Por Alejandra Maturana\u00a0<\/i><\/p>\n
La economista sostiene que para repuntar el crecimiento se necesita mejorar el clima interno, afectado por la desconfianza frente a la agenda de reformas de la Presidenta Michelle Bachelet.<\/i>\u00a0<\/b><\/p>\n
Acaba de terminar su colaboraci\u00f3n en la Comisi\u00f3n Engel -el Consejo Asesor Presidencial contra los conflictos de inter\u00e9s, tr\u00e1fico de influencias y corrupci\u00f3n- y hoy se encuentra concentrada en las reformas, principalmente la laboral. La Subdirectora de Libertad y Desarrollo (LyD), Rosanna Costa y ex Directora de Presupuesto del Gobierno de Sebasti\u00e1n Pi\u00f1era, advierte que la econom\u00eda chilena est\u00e1 comenzando a presentar leves mejor\u00edas, aunque lejos del crecimiento en torno al 5% que hab\u00eda presentado el pa\u00eds en los \u00faltimos a\u00f1os.<\/span><\/p>\n \u201cHoy vemos que se marchitaron los brotes verdes y que, adem\u00e1s, la tendencia del crecimiento es bastante magra en relaci\u00f3n a nuestra historia reciente. Eso es complejo\u201d, se\u00f1ala, apuntando a que el nuevo gabinete presentado hace un poco m\u00e1s de un mes no ha logrado a\u00fan reestablecer la falta de confianza en los cambios planteados en el programa de Gobierno.\u00a0<\/b><\/p>\n – \u00bfC\u00f3mo se vislumbra el panorama econ\u00f3mico para Chile con miras a lo que queda del a\u00f1o y 2016? <\/b><\/p>\n -Tras unos magros brotes verdes que desaparecieron del escenario, esperamos un muy leve repunte en el crecimiento de cada mes para converger muy lento a tasas entre 3% y 3,5% ya con miras a 2016. Eso en la medida que el clima interno cambie.<\/p>\n Es necesario separar la trayectoria coyuntural de la tendencia de mediano o largo plazo, que tambi\u00e9n se ve debilitada. Esta \u00faltima es una preocupaci\u00f3n que debiese estar m\u00e1s presente.<\/p>\n -\u00bfY qu\u00e9 se necesita para mejorar el clima interno?<\/b><\/p>\n -Es urgente revertir este clima de incertidumbre de la econom\u00eda real y de descr\u00e9dito en lo pol\u00edtico, pero tambi\u00e9n falta di\u00e1logo.<\/p>\n Est\u00e1 muy bien que el Gobierno -su Ministro de Hacienda- muestre preocupaci\u00f3n por los equilibrios macroecon\u00f3micos, lo que por lo dem\u00e1s resulta cre\u00edble y genuino, y tambi\u00e9n suma reconocer que el crecimiento importa para la sostenibilidad de las pol\u00edticas, pero no es suficiente. En lo principal, hay que mirar con cuidado el programa y las reformas.<\/p>\n -Hablando de reformas, \u00e9stas han generado inquietudes en el empresariado\u2026<\/b><\/p>\n -Es que la reforma tributaria deber\u00eda mirarse mejor, pues nos llev\u00f3 a tasas de impuesto de primera categor\u00eda por sobre la media de la OCDE sin tener su productividad; es muy compleja y reduce incentivos a la inversi\u00f3n. Y la reforma laboral est\u00e1 mal orientada: si el objetivo es aumentar remuneraciones, debe apuntar a formas que mejoren la productividad; y si el fin es meramente aumentar la sindicalizaci\u00f3n -un objetivo m\u00e1s pol\u00edtico-\u00a0 incluso, en ese caso, se puede hacer con incentivos y miremos la Comisi\u00f3n de Equidad.<\/p>\n Tambi\u00e9n est\u00e1n las reformas en aguas y previsi\u00f3n, antes de acercarnos al debate constitucional. \u00c9stas van al coraz\u00f3n de las decisiones de inversi\u00f3n que sustentan el crecimiento.<\/p>\n Necesitamos hablar de objetivos antes que de ideolog\u00edas, adem\u00e1s de un liderazgo que oriente y d\u00e9 seguridades en un debate serio en esa direcci\u00f3n. Pero cualquier debate serio de este tipo requiere restablecer confianzas con el entorno pol\u00edtico, por lo que el Gobierno debe solucionar el problema pol\u00edtico y liderar una agenda de probidad que prestigie la pol\u00edtica y los partidos. Sin eso, cualquier programa se hace cuesta arriba, y si la pol\u00edtica es la llamada a encauzar el debate, no veo c\u00f3mo hacer omisi\u00f3n del escenario pol\u00edtico.\u00a0<\/b><\/p>\n -De hecho el escenario pol\u00edtico y las reformas han afectado la reputaci\u00f3n del Gobierno. Seg\u00fan la \u00faltima encuesta Adimark, la Presidenta y su administraci\u00f3n han bajado en su aprobaci\u00f3n hacia m\u00ednimos hist\u00f3ricos a pesar del cambio de gabinete y del reciente discurso del 21 de mayo \u00bfC\u00f3mo interpreta estos datos?