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Кейнсианская, монетариская теория и теория рациональных ожиданий

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a iineaaeiea aeaa aeanyoea eao eaeineaineie oai?ee aue a?ioai aucia
aeueoa?iaoeaiuie iae?iyeiiiie/aneeie eiioeaioeeyie, a /anoiinoe
iiiaoa?eciii e oai?eae ?aoeeiiaeueiuo iaeeaeaiee (O?I). ?ac?aaioeo yoeo
oai?ee aicaeaaeee auaeathueany o/aiua n ie?iaui eiaiai. Oae,
eaeineaineoth eiioeaioeeth caiyoinoe i noaaeeecaoeeiiiie iieeoeee,
aeiieie?iaaaooth iinea aoi?ie ie?iaie aieiu a iae?iyeiiiie/aneeo
aicc?aieyo aieueoeinoaa yeiiiienoia anao no?ai n ?uii/iie
eiaeono?eaeueiie yeiiiieeie, ?ac?aaioaea a?oiia, ninoiyiey ec iyoe
aaaeothueo iiaaeaaneeo eao?aaoia – Iiey Naioyeueniia, O?aiei
Iiaeeeueyie, ?iaa?oa Niei, Aeaeaeina Oiaeia e Eio?aina Eeaeaa.
?aeiiaiaeaoeee eaeineaineie oai?ee i?eieiaee a Niaaeeiaiiuo Ooaoao
aaeieieno?aoeee e aeaiie?aoia, e ?anioaeeeaioeaa.

Eiuo acaeyaeia i?eaea?aeeaaeny eao?aao Iiaaeaaneie i?aiee ii yeiiiieea
1976 a., Ieeoii O?iaeiyi, noaaoee eioaeeaeooaeueiui eeaea?ii
iiiaoa?enoneie oeieu. Ii iieiaeee ia/aei yiie?e/aneei e oai?aoe/aneei
enneaaeiaaieyi, iieacuaathuei, /oi aeaiueae ea?atho ai?acaei aieaa
aaaeioth ?ieue a ii?aaeaeaiee o?iaiy yeiiiie/aneie aeoeaiinoe e oeai,
/ai i?aaeiieaaaea eaeineaineay oai?ey.

Ii yeiiiie/aneay iuneue ia noieo ia ianoa, nionoy iaeioi?ia a?aiy ?iaa?o
Euethean, Oiian Na?yaeaio e Iaee Oieean ?ac?aaaouaatho oai?eth
?aoeeiiaeueiuo iaeeaeaiee (O?I), i?aaenoaaeythuoth /anoue oae iacuaaaiie
iiaie eeanne/aneie yeiiiie/aneie oai?ee.

Oeaeueth ?aoa?aoa yaeyaony iiciaeiieoue /eoaoaey n iniiaiuie
iae?iyeiiiie/aneeie oai?eyie. A aeaeueiaeoai aoaeoo ?anniio?aiu
eaeineaineay, iiiaoa?eneay oai?ee e oai?ey ?aoeeiiaeueiuo iaeeaeaiee.
I?eaaaeaiu iniiaiua ioee/ey e noiaenoaa.

Noiaenoaa e ?acee/ey.

N?aaiei eaeineaineoth oai?eth e iiiaoa?eci, iieacaa eo a iiey?iuo
oi?iao. A aeaenoaeoaeueiinoe eeiey, ?acaeaeythuay nia?aiaiiuo.
eaeineaioeaa e iiiaoa?enoia, ia noieue /aoeay. Ii o ieo anoue e aaaeiua
eaeaieiae/aneea ?acee/ey, eanathueany, ?iee ainoaea?noaa, aii?ina i
aioo?aiiae noaaeeueiinoe eaieoaeenoe/aneie yeiiiieee. ?anniio?ei yoe
?acee/ey a yoie aeaaa.

Ianoaaeeueiinoue e ainoaea?noaaiiia aiaoaoaeuenoai.

Eaeineaioeu iniiauaathony ia oii, /oi eaieoaeeci, e a iniaaiiinoe
nenoaia naiaiaeiiai ?uiea, no?aaeaao a?iaeaeaiiuie ii?ieaie, n?aaeo
eioi?uo iaeaieaa aaaeiui yaeyaony eaeineaineia ooaa?aeaeaiea, /oi
eaieoaeeci eeoai iaoaiecia, iaania/eaathuaai yeiiiie/aneoth
noaaeeueiinoue. Ainoaea?noai, n oi/ee c?aiey eaeineauaa, iiaeao e
aeieaeii ea?aoue ii?aaeaeaiioth aeoeaioth ?ieue a noaaeeecaoeee
yeiiiieee; aeene?aoiay oeneaeueiay iieeoeea e e?aaeeoii-aeaiaaeiay
iieeoeea iaiaoiaeeiu aeey niya/aiey ?aceeo yeiiiie/aneeo iiaeuaiia e
niaaeia, eioi?ua a i?ioeaiii neo/aa aoaeoo nii?iaiaeaeaoue ?acaeoea
eaieoaeecia. Iin?aaenoaii yoeo aeaenoaee, ianiioaaonoaea iaaeaeo
ieaie?oaiuie eiaanoeoeeyie e naa?aaeaieyie aeaenoaeoaeueii nouanoaoao e
aucuaatho eieaaaiey aeaeiaie aeoeaiinoe, au?aaeathueany a ia?eiaee/aneie
eioeyoeee e (eee) aac?aaioeoea, iiaoo auoue naaaeaiu e ieieioio. Iiiaea
?uiee ia yaeythony eiieo?aioiuie, /oi oae aea aaaeao e iaaeaeinoe a
ieaia iiieaeaiey oeai e noaaie ca?aaioiie ieaou. Neaaeiaaoaeueii,
eieaaaiey niaieoiiuo ?anoiaeia aicaeaenoaotho a ia?aoth i/a?aaeue ia
o?iaaiue i?iecaiaenoaa e caiyoinoe, a ia ia oeaiu.

Noaaeeueiinoue e naiaiaeiay eiieo?aioeey.

Iiaeoiae iiiaoa?enoia ninoieo a oii, /oi ?uiee a aeinoaoi/iie ia?a
eiieo?aioiu e /oi nenoaia ?uii/iie eiieo?aioeee iaania/eaaao aunieoth
noaiaiue iae?iyeiiiie/aneie noaaeeueiinoe. ?annoaeaeaiey iniiauaathony
ia oii, /oi iaania/eaaaiay ?uii/iie eiieo?aioeeae aeaeinoue oeai e
noaaie ca?aaioiie ieaou aaaeao e oiio, /oi eieaaaiey niaieoiiuo
?anoiaeia aicaeaenoaotho ia oeaiu i?iaeoeoeee e ?ano?nia, a ia ia
o?iaaiue i?iecaiaenoaa e caiyoinoe. Neaaeiaaoaeueii, ?uii/iay nenoaia,
iaiiaeaa?aeaiiay ainoaea?noaaiiiio aiaoaoaeuenoao a ooieoeeiie?iaaiea
yeiiiieee, ioee/aaony cia/eoaeueiie iae?iyeiiiie/aneie
noaaeeueiinoueth. I?iaeaia i oii, /oi caeii i ieieiaeueiie noaaea
ca?aaioiie ieaou, caeiiiaeaoaeueiay aeayoaeueiinoue a eioa?anao
i?ionithcia, iiaeaea?aeaiea oeai ia naeueneioicyenoaaiioth i?iaeoeoeeth,
caeiiiaeaoaeuenoai i iiiiiieeyo a eioa?anao aeciana e ae?oaea
ia?ii?eyoey ainoaea?noaa iiiu?ytho e oneeeaatho iaaeaeinoue a ieaia
iiieaeaiey oeai e ca?aaioiie ieaou. Naiaiaeiue ?uiie nai ii naaa
niiniaai iaania/eoue cia/eoaeueioth iae?iyeiiiie/aneoth noaaeeueiinoue,
ii ainoaea?noaaiiia aiaoaoaeuenoai aii?aee naiei aeaaei iaia?aieyi
iiae?uaaao yoo niiniaiinoue. Aieaa oiai ainoaea?noai oneeeaaao
oeeeee/aneea eieaaaiey naieie iaoeethaeeie e iai?iaeoiaiiuie iiiuoeaie
noaaeeece?iaaoue yeiiiieeo n iiiiuueth aeene?aoiie oeneaeueiie e
e?aaeeoii-aeaiaaeiie iieeoeee, /oi niinianoaoao ianoaaeeueiinoe nenoaiu.
I?eioeei laissez faire, eee naiaiaeiiai ?uiea, yaeyaony iniiaiui aeey
iiiaoa?enoia. Ainoaea?noaaiiia oi?aaeaiea iie n/eoathony
ath?ie?aoe/aneei, iayooaeoeaiui, a?aaeiui aeey eiaeeaeaeoaeueiie
eieoeeaoeau e niaea?aeauei iieeoe/aneea ioeaee, eioi?ua
aeanoaaeeece?otho yeiiiieeo. E?iia oiai, oeaio?aeeciaaiiia
ainoaea?noaaiiia oi?aaeaiea iaecaaaeii iiaeaaeyao naiaiaeo /aeiaaea’.
Ainoaea?noaaiiue naeoi? aeieaeai auoue eae iiaeii iaiueoa. Oaeei
ia?acii, acaeyaeu eaeineaioeaa e iiiaoa?enoia ia /anoiue e
ainoaea?noaaiiue naeoi?u ii/oe aeeaiao?aeueii i?ioeaiiieiaeiu. N oi/ee
c?aiey eaeineaioeaa, ianoaaeeueiinoue /anoiuo eiaanoeoeee iaoneiaeeaaao
ianoaaeeueiinoue yeiiiieee, a ainoaea?noai ea?aao iieiaeeoaeueioth
?ieue, i?eiaiyy niioaaonoaothuaa noaaeeecaoeeiiiia n?aaenoai.
Iiiaoa?enou aea iai?ioea n/eoatho, /oi ainoaea?noai ieacuaaao a?aaeiia
aeeyiea ia yeiiiieeo, iii nicaeaao iaaeaeinoue, eioi?ay ineaaeyao
niiniaiinoue ?uii/iie nenoaiu iaania/eaaoue cia/eoaeueioth
noaaeeueiinoue; iii i?iaiaeeo oeneaeueiua e e?aaeeoii-aeaiaaeiua
ia?ii?eyoey, eioi?ua, oioy e eiatho aeaaoth oeaeue, aucuaatho oo naioth
ia noaaeeueiinoue, aeey ai?ueau n eioi?ie iie i?aaeiacia/aiu.

