Economics, Economists And All That Matters

The world of economics has a position of primacy in the field of social sciences. Often, a degree in economics goes farther than a degree in another social science.

- Vinayshil Gautam

There is great faith reposed in the version of the economists who write not only the history of growth but the analysis of the present and the forecasts of the future. They are heard, almost, reverentially and have a pride of place in the advisory councils of governance. Even the Indian Prime Minister has an Economic Advisory Council. Membership of that body is a good passport to many offices, many fora and of course the elite cocktail circles. Nobody has yet, really, asked what this economic advisory council has achieved or for that matter contributed to the policy-making of the country. In a governmental situation where ‘impact assessment’ is the gate opener to portals of influence and lubricant to the coffers of many public policy-oriented bodies, this neglect of the evaluation of economic advisory council to the Prime Minister, has the potential of giving rise to a ‘conspiracy theory’. The plain truth is many venerable aspire to get onto it (the Economic Advisory Forum to the PM) and getting on to it is such a feather in their cap that perhaps nobody dares to ask for an impact assessment of this body. So be it.

If the problem were to end there, one could be thankful for being let off relatively easy, but the malaise — if one can call it so — is deeper.