvinieyaKTun
2>3>1> lT§plénR)ak;cMNUldMbUg nigénR)ak;cMNUlBiténneya)ay
fvika
neya)ayfvikarEdlCa Keynes niym CakarBit)anbit)aMgnUveRKaHfñak;
ya:geRcIn. eyagtamrUbmnþxagelI (M * V = P * X = Y) CaBitR)akdkarekIn
eLIgNamYyéncMnYnfvikarEdlmanRbsiT§PaB (M * V) naMeTAeGaymankarekIn
eLIgénR)ak;cMNUldMbUg (nominal income) Y(=X * P). k¾b:uEnþcMeBaHkarvinicä½y
EdlCaneya)ayGPivDÆn_énkarekIneLIgR)ak;cMNUlenH eKRtUvEtEbgEckfaetIkar
ekIneLIgénR)ak;cMNUlenH manTMnak;TMngenAkñúgTMhMdUcKñaeTAnwgkarekIneLIg én
R)ak;cMNUlBit rWk¾faetIkarekIneLIgénR)ak;cMNUlenHRKan;EtbgðajnUvkareFVIeGay
manGtiprNaEdlCaéføénR)ak;cMNUlBitEdlefrmYy rWk¾faetIkarekIneLIgénR)ak;
cMNUlenHmann½yfakarekIneLIgénéføpg ehIyk¾mankarrIklUtlas;énR)ak;
cMNUlBitpgEdr.
sMrab;bMNkRsayénTMnak;TMngenH KWRtUv)anKUsvasenAkñúgrUbPaBxag
eRkamnUvRkahViktMNageGaykarpÁÁt;pÁg;kartMrUvkarénesdækic©CatimYy.
RkahVikénkarpÁt;pÁg; A (supply curve A ) EdlCalkçN³esdækic©Cati

1 1
bgðajeGayeXIj faetITMhMplitplNaEdlRtUvpÁt;pÁg;eday]sSahkrcMeBaH
kMritéføEdlRtUveRCIserIsenAkñúgkMLúgeBlEdlsßitenACamUldæan ¬=enAkñúgkMLúg
eBlmYy¦ kalNaktþabrikça nigrcnasm<½n§esdækic©RtUv)anpþl;eGay. RkahVikén
karpÁt;pÁg;RbRBwtþeTACadMbUgCabnÞat;kat;epþk (horizontal) eRBaHfaplitkmμGac
RtUvBRgIkrhUtdl;TMhMplitplsgÁm OX pgEdr cMeBaHkarBMuERbRbYlénéfø ¬=kar
1
bg;tMél¦. TMnak;TMngRbePTmYyenH GacmanlT§PaBkalNaktþaEdlcaM)ac;

sMrab;plitkmμdéTeTotbgðajeGayeXIjnUvkarpÁt;pÁg;elIslb;mYy CamYynwgéfø
énktþa ¬=karbg;tMélénktþa¦ EdlekIteLIgmYy k¾b:uEnþBMumann½yfakarFøak;cuHénkar
bg;tMélénktþaplitkmμeT. rvag X nig X karekIteLIgénplitkmμnaMeTAeGay
1 2
mankarekIneLIgénkMritéfø eRBaHktþaplitkmμEdlcaM)ac;sMrab;karekIneLIgén
plitkmμ KWRbugeRbobsMrab;karpþl;eGayénkarbMeBjkarplitEtcMeBaHéføénktþa
plitkmμ ¬karbg;tMélénktþaplitkmμ¦ EdlnwgekIneLIg. éføénktþaplitkmμd¾x<s;
enHbegáIteGaymankarekIneLIgénkMritéføøCalkçN³esdækic©Cati. RkahVikénkar
pÁt;pÁg;bgðajeGayeXIjnUvTMhMekIneLIgEdlCaviC¢man.
cMeBaHTMhMplitkmμsgÁm OX KWRBMEdnsmtßPaBEdlCaesdækic©CatiRtUv)an
2
sMercdl;. karekIneLIgénplitkmμbnþeTot BMuRtUvsMerc)anbnþeToteLIy eRBaHfa

PaBmansßitenAénRBMEdnénktþaplitkmμ ¬maginal production¦ )anbegIátCakar
kMNt;énplitkmμ EdlBMuRtUv)anTUTat;)anedaysarkareRbIR)as;kan;EteRcIneLIg
énktþaplitkmμdéTeToteLIy.
enAkñúgTMnak;TMngniekçbT Edl)anbkRsaybgðajenAkñúgemeronBImunénkar
epÞredayceg¥oténkarGPivDÆn_ {Tun (= capital)} edIm,IeqøIytbeTAnwgcMnYn OX 2
)an KWmanEtCamYynwgplitkmμNaEdlcMeBaHplitkmμenaHkareRbIR)as;énTunEdl
)anpþl;eGaymYyRtUv)anpSMpÁúMCamYynwgcMnYnBlkmμ ¬=kMlaMgBlkmμ¦ Edlman
lT§PaBbec©keTsGtibrima. dUcenHplitkmμén OX mann½yBMumanTal;EtesaHnUv
2
kargareBjelj ¬=PaBKμankargareFVI¦ énktþa ¬Blkmμ¦ déTeTot eRkABIRKan;Et

mann½yfa kareRbIR)as;Gs;visalPaBénlT§PaBbec©keTsx<s;Edl)anmkBIkar
epÞrTund¾ceg¥otenaHEtb:ueNÑaH.
bnþeTAeTotRkahVikénkartMrUvkar N EdlCaesdækic©srub k¾RtUv)anKUrpg
1
Edr. RkahVki enH )anbgðajnUvTMhMénkartMrUvkarEdlCafvika M * V enAkñúgsßanPaB

cab;epþIm. RkahVikéntMrUvkarenHbgðajCaTMrg;énhIuEBkb‘UlkalNa M k¾dUcCa V
sMrab;cMnuceBlEdlCYbRbTHenaH KWefr. bnÞab;mkKW dX/X = - dP/P Edl
mann½yfa karekIneLIgNamYyénR)ak;cMNUlBit X GaRs½yTAtamkarfycuH
EdlmanTMhMTMnak;TMngesμIKñaénkMritéfø P nigRtLb;mkvij (= et vice versa). pÞúy
eTAvij kalNa V ERbRbYlCamYynwgkMriténéføenaHdMeNIrRbRBitþénRkahVik N BMu 1
GackMNt;)anc,as;las;eToteT. k¾b:uEnþbnþeTAeTot eyIgcab;epþImecjBIEdlfa

V manRbtikmμEdlTak;TgenaHexSayCag P.
enAkñúgkrNIenH eKGaccab;epþImecjya:gticbMputBIdMeNIrRbRBitþEdl)an
KUrenAkñúgrUbPaBxageRkamEdlfa rvag dP/P nig dX/X ekIteLIgnUvTMnak;TMng
Rcas; (inverse relation)³ EdlkalNakMriténéføkan;Etx<s;enaHR)ak;cMNUlBit
(real income) EdlRtUvGachirBaØbTanCamYynwgcMnYnfvikardMbUg M Edlpþl;
eGaymYyenaHkan;EtticeTA.
edayfaRkahVik N )ansßabnaerobecjCarUbrag enAeRkamkarTTYlyk
1
éncMnYnfvikardMbUgEdlpþl;eGaymYyenaH dUcenHRkahVikéntMrUvkarnImYy²eqøIytb
eTACamYynwgcMnYnfvikaEdlkMNt;mYy. kalNacMnYnfvika KWkan;EtFMenaHRkahVik
éntMrUvkarkan;EtrMkileTAeRkA. dUcenHcMeBaHkarBRgIkmYyéncMnYnfvika (= dM > 0)
RkahVikéntMrUvkarrMkileTAsþaM TItaMgfμIrbs;va KWsßitenAelIRkahVikénkartMrUvkar N .
2
A nig N kat;KñaRtg;cMnuc S . kUG½rDINaT½rén S bgðajeGayeXIjnUvTMhMBit

1 1 1 1
R)akdénplitplsgÁmBitR)akd nigkMriténéfø. edaysarkarekIneLIgéncMnYn

fvika cMnuckat;RtUv)anrMkileTA S . S bgðajenAkñúgkareRbobeFobCamYynwg S
2 2 1
manplitplsgÁmBitR)akdEdlx<s;mYy ehIyk¾mankMriténéfød¾x<s;mYyEdr. Ca
lT§plkarekIneLIgénplitkmμRtUvmankarCUndMeNIredaydMeNIrkarGtiprNamYy.
CakarBit karekIneLIgénplitkmμsMrab;RkahVikénkarpÁt;pÁg;mYyEdlpþl;
eGayGacBMumankarekIneLIgénéfø kalNaRkahVikéntMrUvkarTaMgcas;TaMgfμIkat;
GnuKmn_énkarpÁt;pÁg;Rtg;EmkEdlepþk (horizontal) rbs;va. TaMgenHbgðajeGay
eXIjnUvrcnasm<½n§plitkmμénesdækic©CatiEdlCYbRbTHenHnUv output elasticity
EdlCaRbePTx<s;mYy Edlmann½yfacMeBaHkarekIneLIgénplitkmμ KWBMuTamTar
karekIneLIgénéføeT,Iy ³ ktþaplitkmμTaMgGs;EdlRtUvcaM)ac;sMrab;karekIneLIgén
plitkmμ KWTTYlnUvéføEdlBMuERbRbYl. CakarBitTMnak;TMngRbePTenHGacBicarNa
faCavism<aFesdækic© (economic depression). k¾b:uEnþTaMgenHBMusMrab;RbeTskMBug
GPivDÆn_xøHEdlsßitenAeRkamkarxVHxaténTuneT,Iy.
enAkñúgTMnak;TMngénrUbPaBxagelI cMeBaHkarekIneLIgénplitplsgÁm KW
dMeNIrRbRBitþénRkahVikkarpÁt;pÁg;GacmanlT§PaBeTA)ankñúgkrNIkarpþl;eGayén
karbMeBjkarplitEdlkan;EtxøaMgkøamYyBIktþaplitkmμ EdlGacRtUvsMerc)an
edaysarEtéføénktþaplitkmμenaH ¬karbg;tMélénktþaplitkmμ¦ kan;Etx<s; ³ Epñk
plitkmμ EdlsMxan;latsn§wgqøgkat;Ggát; X X nigmanGtßn½yCaTMhMplitkmμ
1 2
rvag OX nig OX . CalT§plkarekIneLIgénplitkmμEdlcg;)anenaH

1 2
GacsMerc)an EtcMeBaHkarekIneLIgénkMritéføEdlekIneT,IgkñúgeBlCamYyKñaenaH.
TaMgenH manmUldæanmkBIkarekIneLIgénkarbg;tMélktþaplitkmμ nigcMlgeTA
eGaymankarekIneLIgénéføplitpl. CakarBitenAkñúgRbeTskMBugGPivDÆn_mannUv
ktþaBlkmμenAkñúgPaBelIslb;. EtCalT§plkarCMrujénkarbMeBjkarplitxag
elImanTMnak;TMngRKan;EtCamYynwgktþaplitkmμEdlBMuEmnCakMlaMgBlkmμdUcCaTu
n nig FnFanFmμCati.
CamYyenHTMhMEdlelcecjsMrab;karekIneLIgénTMhMplitkmμ nigénkMrit
éfø KWkarekIneLIgénGRtakarR)ak;BitR)akd ¬P¢ab;CamYyenaHénkarcMeNj¦. eRkABI
enHeTAeTotlT§plénkarekIneLIgénéføBMumansßti enAeLIy kalNakarrIkraldal
éncMnYnfvikarRtUv)anGmdMeNIredaykarrMkileTAsþaM EdlRKb;RKan;mYyénRkahVikén
karpÁt;pÁg;. qøgkat;bBaðaenH TMhMénplitkmμ X ekIneLIgCamYynwgkMriténéføEdl
efr. TaMgenHmann½yfa ³
d (M * V) / M * V = dX / X
CamYyenHTMhMén X BMumanTMnak;TMngeTAnwgplitplsgÁmBitR)akdEdl
Caesdækic©srubenaHeLIy eRkABIenHvamanTMnak;TMngEtCamYyTMhMplitkmμénEpñk
EdlCafvikaénesdækic©CatiEtb:ueNÑaH. karkat;bnßyNamYyénEpñkCIvRBwtþ
(subsistence sector) edIm,IplRbeyaCn_vis½yEdlCafvika TamTarcaM)ac;kar
ekIneLIgéncMnYnfvikarEdleyageTAtamenaHmYy kalNakarvivDÆn_britþpriNa
(deflation) EdlCaTUeTAekIteT,IgedaysarPaBCab;KaMgénéfød¾xøaMgkøa ehIyEdl
GacnaMeTAeGaymankarfycuHénplitkmμenaHRtUv)anraraMg.
kalNaesdækic©CatiCYbRbTHnUvkarekIneLIgmYyénplitplsgÁmBitR)akd
edayenAeRkamlkçxNÐéncracrfvikarEdlefrmYyenaH mann½yfaTaMgenHCH
\T§iBlbritþpriNa (deflation). edaysarbBaðaenH karekIneLIgénkMritéføBImunRtUv
Gackat;bnßyTaMgRsug rWk¾mYycMENk. kalNaemKuNénTun KWkan;EtTab nig
eBlEdlhucplénkarvinieyaKTunenaH KWkan;EtxøI ¬= Tak;TgeTAnwgbec©kviC¢aekIn
eLIg¦ enaHkarekIneLIgénéføEdlCalT§plsmtulüecjBIskmμPaBénnimiμtkmμ
fvika (money creation) KWkan;EttUc. bnÞab;mkenAkñúgrUbPaBxagelI mankarrMkil
eTAsþaMénRkahVikpÁt;pÁg;eTAkñúgsßanPaB A enHmann½yfacMNuckat; S bgðaj
2 3
nUvsßanPaBCacugbBa©b;. TaMgenHmann½yenAkñúgRKb;krNITaMgGs;nUvR)ak;cMNUl
Bit X d¾x<s;mYyCagGVIEdlsßitenAsßanPaBcab;epþIm. kMriténéføEdlcugbBa©b;Gac
x<s;Cag TabCag rWk¾esμIKña dUcenAkñúgsßanPaBénkarcab;epþImEdl)anbgðajeday
S . TaMgenHmann½yfakarsMerc KWBMuEmnEteTAelIRbePTénhirBaØvtßúeTeRkABIenH
1
eTAelIRbePTénkareRbIR)as;énkarcMNayEdlRtUvhirBaØbTanedaysarkarekIne
LIgéncMnYnfvikapgEdr³ karvinieyaKTunEdlcg;bM)at;nUvPaBceg¥óténesdækic© rWk¾
cg;begáItnUvkEnøgkargarfμI ¬=pþl;kEnøgeFVIkargarfμI¦ GacelcecjnUvkarekIneLIg
énplitkmμd¾x<s; nigCamYyenHGacraraMgnUveRKaHfñak;énkarekIneLIgénéfø. k¾b:uEnþ
eTAelIEpñkepSgeTot k¾mankarvinieyaKTunEdlCamYyenaHmankarKMramKMEhg
cMeBaHkarBMumansßitnUvlT§plénR)ak;cMNUlBitEdr. TaMgenH KWCakrNIEdlfakar
vinieyaKTunnaMeTAeGaymankarelIslb;énsmtßPaB EdlBMuRtUvGaceRbIR)as;eGay
Gs;visalPaBedaysarEtkartMrUvkarEdlBMuRKb;RKan;;. k¾dUcKñaenHpgEdrcMeBaHkar
vinieyaKNaEdlsMrab;cMnuceBlénkarbeBa©jplitplrbs;xøÜn KWbec©kviC¢aRtUv
)anedIrhYseTAmuxmunrYceRsceTAehIy.
P½BVsMNagEdlfakarekIIneLIgénéføEdlCaTIbBa©b;Føak;cuHEtbnþicenaH KWCa
BiesscMeBaHkarvinieyaKTunEdlmanlkçN³plitkmμedaypÞal;. pÞúyBIenH Edl
CabBaað KWkarsßabnaénkarvinieyaKTunenAkñúgvis½yehdæarcnasm<½n§. enATIenH
elcecjnUveRKaHfñak;énkarekIneLIgénéføya:gFM eRBaHfaRbePTénkarvinieyaKTun
enHbgðajPaKeRcInnUvryHeBlhucplEdlyUrGEgVg nigemKuNénTund¾x<s;. Ca
karBitdUcCakarsßabnaénpøÚvfñl; pøÚvreTHePøIg nigRbB½n§bMBg;TamTarnUvryHeBl
ya:gyUrqñaM.
2>3>2> \T§iBlénkarekIneLIgénéfø EdlCaGtiprNaeTAelIkarGPivDÆn_
esdækic©
A. karviPaKEdlCary³eBlxøI
kalNakMriténéfø EdlCaesdækic©CatienaHekIneLIgenAkñúgryHeBld¾yUr
GEgVgmYyedaymUlehtuEdl)anbkRsayxagelI enaHkarekIneLIgénkMritéføenaH
snμt;CacariklkçN³énGtiprNa (inflation). TaMgenH KWsMrab;karvinicä½yEdlCa
neya)ayGPivDÆn_énGtiprNaenH TamTareGaykMNt;nUvkarCH\T§iBlrbs;vaeTA
elIeKalbMNgénkarGPivDÆn_EdlCaesdækic©. kalNaeKykCamUldæannUvkar
viPaKEdlCaryHeBlxøImYy EdlcMeBaHkarviPaKenaHGkb,kiriyaEdlRbkan;ykén
Economic Subject BMuTan;)ankMNt;enAkñúgdMeNIrkarénGtiprNaenAeLIy enaHeK
)anelIkbgðajeLIgnUvlT§plGPivDÆn_EdlviC¢manCaeRcIn. ya:gticbMputenAkñúg
dMNak;kardMbUgéndMeNIrkarEdlCaGtiprNa eKGacniyay)anfakarGPivDÆn_ rW
karvivDÆn_énR)ak;ebovtSn_dMbUg (nominal salary) Tl;nwgkarGPivDÆn_ rWkarvivDÆn_
énéføbgðajeGayeXIjkarrMkilEdlCaeBlevlamYy (salary-lay-hypothese).
bnÞab;mkeTIbR)ak;ebovtSBit (real salary) Føak;cuHTnÞwmnwg {GRtakarR)ak;épÞkñúg
ÉkCn} Bit ¬=karcMeNjénshRKin¦ ekIneLIg. CalT§plGñkkmμsiT§énTun KW
sßitenAkñúgTMhMxøaMgkøaCagmunkñúgkarRbugeRbobedIm,Ipþl;kargareGaykMlaMgBlkr.
enAkñúgrUbPaBxageRkamlT§plenH bgðajnUvcMNab;GarmμN_edaysarfa
bnÞat;énR)ak;ebovtS OL EdlCaTMhMR)ak;ebovtSBit (real salary) gakeTArkG½kS
1
Gab;sIus. edaysarbBaðaenHkarcMeNjGtibrima )anrMkilBI H eTA H ³ enAcMnuc

1 2
H GnuKmn_Tinñpl nigbnÞat;R)ak;ebovtSfμI OL bgðajeGayeXIjTMhMénkarekIn

2 2
eLIg (accumulation) EdlRsbKña. kareRbIR)as;kMlaMgBlkmμekIneLIgBI OT

eTA ON nigbegáItnUvkarekIneLIgénplitplsgÁm (GDP) BI TH eTA NH . 1 2
RsbeBlCamYyenaHkarekIneLIgénTun (capital accumulation) k¾ekIneLIgEdr

eRBaHfaGRtaénR)ak;ebovtSRbQmeTAnwgplitplsgÁmKWfycuH. k¾b:uEnþenAkñúgrUb
xageRkamBMuRtwmEtmankarfycuHénGRtaebovtSEtb:ueNÑaHeT eRkABIenHR)ak;ebovtS
srubk¾Føak;cuHpgEdr (FT > MN). enAkñúgkrNInIYy²R)ak;cMNUlénR)ak;ebovtS
RbtikmμenAkñúgTMhMNamYyenaH KWGaRs½yeTAnwg)a:ra:Em:Rt ¬GaBaØatiefr¦ énGnuKmn_
litkmμ ³ )a:ra:Em:RtenaH CaGñkkMNt;nUvRbtikmμénkareRbIR)as;kMlaMgBlkmμeTA
elIkarfycuHénR)ak;ebovtSBit.
enAeRkamkarsnñidæanEdlsßitCamUldæanenATIenH lT§pledaypÞal;
(directly effect) dUcxageRkamCalT§plTajecjBIGtiprNaenH ³
- karfycuHénR)ak;ebovtSBit EdleFVIdMeNIrCamYynwgkarekIneLIgénkMrit
éfø)aneFVIeGaykan;EtRbesIreLIgnUvkarEbgEckktþaBlkmμ (factor allocation)
nignaMeTAeGaymannUvTMhMplitkmμd¾x<s;mYy. CamYyenHkarfycuHénR)ak;ebovtS
BitKaMRTnUveKalbMngénRbsiT§PaB (efficiency goal) EdlCakarBitBMuGacnaMeTA
eGaymanPaBRbesIrbMputénkarEbgEckktþaplitkmμ)aneT,Iy. bBaðaenHsMerc
)anenAkñúgrUbPaBxagelIRtg;cMnuc E. PaBeFVIeGayBitR)akdrbs;vasßitenARtg;
lkçxNÐEdlsMxan; KWR)ak;ebovtSBitmYy (real salary) esμIsUnü k¾b:uEnþR)ak;ebovtS
BitrebobenH BMuGacekIteLIg)anTal;EtesaHcMeBaHR)ak;ebovtSdMbUg (nominal
salary) EdlviC¢man.
sMrab;karTTYlyksßanPaBénplitplénkarEbgEck (factor allocation)
Edl)anbgðajenATIenH KWBMuTamTardac;xatEdlfaR)ak;ebovtSBitFøak;cuHeLIy³
eyageTAtambMNkRsayrbs; Keynes karsßitenARTwgénkarekIneLIgénR)ak;
ebovtSBitRtUv)anelcecjrYcCaeRscenAeRkayplitPaBénkargarEdlCaesdækic©
CatienaHnUvkarekIneLIgénR)ak;cMeNjEdlCalkçxNÐsMrab;karekIneLIgénkargar
Edl)anbgðajrYcmkehIyenAxagelI. CakarBitenATIenHGVI²TaMgGs; KWTamTarnUv
shRKinEdlmansmtßPaBbMeBjkarplitCaDINamIkRKb;RKan;mYyEdlRbugeRbob
edIm,ITTYlykBitR)akdnUvP½BVsMNagénkarlUtlas; rWénkarrIkraldalEdlRtUv
bNþalmkBIGtiprNaenH. kalNaxVHxatnUvlkçN³ shRKinrebobenHenaH
eRKaHfñak;ekIteLIgEdlfaplRbeyaCn_ rWcMNg;cMNUlcitþEdlCamuxCMnYjRtUv)an
eRbIR)as;eTACaskmμPaBEdlCasμan rWRbfuy (speculativ activity) vij. enAkñúg
krNIenHclkr rWsnÞúHénGtiprNa (impulse of inflation) RtUv)at;bg;nUv\T§iBl
rbs;xøÜn.
- karrMkilénéføktþaBlkmμ EdlTak;TgplRbeyaCn_énR)ak;ebovtSBit eFVI
eGaykan;EtGaRkk;enAkñúgkrNICaeRcInnUvkarEbgEckénR)ak;cMNUl TnÞwmnwgkar
eRbIR)as;énkMlaMgBlkmμd¾x<s;)anCH\T§iBlkan;EtRbesIreTAelIkarEbgEck ¬R)ak;
cMNUl¦. \T§iBlEdlCabBa©b;énkarsMerceKalbMNgénkarEbgEckGaRs½yeTA
nwgkarbkRsayBitR)akdéneKalbMngEbgEck4. TaMgenHKWGacBicarNafaman
4
neya)ayEbgEckmanedaypÞal; nig edayRbeyal³
- edaypÞal; KwkarRtYtBinitüeTAelIR)ak;ebovtSn¾ nig éfø
- edayRbeyal KwkarEbgEckRtLb;eLIgvij (Redistribution) edaymanviFankarBn§ nigkarepÞr
R)ak;cMNUleTAesdækic©ÉkCnvij.
PaBkan;EtRbesIreLIg k¾dUcCafamanPaBkan;EtGaRkk;eLIgénkarEbgEckR)ak;
cMNUl. karekIneLIgEdlcg;)anénkarsnSMBitR)akd nigCamYyenaHhirBaØbTan
énkarvinieyaKTunEdlCakic©bEnßmeTot GacRtUvsMerc)anenAeRkameKalkarN_én
karEbgEckenH. lkçxNÐsMrab;va KWfadMeNIrkarénGtiprNaRtUvrkSarhUtdl;
cenøaHRbehagrvagkarsnSMEdlCaBitR)akd nigkarsnSMEdlmanlkçN³RbesIr
bMputRtUv)ankat;bnßy.
eyageTAtamGnuKmn_énkarsnSMEdlCaburaNniym (classical saving
function) CakarBitkarfycuHénR)ak;cMNUlBitR)akdEdlkMNt;edayGtiprNa
naMeTAeGay ceteris paribus enARKb;krNITaMgGs;nUvTMhMénkarsnSMBitd¾x<s;mYy
eRBaHfaTMhMenaHRtUv)ansnSMecjEtBIR)ak;cMNUlénTun k¾b:uEnþBMuRtUv)ansnSMecj
R)ak;cMNUlEdlCaebovtSenaHeLIy ¬bMNkRsayrbs; Keynes¦. eRkABIenHTMhM
énkarsnSMGackan;EtFMedaysar\T§iBlénlT§plénkarrkSasac;R)ak;Bit {(effect
of controlling of real cash)} eRBaHGtiprNaman\T§iBldUcCaBn§eTAelIkarrkSa
sac;R)ak; (controlling of real cash) nigqøgkat;bBaðaenHGacbegáIteGaymannUv
karEbgEckRtLb;mYy (redistribution) BIGñktMrUvkarfvika ¬=CaÉkCn¦ eTAkEnøg
Edlnimiμtkmμfvika ¬=Cardæ ¦.
cMeBaHGtiprNamYy lT§PaBeRCIserIsénkarbg;tMél (opportunity cost)
énkarrkSasac;R)ak;CakarBit KWekIneLIg eRBaHfaenAkñúgTMhMénGRtaGtiprNaman
karekIteLIgnUvkarxatbg;. CalT§pl KW economic subjects TaMgGs;RtUvkat;
bnßyénkarrkSasac;R)ak;suT§rbs;xøÜn sMrab;CaplRbeyaCn_énkEnøgEdlCanimiμt-
kmμfvika ¬=Cardæ¦. Et economic subjects BMu)anraraMgenAkñúgTMhMdUcKñanUvkarsnSM
rbs;xøÜndUcrdæEdlGacBRgIkkarvinieyaKTunrbs;xøÜnedaylT§pl énkarEbgEck
RtLb;xagelIenaHeLIy. dUcenHCalT§plTajecjBIenaHmankarekIneLIgénTMhM
snSMEdlCaesdækic©Cati ¬bMNkRsayEdlCafvikar¦.
B. karviPaKEdlCary³eBlEvg
karviPaKmkdl;eBlenH KWCaFmμCatiénkarviPaKryHeBlxøI. karviPaKenH
BMuBicarNaCaBiessBIRbtikmμnImYy²én economic subjects eTAelIGtiprNa Edl
GaceFVIeGaymankarcab;GarmμN_enAkñúgkarERbRbYlmYy énkarRbkan;Gkib,kiriya
rbs;xøÜn ¬economic subjects) eT,Iy. CaTUeTARbtikmμenHGacelcecjCadMbUg
eRkayeBlkarrMkiléneBlevlamYy nigkalNaGtiprNa KWRtUv)anGnþrnIykmμCa
mYynwg Subjects EdlCYbRbTHenaH.
qøgkat;viFankarsMrbsMrYlén economic subjects enH lT§pl (effects)
EdlKaMRTénkarGPivDÆn_ryHeBlxøI GacRtUv)ankat;bnßycMeBaHEpñkmYyya:gFM.
enAkñúgkal³eTs³xøHGacbgðajeGayeXIjnUvpl (= consequence) EdlraraMgkar
GPivDÆn_EfmeTot. eyageTAtam salary-lay-hypothese CadMbUg)anekIteLIg
nUvsßanPaBlT§plénkarEbgEckkMlaMgBlkmμEdlCaviC¢man. bnÞab;mkkar
GPivDÆn_énR)ak;ebovtSn_dMbUgsßitenARTwgeRkaykarekIneLIgénkMritéfø enaHmann½y
faR)ak;ebovtSBitfycuH. ecjBIkarfycuHénR)ak;ebovtSBit mankarelcecjnUv
lT§plekIneLIgénkargar rWkEnøgeFVIkargar ehIyk¾dUcCalT§plénplitkmμd¾x<s;
mYy. enAkñúgsßanPaBénlT§plrIkduHdalenH GaceFVIeGayGñkTTYlykkargar
rWBlkrsßitenAeRkamkarP½nþviBaØaNénfvika (illusion of money). enAkñúgkrNI
enHBlkreCOeTAelIkareFVIeGaykan;EtRbesIreLIgénR)ak; cMNUlmYyedayemIl
eTAelIkarekIneLIgénR)ak;ebovtSdMbUg eTaHbICaR)ak;cMNUlBitrbs;xøÜnsßitenAnwg
fál; rWk¾fycuHk¾eday. TaMgenHGacnaMeTAeGaymanPaBeBjcitþ rWrIkrayEdlCa
subjectiv d¾x<s;mYy CagenAelImUldæanénTMnak;TMngBitR)akdEdl KWGacesμIPaB
RtwmRtUvCagenaH. edaysarbBaðaenH TMnas;énkargarRtUvGacnwgBMuRsYcRsav nig
kareFVI)atukmμEdlraraMgkarrIklUtlas;GacRtUv)anraraMg.
CaBitR)akd kalNakarekIneLIgénéføEdlCaGtiprNasßitenAkan;EtyUr
enaH karsßitenAeRkamkarP½nþviBaØaNénfvikarénBlkrkan;EtticeTA. dUcenHGtip
rNaEdleTACaCMgWraMér:)an)at;nUv\T§iBlEdlKaMRTénkarrIklUtlas;rbs;xøÜn eRBaH
fa {sil,³esok} énGtiprNaman\T§iBlyUrGEgVg)andrabNaEtman mnusS

eTAemIlsil,HesokenaH nigTukeGaye)akbeBaäat)an. eRBaHfa economic
subjects )ansMrYlxøÜneGayRtUveTAtambTBiesaFn_énGtiprNaEdlmkdl;eBl
enHrbs;xøÜn nigsakl,gbnþénGtiprNaenHCaBRgag enaHGRtaénGtiprNaCanic©
CakalRtUvEtFMeLIgkalNa economic subjects RtUvsMerc)anEfmeTotnUv
lT§plénR)ak;ebovtSn_BitEdlcg;)anenaH. k¾b;uEnþGtiprNaEdlkan;EtekIneLIg
KaMRTCabnþbnÞab;nUvsnÞsSn_énstism,CBaØ³ eRBaHfaGtiprNacUlrYmcMENkkat;
bnßynUvkarP½nþviBaØaNénfvikar (illusion of money) rbs;BlkrEdr. dUcenH
eTAelIkarsMlwgyUrGEgVgRtUv)anminTukcitþ nigEdlfaetIkarGPivDÆn_énGtiprNa
GaccUlrYmcMENksMrab;PaBsMerc)and¾l¥RbesIrmYyéneKalbMNgEbgEckénktþa
BlkmμEdr rWGt;.
k¾dUcKñaenHpgEdr \T§iBlviC¢manEdl)anTajecjBIxagelIénGtiprNaRtUv
)anelIkCasMnYr eTAelIkarbegáItTunEdlCaesdækic©Cati kalNaeKBicarNaeTA
elIRbtikmμyUrGEgVgén economic subjects. kalNakarfycuHénR)ak;ebovtSBit
EdlsgÇwmnwg)anrbUt)at; eRBaHkarrMBwgénGtiprNaEdleyageTAtamenaH rWmYy
k¾snÞsSn_nIykmμénR)ak;ebovtSraraMgkarekIneLIg énR)ak;ebovtSdMbUgeGaysßitenA
eRkayénGRtaekIneLIgénkMritéføEdlCaesdækic©srub enaHlT§plénkarbegáItTun
EdlCa Keynesniym énkarEbgEckR)ak;cMNUlsrub BMusßitenAelIpøÚvedIm,ICapl
RbeyaCn_énmUlFnniymeLIy. dUcenHkarbegáInsnÞúHénkarbegáItTunGacman
lT§PaBEtedaysarlT§plénkarrkSasac;R)ak;Bit (effect of controlling of real
cash) EdlCabMNkRsayénfvikaEtb:ueNÑaH.
eRkABIenHcMeBaHGtiprNaEdlkan;EtmanGnuPaB KWRtUvelcecjCamYYynwg
lT§pldéTeTot EdlCH\T§iBlCakarraraMgeTAelIkarbegáItTunEdlCaplitkmμ.
TaMgenHBMuRtUvGacbdiesdæ)an EdlfaeTAelIkaremIleXIjyUrGEgVgénkarman
GtiprNa TMrg;déTeToténkarrkSarTukéntMél dUcCabirkçaénRTBüsm,tþiEdlBMuEmn
Caplitkmμ rWCasMParHmantMéldUcCadIFøI karsþúkTukénmas nigrbs;rbrmantMél
déTeTotnwgRtUv)anEsVgrk. eRkABIenaH cMeBaHGñkvinieyaKKinCaeRcInsßitenACakar