<\/b><\/p>\n -La gente se siente desilusionada. Las reformas que se supone les beneficiar\u00edan no son lo que esperaban. Adem\u00e1s hay un problema pol\u00edtico que requiere abordarse.<\/p>\n La econom\u00eda importa. La inflaci\u00f3n, el menor ritmo de crecimiento de empleo, las expectativas en los consumidores y en la inversi\u00f3n importan y afectan la vida diaria.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Y a un poco m\u00e1s de un mes de que se renov\u00f3 el gabinete, \u00bfc\u00f3mo eval\u00faa a los nuevos ministros?<\/b><\/p>\n Menos de lo esperado, si bien el tiempo es poco. Se espera del Ministro del Interior una coordinaci\u00f3n efectiva y un orden entre las tendencias que tensionan a la coalici\u00f3n de Gobierno, una tensi\u00f3n que no est\u00e1 dejando gobernar y que asumo es la responsable, al menos en parte, de estas se\u00f1ales contradictorias de parte del Ministro de Hacienda.<\/p>\n Ambos son personas extraordinariamente preparadas y tienen la capacidad para ello. Pero, por ahora, se han dado se\u00f1ales ambivalentes o confusas. Algunas abren espacios a la esperanza de un cambio de contenidos, otras veces no.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00bfY cu\u00e1les son en su opini\u00f3n esas se\u00f1ales contradictorias y c\u00f3mo est\u00e1n afectando al pa\u00eds?<\/b><\/p>\n -En materia fiscal, este \u00faltimo (Vald\u00e9s) ha sido claro en priorizar la estabilidad macroecon\u00f3mica y en destacar que el crecimiento no puede sustentarse \u201ca punta\u201d de pol\u00edtica fiscal. Sin embargo, no ha ratificado el equilibrio estructural al final de su mandato -tambi\u00e9n en el programa- e insiste en que el gasto este a\u00f1o ser\u00e1 de 9,8%, lo que est\u00e1 bastante sobre el nivel aprobado en la Ley de Presupuestos 2015, dada una inflaci\u00f3n de 4% y un gasto ejecutado en 2014 m\u00e1s alto. La lectura que hago es que est\u00e1 m\u00e1s atento al balance y a los equilibrios macroecon\u00f3micos, y que revisar\u00e1 las proyecciones cuando corresponda.<\/p>\n Se valora su preocupaci\u00f3n por el crecimiento, pero ha estado muy por debajo de lo esperado en el tema laboral, donde su postura no ha sido muy distinta a la de su antecesor (Alberto Arenas) salvo inclinaciones\u00a0 Tampoco ha estado bien en el tema constitucional, que es a\u00fan m\u00e1s relevante. Su se\u00f1al de apertura a discutir el concepto de derecho de propiedad\u00a0 -\u00bfQu\u00e9 papel juegan el emprendimiento y la innovaci\u00f3n en el crecimiento? \u00bfSon suficientes las reestructuraciones y anuncios realizados por Corfo? <\/b><\/p>\n -El emprendimiento est\u00e1 en el coraz\u00f3n de una econom\u00eda pujante, con iniciativa y que crece. Es parte de un engranaje en el cual nacen miles de ideas, fracasan muchas y las que tienen \u00e9xito movilizan la eficiencia del resto y logran utilidades. Se pueden corregir fallas de mercado apoyando con financiamiento y programas de Corfo, donde pudiera sub-invertirse. Pero el clima emprendedor no lo da Corfo, ese clima surge de valorar el \u00e9xito empresarial, aceptar su fracaso EFECTO \u201cREFORMAS\u201d<\/b><\/p>\n Siguiendo su programa, el Gobierno ha presentado una serie de reformas, donde las que m\u00e1s revuelo han causado en el empresariado han sido la tributaria (en per\u00edodo de implementaci\u00f3n), la laboral (en discusi\u00f3n) y la modificaci\u00f3n a la Constituci\u00f3n que, seg\u00fan ha anunciado la Presidenta, comenzar\u00e1 a tomar cuerpo en septiembre pr\u00f3ximo.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00bfQu\u00e9 tanto afecta la reforma tributaria el clima para hacer negocios en el pa\u00eds?<\/b><\/p>\n -La reforma tributaria aumenta la carga tributaria y, por tanto, se requiere de un ajuste de precios y ese costo hay que asumirlo entre todos. Pero adem\u00e1s el nuevo equilibrio considera menores incentivos a la inversi\u00f3n y mayores niveles de endeudamiento empresarial.<\/p>\n Tambi\u00e9n los agentes est\u00e1n atentos al contenido de cada dictamen interpretativo de la ley y sus efectos, porque hay que llevar a la pr\u00e1ctica los nuevos sistemas y, trat\u00e1ndose de una reforma tan compleja, asoman dudas, las que cuanto antes despeje el Servicio de Impuestos Internos, m\u00e1s ayuda a reducir los costos del proceso.