The Vice Minister of EconomyJosé Luis Daza, He attacked economists who, he said, argue from astrology the results of the plan carried out by the national government. Especially this time it was against the economist Marina Dal Poggetto, director of Eco Go.
“For centuries, before the invention of the scientific method, humans used astrology to explain phenomena they did not understand. Interestingly, today, I see many economists turning to astrology to explain what they could not foresee. “They are the stars,” they say,” Daza said on his social networks.
The official criticized an opinion column published by the economist Marina Dal Poggetto in the newspaper La Nación that began with the phrase: “In October the planets aligned.”
“In this case, it is easily demonstrable that the stars do not explain anything. The best explanation of what happened is in knowledge of economics and finance,” said Daza.
The defense of economic policy
The official added that “The Government implemented a comprehensive programwith elements of economic theory (micro and macro), monetary theory, financial theory that also required practical knowledge of finance.”
“The urgency demanded knowledge of the institutionality of international financial markets and the complex local financial system, which few economists have,” he added.
Daza remarked that ““What happened responds to specific causes as Luis Caputo predicted at the time.”
“The stars? Country risk is determined by systemic factors (10-year US interest rate, risk premium measured by the VIX, changes in the valuation of the dollar, commodity prices, and by idiosyncratic factors, specific to Argentina,” added the vice minister.
In this scenario, Daza stated that, “In the last month, all systemic, global factors behaved against a reduction in country risk.”
What factors explain the drop in country risk, according to the Government
“How did it fall then? Factors specific to Argentina, induced by economic policy, overwhelmed the negative elements of the environment and made the country risk and the exchange gap, in addition to inflation“added Caputo’s collaborator.
In challenging language, Daza emphasized: “It would do good for the economic discussion if those who did not foresee the success of the program until now, introspect and clarify where they were wrong. We have all made mistakes. When the evidence shows it, it is good to recognize it.
In that line Daza insisted: “These results are not a coincidence. There is clearly identifiable causality and identified a priori by ‘Toto’ Caputo and his team.”
Likewise, he stressed: “It is important not to be triumphalist. There are still enormous challenges. The inherited situation is extremely complex. But it is undeniable that the economic and financial variables have behaved just as the authorities predicted.” “Argentina is moving in the right direction…no horoscope predicted it“, concluded the vice minister.
Source: Ambito
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