ep¥ógeTArkskmμPaBEdlkan;EtekIneLIgénkarRbfuykñúgkrNIGtiprNasßitenAka
n;EtyUr k¾dUcCacMeBaHkarrg;caMénkarekIneLIgénéføbnþeTAeTot. CalT§plkar
snSMenAkñúgTMhMya:gRkas;ERklRtUv)annaMeTArkeKalbMNgénbrikça EdlBMuEmn
plitkmμ ¬eTACakarsþúk¦. edayRBMEdnénkarep¥ógeTArkPaBRbfuyRbfanEdlCa
TUeTAenAkñúgRbeTskMBugGPivDÆn_xøHmansPaBkan;Etx<s;enaH mann½yfaCajwk
jab;karrMkilénGtiprNad¾eTogTat;naMeTAeGaymankarekIneLIgya:gxøaMgénskmμ
PaBCMnYjEdlRbfuyRbfan.
eRKaHfñak;bnþeTotmYy )ansegáteXIjEdlfacMeBaH economic subjects
CaeRcIn karRbugeRbobénkarsnSM rWk¾karRbugeRbobénkarvinieyaKTunnwgfycuHCa
TUeTA. CMnYsbBaðaenH KWGtibrimaénkareRbIR)as;enAeBlbc©úb,nñ. ecjBIenHelc
ecjCalT§plnUvkardkvinei yaKTun TaMgenHbkRsay)anfakarCYsCulEdlcaM)ac;
rWkarvinieyaKTunCafμIénTunplitkmμsßitenAeRkamsßanPaBEdlBi)ak rWBMuRKb;RKan;.
dUcenHkarsþúkénTunEdlCaesdækic©CatiRtUvkat;bnßy.
kalNaeKBicarNaeTAelITMnak;TMngesdækic©GnþrCati enaHeKGackMNt;nUv
lT§plGviC¢amanmkBIGtiprNaCaeRcIn. kalNaRbeTsEdlCYbRbTHenaH man
TMnak;TMngBaNiC¢kmμCamYynwgRbeTsdéT EdlGRtaGtiprNarbs;eK KWtictYc
enaHkMriténéføEdlekIneLIgelOnenAkñúgRbeTsEdlCYbRbTHenaH naMeTAeGayman
karcuHexSayénsmtßPaBnaMecj nignaMeTAeGaymankartMrUvkarnaMcUlEdlkan;Et
xøaMgeLIg. enAeRkamkarsnñidæanEdl)aneXIjenAkñúgRbeTskMBugGPivDÆn_xøH Edl
GRtabþÚrR)ak;gakeTArkPaBefr CalT§plelcecjnUvkarkgVHtulükarénkarbMeBj
karplit ehIyCalT§plbnþ KWkarhUrecjénrUbIyb½NÑ nigénmaskan;EtxøaMg
eLIgBIRbeTsEdl)anCYbRbTHenaH. edaysarbBaðaenH eFVIeGaymankarkat;
bnßynUvlT§PaBEdlpÁt;pÁg;sMrab;karGPivDÆn_énplitplvinieyaKTun EdlcaM)ac;
ecjBIbreTs.
dMeNIrkarGPivDÆn_BMuRtUv)anKaMRTEfmeToteT,Iy pÞúyBIenHeTAvijvanwgRtUv
)ancab;RhVaMg. k¾dUcKñaenHkarGPivDÆn_énGtiprNaKaMRTPaKeRcIn nUvkarhUrTuneTA
eRkARbeTsEdlenATIenaHGacpþlk; arbMrugTuksMrab;TMrg;énbirkça ¬=sþúk¦ Edlsnþsi ux
mYy. dUcenHenATIenHTMhMénkarbegáItTunkñúgRbeTsRtUv)anraraMg nigdMeNIrkarén
karGPivDÆn_eyageTAtamenaH KWkan;EtyWt.
C. karrkeXIjCaBiesaFniym
cMeBaHkarviPaKCalkçN³BiesaFniym (empirecal analysis) énTMnak;TMng
rvagGRtaGtiprNa nigel,ÓnénkarGPivDÆn_esdækic© CadMbUgeKGacsakl,gedIm,I
TajecjBIkareRbobeFobtamExSepþkEdlCaGnþrCati (international horizontal
comparison) nUvTMnak;TMngEdlkMNt;sMxan;³² (significant relations). enAkñúg
taragmYy KW]TahrN_sMrab;kt;RtaRbeTskMBugGPivDÆn_EdlmancMnYnRbCaCn
elIsBI 1 lan nigsMrab;kt;RtaTUrelxedayeyageTAtamenaH dUcCaGRtakMeNIn
GDP RbcaMqñaMCamFüm nigGRtaGtiprNakñúgkMlugeBlmYy.
karpþl;Tinñn½yenH RtUvTajeTAdak;kñúgtaragmYyeTotCama:RTIk (matrix)
edIm,IRsavRCavnUvrlkénkarEbgEck (frequency distribution) RkumepSg²énGRta
kMeNIn GDP nigénGRtaGtiprNa.
CaTUeTAkareRbobeFobénExSepþkenH pþl;sBaØanUvTMnak;TMngGviC¢mand¾sMxan;
(significant negative relation) mYyrvagGRtaekIneLIgén GDP nigGRtaGtiprNa
EdleKkMrti EteTAelIEtGRtaGtiprNaEdlmandanya:geRCA ]TahrN_eTAelIGRta
GtiprNaelIsBI 20%. pÞúyeTAvij cMeBaHGRtaGtiprNaEdlsmrmüBMubgðaj
rUbPaBdUckrNIxagelIeGay)anc,as;las;eLIy. dUcenHehIyenAelImUldæanenH
BMumanlT§PaBcemøIyeGayc,as;las;EdlfaGtiprNa KW]btßmÖénkarrIklUtlas;
rWk¾raraMgEdllT§plenHRtUvEtkMNt;eGay)anc,as;las; edaykarRsavRCavEdl
CaBiesaFniym (empirical research) déTeTotya:geRcIn.
CakarBitkalNaeKlUkédRtLb;bkmkvij eTAelIkrNIénRbeTsEdlman
GtiprNaya:gelOnvij enaHrUbPaBbgðajRtUvGac)anbkRsayya:gc,as; ³ drab
Na {GtiprNahYsehtu (hyperinflation)} mansßitenA enaHlT§plEdlCakar
raraMg énkarGPivDÆn_maneRcInelIslb;. CaTUeTAkarrMkilénGtiprNakan;EtxøaMg
KaMRTCabnþbnÞab;nUvsnÞsSn_énstism,CBaØ³ TaMgenHmann½yfaKuNsm,tþiénkar
P½nþRcLMénfvikaEdlBMusmRsbenaH ¬karP½nþRcLMenHrIkraldalcMeBaH]sSahkr
Cajwkjab;tictYcCagcMeBaHBlkr¦ nwgeFVIdMeNIreTArkPaB)at;bg;. bnÞab;mkPaB
GviC¢manénGtiprNa KWvanwgekIneT,IgelIslb;. enaHmann½yfaecjBIGtiprNaBMu
man\T§iBlEdlRTRTg;énkarGPivDÆn_eToteLIy.
pÞúyeTAvijeKBi)akeFVIkareGabRkesabnUvlT§plénkarrIklUtlas; EdlCa
viC¢man nigGviC¢manNas;cMeBaHGtiprNaEdlsmrmü. eRkABIenHlT§plenHERb
RbYlBIRbeTsmYyeTARbeTsmYy nigBIcMnuceBlmYyeTAcMnuceBlmYyeTot. Ca
cugbBa©b; eKBMuGacvinicä½yeGay)anc,as;las;EdlfaGtiprNaEdlkMNt;mYyman
\T§iBlCaplRbeyaCn_énkarrIklUtlas; rWk¾Gt;enaHeT. dUcenHTaMgGs;enHKμanGVI
EdlsßitenAeRkAelIkarBnül;enAkñúgkrNIc,as;las; EdlfaetImanPaBelIslb;
énlT§plEdlCaviC¢man rWk¾GviC¢man.
kalNaeKdak;RbQmTl;muxKñanUvsBaØa (+rW -) énkarERbRbYlénGRtaTaMg
BIrEdl)anbgðajrvagkMlugeBlmYyeKeXIjman 56 krNI ¬RbeTs 56¦ man
sBaØapÞúyKña nig 25 krNI ¬RbeTs 25¦ mansBaØadUcKñacMeBaHkarERbRbYl
nImYy²rbs;vaénkMeNIn GDP nigénGRtaGtiprNa. dUcenH manEtRbEhl 30%
énRbeTsEdl)aneFVIkarsegát mankarekIneLIg ¬fycuH¦énkarlUtlas; GDP Ca
mYynwgkarekIneLIg ¬fycuH¦énGtiprNa. ÉRbEhlCa 70% énRbeTsEdl)an
eFVIkarsegát sßitenAkñúgTMnak;TMngEdlpÞúyBIenHeTAvij. lT§plenHeKGacsnμt;
müa:gEdlfa karbegáInsnÞúHénGtiprNabegáItCaBitR)akdnUvkarxUcxaténkarrIk
lUtlas;yUrGEgVg nigmüa:geTot\T§iBlEdlxUcxaténkarGPivDÆn_énGtiprNaenH
eFVIeGaycab;GarmμN_CadMbUgcMeBaH per capita Edlx<s; eRBaH per capita d¾tictYc

manlT§PaBénkMritfvikanIykmμEdlCaRbePTenaH KWtictYcbMput.
3> viFankarN_EdlCaneya)ayfvikarsMrab;RTRTg;énkarRbugeRbobsnSM
bTBiesaFn_GviC¢man EdlRbeTsCaeRcInRtUv)aneFVICamYynwgneya)ay
karR)ak;TabEdl)anbgðajxagelI cMeBaHGñkesdæviTUepSg²naMeGaymankarmnÞil
sgS½yya:gxøaMgmYyeTAelIEdlfaneya)ayenH vasmRsbeTAnwgsUrs½BÞrbs;
RbeTsGPivDÆn_Edr rWeT. BuMRtwmEtGRtaGtiprNaEdlekIneLIgd¾x<s;CamYynwg
lT§plénkarGPivDÆn_EdlCaTUeTAGviC¢manrbs;va eRkABIenHeTotPaBsuCI MerAnIykmμ
énTunénplitkmμEdlmankarxUcxaténkarGPivDÆn_ya:xøaMg EdlRtUv)anekIteLIg
edaysarGRtakarR)ak;Tab nigbegáIteGaymankareRbIR)as;EdlBMumanRbsiT§PaB
mYyénTunEdlCalkçN³esdækic©xVHxat )annaMeTAeGayEdlfaPaBcaM)ac;EdlRKb;
RKan;énKMeragkarsnSMd¾FM sMrab;hirBaØvtßúénkarvinieyaKTunRtUv)anrkeXIjeLIgvij
enAkñúgTMhMEdlnwgekIneLIgmYy.
TsSn³Tanénneya)ayfvikaEdlRtUvcab;GarmμN_eday Goldsmith,
Mchinon nig Shaw KW)anbegáIteLIgsMrab;RbeTskMBugGPivDÆn_EdlmanTunxVH
xat. eyageTAtamKat;RbeTsenaH RtUvTamTargakecjTaMgRsugmYyBITIpSarTun
EdleKobsgát;edaykarR)ak;TabEdlkMNt;edaysßab½n. RbeTsenHTamTar
Edlfaneya)ayfvikarBMuRtUvRbugRby½tñ rWEfrkSaCacMbgsMrab;kar]btßmÖénkarRbug
eRbobénkarvinieyaKTunénshRKineT eRkABIenHRtUvEfrrkSasMrab;karRbmUlpþúMénkar
snSMEdlCaÉkCnedIm,ITTYl)annUvFnFan EdlRtUvcaM)ac;sMrab;hirBaØvtßúénkar
vinieyaKTun.
kalNaeKcab;epþImecjBIkarsnñidæanénRTwsþIEdlCaburaNniym (classical
theory) enaH buraNEbbfμI (neo-classical theory) EdlfakarekIneLIgénTMhMén
R)ak;snSMCamYynwgGRtakarR)ak;ekIneLIg nigCamYykarCYyénkarekIneLIgén
GRtakarR)ak;enaH karekIneLIgénGRtakarsnSMEdlCalkçN³esdækic©CatiRtUv)an
sMerc)an nigCamYyenaHkarekIneLIgénskþanuBlénhirBaØvtßúsMrab;karvinieyaKTun
k¾RtUvsMerc)anEdr. bMNkRsayenHRtUv)anKaMRTedayGMNHGMNageTAelIkar
RsavRCavEdlCaBiesaFniymrbs; Gupta Chandavarkar nig Fry ³ GñkesdæviTU
TaMgenH )anRsavRCavsMrab;RbeTsCaeRcInEdlRtUv)anRsavRCav. edaysarBYk
Kat;eTIbeK)anrkeXIjnUvshTMnak;TMngEdlviC¢mansMxan;mYy (significantly
positiv correlation) rvagTMhMénkarR)ak;Bit nigTMhMénkarbegáItkarsnSMeday
esdækic©RKYsar.
CakarBit\T§iBlviC¢manénkarR)ak;BiteTAelIkarbegáIténkarsnSM EdlCaÉk
CnRtUv)anTUTat;edayRbtikmμGviC¢manmYyénkarbegáItkarsnSM EdlCalkçN³rdæ
¬edaysarkatBVkic©esva:CMBak;énrdæ cMeBaHkarekIneLIgénkarR)ak;enaH¦ sMrab;kar
viPaKénkarsnSMEdlCalkçN³esdækic©srub. k¾b:uEnþeTaHbIkñúgkrNIenHk¾eday
ecjBIkarekIneLIgénGRtakarR)ak;GacbgðajnUvlT§pl énkarbegáItTunEdl
viC¢manmYy. enaHmann½yfakarekIneLIgénGRtakarR)ak; Ca]TahrN_GaccUlrYm
cMENkEdlfaTMhMénkarrkSasac;R)ak;RtUv)ankat;bnßy nigRtUv)aneRbIR)as;sMrab;
karekIneLIgmYyénbrikçaTunsMrab;sßab½nhirBaØvtßú. qøgkat;bBaðaenHehdæarcna
sm<½n§hirBaØvtßúGacBRgIkskþanuBlhirBaØvtßú\NTanrbs;xøÜn. TaMgenaHmann½yfa
lT§PaBsMrab;hirBaØvtßúénkarGPivDÆn_ EdlCaesdækic©Cati)aneFVIeGaykan;EtRbesIr
eLIg.
TaMgGs;enH BitR)akdRtwmRtUvEdlfakarmansßabnarYcCaeRscénehdæa
rcnasm<½n§hirBaØvtßú GacnaMeTAeGaymankarekIneLIgya:gxøaMgmYyénkarbegáItkar
snSM EdlCahirBaØvtßúedayqøgkat;karTij rWdak;CaBaküsUmTijénhirBaØvtßúskmμ.
k¾b:uEnþlT§plenHGaceFVIeGaykan;EtxøaMgeLIgEfmeTot edayneya)ayGRtakar
R)ak;EdleyageTAtammYy. CakarBitbTBiesaFn_CaRbvtþisaRsþEdl)anTaj
ecjBIétva:n;kñúgkMlugTsvtSn_ 50 nigRbeTskUer:xagt,ÚgkñúgkMlugTsvtSn_ 60
)anbgðajeGayeXIjfaP½BVMNagRbePTenHekIteLIg sMrab;RbmUlpþMúénkarsnSM
Edlkan;EtxøaMgenAkñúgTMhMEdlKYreGaycab;GarmμN_³ enAkñúgRbeTsTaMgBIkarR)ak;
énkarsnSMdMbUg (nominal saving interest) )aneFVIeGayekIneLIgya:gxøaMg Edlfa

karykkarR)ak;Bit)anbgðajenAkñúgTMhMRbEhl 15%.
CakarBitedaysarbBaðaenH vis½yFnaKarRtUv)anhUrcUlnUvFnFanya:g
Rkas;ERkl. TaMgGs;enHelcecjPaKeRcInEdlfakarsnSMEdlBMuEmnCahirBaØvtßú
CaeRcIn dUcCa mas nigkarsþúkRtUv)anbMElgkñúgry³eBlya:gxøIeTACahirBaØvtßú.
dUcenHGRtakarR)ak;RtUvpþl;eGayGñksnSMnUvkarCMruj rWkarelIkTwkcitþkarsnSMrbs;
eKeGaydak;TunCaGtßiPaBenAkñúgtulükarénFnaKar nigEdlBuMEmnCaTMrg; Camas
elah³FatumantMélRbePTsþúkdéTeToténGcln³vtßú rWk¾vtßúFatuedImepSg²eT,Iy.
edIm,IkarBarkaryl;RcLMepSg²Edl)anelIkeLIg GRtakarR)ak;BMuGnuBaØat
eGayeLIgdl;kMritmYy EdlfakarekIneLIgenaHnaMeTAeGaymanPaBelIslb;mYy
énkarsnSMelIskarvinieyaKeT,Iy. sMrab;TMhMénkarekIneLIgénTun (capital
accumulation) karsnSMEdlGaRs½ynwgGRtakarR)ak;sgÁm nigkarvinieyaKTun
EdlGaRs½yGRtakarR)ak;épÞkñúg nigGRtakarR)ak;sgÁm¦ manTMhMGtßn½ydUcKña.
dUcenHGRtakarR)ak;nImYy² Edlcg;)anCaGRtakarR)ak;EdlBMunaMeTAeGayman
\T§iBlénkarBnüWt ¬EdlGaRs½ynwgkarsnSMk¾dUcCaEdlGaRs½ynwgkarvinieyaK¦
sMrab;karekIneLIgénTun (capital accumulation) eLIy. k¾b:uEnþlkç½NÐenHbMeBj
)anEtsmtaGRtakarR)ak;dUcEdlsmtaGRtakarR)ak; Edl)anbgðajenAkñúg
rUbPaBxagelI ¬enAkñúgemeronneya)ayénGRtakarR)ak;¦ enARtg;karR)ak; i . 2
cMeBaH GRtakarR)ak;EdltictYcmYyGacnaMeTAeGaymankarsnSMEdltictYcmYy
cMeBaH GRtakarR)ak;Edlx<s;mYyEdleFVIeGaymankarvinieyaKTuntictYcGacnaM
eTAeGaymankarbegáItTunEdlBMuRKb;RKan;mYy. eRkABIenH neya)ayfvikaEdl
esrIPavUbnIykmμRbePTenHeTAelITpI SarfvikarEdlRtUv)anRKb;RKg GacmanlT§pl
EdlviC¢man EdlfacenøaHRbehagénGRtakarR)ak;rvagTIpSarfvikarEdlRtUv)an
RKb;RKg nigTIpSarfvikaEdlBMumanfvikarRKb;RKan; rWBMu)anRKb;RKan; (financial
dualist) GacRtUv)anbiTP¢ab;CaCMh‘an² nigqøgkat;bBaðaenHTIpSarfvikaEdlBMuRtUv
)anRKb;RKgGacRtUv)aneFVIeGayeRkoms¶Üt.
enAkñúgemeronesdækic©TVikniym )anbgðajeGayeXIjenAkñúgRbeTskMBug
GPivDÆn_xøHmanekIteLIgnUvTVikniyménhirBaØvtßú (financial dualist). CamYyenaH
TIpSarfvikaEdlRKb;RKgRtUv)anbkRsay rWemIleXIjCajwkjab; ¬eyaleTAelI
neya)ayénGRtakarR)ak;TabEdl)anbgðajxagelI¦ nUvGRtakarR)ak;d¾TabmYy.
k¾b:uEnþcMeBaHTIpSarenHmanCaTUeTAEtvinieyaKKinecjBIvis½yTMenIbEtb:ueNÑaH. pÞúy
eTAvijGñkvinieyaKKinénvis½y EdlCaRbéBNIRtUvCMBak;bMNuleTAelITIpSarfvika
EdlBMuRtUv)anRKb;RKgCamYynwgkMriténGRtakarR)ak;rbs;eK EdlEpñkxøHx<s;CaTI
bMput. k¾b:uEnþGRtakarR)ak;x<s;enHmansuBlPaBEtsMrab;\NTanEtb:ueNÑaH É
GRtakarR)ak;énR)ak;beBaØI rWkarbNþak;TunenAkñúgTIpSarfvikaEdlBMuRKb;RKgmanGRta
CaTUeTATabbMputkñúgkrNIGñkx©IfvikaEdlCaÉkCncg;TTYl)annUvR)ak;beBaØI rWkar
bNþak;TunxagelIenaH.
CamYyTMnak;TMngenH kareFVIeGayekIneLIgénGRtakarR)ak;sMrab;R)ak;;beBaØI
nigsMrab;\NTanenAelITpI Sar EdlRtUv)anRKb;RKgGacRtUvmanskmμPaBnUv\T§Bi l
EdlviC¢manya:gxøaMg ³ edaysarkarekIneLIgénGRtakarR)ak;énR)ak;beBaØIGaceFVI
eGaysMercbMngnUvlT§plénkarRbmUlpþúMkarsnSM EdlCakarBRgIknUvskþanuBlén
hirBaØb,TanénTIpSarEdlRtUv)anRKb;RKg. qøgkat;bBaðaenH nigkñúgkrNIneya
)aykarR)ak;enHRtUv)anedIrRsb rWCUndMeNIredaykarsßabnaénRbB½n§ehdæarcna
sm<½n§hirBaØvtßúpgGaceFVIeGayGñktMrUvkar\NTanecjBIvis½yRbéBNIeTAx©IbMNule
nAkñúgTIpSarhirBaØvtßúEdlRtUv)anRKb;RKg ³ TIpSarfvikaEdlBMu)anRKb;RKgGacRtUv
eFVIeGayrIgs¶ÜtCaCMh‘an² ehIyTVikniyménhirBaØvtßúGacnwgRtUvbM)at;ecal.
Mckinnan )anbkRsayeTAelITidæPaBbnþeTotmYy. sMrab;Kat;fvikabgðaj
Ca]TahrN_ rWCaviFankarN_d¾sMxan;sMrab;karekIneLIg (accumulation) énplit
plTunEdlCaplitkmμ. TMnak;TMngenH Kat;TajecjCadMbUgBIskmμPaBBit Edl
fahirBaØbTanénkarvinieyaKTunEdlFM KWTamTarnUvbrikçasac;R)ak;CamFümd¾x<s;
mYyCaghirBaØbTanénkarvinieyaKTunEdltUc. CaRtLb;mkvij karvinieyaKTun
EdlFMenaH KWcaM)ac;sMrab;karsMercbMNgénmaRtdæanesdækic© (economic of
scale) énRbeTsenaH. ehtuenHTMnak;TMngviC¢manenH ekIteLIgrvagTinñplénTun

nigTMhMénkarvinieyaKTun rWk¾GRtaénkarvinieyaKTunEdlCamYynwgplitplsgÁm
Edl)anpþl;eGay kalNaGRtaénkarvinieyaKTunkan;EtFMenaH TinñplénTunk¾kan;
Etx<s; nigbnÞab;mkkarrkSasac;R)ak; rWGakb,kiriyaénkarrkSasac;R)ak;Bit EdlcaM
)ac;enaHk¾kan;EtTUlMTUlaypgEdr.
müa:gvijeTotenAelIépÞénesdækic©srub TMhMénkarsnSMEdlCahirBaØvtßúRtUv
ekIneLIg kalNaR)ak;cMNUlecjBIkarsnSMenHekIneLIg TaMgGs;enHCalT§pl
d¾c,as;las;ecjBIbTBiesaFn_RbeTsétva:n; nigkUer:. CamYyenH karekIneLIgén
GRtakarR)ak;eTAelIkarsnSMénR)ak;beBaØIGacBRgIknUvRkbx½NÐhirBaØvtßú EdlcaM)ac;
sMrab;RbtibtiþkarN_énkarvinieyaKTun nigedaysarbBaðaenH lT§plénkarrkSa
sac;R)ak;Bti nwgekIneLIg nigGaceFVeI GaymanRbtibtþki arN_nUvectnaénkarvinei yaK
d¾FMeT,Ig. RtLb;mkvijTajecjBIenaH mannUvlT§plénkarekIneLIgPaBGac
cMeNj)an rWTinñplénTunEdldUckarkt;sMKal;rbs; Mckinnan Cajwkjab;FM
CagkarekIneLIgénGRtakarR)ak;EdlelcecjeLIgBIlT§plenH.
enAeRkamTidæPaBenHkarekIneLIgénGRtakarR)ak;GacRtUvkMlacitþ rWpþl;
kMlaMgcitþdl;karvinieyaKTun nigBMuGacRtUveFVIeGaymankarGs;sgÇwmeLIy.
CakarBitneya)ayfvikarkñúgRbeTs EdlRtUvesrIPavUbnIykmμBuMGacedaH
RsaybBðaénkarGPivDÆn_TaMgGs;)aneLIy. dUcCaGVIepSgEdlRtUv)anelIkeLIgrYc
mkehIy KWktþaCaeRcInEdlsMrab;karbegáInsnÞúHéndMeNIrkarénkarGPivDÆn_k¾)an
edIrtYnaTICamYyenaHsMxan;pgEdr. k¾b:uEnþkarcUlrYménkarGPivDÆn_d¾BiessénTI
pSarTunBMuRtUvGnuBaØatieGayvaytMélTabeLIyenAkñúgRbeTskMBugGPivDÆn_ dUcenH
karTamTarCamUldæaneyageTAtamesrIPavUbnIykmμkan;EtxøaMgkøamYy énTIpSar
hirBaØvtßúRtUvEtelIkeLIgmkniyay.
CakarBitbTBiesaFn_énRbeTsEdlRtUv)anGPivDÆn_rYc elcecjeFVIeGay
eCOCak; EdlfakareFVIbnþbnÞab;énviFankarN_esrIPavUbnIykmμsMrab;CMnYjTIpSar
hirBaØvtßúEdleyageTAtamdMeNIrkarénkarGPivDÆn_ KWsMrab;ryHeBlyUrmanRb
eyaCn_CagkarRtYtBinitüd¾BiessEdlRtUveFVIniy½tkmμ (regulate) edaypÞal;eTA

elITIpSarhirBaØvtßú. PaBERbRbYlEdlcaM)ac;GacRtUv)anRbtibtþiCaCMh‘an rWk¾Pøam²
dUcEdlTaMgGs;enH )ankt;sMKal;kñúgkrNIRbeTsétva:n; nigkUer:CaedIm. k¾b:uEnþ
CaTUeTAbBaØatiþCarYmEdlmansBlPaBdUckarGHGagxagelI KWsMrab;TIenHBMumaneT³
RbeTsnImYy²manRbePTpÞal;xøÜnEdlCasßab½n (institutional identities)Etmþg
nigedaymanRbePTpÞal;xøÜndUcenH eKRtUvEtBicarNaeTAtamneya)ayTIpSar
hirBaØvtßúEdleyageTAtamenaH.
H mUldæanRKwHénneya)ayhirBaØvtßú
1> karbgáðajesckþIsucriténviFankarN_EdlCaneya)ayhirBaØvtßú
CaEpñkTIBIr énneya)aysklEdlCama:RkUesdækic©EdlelcecjTnÞwmnwg
neya)ayfvika KWneya)ayhirBaØvtßú. enAeRkamsBaØaN {neya)ayhirBaØvtßú}
KWeKeGabRkesabnUvviFankarN_TaMgGs;EdlRbtibtþi rWEdlman\T§iBleTAelI
esdækic©saFarN³ (public economics). rhUtmkdl;eBlenH viFankarN_Edl
CahirBaØvtßúmandUcCa cMNUlrbs;rdæ ¬=neya)ayénkarcMNUl¦ nig¼rWk¾karcMNay
rbs;rdæ ¬=neya)ayénkarcMNay¦ EdlCakmμvtßú. esckþIsucritEdlCalkçN³
esdækic©énneya)ayhirBaØvtßúGacsMerc)anCaTUeTA edaysarkarcg¥úlbgðajEdl
fakarsMerccitþénkartMrUvkar nigrWk¾énkarpÁt;pÁg;Edldac;edayET,kBIKña nigCamYy
EdlfakarsMerccitþnimYy²enaHRtUv)ankac;cgáÚtdwknaMedayemkanicénTIpSar vanwg
eFVIeGaymanCalT§plxUcxateKalbMNgénPaBrIklUtlas; dUcCakñúgeKal
bMNgEbgEckkMlaMgBlkmμ (= allocation goal) nig/rWk¾eKalbMNgekIneLIgén
Tun (=accumulation goal) rWk¾eFVIeGaymanCalT§plxUcxaténeKalbMNgEbg
EckR)ak;cMNUlEdlKWRtUvEtEkERbBIrdæ.
k¾b:uEnþkarXaMgTb;k¾)ansegáteXIjEdr EdlfaviFankarN_RbePTenH KWGac
sMrab;sMerc)anénPaBRbesIrbMputénneya)ayGPivDÆn_. EtCakarBitRbePTneya
)ayhirBaØvtßúBMuRtUvbgçMeFVIeT CaRTwsþITaMgviFankarN_EdlCaneya)ayénkarerobry
k¾dUcCaEdlCaneya)ayDINamIk (regulation and dynamic instruments) ecjBI

EpñkdéTeToténneya)ayesdækic©k¾)ancUlrYmcMENksMrab;eKalbMNg EdlRtUv
cg;)anenaHEdr. TaMgenHmann½yfa sMrab;eKalbMNgEdlRtUvcg;)anenaHGac
cab;epþmI ecjBIneya)ayfvikaEdlmanTisedACaskl rhUtdl;kareFVvI Fi ankarN_
GnþraKmn_EdleRCIserIsedaypÞal;NamYy. EtPaBcaM)ac;énviFankarN_neya
)ayhirBaØvtßúRtUvya:gticbMputRtUvEtCasaebkçPaB (relativity).
eyagtamkarbkRsayEdlCamUldæanxagelIenH lT§PaBsMxan;énviFan
karN_EdlCaneya)ayhirBaØvtßúenAkñúgRbeTskMBugGPivDÆn_RtUvelIkykmkBnül;
. CamYyenaH eyageTAtamkarEbgEckEdl)aneFVIBIxagedIm eKEbgEckrvagviFan
karN_EdlCaneya)ayénkarcMNUl nigviFankarN_EdlCaneya)ayénkar
cMNay. cMeBaHkarviPaKenATIenH KW\T§iBlnImYy²énviFankarN_hirBaØvtßúTaMgenH
EdlmaneTAelIeKalbMNgEdlCaneya)ayGPivDÆn_RtUv)anbgðajCanic©Cakal.
2> viFankarN_EdlCaneya)ayénkarcMNUl
2>1> RbB½n§énkarcMNUlenAkñúgRbeTs
karEbgEckCabnÞab;bnSMdMbUgmYyénkarcMNUlEdlCasaFarN³enAkñúgR)
ak;cMNUlEdlCasareBIBn§ bgðajeGayeXIjfaCaTUeTAenAkñúgRbeTskMBug
GPivDÆn_Bn§ KWCaRbePTcMNUlEdlsMxan;bMput. cMeBaHkarcMNUlénesdækic©
saFarN³ rab;bBa©ÚlTinñplecjBIRTBüsm,tþi karpÁt;pÁgTMnijénshRKasrdæ nig
karepÞrplitpl nigRTBüFnecjBIbreTs. k¾b:uEnþRkuménkarcMNUlEdlBMuesμIsac;
enH begáIt)anCaEpñkya:gtUcmYyéncMNUlsrub ebIeyageTAtamkarviPaKTinñn½y
TaMgenHtamExSepþk (horizontal analysis).
CaBitR)akd enAkñúgRbeTsxøHRtUv)anrMBwgfashRKassaFarN³GaceFVI
esdækic©)anTTYlR)ak;cMeNj ehIyEdlshRKasenaH GacnaMykeTAeGayrdæ
nigqøgkat;bBaaðenH GacnwgcUlrYmcMENksMrab;kareFVIeGaykan;EtRbesIreLIg
éncMNUlrbs;rdæ. k¾b:uEnþkarrMBwgRbePTenH)anbgðajeGayeXIjCajwkjab;
BMuGaceFVIeTA)aneLIy ³ enAkñúgkrNICaeRcIn shRKasrdæ KWpÞúkhYskMritCamYynwg

Parkic©sgÁm dUcCa]TahrN_ karbegáItkEnøgkargar rWkarrkSaeGayenAesßrénéfø
EdlTabsMrab;plitplKnøwH EdlkarbMeBjrbs;eKenHeFVIeGaymanlT§PaBPaK
eRcInnUvkarxatbg;CMnYsénkarcMeNjEdlRtUvrMBwgTukenaHvij.
eRkABIenHshRKasrdæxVHxatnUv kardwknaMCMnYj (business management)
EdlmanKuNPaB nigsmtßPaBbMeBjkarplitRKb;RKan;. TaMgenaHmann½yfa
eKBMuRtUvGacKitCamYynwgkareFVIeGaykan;EtRbesIrCabnþbnÞab;mYyéncMNUlrbs;r
dæ edaysarkarhUrcUlénkarcMeNjrbs;shRKassaFarN³eLIy. PaKeRcIn
shRKasrdæbgðajeGayeXIjCasßanb½nén]btßmÖFn EdlCMnYsBIkarpþl;énkar
cMNUlcUlrdæ KWpSarP¢ab;eTAnwgEtkarcMNayecjBIrdæeTAvij.
EtcMeBaHshRKasEr: dUcCaFüÚgfμ nigeRbgkat enAkñúgRbeTsxøH dUcCa
BiessRbeTsEdlnaMecjeRbgkat GaceFVIeGaymanlT§PaBéncMNUld¾FMTUlay
rbs;rdæ edaysarkarhUrcUlénkarcMeNjrbs;shRKasenaH. k¾b:uEnþkarcMNUl
enHGacRtUvcat;TukdUcCakarcMNUlecjBIkarykBn§énshRKasedaypÞal;mYy
edayeyageTAtam\T§iBlrbs;va. dUcenHeKGaclHbg;sMrab;kareFVIkarBicarNa
eTAelIcMNUlRbePTenHEtvapÞal;)an. eRkABIenHeTot eKGacelIkElgkarbgðaj
CaTUeTAsMrab;RkumRbePTcMNUlEdlenAesssl;enH dUcCa{karepÞrecjBI
breTs} EdledIrtYCacMNUlya:gsMxan;mYy kalNaesdækic©rdæénRbeTs
kMBugGPivDÆn_mYyRtUv)anTTYlCMnYyedaypÞal;BIrdædéTeTot. TidæPaBEdlTak;Tg
eTAnwg {karepÞrBIbreTs} enHeyIgnwgelIkykmksikSaenAeBleRkay.
dUcenHkarBiPakSaénneya)aykarcMNUlénrdæenATIenHmanRBMEdnEteTAelI
neya)ayBn§.
RbB½n§Bn§énRbeTskMBugGPivDÆn_xøHpþl;lkçN³enAkñúgeKaledABIrénRbB½n§B
n§énRbeTs]sSahkmμ.
k- enAkñúgeKaledAEdlCabrimaN TMhMénbnÞúkEdlCaBn§enAkñúgRbeTs
kMBugGPivDÆn_ KWTabya:gxøaMgeRbobeTAenAkñúgRbeTs]sSahkmμ. edayeyageTA
tam empirical analysis GRtaénbnÞúkBn§ ¬=plEckrvagTinñplBn§ nigGDP¦

KWenAkñúgRbeTskMBugGPivDÆn_Cajwkjab;esμIEtBak;kNþalénTMhMGRtaBn§enAkñúgRb
eTs]sSahkmμ. cMeBaHGRtabnÞúkénBn§d¾tictYcenH enAkñúgRbeTskMBugGPivDÆn_
enaH KWmanmkBImUlehtuepSg² ³
- CadMbUg per capita d¾Tab GaceFVIeGaymanEtskþanuBlénBn§d¾tictYc
mYysMrab;RbeTsenH. k¾dUcCasmtßPaBénkarsnSMEdr skþanuBlénBn§rbs;
RbeTsmYyGaRs½ytYya:geTAelIPaBelIslb;én per capita eTAelIR)ak;cMNUl
EdlsMrab;CIvPaBGtibrima. kalNa per capita énRbeTsmYykan;EtTabenaH
skþanuBlénBn§Edlmank¾kan;Ettic.
- sMrab;krNIepSgeTot cMENkénEpñkCIvRBitþ (subsistance sector) Edl
pþl;EtlT§PaBénviFankarN_d¾tictYcsMrab;karykBn§ edaysarEtmankarBi)akén
kareGabRkesabTUrelxBIEpñkenH. CalT§plsßitenACajwkjab;Etvis½y]sSa
hkmμEtb:ueNÑaHEdlCaGas½ydæansMrab;viFankarN_neya)ayBn§EdlenAesss
l;enaH. k¾b:uEnþvis½yenH bgðajeGayeXIjenAkñúgRbeTskMBugGPivDÆn_xøHBMumannUv
skþanuBlénTunEdlpþl;ePaKplsMrab;karykBn§mYyenaHeLIy edaymUlehtu
TMhMd¾tUcrbs;vis½yenHenAkñúgRbeTsenH.
- elIsBIenHeTAeTotsßanPaBénkarGb;rMbNþúHbNþal Edljwkjab;k¾Tab
sMrab;RbCaCn cMeNHdwgBMuRKb;RKan; stism,CBaØ³EdlxVHxaténkatBVkic©Bn§
rdæaPi)alTn;exSay TMnak;TMngneya)ayBMumanesßPaB k¾dUcCardæ)alhirBaØvtßú
EdlBukrlYy nigEdlbMeBjkargarPaKeRcInxVHxat KWCH\T§iBlraraMgeTAelIkar
pþl;ePaKplénBn§nImYy².
CaBitR)akd ktþaEdlCH\T§iBlGviC¢maneTAelIskþanuBlBn§énRbeTsmYy
nwg)at;bg;Gtßn½yrbs;xøÜn CamYynwgsßanPaBénkarGPivDÆn_EdlnwgekIneLIgenaH
TaMgenHmann½yfa GRtabnÞúkBn§EdlnwgekIneLIgCaCMh‘an²mYyGacRtUvrMBwg.
x- TnÞwmnwwgbnÞúkBn§d¾tictYcenH eKGacbgðajnUvcariklkçN³énkarEckdac;
BIKñaEdlCaKuNPaBrvagRbB½n§Bn§énRbeTs]sSahkmμ nigRbeTskMBugGPivDÆn_.
enAkñúgenaHcMENkénBn§edaypÞal;enAkñúgTinñplénTunrbs;RbeTskMBugGPivDÆn_
KWtictYcCagenAkñúgRbeTs]sSahkmμ. cMeBaHRkuménBn§edaypÞal;rab;bBa©ÚlCa
mYyenaH nUvBn§TaMgLayNaEdlmanTisedAeTAelIkareGabRkesabedaypÞal;
énBn§EdlCabuKÁl ]TahrN_ dUcCaBn§elIR)ak;cMNUl Bn§elIKMnRTBüsm,tþi
Bn§elIRTBüsm,tþiEdlekIneT,Ig rWBn§énkarcMNayTUeTA nigBn§EdlCasMPar³
]TahrN_ dUcCaBn§saCIvkmμ Bn§eTAelIktþaplitkmμEdlCaBiess Bn§eTAelIkar
manplitpl EdlBiess k¾dUcCaBn§eTAelIkarekIneLIgénrbs;mantMél.
pÞúyBIenHBn§edayRbeyalmanTisedAeTAelIEtkareGabRkesabedayRbe
yalénBn§EdlCabuKÁl ]TahrN_ dUcCaBn§Ky Bn§eTAelIkartMrUvkarEdl
Biess ¬]TahrN_ saMg karehV Et sá Rsaebo Rsa. l.¦ rWBn§énhirBaØvtßúpþac;
mux nigBn§EdlCasMParH ]TahrN_ dUcCa Bn§eTAelIplcMNUlTUeTA.
CakarBit RbB½n§Bn§énRbeTskMBugGPivDÆn_CaeRcIn bgðajeGayeXIjTMhM
d¾elIslb;mYy énBn§edayRbeyalenAkñúgRbB½n§Bn§rbs;RbeTsTaMgenaH. eRBaH
faBn§enH )anpSarP¢ab;eTAnwgRbePTepSg²énkareRbIR)as;cMNUl ]TahrN_ dUcCa
eTAnwgskmμPaBénkarTijrbs;RbCaCnCaedIm. dUcenH eKGaceFVIeGaygaysMerc
)an CagkarykBn§edaypÞal;Edl)andak;eTAelIKMnénRTBüsm,tþi rWk¾eTAelI
eKaledAénR)ak;cMNUl eRBaHKMnrRTBüsm,tþi rWk¾R)ak;cMNUlenaH eKBMuGacman
lT§PaBeGabRkesab nUvmUldæanvas;sÞg;eGayc,as;las;)aneTenAkñúgkrNI
CaeRcIn.
TnÞwmnwgenAkñúgRbeTs]sSahkmμ Bn§edaypÞal; nigedayRbeyalrkSa
)anCamYynwgTinñplRbhak;RbEhlesμIKñamYyenaH sMrab;RbeTskMBugGPivDÆn_vij
bgðajeGayeXIjnUvGRtaBn§ EdlpÞúyBIenaH ¬60 – 90% énGRtaBn§ KW)anmkBIBn§
edayRbeyal¦. karelIkElgecjBIrcnasm<½n§RbePTenH KWmanEtsMrab;RbeTs
kMBugGPivDÆn_NaEdlmansßitenATMhMya:gFMénvtßúFatuedIm CaBiesseRbgkat.
karsakl,gCaeRcInEdlRtUv)aneFVIeLIg edIm,IGnuvtþn_énkarEkERbrcna
sm<½n§EdlmanTisedAeTAelIPaBpþl;pld¾xøaMgkøamYyénBn§edaypÞal;enAkñúgRbeT
skMBugGPivDÆn_xøH KWPaKeRcInRtUv)anTTYlbraC½y edayktþaEdldUcKñanwgktþa