<\/p>\n Los espacios normativos son muy importantes. El dicho habla de que \u201cel diablo est\u00e1 en los detalles\u201d, y en eso est\u00e1 la reforma ahora. Con el nuevo ministro yo hubiese esperado una apertura mayor, tras un diagn\u00f3stico m\u00e1s detallado.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00bfY la reforma laboral? \u00bfQu\u00e9 orientaci\u00f3n deber\u00eda adquirir? <\/b><\/p>\n Definitivamente est\u00e1 mal orientada. Yo pondr\u00eda mayores esfuerzos en los \u201cpactos\u201d con mayores espacios y materias para negociar a las que hoy est\u00e1n dadas en la ley, de modo de incentivar una mayor negociaci\u00f3n colectiva en forma voluntaria y motivada por usar estos espacios de acuerdo, para lograr aumentos de productividad y mayores salarios que sean sostenibles en el tiempo. Todo esto con las debidas garant\u00edas para los trabajadores, lo que en esencia es su voluntariedad. \u00c9se fue el \u00e9nfasis que puso la Comisi\u00f3n de Equidad en la cual particip\u00e9 hace unos a\u00f1os, y lo hice precisamente en el grupo que estudi\u00f3 negociaci\u00f3n colectiva. Mantendr\u00eda equilibrios b\u00e1sicos en las relaciones que han conducido a un incremento de remuneraciones reales concordantes con los incrementos de productividad, sin eliminar el descuelgue de trabajadores en huelga y permitiendo reemplazo tras ciertas condiciones.<\/p>\n En cambio, este proyecto apunta a forzar la sindicalizaci\u00f3n m\u00e1s all\u00e1 de la libertad de afiliaci\u00f3n y busca favorecer una mayor conflictividad para incrementar remuneraciones. Pero es bastante obvio que las remuneraciones no se sostienen altas sobre la base de conflictividad, sino de productividad.\u00a0 El proyecto est\u00e1 pensado para igualar el premio, independiente del esfuerzo, con lo cual el m\u00e1s productivo al ver que recibe el mismo premio que el resto, se esforzar\u00e1 menos, bajando el promedio. Eso es reducir productividad. No est\u00e1 pensado en la internalizaci\u00f3n y sustituci\u00f3n tecnol\u00f3gica de hoy a nivel internacional.<\/p>\n -\u00bfChile necesita una reforma constitucional? <\/b><\/p>\n -Yo no lo creo. Pero el debate del contenido est\u00e1 postergado, o debemos entender que toda institucionalidad est\u00e1 en an\u00e1lisis y sujeta a modificarse. Esta segunda mirada es compleja para la econom\u00eda.<\/p>\n Los derechos de propiedad son un gran tema, y es bastante obvio su potencial efecto, pero no es lo \u00fanico. Las instituciones que dependen de este debate influyen tambi\u00e9n en los equilibrios econ\u00f3micos. La independencia del Banco Central ha sido un avance muy significativo y gran responsable de los avances de nuestro pa\u00eds y de su estabilidad. Los equilibrios institucionales y la convergencia entre roles, responsabilidades y facultades han contribuido a la estabilidad fiscal que ha acompa\u00f1ado a esta constituci\u00f3n. Aunque eso no significa que no pueda perfeccionarse.<\/p>\n Me parece que debemos evitar a toda costa caer en un populismo constitucional y, para evitarlo, lo primero es no alimentar esta creencia de que la constituci\u00f3n es la causa de todos los males y que al cambiarla lograremos satisfacer todos los anhelos. Eso adem\u00e1s de falso, generar\u00e1 grandes frustraciones.By Alejandra Maturana\u00a0<\/i><\/strong><\/p>\n The economist believes that for growth to return, the internal climate needs to improve following the distrust caused by the reform agenda of President Michelle Bachelet.<\/i>\u00a0<\/b><\/p>\n Having recently ended her collaboration with the Engel Commission (the Presidential Advisory Council looking into conflicts of interest, influencing peddling and corruption), she is now focused on the national reforms, specifically the one relating to employment.\u00a0 Rosanna Costa, Deputy Director of Libertad y Desarrollo (LyD) and former Budget Director under the Government of Sebasti\u00e1n Pi\u00f1era, believes that the Chilean economy is beginning to show slight improvements, albeit far removed from the 5% growth experienced over recent years.<\/p>\n \u201cToday we see that the green shoots have withered and that the growth trend is quite lean compared to our recent history. It\u2019s complicated\u201d, she says, noting that the new Cabinet introduced just over a month ago has not yet succeeded in restoring the lack of trust in the changes proposed by the current Government.