Iniiaiiieaaathuea o?aaiaiey

Iaa oai?ee , eaeineaineay e iiiaoa?eneay, iniiauaatho naie aiaeec ia
niaoeeaeueiuo o?aaiaieyo. A ia?aii neo/aa – yoi o?aaiaiea niaieoiiuo
?anoiaeia, a ae?oaii – o?aaiaiea iaiaia, ?anniio?ei eaaeaeia ec ieo a
ioaeaeueiinoe:

O?aaiaiea niaieoiiuo ?anoiaeia

Eaeineaineay oai?ey aeaeaao oii? ia niaieoiiuo ?anoiaeao e eo
eiiiiiaioao. Iniiaiiieaaathuei eaeineaineei o?aaiaiea yaeyaony :

Ca + In + Xn + G= *II

Yoi o?aaiaiea iieacuaaao, /oi niaieoiiue iauai ?anoiaeia iieoiaoaeae
?aaai iauae noieiinoe i?iaeaiiuo oiaa?ia e oneoa. A ninoiyiee ?aaiiaaney
Ca + In + Xn + G (niaieoiiua ?anoiaeu) ?aaiu *II (iauaio i?iecaiaenoaa a
no?aia).

O?aaiaiea iaiaia.

Iiiaoa?eci aeaeaao oii? ia aeaiueaao e iniiaiiieaaathuei o?aaiaieai
caeanue yaeyaony o?aaiaiea iaiaia:

MV = PQ

.aaea I- i?aaeeiaeaiea aeaiaa, V- nei?inoue ia?auaiey aeaiaa, oi anoue
n?aaeiaa eiee/anoai ?ac, eioi?ia aeieea? o?aoeony ia i?eia?aoaiea
aioiauo oiaa?ia e oneoa a oa/aiea aiaea, ? – o?iaaiue oeai eee, oi/iaa,
n?aaeiyy oeaia, ii eioi?ie i?iaeaaony eaaeaeay aaeeieoea oece/aneiai
iauaia i?iecaiaenoaa; e Q – oece/aneee iauai i?iecaiaenoaaiiuo oiaa?ia e
oneoa.

Eaaay /anoue o?aaiaiey (MV) i?aaenoaaeyao niaie iauaa eiee/anoai
?anoiaeia iieoiaoaeae ia i?eia?aoaiea iauaia i?iecaiaenoaaiiuo aeaa,
oiaaea eae i?aaay /anoue (PQ) i?aaenoaaeyao niaie iauoth au?o/eo
i?iaeaaoeia yoiai iauaia, ec yoiai e neaaeoao iacaaiea “o?aaiaiea
iaiaia”.

?anniio?ei i?eia?, iiiiaathuee oaeaeaoue ?acee/ea iaaeaeo aeaoiy
iiaeoiaeaie: iioie aiaeu, i?ioiaeyuee /a?ac o?oao a iauaia, neaaeai, 6
oun. eeo?ia a /an. N eaeineaineie oi/ee c?aiey iauee iioie 6 oun. eeo?ia
a /an ninoieo ec 3 oun. eeo?ia, iinooiathueo a /an n aoiaaeiie oaa?eee,
2 oun. eeo?ia a /an – n aaoicaaiaea e 1000 eeo?ia a /an – ec oi?aiaiai
oeaio?a. Iiiaoa?eno iiaeao neacaoue, /oi yoio eaiaeecaoeeiiiue iioie 6
oun. eeo?ia a /an neeaaeuaaaony ec 200 eeo?ia, iaiieiythueo a n?aaeiai
eaiaeecaoeeiiiue ?aca?aoa? ca iaeei ?ac, i?e oii, /oi iieiay niaia aiaeu
a ?aca?aoa?a i?ienoiaeeo 30 ?ac eaaeaeue /an.

Iaa iiaeoiaea, eae eaeineaineee, oae e iiiaoa?inoneee, iieaciu e
iiiiaatho iiiyoue iae?iyeiiiie/aneea i?ioeannu. Aeaenoaeoaeueii,
eaeineaineia o?aaiaiea iiaeii eaaei i?aia?aciaaoue a o?aaiaiea
iiiaoa?enoeiai aeaea. Niaeanii iiiaoa?enoneiio iiaeoiaeo, iauea ?anoiaeu
– yoi i?aaeeiaeaiea aeaiaa, oiiiaeaiiia ia nei?inoue eo ia?auaiey, o.a.
MV yaeyaony iiiaoa?enoneei yeaeaaeaioii Ca + In + Xn + G. Aneaaenoaea
oiai, /oi MV anoue iauay noiia cao?ao ia aioiaua oiaa?u a aiae, iia
aeieaeia auoue ?aaia iiieiaeueiiio *II, a iiieiaeueiue *II i?aaenoaaeyao
niaie noiio iauaia i?iecaiaenoaa ?acee/iuo oiaa?ia e oneoa (Q),
oiiiaeaiioth ia niioaaonoaothuea ei oeaiu (?). Oi anoue *II = PQ. Oaeei
ia?acii, iu iiaeai caiaieoue eaeineaineia o?aaiaiea Ca + In + Xn, + G =
*II a iiieiaeueiii au?aaeaiee ia iiiaoa?enoneia o?aaiaiea iaiaia IV =
?Q. Neaaeoao iaeiaei ia?aoeoue aieiaiea ia oi, /oi iaaeaeo eaaie
noi?iiie eaeineaineiai o?aaiaiey Ca + In + Xn, + G e eaaie noi?iiie
o?aaiaiey iaiaia .I-* nouanoaoao aaaeiia ?acee/ea, a eiaiii: anee iaeii
iieacuaaao ieaie?oaiua eee i?aaeiieaaaaiua ?anoiaeu, oi ae?oaia
io?aaeaao aeaenoaeoaeueiua ?anoiaeu.

A naiii aeaea iaa iiaeoiaea yaeythony aeaoiy acaeyaeaie ia iaeii e oi
aea, ii oai ia iaiaa ii-i?aaeiaio inoaaony i?eioeeieaeueiue aii?in:
eaeay iae?iyeiiiie/aneay oai?ey oi/iaa ioia?aaeaao aeaenoaeoaeueiinoue
e, neaaeiaaoaeueii, yaeyaony aieaa i?eniiniaeaiiie e ?ac?aaioea iniiaie
yeiiiie/aneie iieeoeee.

Eciaiaiea *II a nayce n eciaiaieai e?aaeeoii-aeaiaaeiie iieeoeee.

Eaeineaineia o?aaiaiea ioaiaeeo aeaiueaai aoi?inoaiaiioth ?ieue. I?e
yoii eaeineaineay eiioeaioeey e?aaeeoii-aeaiaaeiie iieeoeee aeeth/aao a
naay aeiaieueii aeeeiiue ia?aaeaoi/iue iaoaieci (?en 1a.) Ia ?enoiea
aeaeii, /oi eciaiaiea e?aaeeoii-aeaiaaeiie iieeoeee eciaiyao
i?aaeeiaeaiea aeaiaa a no?aia, /oi a naith i/a?aaeue, aicaeaenoaoy ia
i?ioeaioioth noaaeo, aeeyao ia o?iaaiue eiaanoeoeee. A /anoiinoe, anee
ia?aiia/aeueii yeiiiieea ?aaioaao ia ia iieioth iiuiinoue, eciaiaiey a
eiaanoeoeeyo aeeytho ia iiieiaeueiue *II = ?Q iin?aaenoaii eciaiaiey
?aaeueiiai iauaia i?iecaiaenoaa (Q). Eiaaea aea yeiiiieea aeinoeaaao
iieiie caiyoinoe, eciaiaiey a eiaanoeoeeyo aicaeaenoaotho ia
iiieiaeueiue *II iin?aaenoaai eciaiaiea o?iaiy oeai (?).

