The goal of economists and their profession is to promote the general welfare of the community. Sound and active fiscal and monetary policies are essential for promoting general welfare and stability – economic, environmental, and social - through investment, full employment, and broadly based economic activity.
A sound and active fiscal policy:
1. Does not seek a continuously balanced overall public budget
2. Compensates for inadequate or excessive private sector demand by a countercyclical management of current expenditure to maintain the economy near full potential
3. Expands the role of automatic stabilizers including support for the unemployed and a counter-cyclical tax structure
4. Incorporates public investment to increase the potential growth rate and "crowd in" private investment in areas of priority
5. Addresses the challenges of climate change and environmental protection, in particular the need to prepare for the post-carbon society