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 How do you see the economic outlook for Chile during the rest of the year and into 2016?<\/b><\/p>\n After the withering away of a few green shoots, we expect a very slight increase in growth month on month, slowly coming together in rates of between 3% and 3.5% looking ahead to 2016. This is based on change taking place to the internal climate.<\/p>\n It is important to separate the current situation from the medium or long-term trends, which are also weaker. The latter should be a more pressing concern.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 And what is required to improve the internal climate?<\/b><\/p>\n It is crucial to reverse this climate of genuine economic uncertainty and the discrediting of politics, but dialogue is also needed.<\/p>\n It is very positive that the Government, through the Ministry of Finance, is showing concern for macroeconomic equilibrium, which regardless of everything else is credible and genuine. It should also be noted that growth is important for the sustainability of policies, although on its own it is insufficient. Generally, the Government agenda and its reforms should be viewed with caution.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Speaking of the reforms, they have raised concerns in the business world\u2026<\/b><\/p>\n The tax reform should be enhanced, because it involves first category tax rates in excess of OECD averages, but without its levels of productivity: it is overly complicated and reduces investment incentives. And the employment reform is misguided: if its objective is to increase wages, it should focus on improving productivity; and if its goal is merely to increase levels of unionism, which is more of a political objective, this could be done with incentives and by looking at the Equality Commission.<\/p>\n There are also water and pension reforms, before even mentioning the debate on the constitution. These go to the heart of the investment decisions that sustain growth.<\/p>\n We need to talk about goals rather than ideologies, as well as leadership that provides guidance and security within a serious debate. Indeed, any serious debate of this kind needs to restore trust in politics. This is why the Government must resolve the political problems and implement a program to restore integrity and prestige in politics and political parties. Without this, any initiative will be an uphill task, and if the policy is called upon to channel the debate, I do not see how the political scene can be excluded.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 In fact, the political scene and the reforms have damaged the reputation of the Government. According to the latest Adimark survey, approval ratings for the President and her administration have fallen to historic lows, despite the Cabinet reshuffle and the recent 21 May speech. How do you interpret these findings? <\/b><\/p>\n People feel disappointed. The reforms, which were supposed to bring benefits, have not delivered. There is also a political problem that needs to be addressed.<\/p>\n The economy matters. Inflation, slower employment growth, consumer expectations and investment are all important and all affect daily life.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 And just over a month since the Cabinet reshuffle, how do you assess the new ministers? <\/b><\/p>\n Lower than expected, although not much time has passed. The Minister of the Interior is expected to ensure effective coordination and order between the trends causing tension within the Government coalition; this tension is not enabling them to govern, and I presume that it is responsible, at least in part, for the contradictory signals coming from the Minister of Finance.<\/p>\n They are both exceedingly well prepared individuals and both have the ability to fulfil the roles. But, for now, they have given ambivalent or mixed signals. Sometimes they provide hope that changes can be made to the reform contents, and sometimes they do the opposite.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 And what, in your opinion, are these contradictory signals and how are they affecting the country?