Eae ooaa?aeaeatho eaeineaioeu, a yoie oeaie i?e/eiii-neaaenoaaiiuo
naycae iiiai neaauo caaiueaa, a ?acoeueoaoa /aai e?aaeeoii-aeaiaaeiay
iieeoeea ieacuaaaony iaiaaeaaeiui e iaiaa aeaenoaaiiui ii n?aaiaieth n
oeneaeueiie iieeoeeie n?aaenoaii noaaeeecaoeee. Oeneaeueiie iieeoeeie
iacuaaaony eciaiaiey, aiineiua i?aaeoaeuenoaii a ainoaea?noaaiiua
?anoiaeu, aeey aeinoeaeaiey iieiie caiyoinoe. Oaeay iieeoeea ieacuaaaony
aieaa auaiaeiie ii n?aaiaieth n e?aaeeoii-aeaiaaeiie, eioi?ie i?enoue
iaeioi?ua iaaeinoaoee. Aiciiaeiinoue ianoaaeeueiiai niauaiea e?eaie
ni?ina ia eiaanoeoeee, i?e eioi?ii aeeyiea eciaiaiey i?ioeaioiie noaaee
ia eiaanoeoeeiiiua ?anoiaeu ia i?iyaeony eee ineaaiao. Ia aoaeao
iniaaiii yooaeoeaia iieeoeea aeaoaauo aeaiaa e a oii neo/aa, anee aaiee
e ae?oaea aeaiiceoiua o/?aaeaeaiey ia no?aiyony aeaaaoue nnoaeu eee
ianaeaiea ia i?iyaeyao aeaeaiey a?aoue e?aaeeou.

Iiiaoa?enou oaaaeaeaiu, /oi e?aaeeoii-aeaiaaeiay iieeoeea ii?aaeaeyao
o?iaaiue yeiiiie/aneie aeoeaiinoe a ai?acaei aieueoae noaiaie, /ai
n/eoatho eaeineaioeu. E?aaeeoii-aeaiaaeiie iieeoeeie iacuaaoueny
eciaiaiea iannu aeaiaa n oeaeueth aeinoeaeaiey ia eioeyoeeiiiiai
i?iecaiaenoaa i?e oneiaea iieiie caiyoinoe. Iiiaoa?enou aeaeyo a
aeaiaaeiii i?aaeeiaeaiee aaeeinoaaiiue aaaeiaeoee oaeoi?, ii?aaeaeythuee
o?iaaiue i?iecaiaenoaa, caiyoinoe e oeai. Oeaiue i?e/eiii-neaaenoaaiiuo
naycae iaaeaeo i?aaeeiaeaieai aeaiaa e o?iaiai yeiiiie/aneie aeoeaiinoe
ai acaeyaea iiiaoa?enoia auaeyaeeo eae iieacaii ia ?enoiea 1a. Oae
?anoe?aiea aeaiaaeiiai i?aaeeiaeaiey iiauoaao ni?in ia ana aeaeu aeoeaia
– ?aaeueiuo eee oeiainiauo, – a oaeaea ia oaeouee iauai i?iecaiaenoaa.
Neaaeiaaoaeueii, a oneiaeyo iieiie caiyoinoe oeaiu ia ana oaeoi?u
aic?anooo. E?iia oiai, iiiaoa?enou n/eoatho nei?inoue ia?auaiey aeaiaa
noaaeeueiie – a oii niunea, /oi aa eieaaaiey iaaaeeee e iia ia
eciaiyaony a ioaao ia eciaiaiea naiiai ii naaa aeaiaaeiiai
i?aaeeiaeaiey. Cia/eo, eciaiaiey aeaiaaeiiai i?aaeeiaeaiey ieacuaatho
i?aaeneacoaiia aicaeaenoaea ia o?iaaiue iiieiaeueiiai *II (= ?Q). O.a.,
iai?eia?, oaaee/aiea I i?eaaaeao e oaaee/aieth ? eee Q, eee aea eae ?,
oae e Q a ioaeaeueiinoe. Iie n/eoatho, /oi eciaiaiey aeaiaaeiiai
i?aaeeiaeaiey aeeytho ia ana eiiiiiaiou niaieoiiiai ni?ina, a ia oieueei
ia eiaanoeoeee.

Iiiaoa?enou iieaaatho, /oi, oioy eciaiaiea I iiaeao aucaaoue
e?aoein?i/iua eciaiaiey a ?aaeueiii iauaia i?iecaiaenoaa e caiyoinoe,
iineieueeo ?uiie i?eniinaaeeaaaony e yoiio eciaiaieth, a aeeeoaeueiie
ia?niaeoeaa eciaiaiea I aicaeaenoaoao ia o?iaaiue oeai, a ia /a?ac
eciaiaiea ?aaeueiiai o?iaiy i?iecaiaenoaa eae n/eoatho eaeineaioeu,
anee aea aeinoeaioo o?iaaiue iieiie caiyoinoe, oi eciaiaiey I i?eaaaeoo
e eciaiaieyi ?.

Acaeyaeu ia nei?inoue ia?auaiey aeaiaa. Aa noaaeeueiinoue e
ianoaaeeueiinoue. Yiie?e/aneee aii?in.

?anoiaeaeaiea ai acaeyaeao eaeineaioeaa e iiiaoa?enoia ii aii?ino i
noaaeeueiinoe nei?inoe ia?auaiey (V) i?aaenoaaeyao niaie
i?eioeeieaeueioth oai?aoe/aneoth i?iaeaio. Neaaeoao ioiaoeoue, /oi
nei?inoue ia?auaiey aeaiaa naaiaeiy auoa, /ai ?aiueoa. Nie?auaiea
ia?eiaeia iaaeaeo auaea/aie ca?aaioiie ieaou, aieaa oe?ieia
eniieueciaaiea e?aaeeoiuo ea?oi/ae, iiyaeaiea n?aaenoa, onei?ythueo
ieaoaaee, oaaee/eee nei?inoue ia?auaiey aeaiaa. Eia/a aiai?y, ni
a?aiaiai yoe oaeoi?u aeaee ethaeyi aiciiaeiinoue nie?aoeoue,
ioiineoaeueii e ?acia?o iiieiaeueiiai *II, naie iaee/iua eee /aeiaua
n?aaenoaa.

Ia /ai aea iniiaaii ooaa?aeaeaiea iiiaoa?enoia i noaaeeueiinoe nei?inoe
ia?auaiey aeaiaa?

Ii eo iiaieth, oaeoi?u, aicaeaenoaothuea ia nei?inoue ia?auaiey aeaiaa,
iaiythony iinoaiaiii e i?aaeneacoaiui ia?acii io aiaea e aiaeo, /oi
iiaeii eaaei i?aaeaeaeaoue. E?iia oiai, nei?inoue ia?auaiey aeaiaa ia
eciaiyaony a ioaao ia eciaiaiea i?aaeeiaeaiey aeaiaa.

Anee nei?inoue ia?auaiey aeaiaa noaaeeueia, oi ec o?aaiaiey iaiaia
neaaeoao, /oi iiiaoa?enou aeaenoaeoaeueii i?aau, ooaa?aeaeay, /oi
iaaeaeo aeaiaaeiui i?aaeeiaeaieai e iiieiaeueiui *II (= ?Q) nouanoaoao
iaiin?aaenoaaiiay e i?aaeneacoaiay caaeneiinoue. I?eia?: I oaaee/ei ia
5%, V noaaeeueia e oaaee/eaaaony ia 1% a oa/aiea aiaea, oiaaea *II
oaaee/eony ia 7% (/oi aeaeii ec o?aaiaiey MV=PQ).

Ii anee V ianoaaeeueia, oi eaeineaineia ooaa?aeaeaiea i aoi?inoaiaiiie
?iee aeaiaa a iae?iyeiiiieea ni?aaaaeeeai. Oi anoue anee V ec ia?eiaea a
ia?eiae eciaiyaony iai?aaeneacoaiui ia?acii, oi naycue iaaeaeo I e ?Q
ieacuaaaony neaaie e iaii?aaeaeaiiie. A /anoiinoe, onoie/eaue ?ino I ia
iaycaoaeueii aoaeao ia?aoiaeeoue a onoie/eaue ?ino iiieiaeueiiai *II.

Aeaeaa ?anniio?ei noaaeeueiinoue V n oi/ee c?aiey eaeineaioeaa e
iiiaoa?enoia.

Noaaeeueiinoue: acaeyae iiiaoa?enoia.

Iiiaoa?enou n/eoatho, /oi ethaee i?aaeuyaeytho aeiaieueii noaaeeueiue
ni?in ia aeaiueae aeey iieoiee iauaia oaeouaai i?iecaiaenoaa ii
n?aaiaieth n ae?oaeie oeiainiauie e ?aaeueiuie aeoeaaie e ?anoiaeaie.
Oaeoi?u, ii?aaeaeythuea eiee/anoai aeaiaa, eioi?ia oioyo eiaoue /anoiua
eeoea e i?aaei?eyoey a eaaeaeue aeaiiue iiiaio, ia caaenyo io
aeaiaaeiiai i?aaeeiaeaiey. E naiia aeaaiia – eiee/anoai aeaiaa, eioi?ia
ianaeaiea aeaeaao eiaoue, ii?aaeaeyaony o?iaiai iiieiaeueiiai *II.