EdlCamUlehtusMrab;GRtaBn§d¾tictYcénRbeTsenaHrYceTAehIy. CakarBitcMeBaH
kareRbIR)as;EdlCalT§plénc,ab;Bn§EdlnwgbegáIteLIgenAkñúgRbeTskMBugGPivD
Æn_CaeRcIn KWeKGacsMerc)annUvTinñplBn§d¾x<s;CagnUvTinñplBn§EdlCakrNI
BImunmk. TaMgenHmanCa]TahrN_ dUcCaeRkayBIkarEkrTMrg;énrdæ)alhirBaØvtßú
kñúgRbeTs TinñplBn§cMeBaHc,ab;Bn§EdlBImunBMuERbRbYlenaH GacRtUv)anekIneLIg
]TahrN_enAhVIlIBIn )anekIneT,IgrhUtdl; 80%.
k¾b:uEnþkareFVIeGaykan;EtRbesIrénrdæ)alhirBaØvtßúrebobenH GacsMerc)an
enAkñúgkarGnuvtþn_EtCamYynwgkarRbwgERbgya:gxøaMg. eRkABIenHkareFVIeGaykan;
EtRbesIrenH CMTas;eTAnwgTisedAtYnaTIénRkúmEdlmantYnaTIRKb;RKg. enAeRkam
kal³eTs³enH rdæaPi)alénRbeTsCaeRcInTajeTAmuxEfmeTotedIm,IP¢ab;eday
c,ab;Bn§EdlmandMbUgenaH eTAnwgRbPBBn§fμIepSg²eTot. müa:geTotTaMgBn§Edl
)anekIneLIg ehIyk¾dUcCaBn§EdlCaskþanuBlfμI BMuGnuBaØatiRtUvvinicä½yEtPaBpþl;
ePaKplEdlCasareBIBn§rbs;vaEtb:ueNÑaHeT PaKeRcInRbB½n§Bn§srubénRbeTs
mYybgðajnUvviFankarN_sMrab;sMerc)anéneKalbMNgEdlCaesdækic©srub. dUc
enH karykBn§TUeTARtUvEtvinicä½yfaetIkarGnuvtþn_CafμI karrkSaTuk rWk¾karbM)at;ecal
rbs;va naMeTAeGaymankMritsMerc)anRbesIrmYy cMeBaHeKalbMNgénPaBrIklUt
las; (= factor allocation + capital accumulation) nigeKalbMNgénkarEbg
Eck (income distribution) EdrrWeT?. enAeRkamTsSn³enH naMeGayCabnþeTAenH
eKRtUvsikSaRsavRCavGMBIlT§plepSg² énkarBRgIkBn§edayRbeyal nigBn§
edaypÞal;.
2>2> lT§PaB nigRBMEdnénkarBRgIkénBn§edayRbeyal
eRBaHfaenAkñúgRbeTskMBugGPivDÆn_ karRbmUlBn§edayRbeyalelcecj
gayCagkarRbmUlBn§edaypÞal; dUcenHCadMbUglT§PaB nigRBMEdnénkarBRgIkbnþ
eTotmYyénkarykBn§edayRbeyalRtUv)ansikSaRsavRCavpgEdrenATIenH. enA
kñúgkarBiPakSaEdlCaGnþrCatienATIenH RtUvbgðajCadMbUgeTAelIBn§énplcMNUl
TUeTAeTAelIBn§énkartMrUvkarEdlCaBiess k¾dUcCaeTAelIBn§daénBaNiC¢kmμ
eRkARbeTsEdlCaBiessBn§Ky KWCalT§pléncMnuccab;epþImsMrab;kareFVIeGay
kan;EtRbesIreLIgénPaBpþl;ePaKplEdlCasareBIBn§énRbB½n§Bn§Edl)anekIteLI
genH.
enAeBlenHeyIgRtUvsikSaBI\T§iBlCamUldæanénBn§edayRbeyaleTAelIeKa
lbMNgEdlCaneya)ayGPivDÆn_ ehIyEdlnwgmanplRbeyaCn_enATIenH
kalNaeKcab;epþImBIsßanPaBEdlmkdl;eBlenHBMuTan;)anRbmUlBn§edayRbeya
lenAeLIy. TaMgenHCalT§plecjBIkarGnuvtþn_ rWkarRbtibtþiénBn§EdlCaRbePT
enH. CaTUeTAmannUvkarekIneLIgéføcMeBaHplitpl Edl)anCYbRbTHedaysarkar
ykBn§edayRbeyalenaH eRBaHfaBn§edayRbeyal hak;bIdUcCaR)ak;ebovtS
rWk¾karbg;tMélénkarR)ak; rWk¾CakarcMNayeTAelIvtßúFatuedImEdr. l.
edaymanPaBCaTMhMénkarbg;tMélenAkñúgkarKNnaéføénshRKasenaH
Bn§edayRbeyalenaH )aneFVIeGayRkahVikénkarpÁt;pÁg;TIpSarénplitplEdl
)anCYbRbTHenaHrMkileTAelIesμInwgcMnYnénGRtaBn§enaH. enAkñúgrUbxageRkam KWCa
lT§plTaMgenHEdl)anbgðajP¢ab;CamYynwgRkahVikénkarpÁt;pÁg; nigénkartMrUvkar
EdlgayRsYlmYy. A tagbgðajCaRkahVikénkarpÁt;pÁg;BImun. A tagbgðajnUv
0 1
RkahVikpÁt;pÁg;EdleyageTAtameRkayBIkarRbmUlBn§. GRtaBn§Edl)ankMNt;Ca
cMnYnfvikaEdlefrkñúg 1Éktaplitpl KW S T (=P U). bnÞab;mksmta
0 0
rWtulüPaBénEføekIneLIgBI P eTA P TnÞwmnwgcMnYnplitplfycuHBI X mk X .

0 1 0 1
ecjBIrUbPaBxageRkam eFVIeGayelcecjeLIgEdlfatulüPaBénéføekIn
eLIgticCagcMnYnBn§EdlTaMgenHmann½yfaGñkpÁt;pÁg;TTYl)anplcMNUlsuT§ticC
agBImun. Bn§enHRtUv)anErkBn§TaMgedayshRKas k¾dUcCaedayTaMgGñkeRbIR)as;
Edr. cMENkBn§énGñktMrUvkar rWGñkeRbIR)as; KWkan;EtFM kalNakartMrUvkarkan;Et
BMueGLasÞIk (= going to full inelastic) TaMgenHmann½yfa kalNaGñktMrUvkar
XaMgTb;kan;EtticnUvkartMrUvkarénplitplEdl)anCYbRbTHeRkayBIkarekIneLIgé
néfømYy. kalNakarpÁt;pÁg;kan;EteGLasÞIk (=going to full elastic) TaMgenH
mann½yfa kalNaGñkpÁt;pÁg;eRkayBIkarfycuHmYyénéføsuT§rbs;eK)aneFVIRbti
kmμkan;EtxøaMgCamYynwgkarbgçaMgTb;énkarpÁt;pÁg;plitplrbs;eK.
karbEgVrénBn§d¾eBjeljmYyeTAelIGñktMrUvkar rWGñkeRbIR)as;ekItmaneLIg
kalNaGñkpÁt;pÁg;ERbRbYlKμanTIbBa©b; ¬=RkahVikénkarpÁt;pÁg;RbRBitþeTACabnÞat;
epþk (horizontal) RsbeTAnwgG½kSGab;sIus¦ rWk¾kartMrUvkar KWCab;KaMgrwgqÁwgTaMg
Rsug¬=RkahVikénkartMrUvkarRbRBwtþeTACabnÞat;Ekg (vertical) eTAnwgG½kSGab;sIus
dUcenAkñúgkrNIénRkahVik N enAkñúgrUbPaBxageRkam¦. CamYyenH enAkñúgkrNI
1
Edl)anbgðajenAxageRkayeKenH KWcMnYnplitplEdlRtUvlk;beBa©jsßitenA
esßr (X ). TnÞwmnwgcMeBaHkarpÁt;pÁg;EdlERbRbYlKμanTIbBa©b; cMnYnplitpl
0
EdlRtUvlk;beBa©jenaHRtUvfycuH k¾b:uEnþcMeBaHRkahVikénkartMrUvkarenAmandMeNIr
RbRBitþCaFmμta.
ecjBIkarRbmUlBn§edayRbeyal vanwgmanlT§plCa\T§iBlEdlTak;Tg
eTAnwgkrNITaMgBIrénPaBrIklUtlas; (growth goal) TaMgenHmann½yfaTak;Tg
TaMgeTAnwgeKalbMNgénkarEbgEckktþaplitkmμ (goal of factor allocation)
k¾dUcCaTak;TgTaMgeTAnwgeKalbMNgénkarekIneLIgénTun (goal of capital

accumulation) pgEdr³
- lT§plénkarekIneLIgénTun (allocation effect) eFVIeGaysMerc)an
kalNakarekIneLIgénéføEdl)anbgðajCaRbtikmμeTAelIkarRbmUlBn§edayRbe
yal)anCYbRbTHeTAelIplitplnImYy²enAkñúgTMhMepSg²Kña. k¾b:uEnþCamYyenH
enAkñúgPaBBiténneya)ayGPivDÆn_k¾RtUvEtKitpgEdr eRBaHfaTMhMénkarekIneLIg
énéfø KWGaRs½yeTAnwgeGLasÞikénkarpÁt;pÁg; (elasticity of supply) nigeGLasÞIk
éntMrUvkar (elasticity of demand) enAelITIpSarplitplnImYy². enAkñúgPaBBit
eGLasÞIkénkarpÁt;pÁg; nigénkartMrUvkarsßitenAmanCaeRscepSg²KñacMeBaH
plitplepSg²KñaEdr EdlnaMeTAeGaymanlT§plénéfønImYy²epSg²KñaEdr.
dUcenH CalT§plecjBIkarRbmUlBn§edayRbeyalmannUvkarrMkilmYyénéføEdl
Tak;TgKña. edaysarkarERbRbYlénGRtaBn§eTAtamRbePTplitplTaMgGs;enaH
CamUldæanelcecjRKb;krNITaMgGs;nUvlT§plmankarekIneLIgnUvkarrMkilénéføE
dlGacbnþeGaymannUvlT§plénkarsMerc)ankan;EtRbesIreLIgéneKalbMngEb
gEckénFnFanCaBiessktþaplitkmμ (resource allocation goal). ehtuenH
viFankarN_énBn§edayRbeyalecjBIplEdl)anelIkeLIgGacRtUveRbIR)as;enAkñú
gplRbeyaCn_énkarekIneLIgRbsiT§PaB (efficiency) énesdækic©CatiEdl)an
BicarNaenaH.
- lT§plénkarekIneLIgénTun (capital accumulation) EdlviC¢manGac
ekItmaneLIg kalNaRBwtþikarN_énkarbegáInTunEdlmanPaBRbesIrbMputenaHmin
RKb;RKan; ehIymansßitenAEtedaysarkarRbugeRbobsnSMEdlxVHxatmYy nigkal
NaedaylT§plénkarRbmUlBn§edayRbeyal EpñkmYyénR)ak;cMNUlNamYy
EdlGacRtUveRbIR)as;edayÉkCnsMrab;karTijrbs;eRbIR)as;RtUvmanP¢ab;nUvkarbg;
Bn§edayRbeyalenaH KWRtUv)anERbkøayeTACaR)ak;cMNUlBn§ ehIyEdlbnÞab;mk
KWTukbMrugsMrab;eKalbMngénkarvinieyaKTunenAkñúgRbeTs. k¾b:uEnþ drabNamanEt
plitplxøHRtUv)anTTYlbnÞúkCamYynwgBn§Edl)anbgðajenaH enaHeKBMuGac
niyay)anCaGtßiPaBfaetICaBitR)akdkareRbIR)as;EdlCaÉkCnenaHRtUv)anXaMgT
b;eLIy eRBaHkarfycuHénkarcMNaysMrab;plitplmYyGacRbQmmuxeTAnwg
karekIneLIgénkarcMNaysMrab;plitpldéTepSgeTotvij. dUcenH kalNa
CamYynwgkarCYyénBn§edayRbeyal karekIneLIgénkarsnSMkñúgTMrg;énkarkat;
bnßyénkareRbIR)as;EdlCaÉkCnRtUvGacsMerc)an. k¾b:uEnþTaMgGs;enaH KWRtUv
maneKalbMNgsmrmüEdlfaRtUvykBn§eTAelIplitplTaMgGs;EdlRtUvCatMrUvk
aredaykarTTYlykBn§enaH.
enAkñúgkrNIenH Bn§énplcMNUlTUeTAmYynaMeTAeGaymankaekIneLIgénéfø
TUeTAmYy ehIyedayeyaleTAelIbBaaðenH R)ak;cMNUlBiténplitplEdlCYb
RbTHedaysarkarRbmUlBn§enaH KWfycuH. CalT§pl GñkEdlCYbRbTHenaHGac
tMrUvkarnUvkareRbIR)as;rbs;xøÜnfymkenAEtcMnYnd¾tictYcmYyénplitplEdlCYbR
bTHnwgkarcgBn§enaH. enAkñúgrUbxagelIRkahVikéntMrUvkar nigénkarpÁt;pÁg;énGñk
EdlCYbRbTHénkarRbmUlBn§enaH bgðajnUvkarfycuHénkareRbIR)as;enH. )ann½y
facMnYnplitpl)anfycuHBI X eTA X .
0 1
cMeBaHRkahVikénkartMrUvkarEdlBMueGLasÞIkEtmþg Bn§edayRbeyalrebob
xagelIRtUvbdiesdæEtmþg³ eBlenHBn§edayRbeyalRtUv)anhirBaØbTanTaMgRsug
edaysarkarkat;bnßyénkarsnSMÉkCn enaHmann½yfa karfycuHénkareRbIR)as;
BitEdlcg;)anBMuGacekItman ¬RkahVik N ¦ eT,Iy. k¾b:uEnþsßanPaBenH KWGnuBaØat
1
elIkElg)an.
kalNaeKsMlwgemIlTUeTAeTAelIplitplmYycMnYnEdlRtUv)antMrUvkarEte
dayTMnak;TMngénR)ak;cMNUld¾x<s;enaH eKnwgeXIjya:gticbMputcMeBaHEpñkmYy
énGñkTij KW)at;bg;nUvlT§PaBedIm,IhirBaØbTanénéfød¾x<s;enaHEdlecjBIkarsnSM
rbs;xøÜnmkdl;eBlenaH. CakarBitcMeBaHRkumenH dMeNIrkarénkarbgçitbgçMsnSM
EdlbNþalmkBIBn§RtUvEtdak;CakarGnuvtþn_edayeyaleTAelIPaBCak;Esþg.
CakarBitvNÑ³énR)ak;cMNUlEdlx<s; nigmFümGacRtUvbNþaleGaymankarsnSM
ticedaysarBn§edayRbeyal. k¾b:uEnþTaMgGs;enH BMuelcecjBitR)akdeT,Iy
EdlfaRkumenH enAkñúgTMhMeBjeljénkarykBn§edayRbeyalmannUvlT§pl
elcecjnUvkarsnSMd¾tictYcenaHeT,Iy eRBaHfakartMrUvkarénplitpleRbIR)as;
rbs;eK ya:gticbMputmanRbtikmμeTAtaméføeGLasÞIkxøHEdr. ehtuenH cMeBaH
RkumenH mankarelcecjnUvkarfycuHénkarbegáItkarsnSMrbs;eKEdleyageTA
tamcMnYnBn§ ehIyebIsßitenARbQmmuxeTAnwgTidæPaBesdækic©srub KWelcecjnUv
karekIneLIgénkarsnSMénsßab½nsaFarN³. dUcenHBn§edayRbeyalelcecj
smRsbBitR)akdedIm,IXaMgTb;énkareRbIR)as; edIm,IplRbeyaCn_EténkarsnSM
nigqøgkat;bBaðaenHedIm,IBRgIknUvTMhMénkarbegáItTun)an drabNardæ KWsßitenA
kñúgsßanPaBsMrab;eRbIR)as;énR)ak;cMNUlBIBn§enH eTACakarbegáInTunrbs;xøÜn
(capital accumulation goal).
k¾b:uEnþneya)ayR)ak;cMNUlmYy EdlmanTisedAEteTAelIBn§edayRb
eyal)anpþl;nUvlT§plEdlBMubMeBjcitþ ³ Bn§enHman\T§iBlCaBn§GvDÆn³
(regressiv effect) ya:gF¶n;F¶rmYy. \T§iBlEdlGvDÆn³enH ekIteLIgCaBiess
kalNaRbB½n§énBn§edayRbeyalenHraMgTb;eTAelIkarRbmUlBn§énplcMNUlTUe
TAebIBMumanneya)ayEbgEckNamYy)aneFVIbnþeTot eRBaHEpñkEdlmanR)ak;
cMNUlTabRtUv)anCYbRbTHnUvbnÞúkBn§enHEdldak;elIplitplnImYy²xøaMgCagRku
mRbCaCnEdlmanR)ak;cMNUlx<s;. dUcenH eyageTAtammUlehtuEdlCaneya
)ayEbgEck eKRtUvdak;bEnßmcMeBaHBn§énplcMNUlTUeTAnUvBn§EdlCakartMrUvkar
BiesseTAelIplitplNaEdlRtUv)anTijPaKeRcInedayGñkEdlmanR)ak;cMNUl
x<s;. Ca]TahrN_ Bn§éntMrUvkarBiessEdlCaRbePTCMrujneya)ayEbgEckenH
KWeKdak;kMNt;eTAelI {Bn§RbNit (luxery tax)} Ca]TahrN_ Bn§eTAelILan
TUrTsSn_ eRKOgGlgáa plitplnaMcUlRbNit²CaedIm. edIm,IbMeBjbEnßmeTA
elIenaH eKGacqøgkat;karrMedaHBn§ecj rWrMsayBn§ecjBIRkbx½NÐBn§énBn§
kartMrUvkar rWBn§énplcMNUlTUeTA sMrab;plitplNaEdlbgðajenAkñúgcegáam
TMnijénGñkEdlmanR)ak;cMNUlTab rWRkIRk edaykñúgTMhMd¾x<s;mYy Ca]TahrN_
dUcCaBn§eTAelIkartMrUvkares,ógGaharCamUldæanCaedIm nigCamYyenHk¾GacRtUv
kat;neya)ayéføEdleyageTAtamenaH sMrab;shRKassaFarN³Edr.
k¾b:uEnþPaKeRcInmankarRbQmmuxTl;nwgkarBicarNaEdlCasareBIBn§én{n
eya)ayRbqaMgPaBGvDÆn³ (= policy of anti – regressivity)} EdlmanmUldæan
eTAelIkarrMedaHBn§ecjsMrab;plitplxøHpgEdr. CakarBit Bn§dak;eTAelIkar
cMNayénkareRbIR)as;sMrab;kartMrUvkarEdlcaM)ac;énkarrs;enA ]TahrN_ dUcCa
es,ógGaharCamUldæan KWpþl;ePaKplxøaMgNas; nigefrEfmeTot. enaHmann½y
fa karsakl,gxøaMgkøaedIm,IeGayeKalbMNgEdlCaneya)ayEbgEckCapl
RbeyaCn_éneKalbMNgéncMNUlrdæEdlkan;EtRbesIrmYyenaH KWBMuGacekIneLIg
)aneTkñúgkrNIenH KWTaMgGs;enaHmanEtkarFøak;cuH.
ecjBIkarGegátenH rvageKalbMNgénkarEbgEck ¬resource allocation¦
nigeKalbMNgénPaBrIklUtlas; GacekIteLIgnUvTMnas;EdlRtUvelcecjenAkñúg
krNICaeRcInEdlCaplRbeyaCn_éneKalbMNgénPaBrIklUtlas;. cMeBaHPaB
KμankMhus karsMerccitþenH GacGnuBaØatiedayGMNHGMNagEdlfaCamYynwgkar
CYyén GDP d¾x<s;lT§plénkarEbgEckEdlkan;EtRbesIr GacGnuBaØatsMerc
)aneCaKC½yCagkarsMerccitþeFVIeGaymankarEbgEck ¬énR)ak;cMNUl¦ Pøam²
mYy. k¾b:uEnþTMnas;enH GacedaHRsay)ancb;cugcb;edImEtedaysarkarvinicä½y
éntMélEdlCaneya)ayEtb:ueNÑaH.
CalT§plRbB½n§Bn§edayRbeyalGacrkeXIjnUvGVIEdlBMub:HBal;eTAnwgbT
dæanénkarEbgEckEdl)anpþl;eGaymYy. k¾b:uEnþbnÞab;mkelcecjCabBaðafμIeTot
EdlfaRbB½n§Bn§EdlmanmUldæaneTAelIBn§edayRbeyalCajwkjab;mineGLasÞIc
sMrab;PaBrIklUtlas;eT,Iy³ eGLasÞIcénTinñplBn§edayRbeyalRtUvvaytMél
Cajwkjab;CaTMnak;TMngd¾tictYcCamYyPaBrIklUtlas; enaHmann½yfakarERbRbYl
EdlTak;TgnwgTinñplBn§ ( = dT / T , T = tax, i = the kind of products met
i i
with tax) GaRs½yeTAnwgkarekIneLIgEdlTak;Tgén GDP (= dY / Y ,Y= GDP)

enaH KWtictYc. TaMgenHmann½yfaTinñplBn§EdlhUrecjBIBn§enH ekIteLIg
smamaRtminRKb;RKan; (under proportional) eTAnwg GDP nigeKGac

niyaymüa:geTotfaBn§edayRbeyalmansuBlPaBCaBn§EdlBMueGLasÞIcmYy³
Δi=(dTi / Ti) / (dY / Y)

Δi = eGLasÞIcTinñplBn§mYy
Ti = TinñplecjBIBn§
Y = GDP
rUbmnþxagelIGacBRgIkeTACa
Δi= (dTi / Ti) / (dGi / Gi) * (dGi / Gi) / (dY /Y);
Gi = mUldæanrgVas;énBn§plcMNUlTUeTA. mUldæanrgVas;énBn§plcMNUl
TUeTAmYy)anbgðajecjBI GDP EdldkecjnUvplitplNaEdlBMuTTYlkñúg
karBicarNasMrab;karbg;bEnßménBn§. TaMgGs;hñwgGacCaplitplénkartMrUvkar
EdlcaM)ac;sMrab;karrs;enA ¬]TahrN_ es,ógGaharCamUldæan¦ edayecjBI
mUlehtuEdlCaneya)ayénkarEbgEckR)ak;cMNUlKWBMuRtUv)anykBn§. k¾b:uEnþ
GacCaplitpl ]TahrN_ dUcCaesva:kmμCaeRcInenAkñúgRbeTskMBugGPivDÆn_xøH
edaysarmUlehtuénkareGabRkesabd¾Bi)akénTUrelxk¾RtUv)anenAeRkArgVg;BIkar
ykBn§Edr. CamYyenaH karBMuykBn§enHk¾Føak;eTAkñúgRkumplitplEdlBMu)an
pøas;bþÚrKñaenAkñúgTIpSarEdlCafvika (exemple : products of subsistence sector)
eRBaHplitplenHRtUv)aneFVIBaNiC¢kmμedayqøgkat;karbþÚrCaFmμCatienAkñúgvis½yCi
vRBitþi (subsistence sector) enaHEtb:ueNÑaH. eyageTAtambTBiesaFn_Edl
)anelIkeLIgxagelIeKGacTajecj)anfacMENkénplitplenAkñúgvis½yCIvRBitþi
nigk¾dUcCaplitplénkartMrUvkarEdlcaM)ac;sMrab;karrs;enA ]TahrN_es,óg
GaharCamUldæanenaH enAkñúgTMhMplitkmμsrub KWnwgfycuH CamYynwgkarekIn
eLIgén GDP TnÞwmnwgEpñkénesva:kmμRtUv)anekIneLIg. k¾b:uEnþeGLasÞIcén
mUldæanrgVas; G KWGaRs½yeTAnwgkarekIneLIgEdlCamYykarekIneT,IgTaMgenH
i
RkumplitplTaMgenHRtUv)anTajbBa©ÚlsMrab;Bn§énplcMNUlTUeTA ³
kalNaEpñkénplitplCIvRBitþi rWk¾plitplénkartMrUvkarEdlcaM)ac;
sMrab;karrs;enAmankan;Ettic rWk¾kalNacMENkénesva:kmμenAkñúgTinñplBn§
enAkñúgRbB½n§Bn§EdlRtUv)anBicarNaenaH KWkan;EtFM enaHeGLasÞIcénmUldæan
rgVas; G k¾kan;EtFM nigCamYyenaHeGLasÞIcénTinñplBn§k¾kan;EtFMEdr.
i
eRkABIenHeTot eGLasÞIcénplitplBn§EdlviC¢manmYyénRbB½n§sruubénBn§
edayRbeyalGacpþl;eGaymanRbsiT§iPaB kalNaBn§énkartMrUvkarBiessEdl
)anrMlwkBImunRtUvbnþRbmUleTAelIplitplEdlRtUv)antMrUvkarelIslb;BIGñkEdl
manR)ak;cMNUlx<s;. eyageTAtamkarBicarNaenH eKBMuGackMNt;CaGtßiPaB
faeGLasÞIcénTinñplBn§énRbB½n§Bn§edayRbeyalmYy KWtUcCagmYyenaHeLIy.
cariklkçN³GvDÆn³énBn§edayRbeyal (regressiv effects of the indirect tax)
KWGacRtUvbM)at;ecaledaykarsßabnaénrcnasm<½nBn§EdleyageTAtamenaH nig
kñúgkal³eTs³xøH GacRtUvERbkøayeTACaRbePTBn§EdlvDÆn³ (progressiv effects)
mYyEfmeTotpg. lT§PaBenH RtUv)anbBa¢ak;ya:gc,as;edaysarkarRsavRCavCa
BiesaFniymrbs; Chelliah enAkñúgRbeTskMBugGPivDÆn_cMnYn 27 sMrab;kMlug
ryHeBlmYy EdlCamYyenaHRtUv)anKNnaeXIjfaeGLasÞIkénTinñplBn§Ca
mFümmYy KWesμI 2,4.
k¾b:uEnþ kalNardæcg;begáIncMENkBn§EdleyageTAtammYyénBn§eday
RbeyalenAkñúg GDP enAkñúgdMeNIrénPaBrIklUtlas;énesdækic©enaH eKBMuGac
bgðajeGayeXIjbEnßmeTotnUveGLsÞIkTinñplénBn§NamYyEdleKTamTarcg;)a
nenaHeLIy.
2>3> lT§PaB nigRBMEdnénkarBRgIkBn§edaypÞal;

eTaHbIlT§pld¾GnueRKaHenH EdlRtUv)anrkeXIjenAkñúgTMnak;TMngeTAnwg
lT§PaBénkarBRgIkénBn§edayRbeyalmYyk¾eday eyageTAtambMNkRsayén
esdæviTUCaeRcIn eKBMuRtUvlHbg;enAkarBRgIkénBn§edaypÞal;eLIy. GRtabnÞúkBn§d¾
tictYc nigcMENkd¾tUcénBn§edaypÞal;enAkñúgTinñplBn§srubenAkñúgRbeTskMBug
GPivDÆn_CaeRcIn GacbgðajeGayeXIjfa cMeBaHBn§edaypÞal;enH nUvEtsßitenACa

skþanuBlénkarykBn§ ehIyEdlRbEhlCamanvisalPaBFMCagBn§edayRb
eyaleTAeTotpg. dUcenH eTaHbImankarBi)akénkarRbmUlEdl)anBnül;
BIxagelIk¾eday skþanuBlenHRtUvEtykmkeRbIR)as;edIm,ICaplRbeyaCn_énkar
begáInsnÞúHhirBaØvtßúpÞal;xøÜnsMrab;karGPivDÆn_. eRkABIenH karykBn§edaypÞal;
pþl;eGayenAlT§PaBEdlRbesIrCagRbB½n§énBn§edayRbeyal kñúgkarGgán;sma
CikénsgÁÁmEdlCaGñkTTYlbnÞúkBn§eyageTAtammaRtdæan rWTMhMpþl;eGayén
smtßPaBbMeBjkarplitEdlCabuKÁlsmaCikénsgÁmenaH.
CaBiessBn§énR)ak;cMNUlTUeTAEdlmanTMrg;vDÆn³mYy GacelcecjedIm,I
eFVIeGayecjCakarBiténkarykBn§EdlmanninñakareTArksmtßPaBénkarbMeBjka
rplitenH nigCamYyenaH KWsmRsbcMeBaHkarBicarNad¾xøaMgkøaeTAelITidæPaBén
PaByutþiFm’sMrab;neya)aycMNUl nigneya)ayEbEckrbs;rdæ.
TnÞwmnwgenaH Bn§énR)ak;cMNUlEdlCavDÆn³mYybgðajnUveGLasÞIcén
Tinñplrbs;vasßitenAelI 1( elasticity of the tax yield > 1) ya:gc,as; eRBaHfaCa
bTBiesaFn_enAkñúgRbeTskMBugGPivDÆn_ cMENkd¾FMénplitkmμCIvRBitþenAkñúg GDP
KWfycuHenAkñúgcgVak;énkarGPivDÆn_ TnÞwmnwgEpñkEdlCafvikaénesdækic©CatinwgekIn
eLIgeyageTAtamenaHedaymansmamaRtelIslb;. eyageTAtammUlehtuenH
Bn§énR)ak;cMNUlEdlvDÆn³mYybgðajeGayeXIjCakarcab;GarmμN_BiesssMrab;
visalPaBénskþanuBlBn§EdlmansßitenAkñúgRbeTskMBugGPivDÆn_. k¾b:uEnþcMeBaH
karsakl,génkarRbtibtþikarN_énBn§enH eKRtUvBicarNapgEdrEdlfakareGab
Rkesab nigkarRsavRCavénTMhMR)ak;cMNUlEdleRbIR)as;CamUldæan rgVas;énBn§
KWmanlT§PaBEtkñúgTMhMEdlmanRBMEdnmYyEtb:ueNaÑHsMrab; economic subjects
CaeRcInenAkñúgRbeTsTaMgenaH. eRkABIenHeTotGacCYbRbTHnUvkartTl;ya:geRcIn
BIsMNak;RbCaCnEdlmanR)ak;cMNUlTab EdlmancMnYnya:geRcInelIslb;enA
kñúgRbeTsenaH.
bBaðaEdlCardæ)al nigbec©keTsk¾dak;RBMEdneTAelIlT§PaBénkarRbEm
RbmUlénBn§edaypÞal;enHEdr. eyageTAtamelak Goode Ca]TahrN_dMbUgRtUv
bMeBjnUvlkçxNÐdYcxageRkamsin eTIbeKGacmanlT§PaBeRbIR)as;d¾eCaKC½ymYy
énkarykBn§énR)ak;cMNUlenaH ³
- TaMgGs;enHRtUvmansßitenArYcCaeRscnUvesdækic©CatimYyEdlPaKeRcIn
RtUvEtmanlkçx½NÐCafvikarenARKb;vis½yTaMgGs;.
- TaMgGs;enaHRtUvmanGRtaénGñkecHGkSrx<s;énGñkbg;Bn§Gakr.
- cMeNHdwgKNnIRtUvBRgIkeGay)anTUlMTUlay nigÉksarKNnIRtUveFVI
eLIgedayPaBesμaHRtg; nigKYreGayTukcitþ.
- GñkEdlbg;Bn§RtUvmankatBVkic© rWmancMNg;enAkñúgRbePT nigTMhMén
karbg;Bn§.
- karykBn§BMuGnuBaØatieGaycab;c,amCakarKMramkMEhgéntYnaTIrbs;buKÁl
eLIy.
- rdæ)alBn§ KWRtUvesμaHRtg; nigTukcitþ.
edaysarEtlkç½NÐenH enAkñugkrNICaeRcInenAkñúgRbeTskMBugGPivDÆn_ KWBMu