<\/b><\/p>\n In fiscal matters, the latter (Rodrigo Vald\u00e9s) has been clear in prioritizing macroeconomic stability and stressing that growth cannot be sustained \u201cby way of\u201d fiscal policy. However, he has not stuck to the structural balance to the end of his term, or that of the Government program, and he insists that expenditure this year will be 9.8%, which is considerably higher than the level approved by the 2015 Budgets Act, given inflation of 4% and increased expenditure in 2014. My reading of the situation is that he is more focused on the balance and macroeconomic equilibrium, and that he will review projections as deemed necessary.<\/p>\n His concern for growth is commendable, but it has been well below the expected rate in terms of employment, on which his position has not differed greatly from his predecessor (Alberto Arenas). The only major difference is his tendency towards \u201cthe agreements\u201d, which have not materialized, and his comments in favor of the German model, without any further explanation, are similar to a weather balloon, going up and down.<\/p>\n The minister, ultimately, is following the same track as his predecessor: sticking to the original proposal and not worsening it further. I hope I am wrong, because it would be beneficial for employment.<\/p>\n He has not done so well on the constitutional issue either, which is increasingly important. His sign of openness to discussing the concept of the right to private property and his subsequent attempts to claim it is valuable, while keeping the issue on the table, and his failure to make a declaration on the role of institutions and institutional balances in the economy as established by the Constitution\u2026 I find it hard to believe Rodrigo Vald\u00e9s, the economist, does not think this will adversely affect growth in the short, medium and long-terms, and that it will not impact negatively on investment. I find it hard to believe that he can ignore this issue.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 What role do entrepreneurship and innovation play in growth? Are the reorganizations and announcements made by CORFO sufficient? <\/b><\/p>\n Entrepreneurship is at the heart of a thriving economy, along with initiative and growth. It is one of the cogs driving thousands of ideas; and although many of these fail, those that succeed help boost the efficiency of the others and bring about profit. Market errors can be corrected through financial support and programs from CORFO, in which sub-investments can be made. But the entrepreneurial climate is not with CORFO, as this emerges from valuing business success, accepting its failures and trying again. It is a virtuous mechanism within the economy as a whole.<\/p>\n THE \u201cREFORM\u201d EFFECT<\/span><\/b><\/p>\n Regarding its program, the Government has introduced a series of reforms, with most of the commotion in the business world stemming from the tax reform (currently in its implementation phase), the employment reform (under discussion) and the constitutional reform which, as the President has announced, will begin to take shape as of September.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 To what extent does the tax reform affect the climate for doing business in the country?<\/b><\/p>\n The tax reform increases the tax burden and, therefore, requires the adjustment of prices. The cost of this will be borne by everyone. In addition to the new balance, it will involve fewer incentives for investment and greater levels of corporate debt.<\/p>\n Furthermore, actors are keeping an eye on the content of every interpretive judgment of the law and its impacts, because the new systems have to be put into practice and, because it is such a complex reform, doubts are beginning to emerge. The sooner these are clarified by the Internal Revenue Service (SII), the better for helping to reduce the costs of the process.<\/p>\n Regulatory spaces are extremely important. The phrase goes that, \u201cthe devil is in the detail\u201d, and this is the case for the reform at the moment. With the new minister I had expected greater openness, following a more detailed assessment.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 And the employment reform? What direction should that take?