I?eia?: Aeiionoei i?e *II ?aaiii 400 ie?ae. aeie, eiee/anoai aeaiaa,
eioi?ia aeaeaao eiaoue ianaeaiea ?aaii 100 ie?ae. aeie. (V ?aaia 4.)
I?aaeiieaaay, /oi oaeoe/aneia i?aaeeiaeaiea aeaiaa ninoaaeyao 100 ie?ae.
aeie., iiaeii neacaoue, /oi a yeiiiieea onoaiiaeeinue aeaiaaeiia
?aaiiaanea (?aaainoai oaeoe/aneiai iauaia aeaiaaeiiai i?aaeeiaeaiey
eiee/anoao aeaiaa, eioi?ia ianaeaiea aeaeaao eiaoue). Aeiionoei
?anoe?aiea M ia 10 ie?ae. aeie, ia?ooeo yoi ?aaiiaanea, oae eae ethaee
oaia?ue eiaao aieueoa aeaiaa, /ai ieaie?iaaee. Anoanoaaiiay ?aaeoeey
ianaeaiey – iio?aoeoue iiyaeaoeany “eeoiea” aeaiueae, o.a. ionoeoue eo
ia i?eia?aoaiea i?iaeoeoeee. Aneaaenoaea /aai aic?anoaao niaieoiiue
ni?in, eioi?ue a naith i/a?aaeue oaaee/eaaao *II. Iineieueeo nei?inoue
ia?auaiey ?aaia 4 – oi anoue aeieea? o?aoeony a n?aaeiai 4 ?aca a aiae,
– iiieiaeueiue *II aeieaeai aic?anoe ia 40 ie?ae. aeie. Eiaaea
iiieiaeueiue *II aeinoeaiao 440 ie?ae. aeie., oaeoe/aneia aeaiaaeiia
i?aaeeiaeaiea a 44I ie?ae. aeie, noaiao oai eiee/anoaii aeaiaa, eioi?ia
ianaeaiea aeaeaao eiaoue, e ?aaiiaanea, ii ii?aaeaeaieth,
ainnoaiiaeony. ?anoiaeu ia oiaa?u e oneoae aoaeoo ?anoe aei oao ii?
niioiioaiea, *II/ M ii?aaeaeythuea V, ia noaiao ?aaiui ia?aiia/aeueiiio.

Ianoaaeeueiinoue: acaeyae eaeineaioeaa.

Ii iiaieth eaeineaioeaa, nei?inoue ia?auaiey aeaiaa eciai/eaa e
iai?aaeneacoaia. Iie n/eoaee, /oi aeaiueae o?aaothony ia oieueei aeey
caeeth/aiey naeaeie, ii e aeey aeaaeaiey eie a ea/anoaa aeoeaia.
Aeaiueae, eioi?ua eniieuecothony a naeaeeao, aoaeoo “aeoeaiuie”
aeaiueaaie, oi anoue aeaiueaaie, eioi?ua ia?aoiaeyo ec ?oe a ?oee e
ia?auathony a iioiea aeioiaeia-?anoiaeia. Iie iaeaaeatho iaeioi?ie
iieiaeeoaeueiie nei?inoueth ia?auaiey, o.a. aeieea? aeey naeaeie
iaeaaeaao iieiaeeoaeueiie nei?inoueth ia?auaiey. Aeaiueae, eioi?ua
aea?aeao a ea/anoaa aeoeaia, yaeythony “ia?aaioathueie” aeaiueaaie e,
neaaeiaaoaeueii, nei?inoue eo ia?auaiey ?aaia ioeth. Ionthaea neaaeoao,
/oi iauay nei?inoue ia?auaiey anaai aeaiaaeiiai i?aaeeiaeaiey caaeneo
io i?iii?oeee, a eioi?ie iii ?ani?aaeaeyaony iaaeaeo aeaiueaaie aeey
naeaeie e aeaiueaaie a ea/anoaa aeoeaia.

Ia yoii iniiaaiee eaeineaioeu, ioaa?aay Iiiaoa?enoneee ia?aaeaoi/iue
iaoaieci – i?aaeiieaaathuee i?e/eiioth caaeneiinoue iaaeaeo eciaiaieai I
e eciaiaieai *II, – ooaa?aeaeatho, /oi aeaiaaeiua n?aaenoaa,
eniieuecoaiua a ea/anoaa “ia?aaioathueo”, iiaoo iiaeiuaoue
cia/eoaeueioth /anoue i?e?inoa aeaiaaeiiai i?aaeeiaeaiey, aucuaay
iaaeaiea nei?inoe ia?auaiey aeaiaa. Anee acyoue naiue e?aeiee neo/ae:
ianaeaiea ia?auaao a aeiiieieoaeueiua aeoeau aan i?e?ino aeaiaaeiiai
i?aaeeiaeaiey, oi i?aaeeiaeaiea aeaiaa aic?anoaao, ii nei?inoue
ia?auaiey oiaaeao ianoieueei, /oi aaniethoii ieeaeia aeeyiey ia ?acia?
iiieiaeueiiai *II yoi ia ieaaeao.

Ioiineoaeueiia cia/aiea ni?ina ia aeaiueae ni noi?iiu aeoeaia eciaiyaony
ia?aoii i?iii?oeeiiaeueii noaaea i?ioeaioa. Ionthaea ?anoe?aiea
aeaiaaeiiai i?aaeeiaeaiey iiieceo i?ioeaioioth noaaeo, /oi a naith
i/a?aaeue oaaee/eo eiee/anoai aeaiaaeiuo aeoeaia n ioeaaie nei?inoueth
ia?auaiey. Iiyoiio iauay nei?inoue ia?auaiey aeaiaaeiiai i?aaeeiaeaiey
iaaeaao.

Nie?auaiea aea aeaiaaeiiai i?aaeeiaeaiey iiauneo i?ioeaioioth noaaeo,
aeaeay aieaa iaeeaaeiui eiaoue aeaiueae a ea/anoaa aeoeaia.
Iineaaeothuaa oiaiueoaiea aeaiaaeiuo aeoeaia oaaee/eaaao iauoth
nei?inoue ia?auaiey aeaiaa.

N oi/ee c?aiey eaeineaioeaa, nei?inoue ia?auaiey aeaiaa eciaiyaony
i?yii i?iii?oeeiiaeueii noaaea i?ioeaioa e ia?aoii i?iii?oeeiiaeueii
i?aaeeiaeaieth aeaiaa. Anee yoi oae, oi noaaeeueiay naycue iaaeaeo I e
iiieiaeueiui *II, eioi?oth i?aaeeaaaao Iiiaoa?enoneee ia?aaeaoi/iue
iaoaieci, ionoonoaoao, oae eae i?e eciaiaiee M eciaiyaony e V, /oi ia
iaycaoaeueii aaaeao e eciaiaieth *II.

Nii? i oeneaeueiie e e?aaeeoii-aeaiaaeiie iieeoeea.

Ii eaeineaineay e iiiaoa?eneay oai?ey ?acee/athony ia oieueei a yoeo
aniaeoao, a oae aea iaoiaeeoueny i?ioeai?a/ey a aii?ina i
noaaeeecaoeeiiiie iieeoeea ainoaea?noaa.

Oeneaeueiay iieeoeea.

I?eciaaay aaaeiinoue e?aaeeoii-aeaiaaeiie iieeoeee, eaeineaioeu
n/eoatho, /oi oeneaeueiay iieeoeea ai?acaei aieaa iiuiia e iaaeaaeiia
noaaeeecaoeeiiiia n?aaenoai. Ia yoii aiai?eo eo iniiaiia o?aaiaiea.
N/eoaaony, /oi eciaiaiey iaeiaiiaeiaeaiey aicaeaenoaotho ia iio?aaeaiea
e eiaanoeoeee iaaeaaeii e i?aaeneacoaii.

Iiiaoa?enou, ioaa?aay oeneaeueioth iieeoeeo eae n?aaenoai
ia?a?ani?aaeaeaiey ?ano?nia e noaaeeecaoeee, n/eoatho aa
aac?acoeueoaoiie a nayce n oae iacuaaaiui yooaeoii auoaniaiey
(Aucuaaaony oaaee/aieai i?aaeoaeuenoaaiiuo caeiia ia aeaiaaeiii ?uiea e
aea/ao iiauoaiea i?ioeaioiuo noaaie e nie?auaiey iauaia eiaanoeoeee a
yeiiiieea). I?e yoii eiaeea eo ?annoaeaeaiee naiaeeony e neaaeothuei o:
ainoaea?noai nicaeaao athaeaeaoiue aeaoeoeeo, caieiay aeaiueae o
ianaeaiey, anooiaao a eiieo?aioioth ai?ueao n /anoiui aecianii ca
oiiaeu. *oi i?eaiaeeo e ?anoe?aieth ni?ina ia aeaiueae, iiauoaieth
i?ioeaioiie noaaee e auoaniaieth /anoiuo eaieoaeiaeiaeaiee.
Neaaeiaaoaeueii, eiia/iue ?acoeueoao aicaeaenoaey athaeaeaoiiai
aeaoeoeeoa ia niaieoiiua ?anoiaeu iai?aaeneacoai eee, a eo/oai neo/aa,
ianouanoaai.

Anee aeaoeoeeo, eae yoi i?eiyoi, iie?uaaaony auioneii iiauo aeaiaa,
yooaeo auoaniaiey iiaeao auoue eneeth/ai e ca aeaoeoeeoii iineaaeoao
?anoe?aiea yeiiiie/aneie aeayoaeueiinoe. Ii, ioia/atho iiiaoa?enou,
?anoe?aiea i?iecieaeao ia aeaaiaea?y athaeaeaoiiio aeaoeoeeoo, eae
oaeiaiio, a aeaaiaea?y nicaeaieth aeiiieieoaeueiuo aeaiaa.

Eaeineaioeu, a iauai, ia io?eoeatho, /oi iaeioi?ua eiaanoeoeee iiaoo
auoaniyoueny. Ii iie n/eoatho iauai auoaniaiiuo eiaanoeoeee iaaieueoei
e, neaaeiaaoaeueii, i?eoiaeyo e auaiaeo, /oi eiia/iue ?acoeueoao
aicaeaenoaey iieeoeee athaeaeaoiie yeniainee ia ?aaiiaaniue *II aoaeao
cia/eoaeueiui. Iie ana-oaee i?eciatho, /oi oeiaine?iaaiea aeaoeoeeoa
iooai nicaeaiey iiauo aeaiaa iaeaaeaao aieueoei noeioeii, /ai
oeiaine?iaaiey ca n/ao caeiia.

