What is a Balanced Economy?

Amartya Sen, in his book "Development as Freedom" talks about the need for Freedom, Sustenance and Self esteem as end goals of an economy, beyond just economic growth. This provides a good basis for a definition.

A Balanced Economy can be defined as one that seeks to provide it's constituents with economic well being, by ensuring the following:

1. Wide availability to basic life sustaining amenities
   
2. Freedom to pick from wide variety of social and economic choices
   
3. Higher standard of living - better self esteem and more opportunities

It is more like a mission statement.