)anhuceGaynUv»kasénkarykBn§énR)ak;cMNUlenaHeT,Iy. karykBn§én
R)ak;cMNUlTUeTAmYyénRbeTsTaMgenaH Cajwkjab;BMuGaceFVIeGayeTACakarBit
)aneLIy. CakarBitkarRbmUlBn§edaypÞal;enAkñúgRbeTskMBugGPivDÆn_ RbmUlpþMú
EteTAelIvis½yshRKas. enATIenaHkariyal½yBn§ Gacrk)anPaKeRcInnUvKNnI
EdlmanreboberobrymYyEdlgayRsYlnUvkarvaytMél nigkarGnuvtþn_énkarbg;
Bn§ rWkarykBn§. karcUlcitþénkardak;bnÞúkBn§eTAelIshRKasenH pþl;eGay
CaTIbBa©b;nUvbnÞúHEdlfaenAkñugRbeTskMBugGPivDÆn_ Bn§edaypÞal;eTAelIR)ak;
cMNUlénshRKas dUcCaCacMbgBn§saCIvkmμ k¾dUcCakarbg;R)ak;sm,Tan
sßitenACaGtßiPaBx<s;bMputenAkñúgcMeNaménRbB½n§Bn§edaypÞal;.
CamYynwgrcnasm<½n§RbePTmYyenHénRbB½n§Bn§edaypÞal; eGLasÞIcén
TinñplBn§EdlRbwgERbgGacmanlT§PaBsMerc)anFMCag 1. b:uEnþrcnasm<½n§enH
k¾TMnas;Tl;nwgPaByutþiFm’Edr edaymUlehtuénkare)aHbg;ecalénkarykBn§
edaypÞal;eTAelIsmaCikénsgÁmnImYy²epSgeTot. dUcenHeKBMuRtUve)aHbg;ecal
énBn§R)ak;cMNUlbuKÁlEdlmanTMrg;CavDÆn³eLIy. eyageTAtamkarBi)akénkar
eGabRkesabTUrelxEdlniyayxagelIeK)aneGayeyabl;sMrab;RbeTskMBugGPi
vDÆn_ nUvRbePTBiessénkarykBn§R)ak;cMNUlEdlmanRBMEdnmYy. CamYy
eyabl;enH eKalbMNgEdlRtUvBüayameFVI KWkarGnuvtþn_Bn§eTAelIR)ak;cMNUl
Edlya:gticbMputcMeBaHrgVg;RbCaCnNa rWk¾kareRbIR)as;eTAelIRbPBR)ak;cMNUl
NaEdlgayeFVIkareGabRkesabsMrab;karykBn§)an.
CacMbgTMrg;énBn§R)ak;cMNUlenH GacCYbRbTHeTAelIRbCaCnénEpñkEdl
rs;enATIRkug rWk¾EdlsßitenAkñúgvis½y]sSahkmμ. CamYyenaHEdr eKGacRtUvkt;
sMKal;eTAelIkrNIBIr ³
- krNITI 1 kalNaBn§énR)ak;cMNUl XaMgTb;eTAelIEtrgVg;buKÁlEdl
kMNt;mYy ehIyEdlRtUv)anemIleXIjfaCaGñkTTYlR)ak;cMNUld¾x<s;Biess
mYy. cMeBaHRbePTBn§enH TMhMd¾FMénGñkmanR)ak;cMNUlTab sßitenABMumankaryk
Bn§eT. k¾b:uEnþenATIenHGacekIteLIgnUveRKaHfñak;énRbtikmμBn§ cMeBaHGñkEdlman
katBVkic©bg;Bn§. CaBiessRbtikmμenHGacFM kalNaEpñkya:gFMmYyénGñkTTYl
R)ak;cMNUlsßitenABMumankarykBn§.
- gaynwgRbtibtþikarCagBn§énR)ak;cMNUlEdlkMNt;RBMEdnbrimaNdUc
xagelI KWGacmanEtkrNITI2enHeT EdlCaBn§R)ak;cMNUlkMNt;RBMEdnKuN
PaB. cMeBaHkrNIenHeKbnßykarykBn§eTAelIvtßúBn§nImYy²EdlgayGaceGabRk
esab ]TahrN_ dUcCaBn§eTAelIRbePTR)ak;cMNUlénTun R)ak;cMNUlénkar
CYlpÞH nigdI. l. EdlsMrab;vtßúTaMgenaH eKGacrkeXIjmUldæanrgVas;énBn§ya:g
gayRsYl. dUcenHkarykBn§RtUvCYbRbTHeTAelIbuKÁlTaMgGs; ¬RBwtþikarN_én
katBVkic©Bn§manPaBRtwmRtUvsMrab;buKÁlTaMgGs;¦ nigCaBitR)akdBMuGaRs½yeTAnwg
TMhMénR)ak;cMNUlsrubrbs;eKeT,Iy. karRbmUlénBn§R)ak;cMNUlEdlkMNt;
RBMEdnbrimaN rWKuNPaBrebobenHGaceFVICaBiess enAkñúgRbeTsNaEdlenAkñúg
RbeTsenaHmansßitenAkarEbgEckénR)ak;cMNUlEdlBMuesμIKña. enATIenHPaKeRcIn
RKb;RKan;nUvkarRbmUlBn§énRsTabvNÑ³x<s; edIm,IrkSa)anénBn§R)ak;cMNUlEdl
TUeTAmanyutþiFm’ Edlpþl;plCasareBIBn§ nigEdleGLasÞIcénTinñpl. k¾b:uEnþ
CaTUeTABn§énR)ak;cMNUlk¾GacRtUvbEgVrTaMgRsugeTAelIRkumNamYypgEdr. edIm,I
kMNt;énlT§plEbgEck ¬cMNUl¦ suT§ eKRtUvEtRtYtBinitünUvTMnak;TMngnImYy²
EdlfaetIBn§enaHRtUvbEgVrTaMgRsugeTAeGayGñkNa rWRkumsgÁmNa? nigTMhM
b:uNÑaenaH?
dUcenHehIy GñkesdæviTUxøH)anTamTarpgEdrkñúgkarRbmUlbEnßmsMrab;Bn§
énR)ak;cMNUl nUvBn§edaypÞal;NaEdlminGacbEgVrTaMgRsugdUcEdl)anrMlwk
xagelI. enATIenH RtUvRbtibtþiCaBiessnUvBn§énRTBüsm,tþienAkñúgkrNIepSg²
rbs;va dUcCaeTAelIBn§dI Bn§kmμsiT§énTun Bn§énekrþ×mrtk nigénGMeNay
ehIyk¾dUcCaBn§eTAelIRTBüsm,tþisuT§Edr. krNIenHGacpþl;eGay)an TnÞwmnwg
PaBminbEgVrTaMgRsugrbs;vaenaH nUvKuNsm,tþiEdlfakrNIenHTb;XaMgCaTUeTA
eTAelIEtGñkEdlmanR)ak;cMNUlx<s;Etb:ueNaÑH. CaTUeTAcMeBaHkareGaykitþiys
éneyabl;Edl)anpSBVpSayenATIenH eKRtUvBicarNaCanic©Cakal faetIBn§eday
pÞal;enHman\T§iBlya:gNaeTAelIGakb,kiriyaénkarsnSM nigénkareRbIR)as;én
EpñkÉkCnenaH.
CamUldæankarekIneLIgénBn§edaypÞal;mann½yfa CakarfycuHénR)ak;
cMNUl EdlmansßitenAEpñkÉkCn. k¾b:uEnþCaTUeTAmanEtR)ak;cMNUlBIdI nigR)ak;
cMNUlBITunya:gtictYcbu:eNÑaH EdlRbQmmuxeTAnwgR)ak;cMNUlBIR)ak;ebovtS
EdlCaerOgRtUvKitGMBIBn§edaypÞal;enaH. CalT§pl kalNaeKpat;ecjén
karbEgVrTaMgRsugénBn§eTAelIR)ak;cMNUlTaMgBIrenaH CabzmPaBEdlGacrkpl
cMeNj)anBIcMNUléndIFøI k¾dUcCaénTunÉkCnRtUv)ankat;bnßy. kñúgkrNIenH
lT§plénkarRbmUlBn§eTAelIkarbegáItkarsnSMEdlCaÉkCn KWGaRs½yeTAnwgfa
etIR)ak;cMNUlénBn§RtUvTajykecjmkeRbIR)as; enAkñúglT§PaBeRCIserIsNa
mYy eRBaHfa ³
- eyageTAtamlT§plbgðajEdlCaGnþrCati GRtasnSMBIPaBrkpl
cMeNj)anGMBIdIFøI KWTab.
dUcenHedIm,Ibg;Bn§sMrab;dIFøI eKRtUv)anhirBaØbTansMrab;Bn§enH KWPaKeRcIn
ecjBIkarkat;bnßyénkareRbIR)as;EdlCaÉkCn nigTaMgGs;enHeFVIeGayfycuH
énkarsnSMEdlCaÉkCnenaH. bBaðaenHGacRtUvTUTat;eLIgvijEtedaysarkar
eRbIR)as;nUvviFIsaRsþEbgEckeT,Igvij tamryHkarvinieyaKénR)ak;cMNUlEdl)an
mkBIBn§TaMgenH CamYynwgkarKitKUrCamYynwgkarekIneLIg ¬EdlbNþalmkBIkar
ykBn§¦ énGRtaBn§EdlCaesdækic©srubenaH.
- CakarBiteKGaccab;epþImkarykBn§enH ecjBIEpñkmYyya:gFMénkarsnSM
EdlCaÉkCn. k¾b:uEnþCamYyenH enAkñúgvis½yshRKaseKRtUvEbgEckR)ak;cMNUl
énTunCaBIr TImYyR)ak;cMNUlénTunEdlRtUvEbgEck ]TahrN_dUcCaR)ak;cMeNj
nigTIBIrR)ak;cMNUlénTunEdlminRtUvEbgEck. R)ak;cMNUlénTunEdlminRtUv
EbgEckbgðajeGayeXIjnUvkarsnSMkñúgTMhMd¾x<s; Edlmann½yfakarykBn§Gac
manelcecjnUvlT§plénkarkat;bnßykarbegáIténkarsnSM. pÞúyeTAvijR)ak;cM
NUlénTunEdlRtUvEbgEckRtUv)ansnSMEtbnþicbnÞÜc ÉcMENkR)ak;cMNUlEdl
enAsl;RtUvhUreTAkñúgkareRbIR)as;. karykBn§énTunEdlRtUvEbgEckGacRtUvCH
\T§iBleGaymankarfycuHEdlsmamaRtminRKb;RKan;énkarsnSMEdlCaÉkCn.
TaMgenHmann½yfaGRtasnSMénesdækic©CatiGacnwgRtUvekIneLIgcMeBaHkareRbIR)as;E
dlmanlkçN³CavinieyaKénR)ak;cMNUlEdl)anmkBIBn§enaH.
dUcenH Tazi nig Aschim TamTarnUvRbB½n§Bn§edaypÞal;mYy EdlCa
Bn§edaypÞal;EdlekIneLIgx<s;CalMdab; ¬gradually progressiv¦ eTAelIR)ak;
cMNUlénRKYsarÉkCnEdlkñúgenaHmanR)ak;cMNUlénTunEdlRtUvEbgEckdUcCaR)a
k;cMeNjCaedIm nigkarykBn§d¾tictYceTAelIR)ak;cMNUlénshRKas nigBn§én
R)ak;cMeNjEdlBMuBitR)akd. rcnasm<½n§Bn§enH RtUvbMeBjbRgÁb;edaykarKaMBar
BIBn§énkareRbIR)as;énR)ak;cMNUlnImYy²énRKYsarÉkCnEdl)ancUlrYmcMENkviC¢
mansMrab;dMeNIrkarénkarbegáItTunrbs;RbeTsenaH.
TnÞwmnwgkarBMuykBn§BIcMENkR)ak;cMNUlEdleRbIR)as;sMrab;eKalbMNgs
nSMEdlCaplitkmμ ]TahrN_dUcCacMNUlsMrab;karvinieyaKeTAelIsnøwkPaKh‘un
rWk¾karbegáIt rWkarBRgIkénshRKasfμI karcMNayNaEdlRtUvGnuvtþn_enAkñúg
plRbeyaCn_énkarbegáItTunFnFanmnusS ]TahrN_dUcCacMNUlsMrab;karbg;
éføsalaeron k¾RtUvEtKaMBaredaykarBMuykBn§Edr. eyageTAtam Kaldor
karbg;Bn§énkarcMNay mann½yfaCakarykBn§BIcMENkR)ak;cMNUlTUeTAEdl
RtUvcMNaysMrab;EteKalbMNgénkareRbIR)as;Etb:ueNÑaH. TnÞwmnwgenaH cMNUl
sMrab;karbegáItkarsnSM rWk¾karTijénplitplvinieyaK dUcCakarTijFnFan
FmμCati FnFanCMnYy nigbrikçaeragcRkk¾sßitenAecjBIkarykBn§Edr.
2>4> RBMEdnénkaEkrTMrg;neya)ayBn§
2>4>1> karEkTMrg;énBn§ nigsmtßPaBénBn§
kalNaeKeRbobeFobTidæPaBEdlGacelIkeLIgenATIenH CamYynwgRbB½n§
Bn§BitR)akdénRbeTskMBugGPivDÆn_enaH enAkñúgkrNICaeRcIneKeFVIeGaydwgc,as;
nUvtMrUvkarénkarEkTMrg;d¾TUlMTUlaymYy. k¾b:uEnþeKBMuGacTajnUvdMbUnμan Edlman
sBlPaBTUeTAsMrab;RbB½n§Bn§d¾l¥RbesIrénRbeTsmYyeLIy eRBaHfaenAkñúgRbB½n§
l¥RbesIrEdleRbobeFobenH KWRtUvBicarNaepSg²KñaeTAelIBiessPaBEdlCa
lkçN³sßab½n nigEdlCarcnasm<½n§énRbeTsEdlCYbRbTHenaH. dUcenHTaMgenH
GnuBaØatpþl;lT§pltictYc sMrab;karcg;eKobsgát; rWCMrujeGayRbB½n§Bn§énRbeTs
kMBugGPivDÆn_eTAkñúgbøg; rWKMrUrYmmYy k¾dUcCasMrab;cg;pþl;eGaynUvbBaØatþiÉksiT§
d¾l¥itl¥n;CamYynWgsuBlPaBTamTard¾FMeFgNamYyenaH.
k¾b:uEnþenAkñúgRKb;krNI eKRtUvEtRbugRby½tñkñúgkareFVIRtab;tamEdlBMumankar
XaMgTb;mYyénTMrg;énkarykBn§dUcenAkñúgrebobénRbeTs]sSahkmμ. RbB½n§én
karykBn§énRbeTsenaH KWFMFat;eLIgCaRbvtþisaRsþenAeRkamkarBicarNaén
lkçxNÐRbePTénRbeTsTaMgenaHEtb:ueNÑaH. karepÞrRbB½n§Bn§eTAelIRbeTsmYy
CamYylkçxNÐEdlepSgenaH GacnaMeGaymankarrMxan rWk¾xUcxatCabnþbnÞab;
edayBMu)annaMmkeGaynUvTMhMEdlRtUv)ansgÇwménkarcg;;sMercéneKalbMNgEd
lCaesdækic©enaHeT,Iy. kareFVIeGaykøayeTACaRTg;RTayfμIEdlRbjab;Rbjal;
eBk rWk¾EdlRCuleBk nigRbB½n§Bn§Edlsakl,gedIm,IbgçMeGaymanTMenIb
PavUbnIykmμénkarGPivDÆn_EdlmanlT§PaBelOnmYyGacnaMeGayCaBitR)akdBMu)a
neCaKC½yeLIy. plvi)akénkarsMrbsMrYlenAkñúgRbeTskMBugGPivDÆn_ KWFMeFg
EdlfakarsMrbsMrYlenaH nwgBMuRbQmmuxTl;nwgkartMrUvxøÜnEdlBMumankarKitKUr
mYyeLIy. eRkABIenH esdækic©Cati KWGacresIbTl;nwg\T§iBlEdlbegáIteGayman
britþprNa (deflation or depressiv economics). TaMgenH mann½yfaeKBMuGac
begáIneLIgEfmeTotnUvbnÞúkBn§srubd¾FJn;F¶renaHeLIy.
eyaleTAelImUlehtuenH lT§PaBEkTMrg;énneya)ayBn§ Cajwkjab;man
RBMEdnd¾ceg¥ót CamYynwgkarkMNt;énsmtßPaBBn§. dUcenH eKRtUvbegáItnUvcMNuc
sMrab;cMNaMmYyfa etIesdækic©CatiGacRTaMRTCalkçN³esdækic©nUvbnÞúkBn§NamYy
EdlfaBMuRtUveGaymankarxUcxatnUveKalbMNgEdl)anrkSaTukCaTisedAeKalbM
NgenaH rWk¾BMuRtUveGaykat;bnßynUvkMrit rWTMhMénkarsMerceKalbMNgEdlmkdl;
eBlenaHrbs;esdækic©CatienaHeT,Iy. dUcenHsmtßPaBénBn§ KWbBa¢ak;nUvkUtaén
bnÞúkBn§Gtibrima EdlecjBIkarsegátemIlCalkççN³vinicä½yfaCaesdækic© ehIy
EdlBMuRtUvGnuBaØateGaymankarelIslb;eTAelIplRbeyaCn_énkarGPivDÆn_énRbe
TsenaHeLIy. kUtabnÞúkBn§RtUv)aneGayniymn½yrYcCaeRsc faCaplEck
énTinñplBn§elIplTunCatidul (GDP). dUcenHTaMgGs;enHsßitenAEdlfa GDP
RtUvemIleXIjfa CaGñkkMNt;dMbUgénsmtßPaBBn§ kalNaeKKNnaRtLb; GDP
eTACa per capita enaH PaBxusKñarvag per capita nigR)ak;cMNUlCamFüm
(average income) EdlsMrab;rs;ranGb,rima (basic need) KWCaGñkGacbBa¢ak;
eGayeXIjnUv {economic surplus} ehIyEdlenAkñúgkrNIRCulniymxøH GacRtUv
ykPaBelIsénesdækic©enaHCaBn§)an.
k¾b:uEnþeyageTAtammUlehtuCaeRcIn viFIsaRsþrebobenHGacmanbBaðaTaMg
edaysarkarykBn§ k¾dUcCaTaMgedaysarkarcMNayénrdæEdlRtUvhirBaØbTan
CamYynwgcMNUlénBn§enaH. bBaðaenH nwgRtUv)anelcecjeLIgnUv\T§iBlTIBIr
eTot Edledaysarkarqøgkat;TMhMEdlERbRbYlmYyénkarpÁt;pÁg;ktþaplitkmμ
k¾dUcCaedaykarqøgkat;karEbgEckktþaplitkmμnImYy²enaH )anCH\T§iBleTAelI
TMhMénR)ak;cMNUlCati. eKGacbkRsaymüa:geTotfa ³ GDP EdlenAkñúgenaH
BMu)anBicarNaeTAelIlT§plénBn§EdlTTYlykeyageTAtamTMhMénkarykBn§nImY
y²enaH KW GDP enaHGacmannUvtMélepSgvij. kñúgkrNIenHkareRbIR)as;én GDP
sMrab;kMNt;énsmtßPaBBn§ nwgCYbRbTHnUvbBaðalM)ak.
GñkkMNt;bnþeTotmYyénsmtßPaBBn§ KWrcnasm<½n§plitkmμénRbeTsEdl
CYbRbTHenaH. enAkñúgRbeTs CamYynwgcMENkd¾FMmYyénkargarenAkñúgvis½y
ksikmμ k¾dUcCamYynwgplitPaBkargarEtbnþicbnÞÜcmYyedaymUlehtumanEt
rcnasm<½n§plitkmμEdlCaeragcRktYc² nigBlkmμsIuCMerAenaH KWsmtßPaBénBn§
CaTUeTA k¾ticCagRbeTsEdlvis½yesdækic©manlkçN³CaTunsIuCMerA ehIyebIeK
eRbobeFobeTARbeTsEdlmanlkçN³TunsIuCMerAenaHmansmtßPaBBn§KWFMCag.
CabnþeTAeTotsmtßPaBénBn§GaRs½yeTAnwgTMhM rWkMriténTMnak;TMngBaNiC¢
kmμeRkARbeTsénRbeTsmYy. enAkñúgkarBitkarnaMecj nigkarnaMcUlbgðaj
eGayeXIjnUvRbPBEdlgaycab;ykbec©keTsBn§mYy edaysarEtPaBeGab
RkesabTUrelxEdlBMumanbBaðarbs;va. tamkardkBiesaFn_d¾smrmü cMENkmYy
d¾FMénBaNiC¢kmμeRkARbeTsenAkñúg GDP KWPaKeRcInqøúHbBa©aMgnUvGaMgDIkaT½r
sMrab;ÉktaplitkmμEdlFM nigTunsIuCMerAEdleFVIeGayekIneLIgnUvkMriténfvikar
nIykmμenAkñúgesdækic©mYy nigCamYyenaHRbtibtþieGayman\T§iBlCaviC¢maneTAelI
smtßPaBBn§ (tax capacity) énRbeTsenaH. TMhMénTIRkugPavUbnIykmμ nigTMhM
én]sSaPavUbnIykmμénesdækic©mYy k¾sßitenACajwkjab;enAkñúgTMnak;TMngd¾s¥it
rmYtCamYynwgTMnak;TMngesdækic©eRkARbeTsEdr. TaMgenaH)ann½yfaecjBIvis½y
BaNiC¢kmμeRkARbeTsd¾FMmYyeKGacTajecjpgEdrnUvsmtßPaBBn§d¾x<s;mYyeda
yeyaleTAelImUlehtuénskmμPaB]sSahkmμEdleyageTAtamenaH.
TnÞwmnwgktþaesdækic©TaMgenH GgÁFatuCaeRcInEdlCalkçN³sgÁm Ca
lkçN³neya)ay k¾dUcCaRbCasaRsþk¾)anCH\T§iBleTAelIsmtßPaBénBn§Edr.
rcnasm<½n§énBn§EdlCaRbePTsMrab;RbeTskMBugGPivDÆn_CaeRcInEdlkt;sMKal;ed
aysarcMENkd¾FMmYyénGMNacRKYsar bgðajeGayeXIjCajwkjab;nUvrUbsaRsþ
Ca\T§iBlkMlaMgEdlBnüWténkarykBn§d¾eCOnelOnmYy. esdækic©rYmEdlpÁt;pÁg;
xøÜnÉgrebobenH raraMgy:ageRcInnUvTMnak;TMngEdlmanlkçN³CaTIpSar Edl
lkçN³TIpSarenHsmrmüd¾FMmYyénesdækic©Cati nigeFVIeGayBi)aknUvkareGabRk
esabEdlCalkçN³Bn§énR)ak;cMNUl. ktþaEdlraraMgmYysMrab;karykBn§Edl
RKb;RKan;mYy KWCajwkjab;pgEdrsßitenAelIkMriténkarsikSaGb;rMd¾TabmYy ³
PaBBMuecHGkSr nigkarxVHxatcMenHdwgKNnI KWeFVIeGaylM)aksMrab;kardak;Bn§ nig
karGnuvtþn_énkarkMNt;Bn§. CaTIbBa©b;kMriténTIRkugPavUbnIykmμ k¾dUcCaGayukal
énRbCaCn k¾CH\T§iBlenAkñúgTMhMd¾xøaMgeTAelIlT§PaBedIm,IeFVIkarRbmUlBn§ rWk¾
Gnuvtþn_c,ab;Bn§. kñúgkrNIenH cMeBaHkarsakl,génkareGabRkesabEdlCa
lkçN³BiesaFn_niyménsmtßPaBBn§ eKRtUvEtBicarNaTnÞwmnwglkçN³vinicä½y
EdlCaesdækic©enaH nUvcMnYnCaeRcInbEnßmeToténTidæPaBEdlCasgÁm neya)ay
nigRbCasaRsþ kalNaeKcg;TTYl)annUvlT§plEdlCaPsþútageBjsmtßPaB
mYyenaH.
eyageTAtammUlehtuénPaBlM)akenH eK)ansakl,gCaeRcIn edIm,IkMNt;
smtßPaBénBn§CamYynwgkarCYyénTMhMepSg²eTot. Kaldor )antMNagnUvniekçbT
EdlfasmtßPaBénBn§RtUv)ankMNt;edaysarPaBGtierkéntMrUvkareRbIR)as;EdlCa
BitR)akdmanelIsBIkarrs;enACaGb,rima. k¾b:uEnþkarsnñidæanrebobenHk¾elc
ecjnUvbBaðaEdlCamUldæanbBaðaén GDPEdr eRBaHfamUldæanénbBaðaenHman
TnÞwmnwgkareRbIR)as;sBaØaN {karrs;enACaGb,rima (= existence minimum)”
)anTajeTAmunenAkñúgkMlugeBlnImYy²nUvkartMrUvkareRbIR)as;éneBlGnaKtEdl
xusBIkartMrUvkareRbIR)as;éneBlbc©úb,nñ. CaTIbBa¢b;karsakl,gnImYy²énkar
kMNt;énsmtßPaBBn§ naMeTAeGaymanlT§plEdlminc,as;las; eRBaHfaCamYy
enaHmanEtTidæPaBGtibrimaEdlCabec©keTsEtb:eNÑaHEdlsßitenAelIpøÚvenaH.
pÞúyeTAvijeTAelIkarTamTar énPaBl¥RbesIrénlçN³esdækic©k¾dUcCaeTA
elIGkb,kiriyaEdlCa subjectiv énRbCaCncMeBaHrdæ nigcMeBaHkarykBn§ RtUv)an
TTYlykmkBicarNaEtbnþicbnÞÜcb:ueNÑaH. enaHmann½yfa kalNaeKalkarN_
Gtibrima Edl)anbriyayenATIenHCalkçN³bec©keTsenaHRtUv)ane)aHbg;ecal
nUvTMnak;TMngCamUldæanEdlfaviFankarN¾neya)ayBn§EdlCMTas;eTAnwgKMnites
dækic© mansßitenACaeRscenAkñúgRbeTskMBugCYbRbTHenaH TaMgGs;enHGacnaM
eGaymanRbtikmμesdækic© EdlBMucg;)anenAkñúgTMhMd¾xøaMgkøamYy sMrab;GñkEdl)an
CYbRbTHCamYynwgneya)ayBn§enaH. CalT§pl brikçaTunEdlsßitenAbMrugTuukGac
RtUvkat;bnßy eRBaHGñkmankmμsiT§iTun KWBMuRbugeRbobeRbIR)as;énTunrbs;eK rWk¾eK
bBa¢ÚnEpñkmYyénTunrbs;eKeTAbreTs. karfycuHénkareRbIR)as;Tun rWbrikçaTun
rebobenHmYy GaceFVIeGaydMeNaHRsayénBn§EdlmanlkçN³bec©keTsl¥
RbesIrenaH eTACamanlT§plesdækic©GaRkk;mYy CagdMeNaHRsayénBn§Edl
manlkçN³bec©keTsBMuRKb;RKan;mYy. CaeKalbMNgsmrmü TaMgGs;enaHKW
GnuBaØatedIm,IRsavRCavsMrab;karsMerccitþGMBIEpnkarERbRbYlénBn§BitR)akd faetI
PaBeFVIeGayCaBitR)akdrbs;vanaMeTAeGaymankarsMerc)anéneKalbMNgEdll¥
RbesIrmYyCagkñúgkrNIEdlTaMgGs;enaHKWRtUv)ane)aHbg;ecalnUvPaBeFVIeGayeTA
CaBitR)akdénEpnkarenaH.
bBaðalM)akEdl)anerobrab;enATIenH BIkarkMNt;edayRtwmRtUvénsmtßPaB
Bn§ )anbNþaleGaymanGñkesdæviTUCaeRcIn)andak;sßitenACamUldæannUvTMhMvas;
esdæviTUTaMgenaH)anbegáItnUvRkumnImYy²énRbeTsEdlmanPaBesμIKñaeTAelIktþaEd
lRtUvCatMNagd¾sMxan;cMeBaHTMhMlkç½NÐénsmtßPaBBn§. CacMbgTaMgGs;enH
Tak;TgeTAnwgGaMgDIkaT½r per capita TMnak;TMngBaNiC¢kmμeRkARbeTs nigk¾dUcCa
karbUkbBa©ÚlKñaénvis½yesdækic© GDP. bnÞab;mkeK)anbkRsayeTAelImUldæan
TUrelxénRbeTsEdlRtUvykeTABicarNaTaMgGs;enAkñúgsmIkar regression mYy

EdleKsnμt;faCasmtßPaBénBn§BitR)akd.
kalNaeKdak;nUvTUrelxénGBaØatiefrTaMgbIxagelIdUcCa per capita
TMnak;TMngesdækic©eRkARbeTs k¾dUcCarcnasm<½n§énvis½yesdækic©enaH eTAkñúg
smIkarén regression eKTTYl)annUvkUtaBn§Edll¥RbesIrbMput k¾dUcCakUtaBn§
EdlRsbeTAtamsmtßPaBBn§EdlBitR)akd edayGaRs½yeTAtammUldæanén
smIkar regression enaH. kardak;RbQmKñaénkUtaBn§EdlmanRbsiT§PaB nigkUta
Bn§EdlRbesIrbMput )anbgðajCaTIbBa©b;nUvemKuNénkareRbIR)as; (coefficient of
utilization) rWk¾TMhMénkarRbwgERbgbg;Bn§ rWk¾énkarcg;bg;Bn§ (tax effort ratio)
énRbeTsEdl)anCYbRbTHenaH. kalNaemKuNénkarRbIR)as; sßitenAeRkam 1
enaHbgðajeGayeXIjsktþanuBlénBn§mankarekIneLIg.
lT§plénkarsikSaCaBiesaFn_niymenHRtwmRtUvCamYynwgTidæPaBénninñakarEdlRtU
v)anbgðajxagelI ³ karekIneLIgén per capita edaysarkUtanaMecj
nigedaysarkUtacMraj;FnFanFmμCatiman\T§iBlviC¢maneTAelIsmtßPaBénBn§BitR
)akd. karekIneLIgénkUtaksikmμ nigénkUtanaMcUlCH\T§iBlGviC¢maneTAelI
smtßPaBénBn§EdlBitR)akd. TaMgenaHmann½yfa CakarBitcMeBaHzanPaB
GPivDÆn_esdækic©EdlnwgekIneLIgGacRtUvKitCamYy²nwgkarekIneLIgmYyénskþanuB
lénkarykBn§Edr.
CaTIbBa©b;cMeBaHneya)ayNa EdlmankarekIneLIgmYyénR)ak;cMNUlrdæ
TukCakmμvtßúenaH KWeKRtUvEtecaTsYrfa etIskmμPaBEdlCalkçN³rdæ rWCaÉkCn
RtUvTajeTAmuxenAeRkamTidæPaBénesdækic©srubrWy:agNa ?. enAkñúgkarBiPakSaGMBI
TMnak;TMngrvagkardak;Bn§ nigkarGPivDÆn_esdækic©mannUvniekçbTEdlfakaryk
Bn§tictYcbegáIteGaymanviC¢maneTAelIPaBrIklUtlas;énesdækic©. EtCakarBit
kMriténkarykBn§BMuEmnCaGñkkMNt;EtÉkÉgénkarGPivDÆn_esdækic©eLIy. CaBi
esseKRtUvRbugRby½tñEdlfakarbegáItNamYyénkarykBn§GacsayPayeTAelI
karRbugeRbobénkarbMeBjkarplitEdlCa subjectiv. RbB½n§Bn§mYyEdl)an
dkBn§kñúgTMhMEdlBMuRtUv)anTTYlykBIGñkEdl)anCYbRbTHenaHGacnaMeTAeGayma
nkarbdiesdæénkarbMeBjkarplit rWk¾naMeGaymanskmμPaBxusc,ab;EdlBMuGaceFVI
eGaymankarekþabkþab;Bn§bnþeTot)an. TaMgenHRtUv)anbgðajedaykarRsavRCav
CaBiesaFn_niymrbs;elak {Arsden” EdlfaRbeTskMBugGPivDÆn_GacsMerc
eKalbMNgnUvPaBrIklUtlas;énesdækic©d¾x<s;mYy CamYynwgkarykBn§d¾Tab
edayCamYyenaHBMumaneGayekItmaneLIg nUvlT§plénkarEbgEckEdlGaRkk;
mYy. enAkñúgkrNIenHeKRtUvEtEbgEckrvagsmtßPaBénBn§EdlCabec©keTs nig
karykBn§EdlmanRbeyaCn_Caesdækic©.
2>4>2> lT§plGtiprNaénneya)ayBn§
RBMEdnbnþeTotmYyénkarEkrTMrg;neya)ayBn§sßitenAEdlfalT§plEdlCa
GtiprNa GacTajecjCalT§plBIkarekIneLIgénBn§. \T§iBlbkeRkayén
lT§plGtiprNaenHGacbegáIteGayman PaBviC¢maneTAelIdMeNIrkarénkarGPi
vDÆn_esdækic©srub. TaMgcMeBaHkarekIneLIgmYyénBn§edayRbeyal k¾dUcCaTaMg
cMeBaHkarekIneLIgénBn§edaypÞal; KWRtUvEtKitCamYynwgkarepÞrTaMgRsugénBn§
Edl)anbkRsayxagelI. qøgkat;bBaðaenHRkahVikénkarpÁt;pÁg;EdlCaesdækic©
sarubrMkileLIgeTAelI.
karekIneLIgénéføEdlCalT§plecjBIkarekIneLIgénBn§GacemIlenAkñúgrU
bxageRkam. enAkñúgrUbPaBenaH kahVikénkarpÁt;pÁg; nigénkartMrUvkarEdlCa
esdækic©srubénkMlugeBlcab;epþImRtUv)anKUr KWRkahVIk A nigRkahVik N . Ca
I I
lT§plénkarekIneLIgénBn§RkahVikénkarpÁt;pÁg;)anrMkilxøÜneTAelI KWRkahVik A 2
kalNaeKsnñidæanRsbeBlCamYyenaHEdlfaR)ak;cMNUlénBn§d¾x<s;enaHRtUv)an
cMNayenAkñúgTMhMd¾eBjeljénrdæ nigel,ÓncracrénluyBMuRtUv)anERbRbYlpg
Edr eTAtamviFankarN_sMrbsMrYlEdlCalkçN³ÉkCnenaH enaHneya)ayBn§
énrdæ KWKμan\T§iBleTAelITMhMéncMnYnfvika nigCamYyenaH eTAelIsßanPaBéntYnaTI
énkartMrUvkarEdlCaesdækic©sarub ³ N mansuBlPaBTaMgenAeBlmun k¾dUcCa
1
TaMgenAeBleRkayénkarekIneLIgénBn§ RkahVikenH KWCaRkahVikénkartMrUvkarEdl

sMxan;mYy. CamYykarrMkilEdlbNþalmkBIBn§ RkahVikkarpÁt;pÁg;)aneFVIeGay
ekIteLIgnUvkMritéføBI P eTA P TnÞwmnwgR)ak;cMNUlBitfycuHBI X eTA X .
1 2 1 2
k¾b:uEnþkarekIneLIgenAéføenH GacbegáIteGaymannUvkarrMkileTAsþaMmYyén
RkahVikkartMrUvkar kalNaesdækic©RKYsarmanbMrugTukBMuRtwmEtebLasac;R)ak;
énkarepÞrskmμPaBmYyb:ueNÑaHeT eRkABIenHGMBIebLasac;R)ak;énkarRbfuyRbfan
mYy (speculation cash) pgEdr.
qøgkat;karekIneLIgénBn§RtUv)anelcecjeLIg nUvkarepÞrmYyénkartMrUvkar
EdlCaÉkCn eTAkñúgkartMrUvkarEdlCardæ. dUcenHebLasac;R)ak;énkarepÞr
skmμPaB (transaction) EdlCaÉkCn EdleRbIR)as;sMrab;hirBaØbTanéntMrUvkar
EdlCaÉkCnRtUv)anfycuH ehtuenHkalNaCaÉkCneKRtUvRbugeRbobedIm,I
TTYlykkarfycuHéntMrUvkarenH. cMeBaHbBaðaenH Kat;RtUvbMeBjebLasac;R)ak;
énkarepÞrskmμPaB edaydksac;R)ak; rWk¾TMlak;bnÞúkeTAelIebLasac;R)ak;énkar
RbfuyRbfan edIm,IrkSa)annUvkMriténkartMrUvkarcas;rbs;Kat;. enAkñúgRbeTs
kMBugGPivDÆn_ebLasac;R)ak;RbfuyRbfanBMuRtUv)anrkSaTukedayCajwkjab;ecjBI
karCMrujénkarR)ak;eLIy eRBaHenAkñúgEpñkesdækic©NamYyEdlBMuTan;manbMrugnUv
ehdæarcnasm<½n§hirBaØvtßúRKb;RKan; karCMrujenaH KWmankarBi)akedIm,IeFVIeGaykøay
eTACakarBit. enATIenHTMhMénebLasac;R)ak;énkarRbfuyRbfan RtUvRKbdNþb;
elIslb;CacMbgedaylT§PaBsMrab;karTijénplitpleRbIR)as;. enAkñúgkrNI
enH plénkarekIneLIgBn§ KWmanEtkardak;bnÞúkeTAelIebLasac;R)ak;énkarRbfuy
RbfanEdleFVIeGayekIneLIgnUvel,Óncracrénfvika nigeFVIeGaymankarrMkil
RkahVikénkartMrUvkareTAsþaMenaH. TaMgenHmann½yfakarfycuHénplitplsgÁm
EdlBIedImdMbUgRtUv)ankat;bnßy EtpÞúyeTAvijlT§plénkarekIneLIgéføRtUv)aneFVI
eGayxøaMgkøa.
k¾b:uEnþkarRsavRCavEdlCaBiesaFn¾niymCaeRcIn )anpþl;eGayeXIjfa
lT§plenHelcecjCaTUeTAexSay. kñúgkrNIenH TaMgGs;enH KWsnñidæanCakar
Bit)anfa karekIneLIgéntMrUvkarEdlCaÉkCnsnμt;faBMuRKb;RKan;eLIy edIm,I
begáIteLIgvijnUvkMriténR)ak;cMNUlBit X Edlcas;enaH. k¾b:uEnþenA kñúgkrNIenH
1
kNþab;édsaFarN³GaceFVIeGaymankarrMkilRkahVik énkartMrUvkarrhUtdl;sßan
PaB N edaymeFüa)ayénkarBRgIkcMnYnfvikarbnþeTAeTot. bnÞab;mkCalT§pl
2
eKTTYl)anBitR)akd X k¾b:uEnþkMriténéfø Edlx<s;FmμtamYyKW P . ecjBIenH