E?aaeeoii – aeaiaaeiay iieeoeea:

Eaeineaioeu iieaaatho, /oi e?eaay ni?ina ia aeaiueae ioiineoaeueii
iieiaa, a e?eaay ni?ina ia eiaanoeoeee ioiineoaeueii e?ooa, yoi aeaeaao
e?aaeeoii-aeaiaaeioth iieeoeeo n?aaieoaeueii neaaui noaaeeece?othuei
n?aaenoaii. Iu ciaai oaeaea, /oi iiiaoa?enou, iaiai?io, n/eoatho e?eaoth
ni?ina ia aeaiueae i/aiue e?ooie, a e?eaoth ni?ina ia eiaanoeoeee
inoaoi/ii iieiaie, yoi icia/aao, /oi eciaiaiea aeaiaaeiiai i?aaeeiaeaiey
ieacuaaao iiuiia aicaeaenoaea ia ?aaiiaaniue o?iaaiue *II. Yoi
iieiinoueth niioaaonoaoao ooiaeaiaioaeueiiio oaceno iiiaoa?ecia i oii,
/oi aeaiaaeiia i?aaeeiaeaiea – ?aoathuee oaeoi? ii?aaeaeaiey o?iaiy
yeiiiie/aneie aeoeaiinoe e o?iaiy oeai.

Oai ia iaiaa aieueoeinoai iiiaoa?enoia ia niaaootho eniieueciaaoue
iieeoeeo aeaoaauo e aei?iaeo aeaiaa aeey niya/aiey iiaeuaiia e niaaeia
yeiiiie/aneiai oeeeea. Iniiauaaynue ia enneaaeiaaieyo enoi?ee NOA aei e
iinea 1913 a. iiiaoa?enou i?eoee e auaiaeo i ianoaaeeueiinoe iineaaeiaai
ia?eiaea (iinea 1913 a.), /oi naycaii n aeene?aoiuie eciaiaieyie
aeaiaaeiiai i?aaeeiaeaiey, inouanoaeyaiuie ?oeiaiaeyueie
e?aaeeoii-aeaiaaeiuie o/?aaeaeaieyie. Ioaaonoaaiiinoue ca oiaiueoaiea
yeiiiie/aneie noaaeeueiinoe i?eienuaaaony ioeai/iui ?aoaieyi
?oeiaiaeyueo e?aaeeoii-aeaiaaeiuo o/?aaeaeaiee. N oi/ee c?aiey
iiiaoa?enoia, yeiiiie/aneay ianoaaeeueiinoue ii?iaeaeaaony nei?aa
iai?aaeeueiui e?aaeeoii-aeaiaaeiui ?aaoee?iaaieai, /ai aioo?aiiae
iaonoie/eainoueth yeiiiieee. Iai?aaeeueiia e?aaeeoii-aeaiaaeiia
?aaoee?iaaiea i?ienoiaeeo, niaeanii iiiaoa?ecio, ii aeaoi aaaeiui
i?e/eiai:

I?aaeiieiaeei, /oi ?acee/iua yeiiiie/aneea iieacaoaee oeacuaatho ia
iaeioi?ue niaae e a aeaenoaea aaiaeeony iieeoeea aeaoaauo aeaiaa. Ii a
oa/aiea iineaaeothueo oanoe ianyoeaa yeiiiie/aneia iieiaeaiea ii
i?e/eiai, ieeae ia naycaiiui n ia?aie ainoaea?noaaiiie iieeoeee,
eciaieeinue e ia/aeny ia?aoiae e oeeeee/aneie oaca eioeyoeeiiiiai
iiaeuaia. A yoio iiiaio iieeoeea aeaoaauo aeaiaa ieacuaaao naia
aeaenoaea e oneeeaaao eioeyoeeth. Yoi i?ienoiaeeo ii i?e/eia oiai, /oi
eciaiaiea aeaiaaeiiai i?aaeeiaeaiey ieacuaaao aeeyiea ia *II ii
i?ioanoaeth iaeioi?iai ia?eiaea a?aiaie. I?e iaii?aaeaeaiiinoe yoiai
a?aiaiiiai ia?eiaea eniieueciaaiea aeene?aoiie e?aaeeoii-aeaiaaeiie
iieeoeee aeey i?eniiniaeaiey yeiiiieee e oeeeee/aneei iiaeuaiai e
niaaeai iiaeao eiaoue ia?aoiue yooaeo e oneeeaaoue oeeeee/aneea
eieaaaiey.

Aeiionoei, yeiiiieea i?aiaeieaaaao niaae e aeaeaeaony e iieiie caiyoinoe
n iiauoaieai o?iaiy niaieoiiuo ?anoiaeia, iauaia i?iecaiaenoaa,
caiyoinoe e oeai. ?anoe?ythueeny iauai yeiiiie/aneie aeayoaeueiinoe
aucuaaao oaaee/aiea ni?ina ia aeaiueae e oai naiui iiauoaiea i?ioeaioiie
noaaee. Anee aea ?oeiaiaeyuea e?aaeeoii-aeaiaaeiua o/?aaeaeaiey
n/eoatho naiae oeaeueth noaaeeecaoeeth i?ioeaioiuo noaaie, iie i?eaaaioo
e iieeoeea aeaoaauo aeaiaa. Ii yoa iieeoeea ?inoa eiee/anoaa aeaiaa
oaaee/eo niaieoiiua ?anoiaeu a oio iiiaio, eiaaea yeiiiieea oaea
iaoiaeeony ia a?aie eioeyoeeiiiiai aoia. Oi anoue iiiuoea
noaaeeece?iaaoue i?ioeaioiua noaaee aeaeaao yeiiiieeo iaiaa onoie/eaie.
Ec yoiai aeaeii, /oi noaaeeecaoeey i?ioeaioiie noaaee yaeyaony ioeai/iie
oeaeueth, oae eae iaaiciiaeii noaaeeece?iaaoue aeaiaaeiia i?aaeeiaeaiea
e i?ioeaioiua noaaee iaeiia?aiaiii. Iiyoiio iiiuoea noaaeeece?iaaoue
i?ioeaioiua noaaee iiaeao aeanoaaeeece?iaaoue yeiiiieeo.

Enoiaey ec yoeo niia?aaeaiee iiiaoa?enou i?eoiaeyo e auaiaeo, /oi aeey
aeinoeaeaiey noaaeeueiinoe yeiiiieee iaiaoiaeeii noaaeeece?iaaoue oaii
?inoa aeaiaaeiiai i?aaeeiaeaiey, a ia i?ioeaioioth noaaeo. A eaeaaea
iiiaoa?enou n/eoatho, /oi aeaiaaeiia i?aaeeiaeaiea aeieaeii onoie/eai
aic?anoaoue ia 3-5% a aiae. Oae eae aeaiaaeiia i?aaeeiaeaiea aeieaeii
?anoe?youeny aaeaaiaeii a oii aea oaiia, /oi e aaeaaiaeiue oaii
iioaioeeaeueiiai ?inoa ?aaeueiiai AII.

Oaeia i?aaeei, n/eoatho iiiaoa?enou, ono?aiyao aeaaioth i?e/eio
ianoaaeeueiinoe yeiiiieee – eciai/eaia e iai?aaeneacoaiia aicaeaenoaea
e?aaeeoii-aeaiaaeiie iieeoeee. Eieue nei?i aeaiaaeiia i?aaeeiaeaiea
?anoao a iinoiyiiii oaiia, anyeia aeaeaeaiea e niaaeo iineo a?aiaiiue
oa?aeoa?.

I?eieiay ai aieiaiey iaeioi?ua ni?aaaaeeeaua caia/aiey iiiaoa?enoia,
auei au aeoii ioeacuaaoueny io aeene?aoiie e?aaeeoii-aeaiaaeiie iieeoeee
a iieueco eo i?aaeea. Oae eae V iiaeaa?aeaia eciaiaieyi eae ia
i?ioyaeaiee oeeeea, oae e a aeeeoaeueiie ia?niaeoeaa, oi iinoiyiiue oaii
aaeaaiaeiiai ?inoa aeaiaaeiiai i?aaeeiaeaiey iiaeao niinianoaiaaoue
na?ueaciui eieaaaieyi niaieoiiuo ?anoiaeia e aucaaoue yeiiiie/aneoth
ianoaaeeueiinoue, ii i?e/eia oiai, /oi ioeac io noaaeeecaoeee
i?ioeaioiie noaaee aoaeao nii?iaiaeaeaoueny aa ?aceeie eieaaaieyie e
eieaaaieyie eiaanoeoeeiiiuo ?anoiaeia.

Acaeyaeu ia iiaeaeue niaieoiiiai ni?ina e i?aaeeiaeaiey.

A yoie aeaaa n?aaiei acaeyaeu iiiaoa?enoia e eaeineaioeaa n iiiiuueth
iiaeaee niaieoiiiai ni?ina e niaieoiiiai i?aaeeiaeaiey. ?acaa?ai
ioee/ey a iiaeaeyo ni?ina e i?aaeeiaeaiey aeey eaaeaeie ec oai?ee,
?acee/ea aeaoo iiaeaeae iieacaii ia ?enoiea 4.