<\/b><\/p>\n This reform is definitely misguided. I would put more effort into the \u201cagreements\u201d with more spaces and materials for negotiating what is currently included in the law, in order to incentivize more collective bargaining on a voluntary basis and to motivate the use of these agreement spaces. This would lead to increased productivity and higher and more sustainable wages over time. It should be accompanied with all the necessary safeguards for workers, essentially relating to their willingness. This was emphasized by the Equality Commission, on which I participated a few years ago, where I worked on the specific working group looking into collective bargaining. It would maintain basic balances in the relationships that have driven real wage increases in agreement with rises in productivity, without eliminating the lifting of striking workers and allowing replacements under certain conditions.<\/p>\n Instead, this bill aims to oblige unionism beyond the freedom of association and seeks to promote greater conflict for wage increases.\u00a0 However, it is quite obvious that wages do not remain high because of conflict, but rather productivity. The bill focuses on making the prize equal for all, regardless of effort, meaning that the most productive worker, who will receive the same prize as all the others, will put in less effort, thereby bringing down the average. This is how to reduce productivity. It does not contemplate the technological internalization and substitution currently prevalent on the international level.<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Does Chile need constitutional reform?<\/b><\/p>\n I do not think so. But discussions on its content are long overdue, and we must understand that all institutions are subject to analysis and change. This second look is complicated for the economy.<\/p>\n Private property rights are an important issue, and its potential impact is fairly obvious, but it is not the only one. Institutions dependent on this debate also influence economic stability. The independence of the Central Bank has been a highly significant step forward and largely responsible for the progress of our country and its stability. Institutional balances and the convergence of their roles, responsibilities and powers have contributed to the fiscal stability accompanying this constitution. Although this does not mean that the document cannot be improved.<\/p>\n It seems to me that we have to avoid stumbling into a populist constitution. To ensure this does not happen, the first thing to do is to avoid feeding the belief that the constitution is the cause of all evil and that by changing it we can satisfy all our desires. As well as this being false, it will generate great frustration.<\/p>\n","protected":false},"excerpt":{"rendered":" Por Alejandra Maturana\u00a0 La economista sostiene que para repuntar el crecimiento se necesita mejorar el clima interno, afectado por la desconfianza frente a la agenda de reformas de la Presidenta Michelle Bachelet.\u00a0 Acaba de terminar su colaboraci\u00f3n en la Comisi\u00f3n Engel -el Consejo Asesor Presidencial contra los conflictos de inter\u00e9s, tr\u00e1fico de influencias y corrupci\u00f3n- […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"template":"","news_tax":[],"user_type":[],"class_list":["post-9240","news","type-news","status-publish","hentry"],"acf":[],"yoast_head":"\n <\/del>por \u201clos pactos\u201d que no ha materializado y sus menciones a la valoraci\u00f3n del modelo alem\u00e1n, sin mayor precisi\u00f3n, casi como globo sonda. El ministro, en el fondo, est\u00e1 en la misma l\u00ednea que su antecesor: mantener la propuesta original y no deteriorarla m\u00e1s. Ojal\u00e1 me equivoque, porque ser\u00eda en beneficio del empleo.<\/p>\n <\/del>y sus intentos posteriores por decir que es valioso, pero manteniendo el tema abierto, y su falta de pronunciamiento sobre el rol en la econom\u00eda de instituciones y equilibrios institucionales que est\u00e1n en la Constituci\u00f3n\u2026 me cuesta creer que el Rodrigo Vald\u00e9s economista estime que ello no sea adverso al crecimiento en el corto y mediano y largo plazo, y que no afectar\u00e1 adversamente la inversi\u00f3n. Me cuesta creer que \u00e9l pueda omitirse de este tema.<\/p>\n,<\/del> y empujar un nuevo intento. Es un engranaje virtuoso inserto en la econom\u00eda como un todo.<\/p>\n