1 3
eKGacemIleXIj EdlfalT§plekIneLIgénéføCadMbUgedayBIkarykBn§d¾x<s;
GacRtUv)aneFVIeGayxøaMgkøaedayqøgkat;kartMrUvkarEdlCalkçN³fvikarbEnßmmYyé
nÉkCn nigénrdæ. cMeBaHkarRbugRby½tñsMrab;karsmøwgryHeBlyUr lT§pl
énsmtßPaBénkarvinieyaKTunEdlRtUvhirBaØbTanedaysarBn§ GacbegáItnUvkar
kat;bnßyénlT§plénkarekIneLIgénéføCadMbUgenH.
TnÞwmnwg\T§iBlRtLb;eRkayTUeTAedayGtiprNaEdl)anbkRsayrYceTAe
lIkarGPivDÆn_esdækic© KWTaMgenHenAmansMrab;bgðajeToteTAelIkarERbRbYlEdl
GaRs½yeTAnwgGtiprNaénkUtasnSM. CamYyenH RtUvEtKitKUrCanic© kalNatarag
tMélénBn§EdlekIneLIgCalMdab; (progressiv) mYymansßitenA. kalNatarag
tMélBn§enaH manninñakareTArkTMhMFmμta enaHecjBIGtiprNamannUvlT§pl
énkarekIneLIgmYyénkUtaBn§. TaMgenHGaccUlrYmcMENkpgEdrsMrab;TMhMén
karsnSMd¾x<s;mYy kalNakarcMNUlénBn§Edlx<s;RtUv)anhirBaØbTanqøgkat;
karkat;bnßymYyénkareRbIR)as;BitEdlCaÉkCn nigRtUv)aneRbIR)as;sMrab;eKal
bMngénkarvinieyaKTun.
k¾b:uEnþRck;EdlRtUv)anbkRsayrYcmkehIy mann½yfaBn§edaypÞal;EdlCa
TUeTACaRbePTBn§EdlekIneLIgCalMdab; (progressiv) KWmantYnaTId¾tictYcmYyenA
kñúgRbeTskMBugGPivDÆn_bc©úb,nñ. ecjBImUldæanenH cMeBaHcMENkd¾tUcmYyén
karcMNUlBn§srub GRtaGtiprNa)anCH\T§iBleTAelIkarekIneLIgEdlsma
maRtelIslb;mYy. TaMgenH mann½yfaCa {PaBekIneLIgCalMdab;d¾RtCak;mYy =
cold progression”. Bn§edayRbeyalEdlelIslb;enAkñúgRbeTskMBugGPivDÆn_
RtUv)antMelIg ¬ykBn§¦ TaMgeTAelIéfø rWk¾TaMgeTAelIÉktacMnYn. kalNaeK
smøwgCalkçN³TUeTAeTAelIkarrMkilénrcnasm<½n§ enaHkarykBn§EdlykeTAelI
éfø nwgekIneLIgsmamaRteTAnwgplitplsgÁmdMbUg cMeBaHkarekIneLIgénéføTUeTA
mYy. ÉcMENkénkarcMNUlrbs;rdæTak;TgeTAnwgplitplsgÁmBMuERbRbYleLIy
edayqøgkat;bBaðaenH. BMumansmamaRtRKb;RKan;ekIneLIgéncMNUlénBn§Na
EdlRtUv)anykeTAelITMgn; cMnYn rWrgVas;éncMNuHeT,Iy eRBaHfaTMhMmUldæanTaMg
enH BMuRtUvTTYl\T§iBledayGtiprNaeLIy.
k¾b:EnþRbePTénkarykBn§edayRbeyalrebobenH sßitenAkñúgRbeTskMBug
GPivDÆn_ekIteLIgCajwkjab;tictYc edaysarEtkarlM)akénkardak;Bn§rebobenH.
rvagRbtikmμénBn§eTAelIcMnYnEdlCaBn§§edayRbeyal nigRbtikmμénBn§edaypÞal;
ekIteLIgpgEdrnUv tulüPaBd¾BitR)akdmYy ³
RkumTImYyrIklUtlas;CamYynwgGtiprNaEdlsmamaRtBMuRKb;RKan; ÉRkum
TIBIrrIklUtlas;smamaRtelIslb;. dUcenHmanEtkarBnül;Edll¥itl¥n;mYyén
TMnak;TMngBitR)akd GacGnuBaØatCaTIbBa©b;mannUvkarvinicä½ymYyGMBIfaetIGRtaGti
prNaEføgR)ab;nUvkarekIneLIgEdlsmamaRtBMuRKb;RKan; rWk¾EdlsmamaRtelIs
lb;mYyénkarcMNUlBn§cMeBaHRbB½n§Bn§Edlpþl;eGaymYy nigCamYyenaHGacEføg
R)ab;nUvlT§PaBEdlkan;EtRbesIreLIg rWk¾Edlkan;EtGaRkk;eLIgénkarbegáItTun
EdlCalkçN³rdæ.
3> viFankarN_neya)ayénkarcMNay
3>1> rcnasm<½n§énkarcMNayénrdæ
enAkñúgRkbx½NÐénneya)ayhirBaØvtßú rdæBMuRtwmEtmankarqøgkat;Epñkénkar
cMNUleT eRkABIenHk¾qøgkat;EpñkénkarcMNayfvikaEdr eRBaHedIm,ImanlT§PaB
sMrab;kareFVIeGayman\T§iBleTAelIkarsMerceGay)anéneKalbMNgEdlCaneya
)ayGPivDÆn_. sMrab;kareGabRkesabEdlkan;EtRbesIrénlT§PaB\T§iBlenH eK
eGaydMbUnμaneGayeFVIkarEbgEckbnþeToténkarcMNayrdæenAkñúgRkuménkarcMNa
ydUcteTA ³
a). cMeBaHRkumkarcMNayrdæTUeTA eKeGabRkesabCarYmnUvkarcMNayNa
EdlrdæeFVIskmμPaBsMrab;RKbdNþb; rWCakarcMNayénkartMrUvkarpÞal;xøÜn rWk¾énkar
tMrUvkaredIm,IPaBsßitesßrrbs;rdæ. enATIenHrab;bBa©ÚlCacMbgnUvkarcMNaysMrab;
karRbtibtþiéntYnaTIRKb;RKg rWcat;Ecg (management) tYnaTIrdæ)al nigtYnaTI
snþisuxénrdæ. karcMNayenH CamUlehtuenAkñúgPaBcaM)ac;énkarmansßitenA
énrdæ. k¾b:uEnþkarcMNayenHk¾bgðajCalkç½NÐmYypgEdr sMrab;dMeNIrRbRBitþén
esdækic©EdlmanrebobrbbmYy eTaHbIkarcMNayenaHmanGtßn½yc,as;las;Ca
kareRbIR)as;EdlCalkçN³rdæk¾eday.
b). cMeBaHRkuménkarcMNayrdæEdlmanlkçN³esdækic© rab;bBa©ÚlCaBiess
nUvkarcMNayNaEdlTak;Tgnwgplitpl nigesva:kmμEdlrdæTukbMrugmkvijsM
rab;esdækic©ÉkCnTukCaR)ak;edImedayBMuTajykcMNUlenAkñúgTMrg;Edlpøas;bþÚrmY
y nigEdlCamYyenHcUlrYmcMENksMrab;karekIneLIgénplitkmμEdlCaÉkCn.
]TahrN_cMeBaHRkuménkarcMNayenHmandUcCa karcMNaysMrab;sßabna nigrkSa
ehdæarcnasm<½n§. k¾b:uEnþR)ak;]btßmÖFn (subsidies) EdlRtUvFanaCamYynwg
eKalbMNgénkareFVIeGayman\T§iBleTAelIdMeNIrRbRBitþénesdækic©ÉkCn rWk¾rdæk¾
RtUv)anrab;bBa©ÚlenATIenHEdr.
c). RkuménkarcMNaysMrab;sgÁm rab;bBa©ÚlP¢ab;CamYynUvkarcMNayénkar
epÞrTaMgGs; (transactions) Edl\T§iBledaypÞal;rbs;va manRBMEdnEteTAelI
karEbgEckrYménR)ak;cMNUl eTaHbIGacecjBIkarcMNayenHmannUvedayRb
eyalénlT§plTak;TgnwgkarEbgEckktþaplitkmμ (factor allocation) niglT§
plénkarekIneLIgTun (capital accumulation) k¾eday.
enAkñúgcMnucmUldæanénGtßbTCaeRcIn cMeBaHlT§plkarvivDÆn_énkarcMNay
rbs;rdæenAkñúgRbeTskMBugGPivDÆn_sßitenAelIbBaðaénkarcUlrYmsMrab;karbegáItTun
énesdækic©Cati. cMeBaHkarviPaKeTAelIcMNUlBn§RtUv)anelIkeLIgrYcCaeRsc
EdlfakarpSarP¢ab;ya:gs¥itrmYtmYyrvagskmμPaBénrdæ nigkarbegáItTunEdlCa
ÉkCn KWekItmaneLIg. TaMgenHGacKitfamanTMnak;TMngmYy EdlCamYyTMnak;
TMngenaHlT§PaBénneya)ayBn§EdlRtUv)anBiPakSanaMeGayCaBitR)akdmankare
kIneLIgénkarsnSMEdlCalkçN³rdæ k¾b:uEnþEtkñúglkçxNÐEdlfakarcMNUlBIBn§
enHBMuRtUv)aneRbIR)as;sMrab;hirBaØbTanénkareRbIR)as;EdlCalkçN³rdæeT,Iy.
k¾b:uEnþbBaðaenH CalT§plTMlak;bnÞúkeTAelIkarsnSMEdlCalkçN³ÉkCn.
lT§plénkarsnSMEdlviC¢man enAkñúgKMniténkarkat;bnßycenøaHRbehagénkar
snSM nigCamYyenaH enAkñúgKMniténkarbegáItsnÞúHénPaBrIklUtlas; KWminRtUvrMBwg
eGayCaBitR)akd)aneLIy eRBaHkrNIénkarxVHxatTunEdlCamUlehturaraMgkar
GPivDÆn_ KWGacbNþalmkvijnUvkarxVHxatTunsMrab;karsnSM. k¾b:uEnþenAkñúgsßan
PaBrebobenH GacmansMrab;rdæCamYynwglT§PaBénkarlHbg;eTAelIviFankarN_
EdlCaneya)aycMNUlbEnßmeTot nigk¾b:uEnþRtUvbegáInénkarsnSMrbs;rdæ.
cMeBaHkarcMNUlEdlpþl;eGaydUcbBaðaxagelIGacsMerc)aneCaKC½y Et
edayqøgkat;karEkTMrg;énkarcMNay. eyageTAtamelak Adic nig Peacock
sBVéf¶enHenAkñúgRbeTsCaeRcIn karBicarNaénneya)ayfvikasMrab;kareFVIeGay
kan;EtRbesIreLIgénkarsMerceKalbMNgEdlCaneya)ayGPivDÆn_ KWTak;TgPaK
eRcInEteTAelIEpñkcMNUlénesdækic©rdæEtb:ueNÑaH. pÞúyeTAvijviFankarN_EkTMrg;
eTAelIEpñkcMNayeRcInEtelIkElg eTaHbIenAkñúgkrNICaeRcInkarEkrTMrg;;eTAelI
EpñkenHekIteLIgnUvP½BVsMNagd¾FMpgEdr sMrab;karbegáInsnÞúHénkarGPivDÆn_dUcCa
CamYynwgneya)ayBn§Edr. kalNaeKcab;epþImecjBIrcnasm<½n§énkarcMNay
rbs;rdæEdlcab;epþImpþl;eGaymYyenaH karekIneLIgénkarsnSMrdæcMeBaHcMNUl
EdlRtUv)anpþl;eGaymYy KWGacmanlT§PaBeTAekItluHRtaeKGackat;bnßynUvkar
eRbIR)as;EdlCalkçN³rdæ k¾dUcCakarcMNayénkarepÞrepSg² (transactions).
CamYynwgkarCYyrbs;karsnSMenH karvinieyaKEdlCasaFarN³RtUv)anhirBaØb
Tan. EtkarBinitüenAkñúgKMeragfvikarCatiénRbeTskMBugGPivDÆn_bgðajeGay
eXIjkarcMNayCakarepÞreTAelIesdækic©ÉkCn rWesdækic©RKYsar KWBMuCaFMdMueLIy
rWk¾KμanGtßn½y. dUcenHkarkat;bnßyénkarepÞrenH GacekIteLIgEtkñúglT§PaB
kMNt;dUcCakarRtUvXaMgTb;énkargarsgÁmEdlrdæ)anTTYlykCaedIm. ehtuenH
karviPaKCabnþbnÞab;RtUveGabRkesabEtCamYynwglT§PaBeRCIserIsénkareRbIR)as;
éncMNUlrdæ sMrab;TisedAénkareRbIR)as; rWk¾TisedAénkarvinieyaKEdlCalkçN³
rdæ. CamYyenH eKKYEtcab;GarmμN_ rWBicarNaEdrfakarkNt;lkçN³rvagRbePT
énkarcMNayTaMgBIr KWeRscEtcitþrhUteTAdl;kMrithYsRbmaNNamYyeT,Iy.
dUcenHlkçN³vinicä½yénkarEbgEck rWkarkMNt;lkçN³EdlsMxan; KWCary³eBl
énkarsßitenAEdlRtUvrMBwgrbs;plitplEdlRtUvCYbRbTHenaH ³ kalNaBak;B½n§
eTAnwgplitplsMercEdlRtUvplit rWk¾Tijedayrdæ ehIyEdlRtUvtMrUvkarTnÞwmnwg
fvikaRbcaMqñaMrbs;CatienaH KWsßitenAkñúgkarcMNayCakareRbIR)as;. eRkABIenH
eKrab;bBa©ÚlpgEdr nUvkarcMNayeTAelIvis½ykarBark¾eTAkñúgkareRbIR)as;rbs;rdæ
Edr. pÞúyeTAvij kalNaplitplEdlCYbRbTHenaH BMutMrUvkarenAkñúgkMlugfvikar
RbcaMqñaMEdl)anCYbRbTHenaHeT TaMgenHBak;B½n§eTAnwgplitplvinieyaKTun.
3>2> lT§PaB nigRBMEdnénkarkat;bnßyénkareRbIR)as;EdlCardæ

eyageTAtambMNkRsayénesdæviTUepSg² karcMNayénrdæenAkñúgRbeTs
kMBugGPivDÆn_ KWelIsTMhM (over dimension) enAkñúgTMnak;TMngsMrab;TMhMénkar
cMNaysrubrbs;rdæ. dUcenHedIm,IeGayTMhMénkarsnSMEdlCaesdækic©CatiekIn
eLIg eKRtUveRbIR)as;cMNUlrbs;rdæEdlsMrab;eKalbMNgeRbIR)as;enaH eTACa
sMrab;eKalbMNgvinieyaKvij. eyageTAtamkaremIleXIjrbs;elak Please
karlMeGogsMrab;eKalbMNgkareRbIR)as;ecjBIkarekIneLIg énR)ak;cMNUlenAkñúg
RbeTskMBugGPivDÆn_ KWx<s;ebIeRbobeFobeTA eRBaHfaGñkneya)ayenAkñúgRbeTs
enHCajwkjab; KWBuMmansmtßPaB k¾dUcCalT§PaBedIm,IeFVIEpnkarnUvkarcMNay
EdlRbRBitþeTAenaHeGaymansßitenATukbMrugenAkñúgTMhMd¾RKb;RKan; énmeFüa)ay
hirBaØvtßúsMrab;karvinieyaKTunEdlmanlkçNCaplitkmμenaHeT. qøgkat;bBaðaenH
TaMgenHvaekIteLIgnUv de facto cMeBaHPaBGaRs½yénkarcMNayénkareRbIR)as;
EdlCasaFarN³ya:geRcInBIkarcMNUlBIBn§ TnÞwmnwgTMhMénkarvinieyaKCasa
FarN³manya:gtictYcBIkarcMNUlBIBn§d¾x<s;enH.
eyaleTAelITMnak;TMngenH k¾dUcCaeyaleTAelI\T§iBlRtLb;énneya-
)ayBn§eTAelIkarsnSMCaÉkCnEdlRtUv)anBiPakSarYcBImunenaH KWGacekIneLIgnUv
eRKaHfñak;EdlfakarekIneLIgénGRtabnÞúkBn§naMeTAeGaymankarfycuHmYyénGRta
snSMsMrab;esdækic©Cati. bBaðaenHeKeGayeQμaHfa :Please–Effect :.
k¾b:uEnþeKBMuGacTTYlyknUvlT§plenH sMrab;Ca»kasedIm,IbdiesdænUvlT§
PaBEdlRtUv)anBiPakSaBImunénkareFVIeGaykan;EtRbesIreLIgénhirBaØvtßúsMrab;GPiv
DÆn_énma:RkUesdækic©edaysarEtkarykBn§sIuCMerAenaHeT,Iy ³ sMrab;müa:g krNI
CaeRcIn)anbgðajeGayeXIjenAkñúgenaH mankarekIteLIgnUvshTMnak;TMng
(correlation) EdlviC¢manxøaMgkøamYyrvagGRtabnÞúkBn§ nigGRtaBn§.
ÉsMrab;müa:geTot PaBGsmtßPaBénrdæaPi)alnImYy² edIm,IeRbIR)as;karekIneLIg
éncMNUlBIBn§sMrab;hirBaØbTan cMeBaHkarvinieyaKBMubgðajeGayeXIjnUvPsþútag
sMrab;PaBBMuGacsßitmanenAEdlCamUldæanénlT§PaBrebobenHeLIy. dUcenHedIm,I
eFVIeGaykan;EtRbesIreLIgénhirBaØvtßúsMrab;GPivDÆn_ma:RkUesdækic© ]bsKÁneya
)ayFM²RtUvEtelatrMlg edIm,Idak;nUvdMeNIrkarénkarsikSaeGayenAkñúgclna
sMrab;rdæaPi)al.
CabnÞab;mkeTotmannUvsMnYEdlecaTeLIgeTotfa etIEpñkGMeNayplNa
mYy kñúgcMeNamkareRbIR)as;rbs;rdæsMrab;karkat;bnßyrebobenH GnuBaØatiTTYl
)annUvplRbeyaCn_énkarbegáInkarvinieyaKsaFarN³eGay)anya:gxøaMgenaH.
enATIenHRtUvBicarNaEdlfa sMrab;EpñkénkareRbIR)as;EdlCasaFarN³ KWrab;
bBa©ÚlnUvkarcMNayCaeRcInEdlbgðajCakarcMNayEdlCaplitkmμ nigcUlrYm
cMENkedaypÞal; nigedayRbeyalsMrab;karbNþúHbNþalénTunFnFanmnusS.
TidæPaBenH CYbRbTH]TahrN_eTAelIkarcMNayCaeRcInenAkñúgEpñkEdleKehAfa
{Basic Needs} mann½yfakarcMNaysMrab;es,ogGahar suxPaB karksarTICMrk
nigkarGb;rMbNþúHbNþal. cMENkrbs;karcMNayenHenAkñúgkarcMNaysrub
énrdæaPi)alkNþalRtUvCaeRcInCag 40% eTAeTotsMrab;RbeTskMBugGPivDÆn_xøH.
karkat;bnßymYyénkarcMNayenH edIm,ICaplRbeyaCn¾énkarvinieyaKsaFarN³
GacnaMeTAeGayBMumankarbnþeTotcMeBaHkarBnüWténel,OnkarGPivDÆn_esdækic©eT,Iy
CMnYsenHeTAvijmanEtkarbegáInsnÞúHEfmeTot.
k¾b:uEnþPsþútagenH eKBMuGacCakrNITUeTAenAeLIyeT. CaBiessTidæPaBén
kareRbIR)as;EdlCaplitkmμenH BMuTan;RtUvGackøayeTACaEpñksrubénkareRbIR)as;
EdlCasaFarN³enAeLIyenaHeT. cMeBaHkareRbIR)as;EdlCasaFarN³RtUvrab;
bBa©ÚlpgEdr ]TahrN_dUcCakarcMNayeTAelIbuKÁlik nigsMPar³sMrab;rdæ)al
k¾dUcCakarcMNayeTAelIvis½ykarBarEdlTaMgBIrenHRtUv)anemIleXIjCajwkjab;
faGRbsiT§PaB (inefficient). k¾b:uEnþya:gticbMMputCakarcMNayelIsTMhM enAkñúg
kareRbobeFobcMeBaHlT§plplitPaBEdlGacmanlT§PaBrbs;va. cMeBaHEpñk
cMNayTaMgBIrmancMnYnelIsBIBak;kNþalénkarcMNayénrdæ dUcCaenAkñúgRbeTs
kMBugGPivDÆn_xøHbgðajeGayeXIjcMENkénkarcMNaysMrab;vis½ykarBarenAkñúgk
arcMNayénrdæaPi)alkNþal KWeRcInCag 10% eTAeTot TnÞwmnwgGRtaenHeK)an
eXIjmanEtenAkñúgRbeTsEt 2 b:ueNÑaHenAkñúgcMeNamRbeTs]sSahkmμEdl
RtUv)anelIkykmkBicarNaenaH. enHmann½yfaenAkñúgkrNICaeRcInmansßitenA
esssl;nUvskþanuBlbnþeTotmYyénviFankarN_karsnSMrbs;rdæ EdlkareFVIeGay
sMerc)ankarsnSMenaHGacGnuBaØatieGaymannUv\T§iBlCaviC¢maneTAelITMhMénkar
sMerceKalbMNgénTisedAtYnaTIEdlCaesdækic©srub.
3>3> lT§§PaB nigRBMEdnénkarEkrTMrg;énkarcMNayeTAelIkarvinieyaKTun

EdlCarbs;rdæ
TnÞwmnwgkarkat;bnßyénkareRbIR)as;EdlBMuplitkmμ k¾mankarekIteLIgCa
jwkjab;pgEdrnUvlT§PaBedIm,IbegáInRbsiT§PaB (efficiency) énkareRbIR)as;én
karsnSMCaesdækic©srub. k¾b:uEnþenAkñúgkrNICaeRcInrcnasm<½n§énkarvinieyaKTun
EdlCasaFarN³BMu)anbgðajeGayeXIjnUvTMrg;NaEdlRtUvmanenAkñúgplRbeya
Cn_éneKalbMNgénkarGPivDÆn_esdækic©eT,Iy.
TaMgenHmann½yfa\T§iBlénkarsMEdg rWkarsMEjgEdleK)anCYbenAkñúg
vis½yÉkCnk¾RtUv)aneXIjCajwkjab;enAkñúgvis½ysaFarN³Edr. RbePTlT§pl
énkarsMEjgenAelIépÞrdæ KWCakarlMeGogeTAelIkarvinieyaKRbNitEdlmantMél
(prestig investment) BMuCaplitkmμ. karvinieyaKenHRsUbyknUvmeFüa)ay rWTun
EdlkMBugsßitenAkñúgsPaBxVHxat ehIyEdlecjBIkarvinieyaKenH KWBMumannUv
lT§plénsmtßPaBEdlCaskþanuBlNamYyeLIy. Ca]TahrN_dUcCakarsg;
rWsßabnanUvvimanrdæaPi)alfμI²CaeRcIn sNæaKarTTYleP¶ovFM² sMNg;bUnIydæanFM²
k¾dUcCakarRbtibtþiénkarcMNaysMEjgeTAelIEpñkeyaFa nigkarTijGavuFyuT§P½NÐ
EdlCajwkjab;BMumantMélCayuT§saRsþenaHeLIy.
TnÞwmnwgkarcMNayénkarsMEjg nigkarbgðajenaH k¾mannUvKMeragxøHeTot
EdrEdlelatrMlghYsBIkarsMEjgenaH. TaMgGs;enaH ]TahrN_dUcCakar
sßabnaya:gqab;rh½s rWk¾hYsmaDéncMNtynþehaHqøgTVIb shRKasénRkumh‘un
GakascrCati sMNg;eragcRkGKÁIsnIFM² RbB½n§pøÚvfñl;FM²xVat;ExVg. l. nig. l.
karcMNayenH CacMbgbMerIbMras;nUvneya)ayk¾dUcCakariyaFibetyüEtb:ueNÑaH KW
BMumanTisedAeTArkkarGPivDÆn_esdækic©Catid¾manRbsiT§iPaBeLIy eRBaHfakrNI
enHktþaplitkmμEdlkMBugxUtxat rWxVHxatenaHRtUv)antMrUvkarBMusmRsbeTAtam
TisedA ³ kareRCIserIsKMeragBMumanninñakareTArklMdab;fñak;énGtßiPaBEdlCa
lkçN³esdækic©eLIy.
CaBitR)akdlT§plénkarsMEjg rWk¾énkarbgðajenHGacCaclkrén
esdækic©sMxan;mYyEdr. k¾b:uEnþvaGacbegáItnUvkarraraMgénkarGPivDÆn_pgEdr. Ca
mYynwgenHBiessRtUvBicarNa kalNaecjBIeKalbMNgEdldak;eGayx<s;enaH
BMuRtUvTajecjnUvlT§plEdlCasniTan nigEdlRtwmRtUvenAkñúgTMnak;TMngén
KMeragEdlTamTarenaH nigénTunsMPar nigTunFnFanmnusSEdlRtUvcaM)ac;sMrab;
karRbtibtþirbs;KMeragenaH. lT§plplitkmμEdlBMuRKb;RKan;mYyénKMeragnImYy²
GacbNþaleGaymankarxUcxaténesdækic©Catisrub Edl KWCakarxUcxatGacRtUv
kat;bnßycMeBaHkareRbIR)as;EdlCasniTanmYyéncMNUlsaFarN³.
CaBitR)akdeKRtUvEtRtYtBiniüeTAelITMnak;TMngkrNInImYy²fa etIecjBI
RbePTénkarcMNayEdlBitR)akdmYymannUvlT§plGPivDÆn_EdlviC¢man rWEdl
GviC¢man rWk¾KμanTal;EtesaH.
3>4> karcMNayénrdæ nigkarEbgEckR)ak;cMNUl

karviPaKnImYy²nUvRbePTcMNayrbs;rdæepSg²EdlTamTarenATIenHBMuRtUv)a
nGnuBaØateGaymanRBMEdnEteTAelIkarcUlrYmcMEnkénPaBrIklUtlas;énneya)ay
hirBaØvtßúEtb:ueNÑaHeT. karviPaKenaH RtUvEtBicarNabEnßmeTotpgEdrnUv\T§iBl
énneya)ayhirBaØvtßúeTAelIkarEbgEckR)ak;cMNUlénGnþr³buKÁl. enAeRkam
TidæPaBenH karsMxan;énTMnak;TMngEpñkcMNayfvikardæBMuecjmkCaTIbBa©b;Edlfa
kñúgkrNIénRbB½n§Bn§Edlman\T§iBlvDÆn³enaHmanbgðajEteTAelIkrNIéneKalbM
NgEbgEckNaEdl)ankat;bnßyénkarRbmUlpþMúénR)ak;cMNUlsßitCakmμvtßúb:ueNÑ
aHeT. pÞúyeTAvijkarfycuHEdlRsbKñaenaHEdrk¾mancMENkénRbCaCnEdlrs;
enAkñúgsßanPaBRkIRkdac;xat KWBMuRtUv)anBicarNaKitKUredayneya)ayénBn§enH
eLIy ebIsinNaCaeKsmøwgCalkçN³TUeTAEtmþgénlT§PaBlT§pledayRbeyal
]TahrN_dUcCaGMBIkarekIneLIgénkargarEdlbNþalmkBIneya)ayBn§mYyenaH.
enATIenHneya)ayhirBaØvtßúRtUvEtlUkédeFVIkarEksMrYleTAelIEpñkénkarcMN
ayfvika. k¾b:uEnþkñúgenaHpgEdr cMeBaHkarfycuHmYyéneKalbMngEbgEckeTAelI
karkat;bnßyénkarRbmUlpþúMénR)ak;cMNUl KWBMuRKb;RKan;sMrab;karviPaKénlT§pl
EbgEckénneya)ayBn§eLIy eRBaHfalT§plEbgEcksuT§ (net distribution
effect) énskmμPaBrbs;rdæBMuGaRs½yeTAelIEtfa GñkNaEdlErkBn§nUvbnÞúkBn§
enaHeT eRkABIenHk¾GaRs½ypgEdrfa GñkNaEdlTTYlenAkñúgkarRsUbnUvpl
RbeyaCn_BIkarcMNayEdlRtUvhirBaØbTanenATIenaH. TaMgenH KWsnñidæanfaviFan
karN_EdlCaneya)ayes,ógGaharEdlmaneKalbMNgCacMbgnUvkarpÁt;pÁg;Ed
lRtUvkan;EtRbesIrmYYyCamYynwges,ógGaharCamUldæan RtUv)anmkdl;GñkRk
dac;xatPaKeRcIn. )ann½yfaecjBIviFankarN_enaH cMeNjCacMbg KWRkum
RbCaCnNaEdlsßitenAEpñkxageRkaménBIra:mIdénR)ak;cMNUl. k¾dUcKñaenHEdr
kalNaviFankarN_enH RtUv)anhirBaØbTanCamYykarCYyénBn§Edlman\T§iBl
GvDÆn³k¾eday k¾lT§plsuT§énviFankarN_enHk¾GacenACakar]btßmÖ rWkarRTRTg;
énkarEbgEckEdr ³ TMnak;TMngenHGacecjCarUbrag kalNa\T§iBlEdlxUcxat
énkarEbgEckecjBIneya)ayBn§RtUv)anTUTat;elIslb;eday\T§iBlEdl]btßmÖ
rWRTRTg;énkarEbgEckecjBIneya)aycMNay.
Psþútagc,as;las;d¾tictYcénkarBicarNaeTAelIlT§plénkarEbgEckCag
kñúgkrNIsßanPaBénes,ógGaharxagelI k¾GacTTYl)ancMeBaHviFankarN_EdlCa
mYynwgviFankarN_enaH kareFVIeGaykan;EtRbesIreLIgmYyénsßanPaBsuxaPi)al
sßanPaBTIlMenA nigsßanPaBénkarGb;rMbNþúHbNþal ³ enATIenH TaMgGs;hñwg
GaRs½yeTAnwgnimμitkmμ rWkarerobcMcat;Ecgd¾c,as;las;énviFankarN_edaysegát
emIleTAelIlT§plénkarcMNayrbs;va faetIviFankarN_enaH manenAsl;én
smaCiksgÁmEdlRkIRkPaKeRcInEdrrWeT rWk¾etIecjBIviFankarN_enaHmankar
cMeNjeTAelIbuKÁl rWsmaCiksgÁmEdlsßitenArYcCaeRscenAkñúgtYnaTIénR)ak;
cMNUlEdl)anGnueRKaHrYcCaeRscehIyenaHrW?. ]TahrN_ dUcCakarBinitüeTA
elIkarcMNaysMrab;vis½yGb;rMsaFarN³ dUcCakar]btßmÖrbs;rdæsMrab;karGb;rMenA
saklviTüal½yCaedIm faetIsmaCiksgÁmEdlRkIRkPaKeRcIn)anTTYl rW)an
cUlrYm rWeRbIR)as;énkarGb;rMd¾x<s;enaHEdrrWeT.
TidæPaBdUcKñaenHEdreKeXIjmankñúgvis½yénkarpÁt;pÁg;suxPaB nigkarsg;TI
lMenA ³ TaMgGs;enHCanic©CakalRtUvEtRsavRCav faetIGñkEdleRbIR)as;én
sßab½nenH sßitenAkñúgRsTab;R)ak;cMNUlNa enaHebIsinCaeKcg;RsavRCavnUv
\T§iBlénkarEbgEckEdlCaTIbBa©b;énkarcMNayrbs;rdæenaH.
I. mUldæanRKwHénneya)ayrUbIyb½NÑ
1> neya)ayrUbIyb½NÑ nigtulükarénkarbg;R)ak; ¬CBa¢IgTUTat;¦
1>1> cMNab;GarmμN¾CadMbUg
cMeBaHkarBicarNamkdl;eBlenH sMrab;karnimμitkmμénneya)ayfvikar nig
neya)ayhirBaØvtßú KWeK)andkecjnUvTMnak;TMngesdækic©eRkARbeTsénRbeTs
Edl)anelIkeLIgmkniyayenaH eTaHbITMnak;TMngenHmanGtßn½ysMxan;sMrab;
CH\T§iBlelIviFankarN_neya)ayesdækic©épÞkñúgya:gNak¾eday. cMeBaHkar
bgðajénKNnIERbRbYlRTBüsm,tþiCati enAkñúgTMnak;TMngCamYynwgmUldæanRTwsþI
énkarbegáItTun KWRtUv)anbkRsayeGayeXIjfa karvinieyaKTunsuT§RtUvKñaCa
mYynwgFnb,maN rWR)ak;rYm ecjBIkarbegáItkarsnSMkñúgRbeTs nigkarTTYl
\NTansuT§BIeRkARbeTsEdlRtUveGaymantulüPaBeTAnwg»nPaB rWkarxVHxat
énhirBaØvtßúenAkñúgRbeTs. karTTYlyk\NTansuT§BIeRkARbeTs bgðajeGay
eXIjGtierkénkarnaMcUleRcInCagkarnaMecj eRBaHfaCBa¢IgTUTat;Canic©Cakal
RtUvmantulüPaB. TaMgenH KWmanTMnak;TMngdUcxageRkam ³
rWk¾ ³
karnaMecj + TunnaMcUl = karnaMcUl + TunnaMecj
viFankarN_karBaresdækic©eRkARbeTsénneya)ayesdækic©épÞkñúg KWTam
TarEdlfaPaBeFVIeGaysMerc)annUvcMnYnsnSM nigcMnYnénkarvinieyaKTunEdl)an
eRKagTuk BMuRtUvTMlak;kMhusedaysarsßanPaBéntulüPaBCBa¢IgTUTat;eLIy.
k¾b:uEnþCamYynigkMhusrebobenH Canic©Cakal KWRtUvEtKitKUrkalNaCBa¢IgTUTat;
BMumantulüPaB. eyageTAtamkarBiPakSad¾TUlMTUlay GMBIkareRCIserIseGay
RtwmRtUvéncMENktulüPaB ¬enAkñúgemeronKNnICBa¢ÍgTUTat;srub)anmkBIcMENk
tulüPaBCaeRcIn¦ bMNkRsaymYy)anykmkGnuvtþn_ EdlfasMrab;karkMNt;én
smPaBCBa¢ÍgTUTat;enAkñúgkarGnuvtþn_BitR)akdénneya)ayesdækic©eRkARbeTs
KNnIénmas nigénrUbIyb½NÑ k¾dUcCakarERbRbYlEdlGacekIteLIgenAkñúgtYnaTI
(foreign position) énRbeTsEdlCYbRbTHenaH Tl;nwgsßab½nrUbIyvtßúbreTs
¬P¢ab;CamYyenaH dUcCa IMF = international monetary fonds CaedIm¦ KWRtUv)an
dkecj rWBMuRtUv)anrab;bBa©ÚleT,Iy.
dUcenH kalNaCBa¢IgTUTat;bgðajeGayeXIjGtierkénkarbg;cUl ¬mann½y
esμInwgkarnaMcUlplitpl nigesvakmμ TegVIBIbreTsedayBMuKitR)ak;cMNUl k¾
dUcCakarnaMcUlénTun¦ elIskarbg;ecj ¬mann½yesμInwgkarnaMcUlplitpl nigén
esvakmμ TegVIeTAbreTsedayBMuKitR)ak;cMNUl nigk¾dUcCakarnaMecjénTun¦
enaHeKniyayfa {CBa¢IgTUTat;skmμ} rWk¾fa {CBa¢IgTUTat;Gtierk}. enAkñúgkrNI
EdlpÞúyBIenHénkarelIslb;énkarbg;ecjelIskarbg;cUl KWCBa¢ÍgTUTat;eyag
eTAtamkrNIenaHCa {Gkmμ} rWk¾{»nPaB}.
sMrab;karsßitesßryUrGEgVg PaBsmtaénCBa¢ÍgTUTat;EdlmanTMhMrebob
eTogTat;mYy KWCalkçx½NÐsMrab;viFankarN_karBarEdlCaesdækic©eRkARbeTs
énneya)ayesdækic©épÞkñúg eRBaHfamanEtkrNIrebobenHeTeTIbeKGaclHbg;
nUvkareFVIGnþraKmn_EdlCardæ)aleTAkñúgcrarcrénTMnij nigénkarbg;R)ak;CamYy
nwgbreTs ³
- kalNaCBa¢ÍgTUTat;sßitenAry³eBlyUrenAkñúg»nPaBenaH enAkñúgkrNI
CaeRcInedaymUlehtuénPaBkMriténrUbIyvtßúbMrug GaceFVIeGaybMNulénbreTs
ekIneLIg. ecjBIbMNulenH ekIteLIgnUvlT§plsMrab;müa:g karekIneLIgén
katBVkic©énkarbg;RtLb;enAkñúgqñaMbnþbnÞab; nigsMrab;müa:geTot KWmankarlM)ak
Canic©edIm,ITTYlnUv\NTanbnþeTot. qøgkat;bBaðaenHekIteLIgnUveRKaHfñak;Edl
faeTAelITisedAryHeBlmFüm viFankarN_Edl)aneRKagTuksMrab;karbegáInsnÞúH
énkarGPivDÆn_BMuGacRtUv)aneFVIeGayeTACakarBit)aneToteLIy eRBaHfacMENkd¾
x<s;EdlBMu)aneRKagTukénkarsnSMkñúgRbeTsRtUv)anhUrecjeTAbreTs CMnYskar
cUlrYmsMrab;karbegáItTunkñúgRbeTs. enAkñúgkrNIRCulxøaMg KWGacmaneTAdl;
PaBKμansmtßPaBénkarbg;R)ak; rWk¾PaBBMucg;bg;R)ak;énRbeTsEdl)anCYbRbTH
nUvbBaðaenaH ]TahrN_dUcCa RbeTseRbsIul kñúgqñaM 1987 nigRbeTsGahSg;TIn
kñúgqañM 2001 .
- pÞúyeTAvijkalNaqøgkat;karnaMecj nigkarnaMcUl naMeTAeGayman
GtierkénCBa¢ÍgTUTat;enAkñúgryHeBlyUr dUcCakñúgkrNIénRbeTs OPEC mYy
cMnYnrhUtdl;TsvtS 80 enaH ecjBIenaHmannUvlT§plénkarhUrcUlénrUbIyvtßú
EdleFVIeGaymankarehIme)a:génkarbgVilfvikakñúgRbeTs CamYynwglT§plEdl
)anbkRsay KWkarekIneLIgénéføEdlCabBaðaénGtiprNaenaH ³ TaMgGs;enHeFVI
eGaymanGtiprNaEdlRtUvnaMcUlmYy. k¾b:uEnþcMeBaHkarRbugRby½tñenAkñúgTMnak;
TMngenH cMnYnya:geRcInénRbeTskMBugGPivDÆn_bgðajeGayeXIjPaKeRcInnUv
»nPaBénCBa¢ÍgTUTat; ÉTMnak;TMngénCBa¢IgTUTat;EdlGtierkenaHBMuEdleXIjTal;
EtesaHsMrab;RbeTsTaMgenaH. dUcenHsMrab;RbeTskMBugGPivDÆn_ eRKaHfñak;énkar
BMumansmtßPaBénkarbg;R)ak;EdlCaGnþrCatiCaBitR)akd KWFMCagRbeTsEdlman
GtiprNanaMcUlEdledaysarmUlehtuénPaBGtierkCBa¢ÍgTUTat;enaH.
1>2> GRtabþÚrR)ak; nigsmtaénesdækic©eRkARbeTs