Iniiaiua ?anoiaeaeaiey ano?a/athony a aii?ina i naeaeaa niaieoiiiai
ni?ina. Iiiaoa?enou n/eoatho, /oi ni?in no?iai niauaaony ai?aai eee
aeaai aeaaiui ia?acii a ?acoeueoaoa niioaaonoaaiii ?anoe?aiey eee
nie?auaiia aeaiaaeiiai i?aaeeiaeaiey. Eaeineaioeu i?aaeiieaaatho, /oi ia
niaieoiiue ni?in, iiieii niaieoiiuo ?anoiaeia, e?eaoth niaieoiiiai
ni?ina iiaoo niauaoue ?acoeueoaou oeneaeueiie e e?aaeeoii-aeaiaaeiie
iieeoeee.

E?eaa i?aaeeiaeaiey oae aea eiaao ?aciue aeae o eaeineaioeaa e
iiiaoa?enoia. ?anoiaeaeaiey naiaeeoueny e oiio, /oi iiiaoa?enou n/eoatho
e?eaoth niaieoiiiai i?aaeeiaeaiey i/aiue e?ooie, a eaeineaioeu –
aeiaieueii iieiaie. Iieiaay eaeineaineay eeiey iieacuaaao, /oi yeiiiieea
/anoi ia aeinoeaaao o?iaiy iieiie caiyoinoe e iieiiai eniieueciaaiey
iiuiinoae, a ii/oe aa?oeeaeueiay eeiey io?aaeaao iniiao iiiaoa?ecia e
iiceoeeth, niaeanii eioi?ie aeaeinoue oeai e noaaie ca?aaioiie ieaou
iaoneiaeeaaao iinoiyiiia no?aieaiea yeiiiieee e iieiie caiyoinoe. Yoi
?anoiaeaeaiea ai acaeyaeao ia niaieoiiia i?aaeeiaeaiea e?aeia aaaeii a
ioiioaiee noaaeeecaoeeiiiie iieeoeee.

N oi/ee c?aiey iiiaoa?enoia, anee i?eaea?aeeaaoueny iiiaoa?iiai i?aaeea,
oi iauai i?iecaiaenoaa a yeiiiieea ana a?aiy iaoiaeeony ia o?iaia ii/oe
iieiie, eciaiaiea niaieoiiiai ni?ina aeeyao i?aeiouanoaaiii ia o?iaaiue
oeai e ieacuaaao neaaia aicaeaenoaea ia ?aaeueiue AII. Neaaeiaaoaeueii
ia eiaao niunea i?aaei?eieiaoue eaeea-ieaoaeue noaaeeecaoeeiiiua ia?u
aeey oaaee/aiey ?aaeueiiai iauaia i?iecaiaenoaa e caiyoinoe. A
?acoeueoaoa niauaiey niaieoiiiai ni?ina n AD1, e AD2 (ni. ?en 4a) iu
iieo/aai i/aiue ne?iiiue ?ino ?aaeueiiai iauaia i?iecaiaenoaa (n Q1 aei
Q2), ii cia/eoaeueiue ?ino o?iaiy oeai (n .P1 aei P2),oa ne?iiiia
oaaee/aiea iauaia i?iecaiaenoaa e caiyoinoe i?eaiaeeo e ?inoo eioeyoeee.
Oae eae i?iecaiaeeoaee iiaunyo, aia/aea, oeaiu, a oieueei iioii ia/ioo
?acaeaaoue i?iecaiaenoai.

Eaeineaioeu n/eoatho, /oi iieeoeea oaaee/aiey aeaiaaeiie iannu ieaaeao
aieueoia aicaeaenoaea ia i?iecaiaenoai e caiyoinoue e neaai iiaeeyao ia
o?iaaiue oeai. Aeaiiue auaiae neaaeoao ec i?aaeiieiaeaiey, /oi a neeo
naiae aioo?aiiae ianoaaeeueiinoe /anoiii?aaei?eieiaoaeueneay yeiiiieea
iiaeao aeaeaei ia iieiinoueth eniieueciaaoue naie i?iecaiaenoaaiiue
iioaioeeae. Iiyoiio ?anoe?aiea niaieoiiiai ni?ina n AD1, aei AD2 (ni.
?en 46) auciaao nouanoaaiiia oaaee/aiea ?aaeueiiai iauaia i?iecaiaenoaa
Q1 aei Q2), ii iiaea/ao ca niaie eeoue iaaieueoie ?ino o?iaiy oeai (n
P1 aei P2). N iiceoeee eaeineaioeaa, i?e iaiieiii eniieueciaaiee
yeiiiieeie naieo iiuiinoae iiaeii iieo/eoue cia/eoaeueiue i?e?ino
?aaeueiiai iauaia i?iecaiaenoaa e caiyoinoe eeoue n iaaieueoeie
eioeyoeeiiiuie ecaea?aeeaie, oae eae i?iecaiaeeoaee iiaunyo
i?iecaiaenoaa neaaeoy aic?inoaio ni?ino.

Ii aeinoeaeaiee yeiiiieeie iieiie caiyoinoe ?anoiaeaeaiey iaaeaeo
eaeineaioeaie e iiiaoa?enoaie a iniiaiii en/acatho e naiaeeoueny e
eeanne/aneie iiaeaee e noaaeeecaoeeiiiay iieeoeea noaiiaeoueny
aanniuneaiiie e ?anoe?aiey aeaiaaeiie iannu auciaao eioeyoeeth.

Yoe iiaeaee iiaoo iiii/ue iai eo/oa ?acia?aoueny a iiiaoa?iii i?aaeea.
?anniio?ei ?enoiie 5, aaea Q0(iauai i?iecaiaenoaa) *II ia o?iaia
iieiie caiyoinoe. Naeaea e?eaie niaieoiiiai i?aaeeiaeaiey io AS aei AS’
ioia?aaeaao ?ino iauaia i?iecaiaenoaa, i?ienoiaeyuaai iiae aeeyieai
?aaeueiuo oaeoi?ia: aiaea/aiea aeiiieieoaeueiuo ?ano?nia,
niaa?oainoaiaaiea oaoiieiaee. Iiiaoa?iia i?aaeei aa?aioe?oao, niauaiea
niaieoiiiai ni?ina n AD e AD’. A ?acoeueoaoa ?aaeueiue *II aic?anoao n
Q1 aei Q2, a oeaiu inoaioony ia i?aaeiai o?iaia P2. Neaaeiaaoaeueii
iiiaoa?iia i?aaeei iaania/eaaao noaaeeueiinoue oeai.

Eaeineaioeu iiaeaa?aatho niiiaieth oanioth naycue iaaeaeo eciaiaieai
aeaiaaeiiai i?aaeeiaeaiey e niaieoiiui ni?inii. Iie ?anniao?eaatho aeaa
neo/ay:

E?eaay ni?ina ia eiaanoeoeee iiaeao nianoeoueny ai?aai iiae aeeyieai
iioeienoe/aneeo iaeeaeaiee i?aaei?eieiaoaeae, /oi i?eaaaeao e naeaeao
e?eaie AD’ (niaieoiiiai ni?ina) ai?aai e ia/iaony eioeyoeey ni?ina. A
yoii neo/ay iiiaoa?iia i?aaeei ia iiaeaea?aeeaaao noaaeeueiinoue oeai.
Eaeineaioeu, aeey i?aaeioa?auaiey eioeyoeee, niaaootho eniieueciaaoue
iieeoeeo aei?iaeo aeaiaa e nie?auaiey athaeaeaoiuo ?anoiaeia.

E?eaay ni?ina niauaaony aeaai aiec iiae aeeyieai ianneienoe/aneeo
iaeeaeaiee i?aaei?eieiaoaeae. A oaeii neo/aa oaaee/aiea io AD aei AD’ ia
iineaaeoao e iiiaoa?enou iiyoue a i?ieaoa, o.a. iiiaoa?iia i?aaeei ia a
ninoiyiea iaania/eoue oeaiiaoth noaaeeueiinoue (o?iaaiue oeai iaaeaao n
P2 aei ?1). Ii iiaieth eaeineaioeaa, iieeoeea ?anoe?aiey athaeaeaoiuo
?anoiaeia e aeaoaauo aeaiaa i?eaaaeao e oaaee/aieth niaieoiiiai ni?ina
aei AD’ e i?aaeioa?aoeo aeaoeyoeeth. I?e iaaeaeeo oeaiao yoi oaeaea
iiaeao nio?aieoue iauai i?iecaiaenoaa Q2.

Iniiau O?I (oai?ee ?aoeeiiaeueiuo iaeeaeaiee).

Eaeineainoai e iiiaoa?eci ia aaeeinoaaiiua oai?ee iieo/eaoea oe?ieia
i?eciaiea a iineaaeiaa a?aiy. A na?aaeeiu 1970-o aiaeia auea ?ac?aaioaia
oai?ey ?aoeeiiaeueiuo iaeeaeaiee (O?I). A aeaiiie aeaaa i?aaeeaaaaony
?anniio?aoue aii?in, i oii, aeieaeia ee noaaeeecaoeeiiiay iieeoeea auoue
aeene?aoiie, eae i?aaeeaaatho eaeineaioeu, eee aea iniiauaaoueny ia
i?aaeeao, eae n/eoatho iiiaoa?enou.

Oai?ey ?aoeeiiaeueiuo iaeeaeaiee iniiauaaaony ia oaaaeaeaiee, /oi ethaee
aaaeoo naay ?aoeeiiaeueii. Yoi icia/aao, /oi i?e ieaie?iaaiea
eniieueciaaiey aeaiaaeiuo n?aaenoa, ethaee niae?atho e iniuneytho
iaiaoiaeeioth eioi?iaoeeth. Aeaaeaeueoeu oeaiiuo aoiaa iaeeaeay
iiieaeaiey oeai ia oiiaeiaie ae?aea, i?iaeatho naie iae. ?ino
i?aaeeiaeaiey aeoeee ia ?uiea aaaeao e iaiaaeeaiiiio iaaeaieth eo?na
aeoeee.

