📚 The Aims of Government Macroeconomic Policy | 政府宏观经济政策的目标
Governments set macroeconomic policy aims because pure market outcomes are not always stable, fair or sustainable. These aims give direction to fiscal policy, monetary policy and supply-side reforms, and they provide criteria for evaluating economic performance.
政府之所以制定宏观经济政策目标，是因为纯粹的市场结果并不总是稳定、公平或可持续的。这些目标为财政政策、货币政策和供给侧改革指明方向，并为评价经济表现提供标准。
In the Cambridge A Level Economics syllabus, the core aims are usually identified as sustainable economic growth, low unemployment, price stability, balance of payments equilibrium, equitable income distribution and environmental sustainability. Some governments also add sound public finances as a supporting aim.
在剑桥 A Level 经济课程中，核心目标通常包括可持续经济增长、低失业、物价稳定、国际收支平衡、公平的收入分配和环境可持续性。一些政府还把稳健的公共财政作为辅助目标。
1. Overview of the Main Aims | 主要目标概览
The main macroeconomic objectives can be grouped into real-economy targets, nominal targets and external targets. Real-economy targets concern output and jobs, nominal targets concern the price level, and external targets concern the balance of payments and exchange rate stability.
主要宏观经济目标可以分为实体经济目标、名义目标和对外目标。实体经济目标关注产出和就业，名义目标关注物价水平，对外目标关注国际收支和汇率稳定。
| Aim | 目标 | Common indicator | 常用指标 | Typical target | 典型目标 |
|---|---|---|
| Economic growth | 经济增长 | Real GDP growth rate | 实际GDP增长率 | Positive and stable around the trend rate | 围绕趋势率正增长且稳定 |
| Low unemployment | 低失业 | Unemployment rate | 失业率 | Close to the natural rate | 接近自然失业率 |
| Price stability | 物价稳定 | CPI inflation rate | 消费者物价指数通胀率 | Low, e.g. around 2% | 低水平，如约2% |
| Balance of payments stability | 国际收支稳定 | Current account as % of GDP | 经常账户占GDP比重 | Sustainable, not persistently large deficit | 可持续，不持续大幅逆差 |
| Equitable distribution | 公平分配 | Gini coefficient, poverty rates | 基尼系数、贫困率 | Reduced inequality over time | 逐步降低不平等 |
| Environmental sustainability | 环境可持续性 | Carbon emissions, resource depletion | 碳排放、资源消耗 | Falling or within ecological limits | 下降或处于生态限度内 |
| Sound public finances | 稳健公共财政 | Budget deficit, debt-to-GDP ratio | 预算赤字、债务/GDP比 | Manageable and stable | 可控且稳定 |
Different governments may weight these aims differently depending on their political values, institutional constraints and the stage of the economic cycle.
不同政府可能根据其政治价值观、制度约束和经济周期阶段对这些目标赋予不同的权重。
2. Sustainable Economic Growth | 可持续经济增长
Economic growth is usually defined as an increase in real gross domestic product over time. For economists, it is not enough for GDP to rise for one quarter; the aim is sustained growth in the economy’s productive capacity and actual output.
经济增长通常定义为实际国内生产总值随时间的增加。对经济学家来说，仅仅一个季度的GDP上升还不够；目标在于经济生产能力和实际产出的持续增长。
Sustainable growth means growth that can be maintained without triggering unacceptable inflation, large external deficits or severe environmental damage. It is often measured against the long-run trend rate, which is determined by the growth of labour, capital and productivity.
可持续增长是指不会引发不可接受通胀、大规模对外赤字或严重环境破坏的增长。它通常以长期趋势率为参照，而趋势率由劳动、资本和生产率的增长
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