Chapter 9

पाठ्यक्रम परिचय

This section introduces the curriculum for the subject 'Money, Banking & Public Finance' as designed by Vardhman Mahaveer Open University, Kota. The introduction emphasizes the fundamental importance of money in the economic world, referencing Geoffrey Crowther's 1951 book 'Outline of Money.' Crowther states that among all human inventions, money is the most basic, comparable to the wheel in mechanics, fire in science, and the vote in politics. In economics, money is central to human social existence and underpins all economic activities. Initially invented as a medium of exchange, money gradually became a store of value. Its significance extends to all branches of economics, including consumption, production, distribution, and revenue. Thus, money is described as the axis around which the entire economic system revolves. The section underscores that a student of economics must understand money and its operational mechanisms. The curriculum covers not only money but also banking and public finance, highlighting their interrelated utility. There are 17 units in the course, with the first four focusing on money, its definition, functions, demand and supply, and value. The curriculum also explores quantity theories of money, such as Fisher's Equation, Cambridge Theory, and Friedman Theory. The supply of money and its relationship with price levels are discussed, along with the roles of commercial and central banks in influencing money supply. Units 5 to 8 introduce commercial banks, central banks, and methods of credit control.

• Money is considered the most fundamental human invention in economics.
• Geoffrey Crowther's analogy places money alongside the wheel, fire, and vote in other fields.
• Money was invented as a medium of exchange and later became a store of value.
• It is crucial in all branches of economics: consumption, production, distribution, and revenue.
• The curriculum covers money, banking, and public finance, emphasizing their interconnected roles.
• The first four units focus on money, its definition, functions, demand, supply, and value.
• Quantity theories of money (Fisher, Cambridge, Friedman) are included.
• Commercial and central banks play key roles in influencing money supply and price levels.

इकाई संख्या एवं पाठ्यक्रम संरचना

This section lists the units and structure of the curriculum for 'Money, Banking & Public Finance.' There are 17 units, each covering a specific topic. The first four units deal with money: its meaning, functions, importance, demand, supply, and value. Subsequent units discuss theories of money, commercial and central banking, credit control methods, monetary policy, international trade, exchange rate determination, and public finance. Each unit is assigned specific page numbers, indicating the scope and depth of coverage. The structure ensures comprehensive coverage of all aspects of money, banking, and public finance, including classical and modern theories, practical applications, and Indian context.

• The curriculum comprises 17 units covering money, banking, and public finance.
• Units 1-4 focus on money: definition, functions, demand, supply, and value.
• Units 5-8 cover commercial and central banking, credit control, and monetary policy.
• Units 9-11 discuss international trade, comparative cost theory, and exchange rate determination.
• Units 12-17 address public finance, taxation, expenditure, debt, and fiscal federalism.
• Each unit is mapped to specific pages for detailed study.
• 📌 Unit: A division of the curriculum focusing on a specific topic.
• 📌 Commercial Bank: A financial institution providing banking services to individuals and businesses.
• 📌 Central Bank: The apex monetary authority in a country, regulating money supply and banking.