Unstable balance boy skateboard Ricky Romero/Flickr

Inestabilidad innecesaria

PARÍS – En la vida cotidiana, es mejor dejar los aspectos técnicos en manos de los técnicos. El dueño de un automóvil no necesita –ni habitualmente desea– preocuparse por descubrir que ocurre exactamente bajo el capó. Pero, cuando el automóvil se rompe, no suele tener opción.

Lo que es válido para los automóviles también se aplica a la economía: las cuestiones arcanas son para los especialistas. Sin embargo, en los últimos años, cuestiones sobre las cuales la mayor parte de la gente nunca ha escuchado ni se ha preocupado –como la titulización, los swaps de incumplimiento crediticio y el sistema de pagos europeos conocido como Target 2– se han impuesto en el debate público y han obligado a las personas comunes a lidiar con sus complejidades.

Lo mismo ha comenzado a ocurrir con la noción del «crecimiento del producto potencial». Si bien es un concepto creado inicialmente por economistas para economistas, su uso para determinar cuándo y en qué medida se debe corregir un déficit público está pasando a discutirse en ámbitos más amplios. De hecho, su baja confiabilidad está debilitando seriamente al pacto fiscal de la UE y eso obliga a abrir el capó y mirar qué hay debajo.

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