La “animal” volatilidad de la economía argentina: misperceptions, expectativas frustradas y conflicto distributivo[The “Animal” Volatility of the Argentine Economy: Misperceptions, Frustrated Expectations, and Distributional Conflict]

This article examines Argentina’s macroeconomic instability from two complementary perspectives. On the one hand, it revisits Daniel Heymann’s approach to expectation formation in unstable contexts and decision-making based on perceptions that may misperceive medium-term macroeconomic trends. On the other, it introduces our approach centered on “structural distributive conflict,” which emphasizes the tension between a social equilibrium —associated with the welfare aspirations of workers— and the macroeconomic equilibrium. The paper seeks to connect both approaches in interpreting Argentina’s economic volatility and its recurrent crises since the mid-20th century.