Noi?iiieee oai?ee ?aoeeiiaeueiuo iaeeaeaiee ooaa?aeaeatho, /oi
i?aaei?eieiaoaee, iio?aaeoaee e ?aai/ea iiieiay, eae ooieoeeiie?oao
yeiiiieea, eniieuecotho aeinooiioth eioi?iaoeeth aeey i?eiyoey ?aoaiee,
eioi?ua iaeeo/oei ia?acii niioaaonoaotho eo /anoiui eioa?anai. Ethaee
niiniaiu ioeaieoue aeeyiea ainoaea?noaaiiie yeiiiie/aneie iieeoeee ia
ninoiyiea yeiiiieee, o.a. ciatho eae, ooieoeeiie?oao yeiiiieea e eae
ainoaea?noai i?iaiaeeo yeiiiie/aneoth iieeoeeo. Yoi iicaieyao ei
i?aaeneacuaaoue iineaaenoaey eciaiaiee a yeiiiieea e niioaaonoaothuei
ia?acii i?eieiaoue ?aoaiey, eioi?ua iaeneiece?otho eo aeaaininoiyiea.

Ae?oaei iniiaiiieaaathuei yeaiaioii O?I yaeyaony ooaa?aeaeaiea, /oi ana
?uiee – eae oiaa?ia, oae e ?ano?nia – yaeythony a aunieie noaiaie
eiieo?aioiuie. Iiyoiio noaaee ca?aaioiie ieaou e oeaiu aeaee
iaeiia?aiaiii a ieaia iiauoaiey e a ieaia iiieaeaiey. O?I i?aaeiieaaaao,
/oi iiaay eioi?iaoeey auno?i iaoiaeeo io?aaeaiea ia e?eauo ni?ina e
i?aaeeiaeaiey oaeeo ?uieia, e iiyoiio ?aaiiaaniua oeaie iauaiu
i?iecaiaenoaa auno?i i?eniinaaeeaathony iiaui neooaoeeyi (eciaiaiea
oaoiieiaee), ?uii/iui iio?ynaieyi (canooa) eee e eciaiaieyi a
ainoaea?noaaiiie iieeoeea (iaiaeeaeaiiue ia?aoiae io iieeoeee aei?iaeo e
iieeoeea aeaoaauo aeaiaa).

Neaaeiaaoaeueii i?e eciaiaiee yeiiiie/aneiai iiaaaeaiey iio?aaeoaeae,
i?aaei?eieiaoaeae e aeaaeaeueoeaa ?ano?nia, oeaiu ia oiaa?u e ?ano?nu e
auno?i eciaiythony, oae eae yaeythony aunieiyeanoe/iuie.

Iayooaeoeaiinoue aeene?aoiie noaaeeecaoeeiiiie iieeoeee.

Iaeiei ec iniiaiuo oacenia O?I yaeyaony iaaeaaniiniaiinoue aeene?aoiie
noaaeeecaoeeiiiie iieeoeee, naycaiiay n ?aaeoeeae ianaeaiey ia
i?aaeiieaaaaiia ?acaeoea yeiiiieee. ?anniio?ei e?aaeeoii-aeaiaaeioth
iieeoeeo: ?oeiaiaeyuea e?aaeeoii-aeaiaaeiua o/?aaeaeaiey i?eoee e
auaiaeo i iaiaoiaeeiinoe i?iaaaeaiey iieeoeee aeaoaauo aeaiaa aeey
oaaee/aiey ?aaeueiiai iauaia i?iecaiaenoaa e caiyoinoe. Ii ianaeaiea
iaeeaeaao, /oi iieeoeea ?anoe?aiey aeaiaaeiie iannu a ia?auaiee aoaeao
nii?iaiaeaeaoueny eioeyoeeae. A ?acoeueoaoa ianaeaiea i?aaei?eieiaao
caueoiua aeaenoaey (o?aaiaaiey iiauoaiey ca?aaioiie ieaou), i?aaei?eyoey
iiauoatho oeaiu ia naith i?iaeoeoeeth, a e?aaeeoi?u iiaeieiatho
i?ioeaioiua noaaee. Ana yoe aeaenoaey, iai?aaeaiiua ia i?aaeioa?auaiea
iaeeaeaaiiai aicaeaenoaey eioeyoeee ia ?aaeueiua aeioiaeu, acyoua
aianoa iiauoatho o?iaaiue ca?aaioiie ieaou e oeai. Neaaeiaaoaeueii,
oaaee/aiea niaieoiiuo ?anoiaeia, aucaaiiia iieeoeeie aeaoaauo aeaiaa,
iieiinoueth iiaeiuaaony ?inoii oeai e ca?aaioiie ieaou; iiyoiio
?aaeueiue iauai i?iecaiaenoaa e caiyoinoe ia ?anoe?yaony.

N oi/ee c?aiey eaeineaineie oai?ee, oaaee/aiea ?aaeueiuo eiaanoeoeeiiiuo
?anoiaeia, eioi?ia i?ecaaia iaania/eoue iieeoeea aeaoaauo aeaiaa, aiana
ia i?ienoiaeeo. Iaeeaeaaiay ii?ia /enoie i?eauee inoaaony iaeciaiiie,
oae eae oeaia ia eaieoae iiauoaaony a aeanoeii niioaaonoaee n oeaiie
aeiiieieoaeueiie i?iaeoeoeee, eioi?oth yoio eaieoae iicaieyao
i?iecaanoe. Iiieiaeueiay i?ioeaioiay noaaea oiaea iiaeieiaaony
i?iii?oeeiiaeueii o?iaith oeai, inoaaeyy, oaeei ia?acii, ?aaeueioth
i?ioeaioioth noaaeo iaeciaiiie. A ?acoeueoaoa ieeaeiai ?anoe?aiey
?aaeueiuo eiaanoeoeeiiiuo ?anoiaeia ia aoaeao e ?aaeueiue *II ia
aic?anoao.

Oaia?ue ?anniio?ei iiiaoa?enoneia o?aaiaiea iaiaia: iieeoeea aeaoaauo
aeaiaa oaaee/eaaao I e, neaaeiaaoaeueii, ?anoe?yao niaieoiiua ?anoiaeu
IV. Ii iaeeaeaiea ianaeaieai eioeyoeee aucuaaao ?ino ? (a ia Q eae
ooaa?aeaeatho iiiaoa?enou), ?aaiue a i?ioeaioiii ioiioaiee ?anoe?aieth
IV. Iiyoiio, ianiio?y ia ?anoe?aiea IV, ?aaeueiue iauai i?iecaiaenoaa
(Q) e caiyoinoe ia iaiyaony. N oi/ee c?aiey O?I, auaiaeiaa a yoii neo/aa
i?iaiaeeoue iieeoeeo onoie/eaiai ?inoa aeaiaaeiie iannu.

Eco/aiea yoie i?iaeaiu n iiiiuueth eeanne/aneie iiaeaee niaieoiiiai
ni?ina e i?aaeeiaeaiey.

Ia?aoeiny e eeanne/aneie iiaeaee, /oiau eo/oa iiiyoue iayooaeoeaiinoue
iieeoeee. ?anniio?ei ?enoiie 6. Iieeoeea e?aaeeoii-aeaiaaeiie eee
athaeaeaoiie yeniainee niauaao e?eaoth niaieoiiiai ni?ina ai?aai n AD1
aei AD2. yoi ?anoe?aiea niaieoiiiai ni?ina, niaeanii O?I, ia oaaee/eaaao
?aaeueiiai iauaia i?iecaiaenoaa a cia/eoaeueiie noaiaie (eae a
eaeineaineie iiaeaee ia ?en. 4a) eee iacia/eoaeueii (eae a
iiiaoa?enoneie iiaeaee ia ?en. 4a), ii i?e/eia oiai, /oi iio?aaeoaee,
i?aaei?eieiaoaee e ?aai/ea i?aaeaeaeyo iiauoaiea oeai, a ?acoeueoaoa
iieeoeee yeniainee, e o/eouaatho aa iaeeaeaaiua ?acoeueoaou, i?eieiay
?aoaiey, eanathueany oeai, ca?aaioiie ieaou, i?ioeaioiuo noaaie e o.ae.
?uiee iaiiaaiii i?eniinaaeeaathony, iiaeieiay o?iaaiue oeai n ?1 aei ?2.
A ?acoeueoaoa yeiiiieea ia i?aauoaao iauaia i?iecaiaenoaa, a i?iaiaeeiay
iieeoeea ieacuaaaony iaii?aaaeaiiie.

Eiaaea niaieoiiue ni?in ?anoe?yaony n AD1 aei AD2, iu ia?aoiaeei ec
oi/ee a a oi/eo a. Aaeeinoaaiiue eoia ninoieo eeoue a iiauoaiee o?iaiy
oeai. ?aaeueiua aeioiaeu ?aai/eo, i?aaei?eieiaoaeae, e?aaeeoi?ia e
ae?oaeo a?oii inoathony i?aaeieie, iineieueeo iie ?acoiii i?aaeneacaee
iineaaenoaey ainoaea?noaaiiie iieeoeee. Nie?auaiea niaieoiiiai ni?ina n
AD2 aei AD1 eiaei au i?ioeaiiieiaeiue yooaeo. Aianoi iiyaeaiey
aac?aaioeoeu yeiiiieea ia?aianoeeanue au iaiin?aaenoaaiii ec oi/ee b a
oi/eo a ia e?eaie niaieoiiiai i?aaeeiaeaiey.