edIm,IraraMgnUvkMhusqÁgGPivDÆn_rebobenH smtaénesdækic©eRkARbeTsmYy
RtUvEtRbwgERbgeFVIeT,Ig. viFankarN_sklénma:RkUesdækic©EdlbMrugTukTIenH man
ninñakarCamYyenHeTAnwgcrnþénkarbg;R)ak;énCBa¢ÍgTUTat;. qøgkat;bBaðaenH viFan
karN_enH manmUldæaneTAelITMnak;TMngpøas;bþÚrrvagÉktarUbIyvtßúkñúgRbeTs
nigeRkARbeTs. eyageTAtamenaH eKEtgehAviFakarN_sklenHCa
{neya)ayrUbIyvtßú}. ]bkrN_EdlCaneya)ayrUbIyvtßúd¾sMxan; KW :GRtabþÚrR)ak; :
GRtabþÚrR)ak; CaTMnak;TMng rWCaplEck EdlenAkñúgTMnak;TMngenaH rUbIyb½NÑ
rWluyénRbeTsepSg²GacRtUvbþÚrKñaeTAvijeTAmk. EtGRtabþÚrR)ak;enH )anbgðaj
nUvéføenAelITIpSarrUbIyvtßúEdlenAelITIpSarenaHlatsn§wgeBjeljnUvkarpøas;bþÚré
nrUbIyb½NÑenaH. eyageTAtamfaetIeTA elIrUbIyb½NÑNaEdleKpþl;eGaynUv
GRtabþÚrR)ak;enH eKGacEbgEckGRtabþÚrR)ak;Ca GRtabþÚrR)ak;énéfø rWk¾GRtarUbIyvtßú
rWGRtarUbIyvtßúbreTs. ]TahrN_GRtabþÚrR)ak;enH bgðajeGayeXIjéføén 1
ÉktarUbIyb½NÑbreTsenAkñúgÉktaénrUbIyvtßúkñúgRbeTs ]TahrN_ ³ 4000r = 1
US$ nigGRtabþÚrR)ak;éncMnYn rWk¾GRtabþÚrR)ak;pÞal;xøÜn GRtaenHbgðajeGayeXIj
cMnYnénrUbIyb½NÑbreTsEdlTTYl)ansMrab;mYyÉktaénrUbIyvtßúkñúgRbeTs
]TahrN_ 0,0002 US$ = 1r .
GRtabþÚrR)ak;EdlCaéføénrUbIyvtßúRtUv)ankMNt;yamryHkarpÁt;pÁg; nigkar
tMrUvkarénrUbIyvtßú. eKGacniyay )anmüa:geTotfa TaMgkarpÁt;pÁg;énrUbIyb½NÑ
k¾dUcCaTaMgkartMrUvkarrUbIyb½NÑmanRbtikmμeyageTAtamkarERbRbYlénGRtabþÚrR)a
k;. CamYyenaHRtUv)anTTYlykfaCamYynwgGRtabþÚrR)ak;EdlekIneLIg KWkarpÁt;
pÁg;énrUbIyb½NÑfycuH nigkartMrUvkarénrUbIyb½NÑekIneT,Ig. karpÁt;pÁg;énrUbIy
b½NÑRtUv)anRTRTg;ecjBIcrnþénhirBaØvtßúEdlekItmaneLIgedaysarkarnaMecjén
plitpl k¾dUcCakarnaMcUlénTun TnÞwmnwgkartMrUvkarénrUbIyb½NÑCalT§plecj

BIcrnþénhirBaØvtßúEdlKWCaplénkarnaMcUlénplitpl nigkarnaMecjénTun. kar
elIslb;éntMrUvkar rWPaBGtierkéntMrUvkarrUbIyvtßúenAelITIpSarmann½yeyageTA
tamenaHfaCa»nPaB rIÉPaBGtierkénkarpÁt;pÁg;rUbIyvtßúenAelITIpSarmann½yfa
CaGtierkPaBénCBa¢ÍgTUTat;. cMeBaHCBa¢ÍgTUTat;EdlmantulüPaB KWTIpSarrUbIyvtßú
sMrab;RbeTsEdlCYbRbTHenaH KWsßitenAkñúgPaBsmta.
kalNaGRtabþÚrR)ak;GackMNt;)anedayesrI enaHPaBGsmtaenAelITIpSar
rUbIyvtßúnaMeTAeGaymankarERbRbYlénGRtabþÚrR)ak;. cMeBaHRbtikmμFmμta PaB
GtierkénkarpÁt;pÁg;rUbIyb½NÑbreTsenAelITIpSar CH\T§iBleGaymankarfycuH
énGRtabþÚrR)ak; rWk¾karfycuHtMélénrUbIyb½NÑbreTs rWk¾karekIneLIgtMélén
rUbIyvtßúénRbeTskMBugGPivDÆn_enaH. TnÞwmnwgPaBGtierkéntMrUvkarrUbIyb½NÑ
breTsenAelITIpSar elcecjnUvkarekIneLIgmYyénGRtabþÚrR)ak; rWk¾karekIneLIg
tMélénrUbIyb½NÑbreTsenaH rWk¾karfycHutMélénrUbIyvtßúénRbeTskMBugGPivDÆn_
enaH.
TMnak;TMngEdl)anniyayenATIenH RtUv)anbgðajenAkñúgRkahVikxageRkam
xwbénkarpÁt;pÁg;rUbIyb½NÑ nigxwbénkartMrUvkarrUbIybNÑ½RbRBitþeTACaFmμta. W*
tagbgðajnUvsmtaénGRtabþÚrR)ak;. kalNaGRtabþÚrR)ak;sßitenAdUckñúgkrNI W1
elI W* ¬enAkñúgkareRbobeFobeTAnwgsmtaénGRtabþÚrR)ak; KWrUbIyb½NÑbreTs
RtUv)anvaytMélekIneLIg rWk¾rUbIyvtßúkñúgRbeTsRtUv)anvaytMélfycuH¦ TaMgGs;
enHmanmknUvPaBGtierkénCBa¢ÍgTUTat;. cMeBaHGRtabþÚrR)ak;EdlsßitenAeRkamPaB
smtaénGRtabþÚrR)ak; ]TahrN_ W2 ¬eBlenH KWrUbIyb½NÑbreTsRtUv)anvay
tMélfycuH rWk¾rUbIyvtßúkñúgRbeTsRtUv)anvaytMélekIneLIg¦ enaHCBa¢ÍgTUTat;)an
bgðajpÞúyeTAvijmanenAPaB»nPaB.
eyageTAtam\T§iBlrbs;vaeTAelIkartMrUvkar nigkarpÁt;pÁg;énrUbIyb½NÑ nig

CamYyenHeyageTAelITisedA nigTMhMcrnþTun nigcrnþplitplrvagkñúgRbeTs
nigeRkARbeTs eFVIeGayGRtabþÚrR)ak;manGtß½ysMxan;Nas;cMeBaHTMnak;TMng
esdækic©eRkARbeTsénRbeTsmYy ³
- edayqøgkat;GRtabþÚrR)ak;EdlCak;Esþg eKGacKNnaRtLb;nUvéføEdl
sMEdgeGayeXIjCamYynwgrUbIyb½NÑbreTs eTACaéføenAkñúgRbeTs. CamYyenaH
TMhMénGRtabþÚrR)ak;vinicä½yfaetIplitpl nigesva:kmμenAkñúgRbeTs rWk¾enAeRkA
RbeTs EdlefakCag nigfaetICalT§pl TaMgGs;enaHnaMeTAeGaymankarnaMcUl
rWk¾karnaMecjénplitplTaMgenaH. elIsBIenHeTAeTotGRtabþÚrR)ak;k¾CargVas;
TMhMénsmtßPaBRbkYtRbECgEdlCaGnþrCatiénsaxaesdækic©nImYy²pgEdr. kar
ekIneLIgénGRtabþÚrR)ak; ¬=karekIneLIgtMélénrUbIyb½NÑbreTs rWk¾karfycuHtMél
énrUbIyvtßúkñúgRbeTs¦ mann½yeyageTAtamenaH mannUvkarekIneLIgénéfømYy
énplitpl nigesvakmμbreTsenAkñúgkareRbobeFobeTAnwgplitplkñúgRsuk.
pÞúyeTAvijkarfycuHénGRtabþÚrR)ak; ¬=karfycuHtMélénrUbIyb½NÑbreTs rWkar
ekIneLIgtMélénrUbIyvtßúkñúgRbeTs¦ mann½yfakarfycuHénéfømYyénplitpl
nigesvakmμbreTsenAkñúgkareRbobeFobeTAnwgplitplkñúgRsuk.
- eRkABIenHkarERbRbYlEdlRtUvrMBWgTukénGRtabþÚrR)ak; KWsMxan;Nas;
sMrab;TMhM nigTisedAéncracrTunGnþrCati. TnÞwmnwgTisedAénBaNiC¢kmμeRkA
RbeTscMeBaHplitpl nigesvakmμRtUv)ankMNt;edayPaBBMunwgnrénéførvag
RbeTs nigRbeTsenaH TisedAéncracrTunGaRs½yeTAnwgPaBBMunwgnrénPaBEdl
GacrkplcMeNj)an. PaBEdlrkplcMeNj)anénkardak;fvikareGayx©Í rWk¾
karvinieyaKTunenAeRkARbeTsenAkñúgkareRbobeFobeTAnwgkardak;fvikaeGayx©Í rW
karvinieyaKTunenAkñúgRbeTs RtUvkMNt;eLIgvijedayPaBBMunwgnrénkarR)ak;dMbUg
(nominal interest) EdlGacmancMeBaHEtkMhusénkarERbRbYlénGRtabþÚrR)ak;
EdlRtUv)anrMBwg rWKitTukrvagcenøaHeBlénkarepÞrfvika ¬kardak;Tun¦ nigeBlén
karbg;R)ak;RtT,b; k¾dUcCaénkarsgRtLb;vijénfvika.
karekIneLIgtMélEdlrMBwgTukmYyénrUbIyb½NÑbreTs mann½yfacMeBaHkar
dak;eGayx©ÍfvikarmYyeTAkñúgrUbIyvtßúkñúgRbeTs KWGacTTYl)anEtcMnYnd¾tictYcmYy
enAkñúgrUbIyb½NÑbreTsenaH. qøgkat;bBaðaenH PaBEdlGacrkplcMeNj)an
énfvikadak;eGayx©ÍeTAkñúgRbeTsenaH KWfycuHeRbobeFobCamYynwgfvikadak;eGay
x©ÍenAeRkARbeTsvij. pÞúyeTAvijPaBEdlGacrkplcMeNj)anénfvikardak;
eGayx©ÍenAkñúgRbeTsGacekIneLIg edayeRbobeFobCamYynwgkardak;eGayx©ÍenA
eRkARbeTsenaH luHRtamankarfycuHtMélEdlrMBwgTukmYyénrUbIyb½NÑbreTs
enaH.
eyageTAtamTMnak;TMngenH sßab½nrUbIyvtßúGacsakl,gqøgkat;kareRCIs
erIsénRbB½n§GRtabþÚrR)ak;mYy ¬TaMgenHCakarsMercCamUldæanénneya)ayerobcM¦
k¾dUcCalT§PaBGnþraKmn_enAkñúgRkbx½NÐénRbB½n§GRtabþÚrR)ak;enH ¬TaMgenHCa
Parkic©bEnßmEdlCaneya)ayénkarRbRBitþ¦ edIm,IsMerc)annUv]bkrN_EdlCa
GBaØat]bkrN_éntulüPaBénCBa¢ÍgTUTat;EdlcaM)ac;énkarGPivDÆn¾esdækic©. CaBit
R)akdGRtabþÚrR)ak; KWCaTMhMCalkçN³fvikarmYyEdlmanTisedAnImYy²eTAelI
EtcrnþhirBaØvtßúénesdækic©eRkARbeTs. k¾b:uEnþedayRbeyal GRtabþÚrR)ak;enHCH

\T§iBlpgEdreTAelIEpñkesdækic©Biténesdækic©CatimYy. RbePTnwgTMhMén\T§iBl
enH k¾GaRs½yedayEdlfaetIneya)ayénfvika nigénhirBaØvtßúCatiGacRtUvnimμitkmμ
ya:gdUcemþc enAeRkamRbB½n§énGRtabþÚrR)ak;nImYy² nigfaetIlT§plénesdækic©
srubNaEdlCalT§plTajecjBIenaH.
eyageTAtammUlehtuenH eKRtUvEteFVIkarRtYtBinitüfaetIRbB½n§GRtabþÚrR)ak;
NaGaccUlrYmcMENkCabnþbnÞab;sMrab;PaBsMerc)anEdlkan;EtRbesIreLIgéneKa
lbMNgEdlCaneya)ayGPivDÆn_épÞkñúgénRbeTskMBugGPivDÆn_?
2> siT§ieRCIserIsneya)ayGRtabþÚrR)ak;
eRkayBIGRtakarR)ak;RsuténRbB½n§GRtabþÚrR)ak;efr Bretton Woods kñúg
edImTsvtS 70 rebobrbbfμIénRbB½n§rUbIyvtßúBiPBelakRtUvsMerc)an. enAkñúg
dMeNIrEhhmrebobfμI RtUvdak;eGaymanesrIPaBcMeBaHsmaCikTaMgGs;énmUlniFi
rUbIyb½NÑGnþrCati (IMF) edIm,IeRCIserIsRbB½n§GRtabþÚrR)ak;EdlRtUvemIleXIj
edayRbeTsenaH faGacmanlMnaMsmrmü. CalT§plRbeTskMBugGPivDÆn_Gac
eRCIserIsCamUldæanrvagGRtabþÚrR)ak;bENþtedayÉkraCü (floating exchange
rate) nigGRtabþÚrR)ak;P¢ab; (fixed exchange rate). enAkñúgcMeNaménRbB½n§
GRtabþÚrR)ak;TaMgBIrmaneLIgvijnUvkrNICaeRcIn.
2>1> RbB½n§énGRtabþÚrR)ak;P¢ab;
krNIcMbgénGRtabþÚrR)ak;P¢ab; sMerceLIgedaysarkarpSarP¢ab;GRta
bþÚrR)ak;eTAnwgrUbIyvtßúbMrug (reserve currency) rWrUbIyb½NÑnaMmuxEdlkMNt;mYy.
enAkñúgkarGnuvtþn_rUbIyvtßúbMrug rWrUbIyb½NÑnaMmuxenaH KWCaBiesssßitenAkñúgTMnak;
TMngeTAnwg US$ ehIyk¾dUcCaeTAnwgrUbIyvtßú)araMg France eTaHbItamRTwsþIk¾
GacmanlT§PaBpSarP¢ab;nwgrUbIyvtßúénRbeTsepSg²eTotk¾eday.
CamYynwgkarpSarP¢ab;rebobenH KWRtUv)anf<k;nUvkatBVkic©kñúgkarTijén
rUbIyb½NÑEdlelIsTaMgGs;enAelITIpSarrUbIyb½NÑ rWk¾kñúgkarbMeBjcitþnUvPaB
GtierkénkartMrUvkarrUbIyb½NÑEdl)anekIteLIgedIm,IPaBsmPaBEdlRtUv)ankMNt;
Tl;nwgrUbIyvtßúbMrug rWrUbIyb½NÑnaMmuxenaH. edaysarehtuenH karRbtibtþién
katBVkic©GnþraKmn_enH nwgGackMNt;nUvkarrkSaénkarbMrugTukénrUbIyvtßúbMrugTuk
rWrUbIyb½NÑnaMmuxedayFnaKarkNþalénRbeTsenaH.
edIm,IkMNt;)annUvGRtabþÚrR)ak;P¢ab;rebobenHmYyeGay)anyUrGEgVgenaH sM
rab;cMnuceBlénkarkMNt;PaBsmtaénTIpSarrUbIyb½NÑsMrab;RbeTskMBugGPivDÆn_E
dl)anCYbRbTH KWRtUvsßitenAkñúgsPaBesμIKñaminep¥ogp¥g rWk¾sPaBsmta. elIs
BIenHeTAeTotPaBsmtaenH KWRtUvEtEfrkSaenAkñúgdMeNIrRbRBwtþeTAéneBlevla
pgEdr. cMeBaHbBaðaenH TaMgGs;enHTamTarEdlfaRkahVikénkarpÁt;pÁg;rUbIyb½NÑ
nigRkahVikénkartMrUvkarrUbIyb½NÑRtÚvrMkilRsbKña (synchronization) EdlfaenA
kñúgrUbxagelIcMnuckat;rbs;vasMrab;GRtabþÚrR)ak;EdlRtUv)ankMNt;mYysßitenAdEd
l. karrMkilénPaBRsbKñarebobenHmYy TamTareLIgvijnUvkarRBmeRBogd¾TUlM
TUlayénneya)ayesdækic©énRbeTskMBugGPivDÆn¾Edl)anCYbRbTHenaH CamYy
nwgRbeTsmanrUbIyb½NÑEdlRtUvrkSaCarUbIyb½NÑbMrugrbs;RbeTskMBugGPivDÆn_en
aH rWrUbIyb½NÑnaMmuxenaH ³ dUcGVIEdl)anbkRsayrYcmkehIy enABIeRkayRkahVik
énkarpÁt;pÁg;rUbIyb½NÑ nigRkahVikénkartMrUvkarrUbIyb½NÑ sßitmanenAskmμPaBepÞr
(transaction) EdleGabRkesabTaMgenAkñúgtulükarKNnIénkarbMeBjkarplit
k¾dUcCaTaMgenAkñúg tulükarKNnIénTun.
TaMgenHmann½yfakarERbRbYléncrnþBaNiC¢kmμ nigéncrnþTunCamYynwg
RbeTsEdl)anpSarP¢ab;rUbIyb½NÑEdleFVIeGayekIteLIgnUvGRtabþÚrR)ak;Edl)anpþ
l;eGaymYy KWvaelcecjnUvkarrMkilénRkahVikenAelITIpSarrUbIyvtßú. karrMkilén
RkahVikrebobenHGacbNþaleGayman müa:geTAelIkarERbRbYlEdlCarcnasm<½n§
enAkñúgcariklkçN³énkarpÁt;pÁg; nigkartMrUvkar Émüa:geToteTAelIkarGPivDÆn_
epSg²KñaénkMritéføenAkñúgRbeTsTaMgBIrEdlCaviBaØatiénneya)ayesdækic©epSgKñaé
nRbeTsTaMgBIr. kalNaeKRsg;ecjCacMbgBIlT§plénrcnasm<½n§ERbRbYlenaH
CMh‘anesμIKñaénkarERbRbYlkarnaMecjplitpl nigkarnaMcUlTunRtÚvEtTamTar
CamYynwgCMh‘anesμIKñaénkarnaMcUlplitpl nigkarnaMecjénTun ehIyk¾dUcCa
PaBrNþMKñaénneya)ayesdækic©CatiEdr. kalNakarRBmeRBogrebobenHmYy
BMusßitenARKb;RKan;enaH TaMgGs;enaHGacnaMmknUvya:gelOnnUvPaBGsmtaénCBa¢Íg
TUrTat; nigCamYyenaHenAelITIpSarhirBaØvtßúBMuGacRtUv)ankat;bnßyGRtabþÚrR)ak;P¢ab;
Edltamry³rdæ)alenaHeT,Iy eRBaHedaysarkarBMuERbRbYlénGRtabþÚrR)ak;enaH.
CalT§plelcecjCalT§plénGtiprNanaMcUlmYy rWk¾PaBhYtEhgmYyén
rUbIyb½NÑbMrugCatiénRbeTskMBugGPivDÆn_Edl)anCYbRbTHenaH. edaysarfaCa
TUeTARbeTskMBugGPivDÆn_xøH)anP¢ab;rUbIyvtßúrbs;xøÜneTAnwgrUbIyb½NÑénRbeTsEd
lman\T§iBl TaMgenaHmann½yfaRbeTskMBugGpPivDÆn_TaMgenaHBMuEmnKμankar
)at;bg;d¾x<s;énPaBsV½yPaBesdækic©rbs;xøÜneLIy. CamYyenH\T§iBlénRbeTs
EdlmanrUbIyvtßúCarUbIyb½NÑbMrugrbs;RbeTskMBugGPivDÆn_enaH ¬=rUbIyb½NÑnaMmux¦
KWmankan;EtFMeLIg kalNaTMnak;TMngBaNiC¢kmμeRkARbeTsTaMgBIrkan;Ets¥ít
rmYteLIg.
k¾b:uEnþkalNaRbeTskMBugGPivDÆn_enaH bgðajeGayeXIjnUvkaryl;eXIj
pÞal;xøÜnmYyGMBIneya)ayesdækic©EdlRtUv)angakecjBIneya)ayesdækic©énRbeT
sénrUbIyb½NÑbMrug¬=rUbIyb½NÑnaMmux¦enaH TaMgGs;enaHGacnaMeTAeGaymannUv
sßanPaBTMnas;BitR)akdmYyrvagTisedAGPivDÆn_pÞal;xøÜn nigkarpSarP¢ab;énGRta
bþÚrR)ak;eTAnwgrUbyIb½NÑbMrug¬=rUbIyb½NÑnaMmux¦enaH EdlCaTIbBa©b;bgçMeGayman
Parkic© rWkatBVkic©énkarP¢ab;GRtabþÚrR)ak;.
dMeNaHRsaymYyénPaBTal;Rck;énkarP¢ab;GRtabþÚrR)ak; EdlmanmçagenH
GacsMerc)anEdlenAkñúgenaHrUbIyvtßú KWBMuRtUvP¢ab;eTAnwgrUbIyb½NÑbMrug ¬=rUbIy
b½NÑnaMmux¦ nImYy²mYyenaHeLIy EtRtUvP¢ab;eTAnwgrUbIyb½NÑrYmmYy. rUbIyb½NÑ
rYmenHRtUv)anqøúHbBa©aMgBitR)akdsmrmünUvrcnasm<½n§énBaNiC¢kmμ nigénkarbg;
R)ak;TaMgmUlénRbeTskMBugGPivDÆn_enaH. k¾b:uEnþenAkñúgkarGnuvtþn_TaMgenH PaK
eRcInBMuGaceTArYc)aneLIy eRBaHTUrelxEdlcaM)ac;sMrab;karKNnaénrUbIyb½NÑ
rYmenH enAkñúgRbeTskMBugGPivDÆn_xøHsßitenATukbMrugBMuRKb;RKan;. dUcenHeKRtUv
)anXaMgTukeTAelIxøWmsar rWlT§plgay²Edl)aneGabRkesabxøH²faCa
lkçxNÐEdlcab;GarmμN_BiesssMxan;énBaNiC¢kmμeRkARbeTs.
kalNarUbbIyvtßúbMrugRtUv)anhYtEhg edaysarEtPaBsmPaBEdlBMuman
tulüPaBmYyénrUbIyvtßúénRbeTskMBugGPivDÆn_RbQmTl;nwgrUbIyb½NÑbMrug ¬rWrUbIy
b½NÑnaMmux¦ rWk¾rUbIyb½NÑrYm enaHmann½yfamankarKMramkMEhgénkarraraMgEdlCa
rdæ)aléncracrplitpl nigcracrénTun. neya)ayGRtabþÚrR)ak;Edlmanninña
kareTAnwgéførUbIyvtßúRtUv)anbMeBjbEnßmedaysniTankmμénrUbIyvtßúEdl)andak;eT
ACacMnYnrUbIyvtßú. viFankarN_sniTankmμrUbIyvtßúrebobenH mann½yCacMbgnUv
karp¥akénPaBEdlGacbþÚr)an (convertibility). )ann½yfa p¥akénkarbþÚreday
esrIénrUbIyvtßúkñúgRbeTsCamYyrUbIyb½NÑbreTs nigp¥akénkarbþÚredayesrI
rUbIyb½NÑbreTsCamYyrUbIyvtßúkñúgRbeTssMrab;CnkñúgRbeTs k¾dUcCaCnbreTs.
CMnYjénBaNiC¢kmμeRkARbeTsTaMgGs;RtUvEtRtYtBinitüedayrdæPaKeRcIn. cMNUl
énrUbIyb½NÑbreTsecjBIplitplnaMecj nigBIkarnaMcUlénTunRtUvpþl;eGay
CadMbUgeTAkariyal½yrUbIyvtßú. GñknaMecjGacmanlT§PaBnaMecj EtkalNaeK
TTYlkarpþl;cMENkEdlCalkçN³rdæmYyénrUbIyb½NÑTaMgenaH.
Cajwkjab;viFankarN_sniTankmμénrUbIyb½NÑenH RtUveFVIpSarp¢ab;eTAnwg
TMnak;TMnak;TMngCamYynwgGRta rWkUtaénkarnaMcUl (import quota). CamYyenH
bBaðaénkarpþl;cMENkénkUtanaMcUlRtUvQrelIkarcMlgBIkarpþl;cMENkénrUbIyb½
NÑpgEdr. dUcenHGñknaMcUlEdlCaBitR)akdmannUvkmμsiT§énsiT§inaMcUl (import
licencing) k¾b:uEnþeKBMuRtUv)anpþl;cMENkénrUbIyb½NÑEdlcaM)ac;edIm,InaMcUlenaHeT
dUcenHeKnwgsakl,gCajwkjab;edIm,ITijnUvrUbIyb½NÑenAelITIpSarggwt. k¾b:uEnþ
GRtabþÚrR)ak;EdlRKbdNþb;enATIenaH sßitenAPaKeRcInx<s;CagelIGRtabþÚrR)ak;
EdlCapøÚvkar. elIsBIenHeTAeTotGRtabþÚrR)ak;enHpþl;eGaysMrab;GñkpÁt;pÁg;
rUbIyb½NÑ nUvkarCMrujénkarlk;d¾FMCagkarpþl; rWk¾kardak;énrUbIyb½NÑenHeTAkñúg
FnaKarkNþal. TIpSarggwtenHCalT§plénTMnak;TMngmYyEdlcMeBaHTMnak;TMng
enHsßab½nrUbIyvtßú KWBMusßitenAkñúgsßanPaBedIm,IbMeBjcitþnUvPaBGtierkéntMrUvkar
rUbIyb½NÑenAelITIpSarrUbIyb½NÑtamry³karpÁt;pÁg;bEnßmEdleyageTAtammYyena
HeLIy. k¾b:uEnþTIpSarggwtenH bgðajnUvkMhusqÁg;énRbsiT§PaB (efficiency) én
neya)ayGRtabþÚrR)ak;EdlCapøÚvkarenaH.
dUcenHRbeTskMBugGPivDÆn_CaeRcInsakl,g edIm,IeFVIeGayrIgs¶ÜtnUvTIpSar
ggwténrUbIyb½NÑenaH edayviFankarN_déTeTot ]TahrN_dUcCaedayeFVIeGay
Rsbc,ab;énTIpSarenaH rW{TIpSarEdlRsbKña} rWk¾RbtibtþiénGRtabþÚrR)ak;EdlCa
BhuKuN5. k¾b:uEnþRbB½n§énsniTankmμénrUbIyb½NÑxagelI )anTMlak;bnÞúkya:gxøaMg
eTAelIsßab½nrUbIyb½NÑnUvParkic©d¾lM)akenAkñúgeKalbMNgénkarRKb;RKg nigén
karEbgEck rWk¾karpþl;cMENkénrUbIyb½NÑ nigénkarRtYtBinitüénTIpSarggwtenaH.
eyageTAtamenaH eRKaHfñak;d¾FMénsßab½nrUbIyb½NÑ KWkarBMuRtUv)aneFVIeGayRtwmRtUv
eTAtamkarTamTarEdlRtUv)anelIkeLIgCamYysßab½nenaHeT,Iy. karRbtikmμya:g
yWt rWk¾CalkçN³esdækic©Edl{xus} nigCalT§plepSg²BIkrNIenH Gacman
ekIteLIgnUvkarraraMgénsßab½nrcnasm<½n§plitkmμEdlmanRbsiT§PaBmYyénRbeTs
Edl)anCYbRbTHenaH.
cMeBaHbBaðaenHkarRbtibtþiénParkic©EdlCasßab½nenaH )anP¢ab;eTAnwgTMhM
ya:gFMénTunsMPar³ nigTunFnFanmnusSEdlkMBugxVHxaténRbeTskMBugGPivDÆn_.
enAeRkamrebobyl;eXIjEbbenH TaMgenHelcecjCamanRbeyaCn_Edlfakar
bg;tMélénkarsMrbsMrYledaysmPaBnIykmμEdlRtUvdak;eTAxusenaH KWBMuRtUv
5
cMeBaHRbB½n§énGRtabþÚrR)ak;EdlCaBhuPaK TIpSarrUbIyb½NÑRtUvbMEbkCacMENkeTAkñúgcMENk
TIpSarya:geRcIn. karbMEbkEdlCajwkjab; KWkarbMEbksMrab;cracrénTMnij nigcracrénTun. enA
kñúgcMeNaméncracrTMnijGacRtUvbMeBjnUvPaBeFVIeGayxusKñabnþeTot eyageTAtamkarnaMecj
nignaMcUl nigenATIenaHk¾eyageTAtamRbePTénTMnijEdl)ankMNt;. enAelIpøÚvenHeKGackMNt;
sMrab;skmμPaBepÞr (transaction) énesdækic©eRkARbeTsEdlepSg²Kña nUvGRtabþÚrR)ak;Edl
epSg²Kña. cugqñaM 1984 RbeTskMBugGPivDÆn_cMnYn 25 )anbgðajnUvGRtabþÚrR)ak;EdlCa
BhuPaKenH ]TahrN_dUcCa Mexiko )anbgðajeGayeXIjGRtabþÚrR)ak;EdlepSg²KñacMnYn 5.
eGaymanCaTMhMenaHeT nigkarERbRbYlmYyénGRtabþÚrR)ak;kñúgeKalbMNgraraMg
rWkac;cgáÚténBaNiC¢kmμeRkARbeTsRtUvEtniymeFVI.
2>2> RbB½n§énGRtabþÚrR)ak;bENþt rWbt;Ebn

pÞúyBIRbB½n§énGRtabþÚrR)ak;P¢ab; enAkñúgneya)ayénGRtabþÚrR)ak;Edlskmμ
mYysßab½nhirBaØvtßú)andkfyxøÜnya:gxøaMgecjBIneya)ayenaH kalNakarsMerc
citþbnÞabeTArkPaBGENþtedayesrImYyénGRtabþÚrR)ak;. éføénrUbIyb½NÑenATIenH
BMuRtUv)ankMNt;edaykrNIEdlCapøÚvkareLIy eRkABIenHéføenHbgðajeGayeXIj
enAelITIpSarrUbIyb½NÑenAkñúgEl,grYmKñaénkarpÁt;pÁg; nigénkartMrUvkarEtb:ueNÑaH.
enAkñúgeKalkarN_cMeBaHRbB½n§GRtabþÚrR)ak;RbePTmYyenH karrkSa\riyabT
énrUbIyb½NÑbMrugedayqøgkat;FnaKarkNþal KW\tRbeyaCn_ eRBaHGsmtaenAelI
TIpSarrUbIyb½NÑRtUv)anlb;bM)at;edaysarynþkarénGRtabþÚrR)ak; (mechanism of
exchang rate) nigBMuEmnqøgkat;kareFVIGnþraKmn_CalkçN³rdæ)alNamYyeLIy.
k¾b:uEnþrUbIyb½NÑbMrugRtUvsßitenACacaM)ac; kalNaneya)ayénPaBGENþtEdl
manipulation mYyRtUv)anGnuvtþn_.
enAkñúgkrNIenH RtUv)ansakl,gedIm,IduHxat;nUvPaBeLIgcuHBMuRtwmRtUv
(erratic fluctuation) énGRtabþÚrR)ak; ¬=mann½yfakarERbRbYlEdlmanry³eBlxøI
énGRtabþÚrR)ak;ecjBIry³eBlEvgrbs;va¦ Edlpþl;eGayedaysarkarvivDÆn_én
ktþaesdækic©BitEdlqøgkat;Ettamry³GnþraKmn_énTIpSarEtb:ueNÑaH. edayehtu
enH eKalbMNgEdlCaneya)ayrUbIyvtßú KWkarTamTareGaymanesßrPaBmYy
énGRtabþÚrR)ak;EdlmanRbsiT§PaBBitR)akd. k¾b:uEnþenAkñúgkrNIxøHTaMgGs;enH
GnuBaØateGaymankarvaytMélya:glM)ak faetIkarlUkédénFnaKarkNþalEdl
bMerInUvkarduHxat;énkarERbRbYlCary³eBlxøIenaH rWk¾faetIkarlUkédenHBMuekIteLIg
nUvectnaeFVIeGayxus rWk¾EkERbénkarvivDÆn_GRtabþÚrR)ak;enaHya:gticbMputsMrab;
ry³eBlmFüm. enAeRkamkal³eTs³EbbenH mann½yfa{PaBGENþtEdlRkxVk;}
mansßitenArYcCaeRsc.
" Crowling peg " k¾bgðajdUcKñaenHEdrnUvTMrg;énGRtabþÚrR)ak;EdlGENþt

