James Heckman, Nobel Prize in Economics 2000, visited Argentina to receive an Honorary Doctorate from the University of Cema (Ucema) and participated in the event “Winds of Change,” alongside President Javier Milei and cabinet ministers.
Ucema recognized Heckman as an emblematic figure of the Chicago tradition, combining theory, evidence, and policy design. He is the founder and director of the Center for the Economics of Human Development and co-founder of the Harris School of Public Policy. In the RePEc/IDEAS economist ranking, he ranks third globally and second by number of citations. His main contributions include the “Heckman correction” and the demonstration that investment in early childhood yields high economic returns.
Before returning to Chicago, Heckman spoke with Infobae along with Carola Pessino, rector of Ucema, who emphasized that the economist “deserved two Nobel Prizes” for his contributions. When asked about the evolution of the Argentine economy and his perception of the Winds of Change event, Heckman stated that he liked the event and felt an atmosphere of optimism, although he noted a lack of details in the proposals presented.
Heckman referred to the need for details in early childhood aid programs and how social security will be funded. He indicated that during the event, proposals were discussed to strengthen education and prepare the workforce with practical skills. He acknowledged that the second best theory in economics is key to making reforms in a distorted system and that, in many cases, adjustments must be made considering the impact of the system as a whole.
Regarding the tension between Milei’s policies and economic and political outcomes, Heckman stated that it is crucial to find a balance, given that many public policies require long-term returns. Carola Pessino commented that the government has managed to eliminate a fiscal deficit of 5% of GDP and that the economy has grown, which is often not seen in other countries that cut deficits.
Heckman concluded by warning that, although Argentina has made reforms, the path always carries risks. History reminds us that the benefits of reforms may take time to materialize, emphasizing the importance of the public understanding this process and supporting long-term progress.
Source: www.infobae.com