Niaeanii eeanne/aneie oai?ee, nouanoaoao io?acie a?aiaie, ia i?ioyaeaiee
eioi?iai nie?auaiea niaieoiiiai ni?ina aucuaaao a?aiaiiia ioeeiiaiea io
iieiie caiyoinoe, iiea ia caaa?oeony i?eniiniaeaiea ?uieia. Oi anoue
yeiiiieea nia/aea ia?aiauaaony io b e c, eae iieacaii ia ?enoiea 6,
iaeiaei caoai iaaeathuea ni a?aiaiai oeaiu e ca?aaioiay ieaoa
iai?aaeytho AD, aiec e iieiie caiyoinoe a oi/ea a. Ii, niaeanii O?I,
oeaiu i?eniinaaeeaathony iaiiaaiii, oae /oi ?aaeueiue iauai
i?iecaiaenoaa e caiyoinoe ia ioeeiiyaony io Q1. O.a. i?ioeann i?eiyoey
?aoaiee e iaiiaaiiia i?eniiniaeaiea ?uieia ia aeiioneatho e?aoein?i/iua
eciaiaiey iauaia i?iecaiaenoaa e caiyoinoe, eioi?ua iiaee au aicieeiooue
niaeanii eeanne/aneie oai?ee i?e ieaaiii eciaiaiea niaieoiiiai
i?aaeeiaeaiey.

Oeeeee/aneea eieaaaiey.

O?I oae aea ooaa?aeaeaao, /oi aeene?aoiay iieeoeea iiaeao oneeeaaoue
yeiiiie/aneoth ianoaaeeueiinoue. Iai?eia?, yeiiiieea aeaeaeaony e
niaaeo, ia /oi ainoaea?noai ?aaae?oao iiieaeaieai iaeiaia. Yoi iiauoaao
iaeeaeaaioth i?eaueue io eiaanoeoeeiiiuo i?iaeoia e oai naiui
noeioee?oao eiaanoeoeeiiiua ?anoiaeu e niaieoiiue ni?in. Iaeiaei, anee
neooaoeey iiaoi?yaony ianeieueei ?ac, i?aaei?eieiaoaee i?eoiaeyo e
iunee, /oi ia niaae a yeiiiieea iieeoeee ?aaae?otho i?aaeinoaaeaieai
neeaeee n iaeiaa ia eaieoaeiaeiaeaiey eee eaeie-ieaoaeue ae?oaie
iaeiaiaie neeaeee. Neaaeiaaoaeueii, eiaaea ianooieo niaae,
i?aaei?eieiaoaee ia noaioo oi?iieoueny n eaieoaeiaeiaeaieai, iaeeaeay
a?yaeouaai nie?auaiey iaeiaia. Ii ?aoaiea ion?i/eoue eaieoaeiaeiaeaiey
oneeeaaao niaae. Eiaaea aea iaeiae aeaenoaeoaeueii nie?aoyony, iioie
eiaanoeoeee noaiao iaiau/aeii neeueiui. Iaeiaiaay iieeoeea ainoaea?noaa
oaaee/eea iaonoie/eainoue eiaanoeoeee e oneeeea eae oeeeee/aneoth oaco
niaaea, oae e oaco iiaeuaia. Auaiae: Aeene?aoiay iieeoeea nei?aa
oneeeaaao, a ia niya/aao oeeeee/aneea eieaaaiey. Ii iiaieth oai?aoeeia
?aoeeiiaeueiuo iaeeaeaiee, auei au ai?acaei eo/oa ioeacaoueny io
aeene?aoiie iieeoeee a iieueco i?aaeea. Oioy O?I iiaeaea?aeeaaao
iiiaoa?eci a i?ecuaa e iniiaaiiie ia i?aaeeao iieeoeea, neaaeoao
iiae/a?eiooue, /oi aa a?aoiaioaoeey nianai eiay. Niaeanii oai?ee
?aoeeiiaeueiuo iaeeaeaiee, iayooaeoeaiinoue iieeoeee iaoneiaeaia ia
iieeoe/aneeie ioeaeaie eee ianiiniaiinoueth aia?aiy i?eieiaoue ?aoaiey,
a ?aaeoeeae ethaeae ia iaeeaeaaiua ?acoeueoaou yoie iieeoeee.

Auaiae ii O?I. Aicieeathuea aic?aaeaiey.

Ianiiiaiii, iiyaeaiea O?I yaeeinue aieueoei aeinoeaeaiey a yeiiiie/aneie
iaoea e iiaeeyea ia iiiaeo yeiiiienoia. I?eaeaeaoaeueiinoue O?I
iauyniyaony aeaoiy oaeoi?aie. Ai-ia?auo, O?I niiniaia caiieieoue i?iaae,
ia?aciaaaoeeny a ?acoeueoaoa oiai, /oi eaeineainoai yeiau ia a neeao
iauynieoue e iii?aaeoue n iiiiuueth iieeoeee iieiaeaiea, i?e eioi?ii
eioeyoeey e aac?aaioeoea nouanoaiaaee iaeiia?aiaiii. Ai-aoi?uo, O?I
oaa?aei iie?aaony ia oai?eth ?uieia, eee, eia/a aiai?y, ia
iee?iyeiiiie/aneoth oai?eth. Neaaeiaaoaeueii, O?I no?aieony onoaiiaeoue
naycue iaaeaeo iae?i- e iee?i oai?eyie.

Ii ia ana iieiinoueth niaeaniu n O?I, i?ioea auaeaeaathony ianeieueei
a?aoiaioia:

Iiaaaeaiea: niiiaieth iiaeaa?aaaony inaaaeiieaiiinoue ethaeae. A?yae ee
noauaeou iiaoo i?aaeoaaaeuaaoue iiaaaeaiea yeiiiieee, eae yoi aeaeatho
yeiiiienou, eioi?ua a naith i/a?aaeue oiaea neeiiu aeaeaoue ioeaee i?e
i?iaiice?iaaiea. A ioaao ia yoi i?eaiaeeoueny a?aoiaio, /oi ethaee
aeaeatho ioeaee, ii iie ia aeaeatho eo iinoiyiii. E?iia oiai, oai?aoeee
O?I ioia/atho, /oi eeth/aaua einoeooou, i?eieiathuea ?aoaiey – e?oiiua
ei?ii?aoeee, aeaaiua oeiainiaua o/?aaeaeaiey e i?ionithciua
i?aaiecaoeee, – iaieiatho a ooao yeiiiienoia, eioi?ua iiiiaatho
i?aaeneacuaaoue ?acoeueoaou iiaie ainoaea?noaaiiie iieeoeee. Oaeei
ia?acii. iinoiyiii iaiaiuaaoue iniiaiua, i?eieiathuea ?aoaiey einoeooou
yeiiiieee i?aaenoaaeyaony iaaiciiaeiui.

Iaaeaeea oeaiu: A aeaenoaeoaeueiinoe iiiaea ?uiee ia yaeythony /enoi
eiieo?aioiuie e, neaaeiaaoaeueii, ia i?eniinaaeeaathony iaiiaaiii e
iaiythueiny ?uii/iui oneiaeyi.

Iieeoeea e noaaeeueiinoue: eiaaony aeinoaoi/ii naeaeaoaeuenoa
aicaeaenoaey yeiiiie/aneie iieeoeee ia ?aaeueiue AII, oioy O?I yoio
aii?in ia ?aaoee?oao. I?eaea?aeeaathueany iauai?eiyoie oi/ee c?aiey
yeiiiienou i?eaiaeyo enneaaeiaaiey, eioi?ua iieacuaatho, /oi
e?aaeeoii-aeaiaaeiay e oeneaeueiay iieeoeea aeaenoaeoaeueii eciaiytho
o?iaie i?iecaiaenoaa e caiyoinoe, a ia i?inoi iiaeiuathony o?iaiai oeai,
eae iieaaaao O?I.

A ?aoa?aoa auee ?anniio?aiu aeaa aeueoa?iaoeaiua yeiiiie/aneea oai?ee:
iiiaoa?eci e O?I a n?aaiaiea n eaeineainoaii. Oioy aeiaiaeu,
i?eaaaeaiiua a aeieacaoaeuenoai eaaeaeie ec oai?ee, auaeyaeyo aaniethoii
oaaaeeoaeueiuie, ii i?e ia?aeiaeaiee ia aeaenoaeoaeueiinoue neaaeoao
o/eouaaoue, /oi yoi anaai eeoue yeiiiie/aneea iiaeaee, ia io?aaeathuea
aeaenoaeoaeueiinoue a iieiie ia?a. Ii eniieueciaaiea yoeo oai?ee
niaianoii iiaeao iiii/ue a ?ac?aaioea noai e aeaenoaeth a ?aaeueiie
yeiiiieea.

Aeaaaou i i?aaeeueiinoe oai?ee iiiiaee yeiiiienoai anao iai?aaeaiee
ia?ainiuneeoue iaeioi?ua iaeaieaa aaaeiua aniaeou iae?iyeiiiie/aneie
oai?ee. I?iecioae cia/eoaeueiue ia?aniio? iiceoeee, e aue aeinoeaioo
aaaeiue eiii?iienn, a ?acoeueoaoa eioi?iai eaeineaineay oai?ey ana aua
inoaaony aeiieie?othuae, a iiiaoa?eci e O?I iinyo ?aeiiaiaeaoaeueiue
oa?aeoa?, ii i?iaeieaeatho ?acaeaaoueny e oe?aieyoue naie iiceoeee.

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