mYy. crowling peg enHk¾dUcCaPaBGENþtedayesrIénGRtabþÚrR)ak;Edr Etxus
KñaRtg;faGRtabþÚrR)ak;RbePTenHeFVIclnaCamFümry³eBlyUreTAelIEtkMriténGRta
bþÚrR)ak;Bit rWk¾EdlfakarERbRbYl énGRtabþÚrR)ak;BitRtUv)anRbtibtþikñúgry³eBlyUr
eTAtamGRtabþÚrR)ak;EdlmanRbsiT§PaBmYy. k¾b:uEnþPaBbt;EbnénGRtabþÚrR)ak;
EdlCary³eBlyUrenHsßitenARbQmmuxTl;nwgdMNak;kalénesßrPaBEdlCary³
eBlxøI TnÞwmnwgkñúgdMNak;kalenH krNIEdlCaneya)ayrUbIyvtßú)anpþl;eGaynUv
GRtabþÚrR)ak; nigkarGPivDÆn_bnþrbs;va. cMeBaHGMeBIRbRBwtþrebobenH karERbRbYl
énPaBsmPaBnwgGacsMerc)aneCaKC½yenAkñúgcenøaHeBld¾xøI nigeyageTAtam
GRtaxusKñad¾TabenaH cenøaHRbehagEdlmanlT§PaBd¾ceg¥oténkarvivDÆn_Gacnwg
RtUv)anFana.
3> karvaytMélCaneya)ayGPivDÆn_énRbB½n§GRtabþÚrR)ak;TaMgBIr
3>1> GRtabþÚrR)ak;P¢ab;
3>1>1> mUldæanénPaBTal;Rck ³ neya)ayGPivDÆn_épÞkñúgRbQm
nWgsßirPaBxageRkA
cMeBaHkarbgðajénGRtabþÚrR)ak;P¢ab; lkçxNÐmUldæanénsmtßPaBtYnaTIrbs;
vaRtUv)anTMlak;elIPaBcaM)ac;Edlfaneya)ayesdækic©kñúgRbeTsRtUvkMNt;eTAta
mneya)ayénRbeTsénrUbIyb½NÑbMrug ¬rUbIyb½NÑnaMmux¦6 eRBaaHedIm,IeGayGRta
bþÚrR)ak;sßitenARtg;EtGRtaénPaBsmPaB enAeRkayeBlEdlmankarrMkilén
RkahVikénkarpÁt;pÁg; nig/rWk¾RkahVikénkartMrUvkarénrUbIyb½NÑenaH. k¾b:uEnþCaTUeTA
krNIEdlCaneya)ayesdækic©énRbeTsnImYy² BMucg;)anbnþicbnÞÜceLIykñúgkar
6
- TaMgenHmann½yfakarsMrbsMrYlénneya)ayesdækic©TamTarnUvGRtabþÚrR)ak;EdldUcKñaebHbiT
k¾dUcCaGRtakarR)ak;dMbUgEdlRtUvKñarvagRbeTsénrUbIyb½NÑbMrug ¬=rUbIyb½NÑnaMmux ¦ nigRbeTs
kMBugGPivDÆn_enaH.
raraMgEpñk\T§iBlépÞkñúgrbs;xøÜnrebobenH nigedIm,Ipþl;eGayCaGtßiPaBnUveKal
bMNgesßrPaBénGRtabþÚrR)ak;. CalT§plGacnaMmknUvTMnas;d¾xøaMgkøarvagneya
)ayGPivDÆn_kñúgRbeTs nigPaBmansißrPaBenAxageRkA (external stability) Edl
CaTIbBa©b;TMnas;enHbgçMeGaymanParkic©énGRtabþÚrR)ak;P¢ab;rhUtmkdl;eBlenH.
TMnas;Edl)anbkRsayenATIenH KWmankan;Etc,as;kalNaRbeTs
kMBugGPivDÆn_enaHGnuvtþn_nUvneya)ayhirBaØvtßú nigneya)ayfvikaEdlBRgIkmYy
(expansiv money policy) kñúgkareRbobeFob rWRbQmeTAnwgRbeTs
rUbIyb½NÑbMrug ¬=rUbIyb½NÑnaMmux¦ enaH. karrIkraldalEdlpSarP¢ab;CamYy
éncMnYnfvikakñúgRbeTseebobenH )anCMrujnUvtMrUvkarkñúgRbeTsénplitplEdl
RtUveFVICMnYj nigEdlBMuRtUv)aneFVICMnYj ehIyRsbeBlCamYyKñanwgeFVIeGay
ekIneLIgénéfø. pÞúyeTAvijéføenAkñúgRbeTsénplitplbreTssßitenAefr eday
mUlehtuénGRtabþÚrR)ak;P¢ab;. CalT§plkartMrUvkarnaMcUlnwgekIneLIg nigTaMg
Gs;enHeFVIeGayGkmμéntulükarénkarbMeBjkarplit rWkarmannUvGtierkénplit
plnaMcUl rWk¾man»nPaBéntulükarénkarbMeBjkarplit.
sMrab;karTUrTat;én»nPaBtulükarbMeBjkarplitenH GaceFVIeGaymankar
sakl,gtamryHkarekIneLIgEdlCardæ)almYyénkMritGRtakarR)ak;;dMbUg
(nominal interest rate) edIm,ICMrujeGaymanbEnßmnUvkarnaMcUlénTun rWk¾eFVIeGay
mankarkat;bnßyénkarnaMecjTuneTAeRkARbeTs. k¾b:uEnþ kalNaGñkvinieyaKTun
KiteTAdl;dMeNIrkarénGtiprNaenaH eKKNnaeXIjCamYynwgkarfycuHtMélén
rUbIyvtßúkñúgRbeTs nwgecjnUvlT§plénkar)at;bg;plEdlGacrkcMeNj)anenA
kñúgRbeTskMBugGPivDÆn_enaH. PaKeRcInedaymUlehtuénkarrMBwgénkarfycuH
tMélénrUbIyvtßúkñúgRbeTsenaH KWGacnaMeGayekItmannUvkarnaMecjénTunsuT§mYy
ehIyEdlRsbKñaenaH naMeGaymankarfycuHnUvrUbIyb½NÑbMrugénRbeTs nigEdl
naMeTAeGaymanPaBkan;EtGaRkk;mYyénCBa¢ÍgTUrTat;EdlBMuGacrkSa)ankñúgsßanPa
Bsmta)anCamYykrNIenaHyUrGEgVg)aneLIy. TMnak;TMng ³
karnaMcUl + karnaMecjénTun = karnaMecj + karnaMcUlénTun

rWk¾
kartMrUvkarrUbIyb½NÑ + karpÁt;pÁg;rUbIyb½NÑ
bgðajeGayeXIjfarUbIyvtßúénRbeTsEdlmanGtiprNa KWvaytMélekIn
eLIg rWk¾faGRtabþÚrR)ak;EdlmanRbsiT§PaBsßitenAeRkamGRtabþÚrR)ak;BitEdlGRta
enaH)anqøúHbBa©aMgTMnak;TMngénTMhMTijBitR)akd.
smPaBxageRkAmYy (external balance) RtUvGacsMerc)aneLIgvij
kalNaGRtabþÚrR)ak;RtUv)anERbRbYleyageTAtamPaBxusKñaénGRtaGtiprNaenaH
. TaMgGs;enHGacekIteT,Ig kalNaeKTukeGaymannUvkrNIEdlfarUbIyb½NÑbMrug
énRbeTsenaHRtUveRbIeGayhYtEhg nigkarsMrbsMrYlén\NTanrbs;eKRtUv)an
eRbIR)as;Gs;visalPaBtamryHRbeTsGñkpþl;\NTan rWk¾kalNasßab½nrdæ)an
raraMgnUvkarmanrnaMgEdlCalkçN³rdæmYyénBaNiC¢kmμeRkARbeTs dUcCakar
dak;nUvkUtaénkarnaMcUl nigviFankarN_sniTankmμ (rational instruments)
énrUbIyb½NÑCaedIm.
karP¢ab;eTAnwgrUbIyb½NÑrYmk¾BMuraraMgnUvPaBTal;Rck;enHEdr EtTMhMénkarERb
RbYlrvagGRtabþÚrR)ak;dMbUg (nominal exchange rate) nigGRtabþÚrR)akBit (real
exchange rate) RtUv)ankat;bnßyedaysarEtrUbIyb½NÑrYmEdl)anerobcMman
sPaBTUlMTUlay. cMeBaHkarP¢ab;rUbIyb½NÑrYmenH k¾man\T§iBlenAkñúgdMeNIrén
eBlevlanUvPaBGsmPaBenAkñúgCBa¢ÍgTUrTat; eRBaHkarsMrbsMrYlénrUbIyb½NÑrYm
nigCamYyenaHGRtabþÚrR)ak;EdlCaeTVrPaKk¾RtUvepÞogpÞat;esμIKñaedayeyageTAtamG
RtaGtiprNaEdlxusKñaenaHEdr.
3>1>2> kMriténPaBbt;Ebn CalT§plénGRtabþÚrR)ak;P¢ab;

CaeKalkarN_GRtabþÚrR)ak;P¢ab; rWk¾GRtabþÚrR)ak;efrkt;sMKal;edaykMritén
PaBbt;Ebn EdlcMeBaHkMriténPaBbt;EbnenHmannUvkarpøas;bþÚrdMNak;kalénkar
ekIneLIgx<s;bMput nigkarfycuHtMélTabbMputénrUbIyvtßúkñúgRbeTs. dMNak;kal

TaMgBIrqøúHbBa©aMgeyageTAtamkarERbRbYlénkMritéføkñúgRbeTs. kalNarUbIyvtßú
kñúgRbeTssßitenAkñúgdMNak;kalénkarekIneLIgtMélx<s;bMput enaHelcecjnUv
sm<aFEdlCabritþprNa (economic deflation) eTAelIesdækic©. edaymUlehtu
énkarcuHefakrUbIyvtßúkñúgRbeTsEdleRbobeFobCamYyplitplnaMcUlbreTsEdl
bNþalmkBIGtiprNakñúgRbeTs GaceFVIeGaymanekIteLIgnUvkarpøas;bþÚrmYyén
tMrUvkarkñúgRbeTsEdlpþl;RbeyaCn_énkarnaMcUl.
smtßPaBRbkYtRbECgénGñkpÁt;pÁg;breTs TajyksMrab;xøÜnBIplitkrkñúg
RbeTsnUvlT§PaB sMrab;eRbIR)as;cenøaHRbehagénéføEdl)anekIteLIgenaH.
dMeNIrkarénGtiprNaTUeTARtUv)ankat;bnßy. pÞúyBIenHeyageTAtamkarelat
eLIgénkarfycuHtMélTabbMput lT§plenHRtUv)anbRBa©as;mkvij. eBlenHeK
eXIjmankareLIgénéføénplitplbreTs EdlkMNt;mkBIkarfycuHtMélTab
bMputénGRtabþÚrR)ak; ehIyEdlnwgbeBaäHnUvdMeNIrkarénGtiprNakñúgRbeTs.
kalNaplitplnaMcUl hUrcUlCakareRbIR)as;RTg;RTayFMedaypÞal; nigmannUv
eGLasÞIcénéføéntMrUvkard¾tUcenaH karekIneLIg éføEdlkMNt;mkBIkarfycuHtMél
TabenaH )ankat;bnßyCaBiessnUvTMhMénkarTijBiténRkumEdlman R)ak;cMNUl
Tab. eyageTAtamenaH kalNaeKpþl;eGayGñkTTYlR)ak;Ex nUvR)ak;cMNUldMbUg
(nominal income) d¾x<s; ¬dMeLIgR)ak;Ex¦ enaHsßanPaBénkarbg;tMélénplitkr
sßitenAkñúg PaBkan;EtGaRkk;eLIg. karekIneLIgénkarbg;tMélenHRtUv)anbBa¢Ún
bnþ ¬enATINaEdlmanTIpSar¦ eTAdl;éfø. s<Wra:l;énR)ak;ebovtSn_ nigénéføEdl
eRbIR)as;enAkñúgRck;enH TTYlnUvclkrbEnßmeTot kalNaCamYynwgkarfycuH
tMélenH plitplénTunEdlcaM)ac;énkarGPivDÆn_ nigéføedImbreTsdéTeTotRtUv
)aneLIgéfø. enAeRkamlkçxNÐrebobenH TaMgGs;enHelcecj nUvPaBBMuBitR)akd
EdlfacenøaHRbehagénkarekIneLIgénéføBIsMNak;plitkr mansMbUrhUrehor nig
CalT§plkarvivDÆn_énGtiprNa KWbegáInsnÞúHkan;EtxøaMgEfmeTot.
kareFVIeGaycuHexSayéndMeNIrkarenHGacmanlT§PaB)an kalNa
plitplnaMcUlGacCMnYs)anedayplitplkñúgRsuk nigplitkrkñúgRsuk)aneFVI
RbtikmμeTAelIkarpøas;bþÚréntMrUvkarenaH RBmTaMgCamYynwgkarekIneLIgénplitkmμ
EdleyageTAtamenaH. EtTaMgGs;enHGacnaMeTAeGaymanlT§PaBEdlraraMgkar
ekIneLIgénéførebobenH)an luHRtaEteGLasÞIcénkarpÁt;pÁg;rbs;plitkrkñúgRsuk
Edl)anCYbRbTHenaHKWx<s;. k¾b:uEnþCamYynwgenH eKk¾minrMBwgfamaneGLasÞIc
rebobenHenAkñúgvis½yesdækic©TaMgGs;enaHeLIy. CaBiessenAkñúgvis½yénes,óg
GaharCamUldæan karekIneLIgénplitkmμrebobenHBMuGaceTArYceLIy. CalT§pl
rcnasm<½n§énGtiprNamYyRtUv)anbgðaj ehIyecjBIGtiprNaenaHRsTab;
RbCaCnEdlmanR)ak;cMNUlTabRtUv)anCYbRbTHCaBiessya:gxøaMg.
karBicarNadUcKñaenHEdr GacRtUv)aneFVIsMrab;karERbRbYlénéføplitpl
naMecjenAkñúgÉktarUbIyvtßúkñúgRbeTs. CalT§plénkarfycuHtMélrUbIyvtßú
kñúgRbeTs eFVIeGaykarnaMecjénRbeTskMBugGPivDÆn_enaHRtUvcuHefaksMrab;TIpSar
breTs. kalNatMrUvkarénbreTs ehIynigCaBiesséføeGLasÞIcekIneT,IgenaH
breTsnwgbegáInkarnaMcUlrbs;xøÜnecjBIRbeTskMBugGPivDÆn_enaH. karekIneLIg
énkarnaMcUlrbs;breTsenaH RtUv)anbMeBjcitþEtcMeBaHeGLasÞÍcénkarpÁt;pÁg;
EdlKμanTIbBa©b;eBjeljedayecjBIkarekIneLIgénplitkmμEdlbgáredayPaB
GMeNayplmYy. k¾b:uEnþ kalNakarpÁt;pÁg;énkarnaMecjBMueGLasÞÍceBjelj
nigkalNaplitplnaMecjRtUv)antMrUvkaredaykñúgRbeTspgEdrenaH vanwgeFVI
eGayéfønwgekIneLIgenAkñúgÉktarUbIyvtßúkñúgRbeTs nigpþl;eGayGtiprNanUv
clkrbEnßmeTot. CamYynwgkarekIneLIgxøaMgkøamYyénGtiprNakñúgRbeTs
RbeTsenaHnwgCYbRbTHCakarBitenA {rgVg;KYreGaytk;søt;} (circulus vitiosus =
vicious circle) EdlenAkñúgenaHkarfycuHéntMélrUbIyvtßúkñúgRbeTs nigGtiprNa
nwgbMerIbMras;KñaeTAvijeTAmkdUcCargVg;.
eRBaHfaGRtabþÚrR)ak;BitFananUvCMnajkmμEdleyageTAtam]tþmPaBénkareR
bobeFob (comparativ cost advantage) enaHkarERbRbYlénGRtabþÚrR)ak;dMbUg
ecjBIGRtabþÚrR)ak;BitGacnaMeGaymankarEbgEckxusénktþaplitkmμ (failure of
factor allocation). kñúgkrNIenH GRtabþÚrR)ak;BuMGacbMeBjtYnaTIrbs;xøÜnCargVas;
TMhMénkarRbkYtRbECgEdlCaGnþrCatiénvis½yesdækic©nImYy²)aneToteLIy. Ca
mYynwgenaH plitkrkñúgRbeTsnwgsßitenAeRkamPaBhaniP½yedIm,IvinieyaKenAkñúg
vis½yEdlbgðajeGayeXIjfaKμanPaBcMeNj kalNamankarERbRbYlEdl
Pøam²énGRtabþÚrR)ak;dMbUgEdlcaM)ac;enaH. karCYbRbTHenH KWCaBiessvis½y
esdækic©TaMgGs;EdlTIpSarrbs;vaP¢ab;edaypÞal; rWk¾edayRbeyaleTAnwgTIpSar
breTs. plitkrTaMgGs;enH emIleXIjkarRbQmmuxnwgkarvacxusEdlCakar
raraMgkarGPivDÆn_énRbB½n§éføTaMgmUl EdlRbB½n§enHeFVIeGayBMumankarsayPay
nUvkarCMrujEdlCakar]btßmÖénkarGPivDÆn_mYyeLIy.
edaymUlehtuénkarcuHefakénplitplbreTsEdlbNþalmkBIGtiprNa
kñúgRbeTs smtßPaBénkarRbkYtRbECgénvis½ykñúgRbeTsEdlRbkYtRbECgCa
mYynwgplitkreRkARbeTs ]TahrN_dUcCa ]sSahkmμnaMecj nig]sSahkmμ
naMcUlénplitplCMnYs RtUvTTYlyksßanPaBkan;EtGaRkk;enAkñúgdMNak;kal
énkarekIneLIgtMélx<s;bMputénrUbIyvtßúkñúgRbeTs. CalT§plmankardkfy
rWkarlaElgecjénplitkrEdlGacplitedayTTYlcMeNj)anEtcMeBaHGRtabþÚrR
)ak;BitmYyenaH. qøgkat;bBaðaenHR)ak;cMNUl nigkargarénvis½y rWEpñkEdl)an
CYbRbTHenHRtUv)anfycuH. k¾b:uEnþkrNIEdlCaneya)ayesdækic©edayqøgkat;nUv
viFankarN_karBar ]TahrN_dUcCakardak;Bn§naMcUledIm,IkarBarTIpSarkñúgRbeTs
Tl;nwg\T§iBlBIxageRkAGacykmksakl,gedIm,ITUrTat;nUvlT§plEdlGviC¢mane
nH)an. enAelIpøÚvenH plitplbreTsEdlRbkYtRbECgenHRtUv)aneLIgéføTnÞwm
nwgkarnaMcUlén {essential goods} GacsMercenAkñúgéføEdlefakbnþeTAeTot.
pÞúyeTAvijenAkñúgvis½ynaMecjmankarfycuHR)ak;cMeNj eRBaHfaTinñpl
énrUbIyb½NÑEdlsßitenAefrenaH RbQmmuxTl;nwgkarekIneLIgénkarbg;tMél
edaytamryHGtiprNakñúgRbeTskMBugGPivDÆn_enaH. dUcenH Epñk rWvis½yén
]sSahkmμenHGacRtUvFananUvkarsgpat;sMrab;karfycuHénR)ak;cMeNj rWkarxat
bg;EdlekIteLIgedaysarPaBrwgqÁwgénGRtabþÚrR)ak;. karpat;sgenHGacsMerc
)an ]TahrN_ dUcCatamryH]btßmÖFnnaMecjCaedIm (export subsidy).
kalNakarrg;caMénkarekIneLIgtMélx<s;bMputénrUbIyvtßúkñúgRbeTssßitenAryHeB
lyUr enaHviFankarN_]btßmÖFnsMrab;vis½yesdækic©Edl)anCYbRbTHenaHRtUveFVI
eGaykan;EtxøaMgkøaeLIg eRBaHfatMrUvkarénkarkarBarRtUvEtekIneLIgCabnþbnÞab;.
k¾b:uEnþdMeNIrkarN_enH RtUv)anGmdMeNIredaylT§plGviC¢manBIr ³
- cMeBaHmüa:g dMeNIrkarenHnaMeTAeGaymanTunsuICMerAnIykmμénplitkmμ
EdlekIneLIgmYy eRBaHfaplitplTunEdlRtUvnaMcUlRtUvf<k;Cab;eTAnwgdMeNIr
karénGtiprNa. CalT§plbgðajeGayeXIjnUvrcnasm<½n§plitkmμEdlBMuRtwm
RtUveTAnwgTMnak;TMngbrikçaénktþaplitkmμénRbeTskMBugGPivDÆn_enaH.
- Émüa:geTotkar]btßmÖuFnénkarnaMecjedayTamTarRtUvhirBaØbTantam
karEkrTMrg;mYyéncMNayrbs;rdæ rWedaynimμitkmμénfvika ebIsinNakar]btßmÖ
FnenHBMuRtUv)anhirBaØbTanRKb;RKan;edaycMNUlBIBn§EdleKcgsMrab;karBarkarn
aMcUl. enAkñúgkrNIenH naMeTAeGaymankarbegáInsnÞúHénGtiprNaEdlGnuBaØatieFVI
eGaykan;EtEvgq¶aynUvcMgaypøÚveTAdl;karfycuHtMélénrUbIyvtßúkñúgRbeTsEdlR
tUvTamTarCabnÞan;mYy.
EteRkayBIkarfycuHtMélrUbIyvtßúkñúgRbeTs vis½yBaNiC¢kmμenAkñúgRbeTs
CaBiess]sSahkmμnaMecj nig]sSahkmμnaMcUlplitplCMnYs bgðajeGay
eXIjeLIgvijnUvKuNsm,tþiénkarRbkYtRbECgTl;nwgbreTs. CamYynwgkarekIn
eLIgtMrUvkarenAbreTsnUvplitplnaMcUl nigCamYynwgkarekIneLIgéntMrUvkar
kñúgRbeTsnUvkarnaMcUlénplitplCMnYssMrab;kñúgRbeTs R)ak;cMNUl nigkargar
)anekIneLIgenAkñúgvis½yesdækic©enaH. k¾dUcKñaenHEdrTaMgGs;enHGaRs½yeTAnwg
eGLasÞÍcénkarpÁt;pÁg;rbs;plitkrkñúgRbeTs faetIKuNsm,tþiénkarRbkYtRbECg
enH KWsßitenAkñúgryHeBlyUrNamYy. k¾b:uEnþ kalNashRKaskñúgRbeTs
KiteTAdl;dMeNIrRbRBwtþénclnaGRtabþÚrR)ak; CamYynwgdMNak;karénkarekIneLIg
tMél nigénkarfycuHtMélEdlpøas;bþÚrrbs;vaenaH shRKasTaMgenaHeRbIR)as;
Gs;visalPaBnUvKuNsm,tþiEdlCary³eBlxøIrbs;eK nigkarekIneLIgénéføRtUvedIr
eTAmuxmunkarBRgIkplitkmμ. bnÞab;mkeyageTAtamenaHbnþicbnÞÜc GacekIteLIg
nUvlT§plERbRbYlénkargar.
cMeBaHPaBxusKñaénGRtaGtiprNaEdlRtUvpþl;eGaymYy TisedA nigTMhM
ERbRbYléncrnþTunenAkñúgTMhMNamYyenaH KWGaRs½yeTAnwgkarGPivDÆn_énGRtabþÚr
R)ak;dMbUg. kalNaGRtakarR)ak;dMbUgenH RtUv)ankMNt;eGayefredaysßab½n
nigcMeBaHPaBxusKñaénGRtaGtiprNaEdlRtUvpþl;eGaymYyenaH karR)ak;Bit (real
interest rate) KWRtUveXIjfafycuH eRBaHedaymUlehtuénGRtaGtiprNad¾x<s;
enAkñúgRbeTsKitCamYynwgGRtaGtiprNaenAbreTs. kalNaTIpSarrUbIyb½NÑ
EdlKitCaeBlevla (time investments)mansßitenA karxatbg;énKuNsm,tþi
karR)ak;EdlGacekIteLIgkñúgkal³eTs³mYyekIneT,Ig eRBaHfaGRtavKÁ rWryHeBl
kMNt; nigkarbg;tMélkarBarénGRtaénGñkdak;TuneGayx©IEdlCabreTs KWekIn
eLIgEdr. TaMgenHpþl;sBaØafa Gñkdak;TuneGayx©IKiteTAdl;karGPivDÆn_én
esdækic©BitR)akd nigKNnaCamYynwgkarfycuHtMélrUbIyvtßúénRbeTskMBug
GPivDÆn_enaH. bnÞab;mkkarnaMcUlénTunsßitenABMuRKb;RKan;.
PaKeRcIndMNak;kalénkarekIneLIgtMélx<s;bMputénrUbIyvtßúkñúgRbeTs RtUv
)ankt;sMKal;edaykarnaMecjénTuneTAeRkARbeTs. GñkvinieyaKTunbreTsEdl
RtUv)ansMerceCaKC½yrYcehIyk¾edayk¾epÞrplcMeNjEdlGacrk)aneTAkñúgrUbIy
b½NÑbreTsEdr. sMrab;bBaðaenH GacekItmaneLIgnUvPaBBMuBitR)akd rWGsnþisux
EdlekIneLIgmYyénkarepÞrRtLb;mkvijénkarcMeNjmkkñúgRbeTskMBugGPivDÆn_e
naH CaBiessk¾cMeBaHGñkvinieyaKTunbreTsEdlmanTisedAyUrGEgVgpgEdr.
karcab;ykviFankarN_sniTankmμénrIbIyb½NÑEdlnwgykmkeRbIR)as;edIm,IraraMgé
nkarnaMTunecjeTAeRkARbeTsnwgriteFVIeGaykan;EtGaRkk;nUvkarvinieyaKTunsMrab;
GñkvinieyaKTunbreTs nigkan;EtbegáInnUvkarnaMecjénTuneTotEtb:ueNÑaH.
sMrab;Gñkdak;TuneGayx©IEdlCaGñkkñúgRbeTs k¾)anTTYlnUvP½BVsMNagén
karcMeNjd¾eRcInenaHpgEdr kalNaGñkkñúgRbeTsenaH)anTijrUbIyb½NÑ
breTsEdlRtUv)anfycuHtMélTabbMputenAkñúgdMNak;kalénkarekIneLIgtMélx<s;
bMputénrUbIyvtßúkñúgRbeTsrbs;xøÜn. rUbIyb½NÑbreTsEdl)anTijenaH RtUvGñk
kñúgRbeTsenaHGaclk;RtLb;vijenAkñúgéfømYyd¾x<s;enAelITIpSarrUbIyb½NÑeRkaye
BlEdlkarfycuHtMélénrUbIyvtßúkñúgRbeTsEdlRtUvelceLIg. cariklkçN³
enH)anmkEdlfaenAkñúgdMNak;kalénkarekIneLIgtMélx<s;bMputénrUbIyvtßúkñúgRbe
Ts karEkrERbcaM)ac;énGRtabþÚrR)ak;RtUvEtFMCagbBaðaTaMgGs; eRBaHedIm,IeFVIeGay
mankarGPivDÆn_énsmPaBTMhMTij. pÞúyeTAvijenAdMNak;kalbnÞab;énkarfycuH
tMélTabbMputénrUbIyvtßúkñúgRbeTs k¾GacelcecjnUvkarhUrcUlénrUbIyb½NÑ
breTsya:gelOnenAkñúgryHeBlxøIEdr. qøgkat;bBaðaenHlT§plviC¢mansMrab;
GñkkñúgRbeTscMeBaHkarfycuHtMélTabbMputEdlCaryHeBlxøIénrUbIyvtßúkñúgRbeT
sk¾RtUv)ankat;bnßy. enAeRkamrebobyl;eXIjEbbenH RbeTsEdl)anCYbRbTH
enaH GacGnuBaØatibMrugTuk rWeRbIR)as;nUvTunbreTsEdlCaÉkCnsMrab;eKalbMNg
énkarvinieyaKTuntictYcCagnUvbBaðaTaMgLayNa EdlelcecjCatMélénkarcg;
)anénesdækic©srub. CaBitR)akd enAkñúgdMNak;kalénkarekIneLIgtMélx<s;bMput
énrUbIyvtßúkñúgRbeTs \NTanbreTsEdlnwgRtUvTTYlyk RtUvsßitenAkñúgkar
TTYlykcMeBaHEtlkçx½NÐGnueRKaHb:ueNÑaH. k¾b:uEnþeRkayBIkarelateq<aHeTArk
karfycuHtMélsMrab;esva:kmμCMBak; nigkarsgRtLb;EdlCalkçx½NÐGnueRKaHenaH
eKRtUvpÁt;pÁg;eyageTAtamenaHeTot nUvmeFüa)ayfvikakñúgRbeTsya:geRcInEfm
eTot.
eTaHCaya:gNak¾eday bTBiesaFn_fμI²CamYynwgbBaðabMNulénRbeTs
kMBugGPivDÆn_)anbgðajeGayeXIjya:gc,as;Edrfa karsMrbsMrYlEdlmanPaB
yWtya:vénGRtabþÚrR)ak;)ancUlrYmcMENkya:gsMxan;cMeBaHTMhMénbMNul.
3>2> GRtabþÚrR)ak;bENþtedayesrI
enAkñúgkarnwkdl;énbBaðalM)akénGRtabþÚrR)ak;P¢ab;enH eK)aneGaydMbUnμan
dl;RbeTskMBugGPivDÆn_PaKeRcInfa cMeBaHkarkMNt;énGRtabþÚrR)ak;TukeGayva
sMerc)anedayesrIenAelITIpSarrUbIyb½NÑ. qøgkat;bBaðaenH GnþraKmn_énrdæBMuRtUv

caM)ac;eFVIeT,Iy eRBaHfaGsmPaBenAelITIpSarrUbIyb½NÑGacbM)at;)anedaypÞal;
edaysarkarERbRbYlénéføénrUbIyb½NÑEdleFVIBaNiC¢kmμenaH. rYcmkRtUvepþatkar
snSMsMéceTAelIneya)ayesdækic©EdlmanninñakareTAelIkareFVIeGaysMerc)anén
tulüPaBxagkñúgvij. enaHmann½yfa eKalbMNgEdlCaTIpSarkñúgRbeTsRtUvEtrk
eGayeXIjnUvkarBicarNad¾kan;EtxøaMgkøamYy.
GRtabþÚrR)ak;Edl)anbgðajenAelITIpSarrUbbIyb½NÑmanPaBsmPaB KWdUc
KñaCamYynwgGRtabþÚrR)ak;Bit kalNaskmμPaBepÞrénesdækic©eRkARbeTsedIreTA
tamlkçxNÐénesdækic©BitR)akd. enAkñúgkrNIenH GRtabþÚrR)ak;bENþtedayesrI
rWGRtabþÚrR)ak;bt;Ebn (floating exchang rate) KWCalT§plRtwmRtUv (logical)
énkardwknaMesdækic©EdlCaesdækic©TIpSar. k¾b:uEnþenAkñúgRbB½n§bþÚrR)ak;mYyenHGac
bgðajEdlfaBMueyageTAtamlkç½NÐénesdækic©BitR)akdenaHeT,Iy. CaBitR)akd
karERbRbYlénéføplitplEdlRtUveFVIBaNiC¢kmμenAkñúgRbeTs k¾dUcCaenAeRkA
RbeTsGaceFVIeGaymankarrMkilnUvGRtabþÚrR)ak;rhUtdl;TMhMénkarTijénrUbIyvtßúkñú
gRbeTsRtUvKñarNþM rWesμIKñaCamYynwgTMhMénkarTijrUbIyb½NÑbreTs Eteday
KNnaeTAtamGRtabþÚrR)ak;EdlERbRbYlenaH. k¾b:uEnþkarsMrbsMrYlenH enAelI
TIpSarplitplRbtibtþieTAenAkñúgsPaBya:gyWt.
CMnYsbBaðaenHenAkñúgryHeBlxøI TMnak;TMngénkMritGRtakarR)ak;dMbUg KWCa
TMhMEdlkMNt;enAelITIpSarTunkñúgRbeTs nigeRkARbeTs sMrab;TMnak;TMngpøas;bþÚr
énrUbIyb½NÑ. CamYyenaHGRtabþÚrR)ak;ERbRbYlrhUtdl;PaBxusKñarvagGRtabþÚr
R)ak;EdlRtUvrMBwgTuk nigGRtabþÚrR)ak;BitR)akdsuIKña rWRsbKñaeTAnwgPaBxusKña
énGRtakarR)ak;rvagkñúgRbeTs nigeRkARbeTs. qøgkat;bBaðaenHenAelITIpSarTun
bgðajeGayeXIjmannUvkarERbRbYl portfolio d¾elOnmYy eRBaHfakarERbRbÜlén
éføEdlbNþalmkBIGRtabþÚrR)ak;enAkñúgkmμsiT§iRTBüsm,tþiEdlenAkñúgRbeTs k¾dUc
CaEdlenAeRkARbeTs)anERbRbYlnUvplEdlGacrkplcMeNj)anBIkardak;Tunb
reTsenaH. CalT§plskmμPaBepÞrénTunk¾mankarERbRbYl.
enAeRkamkarBicarNaénTMnak;TMngenH neya)ayesdækic©EdlBRgIkmYy
rWneya)ayfvikarEdlBRgIkmYy dUcCaenAkñúg]TahrN_ecjBIkarsegátCaryH
eBlEvg GaceFVIeGayekIneLIgnUvéføkñúgRbeTs nigbegáIteGaymankarfycuHtMél
énGRtabþÚrR)ak;Bit rWk¾karfycuHtMélénrUbIyvtßúkñúgRbeTs. k¾b:uEnþkñúgryHeBlxøI
karfycuHénGRtakarR)ak;EdlCaTUeTApSarP¢ab;CamYynwgneya)ayfvika nigneya
)ayhirBaØvtßúEdlBRgIkenaH naMeTAeGaymankarnaMecjénTunmYy EdlGaceFVI
eGayrujnUvGRtabþÚrR)ak;elIGRtabþÚrR)ak;Bitrbs;xøÜn. CamYyenaHGñknaMecjénTun
mineGIeBIdwg (ignore) nUvkarBitEdlfa CamYynwgkarekIneLIgénkMritéfø kartMrUvkar
énfvika nigGRtakarR)ak;kñúgRbeTsekIneLIgvijeT,Iy. dUcenHkMhusénkar
snñidæanEdl\tex©aH eFVIeGayekItmaneLIgnUvsmPaBTIpSarrUbIyb½NÑEdlRsbKña
nwgGsmPaBénCBa¢ÍgTUrTat;EdlCaryHeBlyUrmYy eRBaHrUbbIyvtßúkñúgRbeTs
Edlvas;eTAnwgGRtabþÚrR)ak;Bit KWRtUvfycuHtMélya:gTab.
k¾b:uEnþCamYynwgkarekIneLIgénGRtakarR)ak;kñúgRbeTs karekIneLIgéntMél
rUbIyvtßúkñúgRbeTsk¾maneLIgvijrhUtdl;sMerc)anGRtabþÚrR)ak;Bit. Speculators
kñúgRbeTs nigeRkARbeTsEdl)annaMecjTunrbs;xøÜn enAkñúgkarrMBwgénkarfycuH
tMélénrUbIyvtßúkñúgRbeTsteTAeTot emIleXIjeBlenHCamYynwgkarxatbg;
edaypÞal; rWk¾eKRbQmmuxTl;nwgTinñplkarR)ak;EdlpÞúymYy. dUcenHenAkñúgkar
emIleXIjryHeBlyUr karRbfuyRbfan (speculation) EdlnwgeFVIeGayGesßrPaB
rebobenHBMumanryHeBleLIy eRBaHfa Speculators EdlBMuKiteqVgyl;BIkar
GPivDÆn_BitenaH SpeculatorsenaHnwgRTaMRTnUvkarxatbg;teTAmuxeTot nigCaTI
bBa©b; TMhMxVHxatrbs;xøÜnnwgeFVIeGayxøÜnxÞatecjBITIpSar.
pÞúyeTAvijenAkñúgryHeBlxøI BMuGacRtUvbdiesdæ)aneLIy EdlfaskþanuBl
énkarRbfuuyRbfan (speculation) Edlman KWBMuTan;beBa©jEdlGacbNþaleGay
manPaBBMunwgnénGRtabþÚrR)ak;. edaysarbBaðaenH neya)ayesdækic©EdleKal
bMNgrbs;xøÜneFVIeGaymansißrPaBénGRtabþÚrR)ak;BitEdlmanRbsiT§PaB KWRtUvman
ninñakareFVIGnþraKmn_enAkñúgTIpSarrUbIyb½NÑedIm,IduHxat;énPaBeLIgcuHEdlBMueTotTa
t; nigCamYyenaH FananUvmUldæanénkarGPivDÆn_CabnþbnÞab;énlkçx½NÐesdækic©
eRkARbeTs. kalNaPaBBMunwgnrEdlXøatecjBIsmPaBCaryHeBlxøIrebobenH
énGRtabþÚrR)ak;RtUvGacbM)at;ecal karfycuHtMélEdlsmb,maNénrUbbIyvtßú
énRbeTskMBugGPivDÆn_enaH GacsßitenARbQmTl;nwgkarekIneLIgéføénplitpl
naMcUlEdleyageTAtamPaBBuMnwgnrenaH. CamYynwgGRtabþÚrR)ak;P¢ab; enAkñúg
dMNak;kalénkarekIneLIgtMélx<s;bMput GtiprNakñúgRbeTsEdlmanRtUvnaMeGay
manCacMbgnUvkarkat;bnßyxøaMgxøamYy nigbnÞab;mknaMeGaymankarfycuHénkar
begáInsnÞúHclkrénGtiprNacMeBaHdMNak;kalénkarfycuHtMélTabbMputénGRta
bþÚr. cMeBaHGRtabþÚrR)ak;bENþt rWGRtabþÚrR)ak;bt;Ebn clkrénGtiprNaEdlRtUv
naMcUl KWe)aHbg;nUvsmb,maN ¬=EdlesμIKμanrGak;rGYl¦ enH. karbEnßmsnÞúH
énkarvivDÆn_énéføkñúgRbeTsBMuRtUv)anrMBwgfamaneLIy.
enAeRkamlkç½NÐc,as;las; GRtabþÚrR)ak;bt;EbnGackat;bnßyEfmeTot
nUvkarekIneLIgénéfø ³ eRBaHfakarekIneLIgéføénplitplnaMcUlRbRBitþeTACabnþ
bnÞab;enAkñúgCMh‘and¾tUc nigBMucMhr TaMgenHCaP½BVsMNagd¾FMmYyekIteLIgEdlfa
economic subjects BMusßitenAeRkam :karP½nþRcLMénfvikar (illusion of money) :.
dUcenHRbtikmμénrUbbIyb½NÑBMuekItmaneLIgenAelIRKb;rN³sirS dUcEdlRbtikmμ
enH ekIteLIgenAkñúgkrNIénkarfycuHtMélrUbbIyvßúkñúgRbeTsPøam²enaHeT,Iy.
enAeRkamsPaBEbbenH R)ak;ebovtSmanRbtikmμCadMbUgCamYyEtnwgkarBnüaeBl
énkarekIneLIgénéfø ehtuenHhaniP½yénR)ak;ebovtSn¾-éfø-s<Wra:l;RtUv)ankat;
bnßy. edayfakarekIneLIgéføénvis½yplitplkñúgRbeTsEdlkMNt;eday
GtiprNaGacRsbeTAnwgkarekIneLIgéføénplitplBaNiC¢kmμeRkARbeTsEdled
aysarEtkarfycuHtMélrUbbIyvtßúkñúgRbeTs dUcenHéføEdlTak;Tgrbs;va KWGac
sßitenAefrbnþeTot nigFananUvkarGPivDÆn_mindac;mYyénplitkmμEdleyageTA
tamk,Ünxñat]tþmPaBénkarbg;tMéleRbobeFob (comparativ cost advantage).
qøgkat;bBaðaenH cMeBaHkarERbRbÜlénTUrelxPøam² clkrénGtiprNa
EdlCalT§plecjBIPaBtwgEtgénrcnasm<½n§manelcecjbnþicbnÞÜc. CaBiess
vis½yBaNiC¢kmμeRkARbeTsGacTajcMeNjecjBIPaBtwgEtgénGRtabþÚrR)ak;rebo
benHmYy. karRsUbcUlénkarnaMcUlEdlekIteLIgkñúgkMlugéndMNak;kalkarekIn
eLIgtMélx<s;bMputénrUbIyvtßúkñúgRbeTs KWk¾dUcCakarrIkraldalénkarnaMecj
(export boom) Edl)anekIteLIgCamYynwgkarfycuHtMélTabbMputénrUbIyvtßúkñúg
RbeTsEdr. karbnþBRgIkkarGPivDÆn¾énlkçx½NÐesdækic© edIm,ICMruj rWdas;etOn
GñkEdlmanTunsMrab;karvinieyaKTunenAkñúgvis½yEdlGacrkplcMeNj)anrbs;e
KenaH k¾GaRs½yya:gsMxan;eTAnwgkMriténGRtabþÚrR)ak; CaBiessvis½ynaMecjk¾
RtUv)anKaMRTedayRbB½n§énGRtabþÚrR)ak;bENþtEdr. drabNakartMrUvkarénbreTs
manRbtikmμeGLasÞIceTAelIkarcuHefakénkarnaMecjénRbeTskMBugGPivDÆn_enaH
CalT§plénkarfycuHtMélrUbIyvtßúkñúgRbeTsk¾GaceFVIeGaymankarekIneLIgénka
rbg;tMélplitkmμEdlCalT§plecjBIGtiprNaenAkñúgRbeTsenaH ehIyEdl
nwgeFVIGaymankarekIneLIgéntMélnaMecjenAkñúgÉktarUbIyvtßúkñúgRbeTsCanic©.
CalT§plecjBIenaH naMeTAeGaymankarBRgIkénplitkmμ nigCamYyenHEdrnaMeTA
eGaymankarekIneLIgR)ak;cMNUl nigkargar.
lT§pldUcKñaenHEdrk¾)anelceLIgenAkñúg {]sSahkmμénkarnaMcUlplit
plCMnYs}7 Edleday]sSahkmμenHRtUv)anTTYlyksm<aFEdlCabritþprNa
énplitplnaMcUlEdlRtUvcuHefakedayGRtabþÚrR)ak;. pÞúyeTAvijkarekIneLIgén
karraraMgénkarnaMcUlEdlRtUvkarBarTIpSarkñúgRbeTsTl;nwgGñkpÁt;pÁg;breTsenaH
KWeKrMBwgfaenAeRkamGRtabþÚrR)ak;P¢ab; RBMEdnénkarpÁt;pÁg;énvis½yenH nwge)aHbg;
ecalnUvkarekIneLIgénesrIPavUbnIykmμénBaNiC¢kmμeRkARbeTs. k¾b:uEnþCamYy
7
yuT§saRsþénkarnaMcUlCMnYs rWneya)aynaMcUlCMnYs KWCayuT§saRsþénkarGPivDÆn_mYy.
yuT§saRsþenHmann½yenAkñúgbMNkRsayCaTUeTArbs;va nUvkarbegáItplitkmμkñúgRbeTsénplit
plEdlRtUvnaMcUlmkdl;eBlenHsMrab;TIpSarkñúgRbeTs. yuT§saRsþenHmanTisedAénkarbuk
TMlayBIry:ag³ cMeBaHTImYyyuT§saRsþenH RtUvpþl;RbeyaCn_nUvkarsßabnaénEpñkesdækic©Na
EdlbgárlT§PaBCabnþbnÞab;edaypÞal;énlT§plGPivDÆn_. cMeBaHyuT§saRsþTIBIr RtUvrYmcMENk
sMrab;kardkbnÞúkCabnþbnÞab;mYyénCBa¢ÍgTUrTat;edIm,IbegáInsnÞúHenAdMeNIrkarGPivDÆn_edayqøgka
t;tYnaTIénrUbIyb½NÑbMrugEdlRtUv)aneFVIeGaykan;EtRbesIreLIg.
bBaðaenH vaCabBaðaGMBIkarEbgEckRtLb;mYy (reallocaltion) énFnFanEdlecjBI

karemIleXIjénesdækic©srubnwgrMBwgfamanPaBviC¢man. k¾b:uEnþkarfycuHtMélén
rUbIyvtßúkñúgRbeTssßitesßr (permanent reduction) mYy naMeGaymankarEbg
EckRtLb;énR)ak;cMNUlEdlCaRbeyaCn_sMrab;GñkEdlTajR)ak;cMNUlBIkareRbIR
)as;Tun. enAeRkambBaðaenH sßitenAedayKμansgS½ynUvbBaðaneya)ayd¾FMmYy
EdlGRtabþÚrR)ak;bENþt)annaMmkCamYysMrab;RbeTskMBugGPivDÆn_enaH.
ecjBIGRtabþÚrR)ak;bENþtk¾pþl;plcMeNjpgEdr dl;Gñkdak;TuneGayx©I
EdlCabreTs. plcMeNjEdlGacrk)anénkarvinieyaKTunedaypÞal;énbreTs
Gacvas;)anP¢ab;CamYynwgGRtabþÚrR)ak;Bit eRBaHfaplcMeNjEdlGacrk)an
enaH BMuGacsßitenAeRkam\T§iBleLIgcuHedaysardMNak;kalekIneLIgtMélx<s;
bMput nigkarfycuHtMélTabbMputénrUbIyvtßúkñúgRbeTseToteT. cMeBaHbBaðadUcKña
enHEdr CamYynwgkarekIneLIgénesrIPavUbnIykmμénBaNiC¢kmμeRkARbeTs cMeBaH
GñkvinieyaKTunbreTs)anrYcputBIhaniP½yénesdækic©EdlbgçitbgçMd¾FMmYy EdleFVI
eGayBYkeKBMuGacmanlT§PaB repatration énR)ak;cMeNjrbs;xøÜn)an. enAeRkam
kal³eTs³rebobenH crnþénTunÉkCn)anhUrcUlmkkñúgRbeTskMBugGPivDÆn_enaH
CabnþbnÞab;.
RbQmmuxTl;nwgbBaðaenH krNIneya)ayesdækic©GacmanbMNulenAkñúg
breTsEtenAkñúgTMhMmYyd¾tictYc eRBaHfa\NTanbreTsEdlsßitenATukbMrugBMu
{écñeGayefak)aneLIy}. bBaðaTaMgenHeFVIeGayenAkñúgkarBicarNaBIkarxVHxat
TunénRbeTskMBugGPivDÆn_CaeRcInRtUv)andwgCavicarN³BaØNfaCabBaðaKuNsm,tþi
. k¾b:uEnþ RbQmTl;nwgenaHk¾mannUvKuNsm,tþiEdlfaCamYynwgGRtabþÚrR)ak;bt;
Ebn PaBcaM)ac;énbMNul rWk¾karCMBak;CafμIsMrab;hirBaØvtßúén»nPaBCBa¢ÍgTUrTat;k¾
RtUv)anrYcputpgEdr.
lkçxNÐsMxan;EdlfaRbB½n§bþÚrR)ak;Edlbt;EbnmYyGaclatRtdagnUv\T§iB
lviC¢manrbs;vaeTAelIplitkmμkargar nigcracrTun KWkareFVIeGayeTACakar
BiténGRtabþÚrR)ak;Bit. kalNaenAkñúgTsSn³vis½yEdlCaryHeBlxøIekIteLIgnUv
karERbRbYlya:gxøaMgénGRtabþÚrR)ak;dMbUg (nominal exchange rate) enaH lT§pl

xagelIenaHGacRtUveFVIeGayxUcxatTaMgRsug eRBaHcracrénBaNiC¢kmμeRkARbeTs
RtUvTTYlbnÞúkF¶n;F¶r TnÞwmnwgmanhaniP½yénkarlk;ecj nigCamYynwgkarman
haniP½yénGRtabþÚrR)ak;Edr. drabNaPaBeLIgcuHénGRtabþÚrR)ak;)anrkSaenAkñúg
RBMEdnd¾ceg¥ótmYyenaH karkat;bnßyénTMhMBaNiC¢kmμeRkARbeTsedaysarkar
manénTIpSarkMNt;eBlrUbIyb½NÑ (money market) GacnwgRtUv)anraraMg. CaBit
R)akdekIteLIgnUvesckþIsgÇwmEdlfaesckþIRtUvkarnUvlT§PaBsßirPaBénGRtabþÚrR)
ak;EdlnwgGPivDÆn_CamYynwgGRtabþÚrR)ak;bt;EbnGacnaMeTAeGaymankarelcecj
eLIgCabnþbnÞab;mYyénTIpSarkMNt;eBlrUbIyb½NÑ (money market) Edlmansßit
enAkñúgsßanPaBeyageTAtamtYnaTIEdlcg;)an k¾b:uEnþdMeNIrkarenHRtUvTamTarnUv
eBlevlad¾sMxan;mYy.
dUcenHkñúgryHeBlxøI cMeBaHGRtabþÚrR)ak;bt;EbnenH eKRtUvEtmanneya)ay
énGRtabþÚrR)ak;EdlskmμmYyRtUvsßitenACacaM)ac;. neya)ayskmμenaH KWCakar
RbwgERbgedIm,IeGayGRtabþÚrR)ak;dMbUg (nominal exchange rate) xiteTArkGRta
bþÚrR)ak;Bit (real exchange rate) enAkñúgdMeNIrvivDÆn_éneBl nigk¾dUcCaedIm,IeGay
manesßrPaBénkarvivDÆn_enaH. Parkic©enHGacRtUvbMeBj)anedaygayedaysar
neya)ay {karbENþtedayRkxVk;} rWk¾ {crowling peg}. enAkñúglT§pl
RbB½n§TaMgBIr KWdUcKñaeTAvijeTAmk eRBaHkrNIneya)ayesdækic©TaMgenHekIteT,Ig
edaysarEtkareFVIGnþraKmn_BIrdæeTAelITIpSarrUbIyb½NÑ (invisibly hand of the
government for the currency market) mann½yfa kareFVIRbtikmμeTAelIkar
ERbRbYlénGRtabþÚrR)ak;dMbUgEdlecjBIpøÚvEdlmincg;)anenaH eGayrkSa)annUv
PaBsmRsbeT,Igvij (=karbENþtedayRkxVk;). k¾b:uEnþ crowling peg bgðajnUv
KuNsm,tþiEdlfa economic subjects TaMgGs; GacKitKUreTAelIkarvivDÆn_bnþeTot
énGRtabþÚrR)ak;)angayCagRbePTGRtabþÚrR)ak;epSg². eRBaHfaGRtaERbRbYlén
PaBCacMhrrbs; crowling peg RtUv)anRbkasR)ab;mun dUcenHhaniP½yénGRta
bþÚrR)ak;GaceFVIeGayeTACaGb,rima)an. pÞúyeTAvijcMeBaH {karbENþtEdlRkxVk;}
TaMgenHCajwkjab; Bi)aksMrab;karEbgEckrvagPaBEdlGacekIteLIgedayécdnü
karrMxanEdlCaryHeBlxøInigryHeBlEvg nigkarGPivDÆn_esdækic©EdlsMxan;
sMrab;karsMrbsMrYlénGRtabþÚrR)ak;enaH. dUcenHenAeRkamlkçx½NÐenH KW
{crowling peg} RtUvEtTaj ykmkmunén {PaBbENþtEdlRkxVk;} enaH.
kalNaviFankarN_neya)ayGRtabþÚrR)ak;RtUvcab;ykkñúgRkbx½NÐén
{crowling peg } mYyRtUv)anlatRtdagnUv\T§iBlesdækic©rbs;vaenaH karyl;RBm
rWkaredIrRsbKñad¾s¥itrmYtmYyénneya)ayfvika nigneya)ayGRtabþÚrR)ak;Cati
KWRtUvEtTamTareFVI. TMnak;TMngenHRtUveXIjkan;Etc,as;kalNaeKdwknaMRbtikmμén
tulükarTun rWCBa¢ÍgTun eTAelIkarfycuHtMélénrUbIyvtßúmYy ³ cMeBaHkarsMerccitþ
dak;eGayx©ITun Gñkdak;TuneGayx©ImanninñakareTAtamGRtakarR)ak;dMbUgEdlekIt
eLIgenAkñúgRbeTs nigeRkARbeTs k¾dUcCakarERbRbYlénGRtabþÚrR)ak;Edl
RtUvrMBwgTuk. CamYynwgkarfycuHtMélénrUbIyvtßú nigCamYynwgGRtakarR)ak;dMbUg
(nominal interest rate) EdlBMuERbRbYlenaH sMrab;GñkEdldak;TuneGayx©ICa
breTs nwgmankarfycuHnUvTinñplkarR)ak;énkmμsiT§RTBüsm,tþirbs;xøÜnenAkñúg
RbeTskMBugGPivDÆn_EdlxøÜn)andak;TuneGayeRbIR)as;enaHenAkñúgÉktarUbbIyb½
NÑbreTskñúgTMhMd¾eBjeljénGRtafycuHénrUbbIyvtßúénRbeTskMBugGPivDÆn_ena
H. pÞúyeTAvijcMeBaHkarR)ak;dMbUgEdlefr sMrab;skmμPaBenAeRkARbeTs
rWkardak;TuneGayx©IenAeRkARbeTs eKnwgTTYl)annUvTinñplkarR)ak;ekIneLIgenA
kñúgÉktarUbIyvtßúkñúgRbeTsenAkñúgTMhMénGRtaekIneLIgéntMélrUbIyb½NÑbreTsen
aH. enAeRkamRBwtþkarN_eebobenH elcecjnUvhaniP½y EdlfaGñkdak;Tun
kñúgRbeTs ¬domestic investors¦ nigGñkdak;TunbreTs ¬foreign investors¦ dkTun
rbs;xøÜnecjBIRbeTskMBugGPivDÆn_enaH. kalNakarvivDÆn_enHcg;RtUveGaykat;
bnßy enaHkrNIneya)ayfvikarRtUvEteFVIeGayekIneLIgnUvGRtakarR)ak;dMbUg
enAkñúgRbeTseGaymanTMhMGRtaesμIrKñanwgGRtafycuHtMélénrUbIyvtßúkñúgRbeTs
enaHmann½yfasmPaBkarR)ak;rvagTIpSarTunkñúgRbeTs nigeRkARbeTssßitenA
Canic©nirnþr_.
4> plénneya)ayGRtabþÚrR)ak;
ecjBIkarRbtibtþixagelIRtUveXIjya:gc,as;las;faRbeTskMBugGPivDÆn_RtU
vGnuvtþn_nUvneya)ayGRtabþÚrR)ak;mYyEdlFananUvPaBeFVIeGayBitR)akdénGRtabþÚr
R)ak;. TaMgenHCalkçx½NÐd¾sMxan;EdlfaGRtabþÚrR)ak;RtUvEtRtwmRtUveTAtamParkic©
CamUldæanrbs;va EdlKWCaGaMgDIkarT½rén]tþmPaBénkarbg;tMéleRbobeFob nig
GacnaMmkCamYynUvkarsßabnaénrcnasm<½n§plitkmμEdleFVIeGayekIneLIgnUvR)ak;
cMNUlyUrGEgVg nigkMeNInkargarsMrab;RbeTskMBugGPivDÆn_enaH. sMrab;PaBeFVI
eGayBitR)akdénGRtabþÚrR)ak;énRbeTskMBugGPivDÆn_mYymanCamUldæannUvpøÚvBIrCa
cMhr ³ sMrab;pøÚvTImYy TaMgGs;enHGacP¢ab;rUbIyvtßúxøÜneTAnwgrUbIyb½NÑnaMmuxmYy
rWeRcIn nigneya)ayfvika k¾dUcCaneya)ayhirBaØvtßúrbs;xøÜnmanninñakareTAtam
RbeTsEdlxøÜn)anpSarP¢ab;enaH. pÞúyeTAvij kalNasV½yPaBd¾FMmYyénneya
)ayesdækic©épÞkñúgRtUvsßitenACaGtßiPaBenaH TaMgenHTamTarnUvGRtabþÚrR)ak;bt;Ebn
d¾FMmYy ebIsinNaParkic©EbgEck (allocation) énGRtabþÚrR)ak;BMuRtUv)aneFVIeGay
kan;EtGaRkk;.
kñúgkrNIenHelcecjCaBiesssMrab;RbeTskMBugGPivDÆn_xøH )ancab;yk
nUvRbB½n§GRtabþÚrR)ak;Edlbt;EbnmYy eRBaHfaenAkñúgRbB½n§énGRtabþÚrR)ak;Edl
BMubt;EbneBjelj eKRtUvEteFVIeGaysMerc)aneCaKC½yCanic©nUvkarsMrbsMrYl
d¾s¥itrmYtmYy rWk¾karedIrRsbKñaénneya)aycMnYnfvikadUcCaneya)ayGRtakar
R)ak; nigénneya)ayGRtabþÚrR)ak;. karRbqaMgénkareGaydMbUnμanénneya)ay
GRtabþÚrR)ak;enH )anelIkeLIgnUvkarniyayCMTas;EdlfacariklkçN³EdlCa
RbePTénRbeTskMBugGPivDÆn_GacraraMgnUvkarsßabna nigkareRbIR)as;d¾maneCaK
C½yénRbB½n§GRtabþÚrR)ak;bt;EbnmYy. GñkesdæviTUCaeRcIn)anbBa¢ak;fa PaBpÞal;
xøÜnEdlCaesdækic© nigEdlCasßab½nénRbeTskMBugGPivDÆn_TamTarnUvneya)ay
GRtabþÚrR)ak;EdleyageTAtamenaH. CamYyenH CaRbePTénRbeTskMBugGPivDÆn_
RtUv)ancat;cMNat;fñak;nUvlkçN³dUcxageRkam ³
- TMhM rWkMritd¾tUcmYyénkarbegáIteLIgeGaymaneRcInmuxepSg²Kña
(diversification)
- kartMrUvkarnaMcUlEdlBMueGLasÞIcmYy rWk¾karpÁt;pÁg;énkarnaMecjEdlBMu
eGLasÞIcmYy
- PaBCMnYs)and¾tUcrvagplitplénBaNiC¢kmμeRkARbeTs nigplitpl
esdækic©kñúgRbeTs
- vis½yhirBaØvtßúEdlmansmtßPaBtYnaTIBMuRKb;RKan;mYy
- smtßPaBRbtikmμd¾tictYcmYyéncrnþTuneTAelIkarERbRbYlénGRta
karR)ak;
dUcenHeyageTAelImUldæanénkarsnñidæanenH cMeBaHRbeTskMBugGPivDÆn_
RtUvEtTajykkarBicarNaeTAelIneya)ayGRtabþÚrR)ak;mYyEdlgakecjBIPaBb
t;EbnnIykmμénGRtabþÚrR)ak;mYy rWGRtabþÚrR)ak;bt;Ebn. edayKμankarsgS½y
RbeTskMBugGPivDÆn_bgðajeGayeXIjnUvlkçN³kMNt;EdlsMrab;BicarNacMeBaH
karBiPakSaénRbB½n§GRtabþÚrR)ak;EdlsmRsbmYy dUcEdl)anniyayxagelI.
k¾b:uEnþTaMgGs;enH enAEtCasMnYrEdlfaCamYynwgdMeNIrRbRBitþEdl)anbkRsay
xagelIGacRtUveFVIeGay)ansMercCalT§plGnuvtþn_EdrrWeT kalNaPaBBMucuHsRmug
)anekIteLIgGMBIEdlfaetIGVIRtUvGackt;sMKal;Ca {RbePTénRbeTskMBugGPivDÆn_}
enaH.
PaBEdlminrYmKñaEtmYyenAkñúgkarsnñidæanéncariklkçN³RbePTénRbeTskM
BugGPivDÆn_enHehIy GaceFVIeGaymankarxitxMRbwgERbgelcecjeLIgedIm,IeGay
niymn½ynUvRbePTénRbeTskMBugGPivDÆn_edayqøgkat;karErkBn§rYmKñaénPaBpÞal;
xøÜnenH nigecjBIenaHedIm,Icg;kMNt;edIm,IsßabnanUvneya)aybþÚrR)ak;Edlsm
Rsb. EtRbeTskMBugGPivDÆn_ KWepSg²BIKña dUcenHvaekIteLIgnUvhaniP½yénkar
eGaydMbUnμanEdlCaneya)ayGRtabþÚrR)ak;TUeTAEdlBMuRtwmRtUveTAtamsßanPaBRbe
PTc,as;las;énRbeTskMBugGPivDÆn_TaMgenaH. enAeRkamkarBicarNaTidæPaBenH
TaMgenH elcecjnUvlMnaMsmrmüedIm,IraraMgeTAelIkarbgðajénlkçx½NÐtYnaTI
nigénplEdl)anpSarP¢ab;eTAnwgneya)ayGRtabþÚrR)ak;EdlkMNt;mYysMrab;RbeT
skMBugGPivDÆenaH. eyageTAtamenaHlT§plEdl)anTajecjBIxagelIGac
segçbCarYmdUcteTA ³
a). RbB½n§énGRtabþÚrR)ak;bt;EbnmYyRtÚv)anbgðajenAkñúgk,Ünc,ab;tMranUvlT§
PaBeRCIserIsEdlKYrBicarNamYysMrab;karykmkGnuvtþ ebIsinNahaniP½yén
PaBRbfuyRbfan (speculation) edaysarTIpSarrUbIyb½NÑ nigkarmanGnþraKmn_én
sßab½nrUbIyvtßúGacRtUv)anbM)at;ecal)an. RbB½n§enHpSarP¢ab;nUvPaBEdlGaceFVI
eGayBitR)akdénGRtabþÚrR)ak;Bit CamYynwglT§PaBsV½yPaBd¾FMénkrNIEdlCa
neya)aysareBIBn§ nigneya)ayfvika eRBaHneya)ayTaMgenH KWGacedaHrYcput
ecjya:gq¶ayBIkatBVkic©sMrab;karFanakarBarénsmPaBesdækic©eRkARbeTs.
b) k¾b:uEnþkalNaRbeTskMBugGPivDÆn_mYy BMumannUvTIpSarkMNt;eBlén
rUbIyb½NÑEdlmansmtßPaBtYnaTIcaM)ac;enaHeT enaHTaMgGs;enaHRtUvpSarP¢ab;
rUbIyvtßúrbs;xøÜneTAnwgrUbIyb½NÑnaMmuxmYy rWk¾eRcIn8. karP¢ab;CamYyrUbIyb½NÑ
naMmuxmYyGaceFVIeGaymanKuNsm,tþi)an luHRtaNaEtBaNiC¢kmμeRkARbeTs
CamYynwgRbeTsEdl)anP¢ab;rUbIyvtßúenaHRtUv)anGnuvtþmanTMhMlatsn§wgFMeFg.
pÞúyeTAvijkalNarcnasm<½n§naMcUl nigrcnasm<½n§naMecjmankarrayBaseBj
eRcInmuxkñúgtMbn; GRtabþÚrR)ak;EdlpSarP¢ab;eTAnwgrUbIyb½NÑrYm KWsßitenACa
GtßiPaB. k¾b:uEnþenAkñúgkrNITaMgGs; RbeTskMBugGPivDÆn_RtUvsMrYleGay
8
enAkñúgPaBepSgKñaBIGRtabþÚrR)ak;efrEdlCaRbB½n§ Bretton Wood System GRtabþÚrR)ak;P¢ab;mYy
mann½y faBMuEmnCaGRtabþÚrR)ak;lMdab;xatenaHeLIy eRBaHfarUbIyb½NÑnaMmuxTaMgGs;Edlkøay
edaypÞal; rWedayRbeyaleTACarUbIyb½NÑnaMmuxsMrab;GRtabþÚrR)ak;P¢ab; KWERbRbYledayÉkraCü.
bnÞab;mkkarERbRbYlenH epÞreTAelIRbeTsnImYy²eyageTAtambTdæanmaRtaénkarP¢ab;. enA
kñúgkrNIenH TMrg;nImYy²énGRtabþÚrR)ak;P¢ab;bgðajeGayeXIjkareLIgcuHénGRtabþÚrR)ak; ¬RbQm
muxTl;nwgrUbIyb½NÑEdlenAesssl;TaMgGs; CamYynwgGRtabþÚrR)ak;bt;Ebn rWk¾CamYynwgGRta
bþÚrR)ak;P¢ab;¦ eTAnwgsþg;daepSg²eTotmYy.
RtUvnUvneya)ayesdækic©rbs;xøÜn eyageTAtamkarP¢ab;nImYy²enaH. kalNa

TaMgGs;enHminGaceFVIeTAekIt enaHPaBEdleGayeTACakarBiténGRtabþÚrR)ak;Bit
TamTareGaymankarsMrbsMrYlCabnþbnÞab;mYyénsmPaBeyageTAtambTdæan én
PaBxusKñaénGtiprNa eRBaHkñúgkrNIkarP¢ab;rYbIyb½NÑrYmRtUvføwgEføgnUvPaBxusKña
énGtiprNa.
Éksareyag
Adelman I. / Morris C. T: Society, Politics and Economic
Development: quantitative Approach, Baltimore 1967
Adelman I. / Morris C. T.: Economic growth and Social Eguity in
Developing countries, Stanford 1973
Baters N.: Development Indicators, in: Journal of Development
Studies 1971/1972
Bird, R. M.: A New Look at Indirect Taxation in Developing
Countries, in: World Development, Band 15 (1987)
Bird, R. M.: Taxation and Employment in Developing Countries, in:
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Bird, G.: Should Developing Countries Use Currency Depreciation as
a Toll of Balance of Payments Adjustment?, in: Journal of
Development Studies Band 19 (1982/83)
Black, S. W.: Exchange Policies for Less Developed Countries in a
World of Floating Rates, New Jersey 1976
Bloom D. E./Freeman R. B.: The Effects of Rapid Population Growth
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1986
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York 1953
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American Academy of Political and Social Science 1967
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1983
Goode, R.: Government Finance in Developing Countries,
Washington D. C. 1984
Hemmer, H.-R.: Wirtschaftsprobleme der Entwicklungslaender,
Muenchen 1988
Hicks N.L./Strection P.: Indicator of Development, in: World
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McNicoll G.: Consequences of Rapid Population Growth-An
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ABOUT THE AUTHOR
M.Sc. Agr. CHAN BONNIVOIT

was born on 30. December 1969 in Kbal Kaoh Village, Kaohdach
Commune, Mok Kampol District, Kandal Province, Cambodia.
1987: Baccalaureate, Preah Sisovath High School, in
Cambodia.
1987-1988: Studied German language, Royal University of Phnom
Penh in Cambodia.
1988-1989: German language Certificate, Herder Institute in
Germany.
1989-1991: Studied Medicine, Karl Marx University (Leipzig
University) in Germany.
1991-1997: Diploma in Agriculture and Master of Science in
Economics and Social Science of Agriculture (M.Sc.
Agr.), Martin Luther University Halle Wittenberg in
Germany.
1997-1998: Ph.D. Candidate, Hohenheim University in Germany.
February 1999: Return to Cambodia.
March 1999-August 2000: Assistant farming systems advisor for
Church World Service Cambodia (CWS)
Since 2001: Private Lecturer for ASEAN Economics and Investment
Management for Norton University.
Since 2002: Official for Department of ASEAN and international
Organization of the Commerce Ministry.
2002-2004: Private Lecturer for Investment Management for Royal
University of Phnom Penh.
Since 2004: Private Lecturer for Economic Development and
International Economic for Royal University of
Agriculture Chamcar Doung
PUBLICITY
- Agricultural production’s plan for Quellendorfer & Zehbitzer

Agrar Enterprise AG (Joined Publicity in German, 1996)
- Agricultural Trade of Kingdom of Cambodia: Structure,
Development and Perspective (in German, MLU 1997)
- Concept of agricultural economic and marketing (in Khmer, CWS
1999)
- Concept of rural credit (in Khmer, CWS 1999)
- Concept of micro enterprise (in Khmer, CWS 2000)
- Agriculture situation analysis of CWS’s project target areas in

Kandal, Svay Rieng and Kompong Thom provinces (Joined
Publicity in English, CWS June 2000)
- Many Research.

Economic Development Theory

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2 # Economic Development

PñMeBj éf¶TI 02 Ex FñÚ qñaM 2005

1> mUldæanCasarB½n§sBÞ ........................................................................ 1

1> karGPivDÆn_ nigbrikçaEdlCaFnFanFmμCati ...................................... 20

2> siT§ieRCIserIsneya)ayGRtabþÚrR)ak;énRbeTsmYy ......................... 145

mnusS k¾dUcCaesckþIRtUvkarEdlcaM)ac;mYycMnYneTot. qøgkat;nUvkaryl;BIkMritén

)ay KWmankarTak;TgeTAnwgvis½yneya)ay GaMgDIkaT½rCalkçN³ esdækic©k¾man

+ BaNiC¢kmμ nig KmnaKmn_

nimitþkmμtMéldul (gross value of creation) CasrubEdlTUTat;rYc

plTunCatidul (gross dosmetic product)

plTunCatisuT§sMrab;ktþabg;tMél (NDP to factor cost = national

b). enAkñúgRbeTsCaeRcInmankarCYbRbTHplvi)ak kñúgkarekþabkþab;eGay

plTunCatisuT§ sMrab;éføTIpSar (NDP to market price)

elIsmaCikénsgÁmnImYy² KWmanPaBesμIr²KñaTaMgGs;énR)ak;cMNUl. EttamPaB

EbgEckminesμIPaBkan;Etx<s;mYy TnÞwmnwgvamantMélesμInwg 0 cMeBaHkarEbgEck

bBa©ÚledaypÞal;eLIy. sMrab;karTTYlnUvGaMgDIkaT½r Edlmanrcnasm<n§½mYyRtwm

11> karERbRbYlénTunTaMgGs;CarUbPaB cab;BIqñaM >>>>>>>>>>>

the framework of generally accepted components of development" . bBaða

3> karerob b¤dak;énRbeTsnanaenAkñúgPaBBit

e) enAkñúgTVIbGUesGanI ³ KWRbeTsTaMgGs;elIkElgEtRbeTsGURsþalI nig

sMxan;² faRbeTsTaMgenaH)ansMerc)anrYcCaeRscnUvRBMEdnx<sb; MputénkarGPivDÆn_

kmμeRkARbeTsEdlsIuCMerA (intensiv) mYy CamYynwgvtßúFatuedIm nigplitpl

nwgkarxVHxaténTun k¾dUcCakMritecHdwgEdlBMuRKb;RKan;énRbeTsTaMgenaH. kan;Et

EbgEckkargarEdlnaMeTAeGaymankarekIneLIgén per capita EdlRtUv)anRbwg

bBa©ÚlCaBiessnUvkMriténkarGb;rM nigkarsikSaénGñkeFVIkargar ehIyk_dUcCaskþa

sarktþaTunepSg²eTotenaH KWenAkñúgRbeTskMBugGPivDÆn_ xøHvaCamUlehtuénzan

CatikarekIneLIgral;qañ MsMrab;súþkmUlFnesdækci C© atiRtUv)ankt;RtaCa {karvinei yaK

1.2. karbegáItTunEdlGaRs½y nwgkarvinieyaK 4.1 karsnSMCaÉkCn

1.2.1. karvinieyaKénTunsMPar³ 4.2 karsnSMCardæ

1.2.1.1. karvinieyaKéncegáamma:sIun 5. karTTYlyk\NTansuT§BIbreTs

eRKagTukcMeBaHvtßúFatuedIm nig plitplBak;

rvagbuKÁl;mñak;² nigk¾dUcCaGaRs½yeTAnwgTMhMén {economic surplus}. pÞúyeTA

3> Gtßn½yEdlCaneya)ayGPivDÆn_énlkç½NÐsgÁm nigneya)ay

rcnasm<½n§TVikniym KWCarUbPaBelcecjEdlfaRkumsgÁmnImYy² nigRkum

TMnak;TMngrvagTun nigkMlaMgBlkmμtictYcenaH KWPaBRbesIreLIgCalMdab;én

XM : Output from moderne side

Effectiv production possibility frontier of dualism Structur

2>1>2> TVikniym nigeKalbMNgénkarekIteLIg (Accumulativ Goal)

BIkarFanara:b;rgénsgÁmEdlCaRbéBNIén clan rbs;xøÜnEdlCaGñk)anFanra:b;rg

TUrelx 1 nig 4 qøúHbBa©aMgGMBITMnak;TMngBaNiC¢kmμCamYybreTs RBmCa

bg;R)ak;nUvTMnak;TMngkarnaMecj (X) + karnaMecjTun (CM) = karnaMcUl (M) +

2>1>2> karbkRsayedayRTwsþIBiesaFniym (empirical finding)

bnþeTot. CaRbtibtþikarCMnYjEdlRtUvbgáreFVIeLIgenH CacMbg KWCaclnaTunEdl

BaNiC¢kmμGnþrCaticMeBaHRbeTskMBugGPivDÆn_. dUcenH karTieTonCakitþiyseTAelI

naMcUl (=P ) énRbeTsmYy ³

ToT )anbgðajeGayeXIjfa etIcMnYnÉktab:unμanénplitplnaMcUlEdl

bnÞat; ToT ¬=bnÞat;éføTIpSarGnþrCati¦ Rtg; C. C bgðajnUvcMnucplitkmμrbs;Cati

BaNiC¢kmμeRkARbeTs eFVIeGayRbeTsenaH mankarcMeNjénPaBrIklUtlas;

RKb;karERbRbYlén ToT CH\T§iBlEdlfa ¬emIlrUbxageRkam¦cMnucplitkmμ

ticCagniTsSn_eRbIR)as;Rtg;cMnuc V. CalT§plkarERbRbYl ToT mann½yfa

eT,IgéføénplitplnaMcUl Y ¬rWk¾karFøak;cuHénéføénplitplnaMecj X ¦CagbnÞat;

cMeBaHkarbkRsaymUlehtuénPaBkan;EtGaRkk;én ToT sMrab;RbeTskMBug

mann½yfaeKepþateTAelIKuNPaBén primary products enaH EdlsMrab;KuNPaB

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