If this is not done, like the conversion of Sri Lanka’s agriculture to organic farming overnight, the economic costs of the policy actions of the Council will be enormous and irrecoverable.
What this means is that if the Council is to make good decisions it should be aware of all the subsequent consequences of its policy actions, both favourable and adverse. He distinguished a good economist from a bad economist by referring to his ability to see things to be foreseen in addition to what can be seen a bad economist just sees only what can be seen and does not have a view on the long-term consequences of a policy.
Without this input, the Council is likely to run into the problem of making erroneous decisions as pronounced by the 19th century French Economist, Frederic Bastiat. Hence, to feed it with the necessary economics input, it is advisable that the Council relies on a think tank like IPS which is independent, objective, and staffed with top-class economists. Hence, it can be categorised as a Cabinet Sub-committee on Economic Affairs like the Cabinet Committee on Economic Management that functioned under Prime Minister Ranil Wickremesinghe in the previous Yahapalana Government. The four outside members on the Council are not trained economists but those competent in other professions like public administration or accounting. Nor is it a think tank of the Government since it is made up of top-level politicians whose competencies are not in economic policymaking but in other areas. Surely, it is not a commission as was promised. It is not clear where the newly established Economic Council will stand among these diverse models. A close counterpart in Sri Lanka to NITI could be the Institute of Policy Studies or IPS which has not received the due recognition from all the governments that had been in power ever since it was set up in late 1980s.Ī council sans economics inputs: Use IPS as advisor Among many initiatives it has made so far include a 15-year Road Map, and 7-year vision strategy, and action plan. It is to function not as an authority but as a public policy think tank that would advise the Government on the measures it should take to transform India to meet the challenges of the 21st century. Considering the changing global economic environment, it was replaced by a new venture called National Institution for Transforming India or NITI Aayog. It was staffed by top class economists who had been drawn from both inside and outside India and its main function was to formulate, implement, and progress-monitor the five-year plans introduced as rolling plans. The title of this commission implied that it was like the Planning Commission of India which functioned till 2014 when it was dissolved by the Modi Government.
#Lookthrough mirror professional#
India’s commissions are run by professional economists The establishment of the commission, it was held, would ensure transparency in economic policy formulation and implementation. All these works were central to the national development process. Its job was to formulate national policies and plans, determine public investment, formulate national development strategies, monitor the procurement process, and undertake project analysis and management. Pledging to disband the existing National Economic Council established by the former President Maithripala Sirisena and the Strategic Enterprise Management Agency established by his elder brother Mahinda Rajapaksa, the new commission was to undertake a vast array of work relating to the economy. In his manifesto, titled, Vistas of Prosperity and Splendour, he had promised to establish an all-powerful economic commission, ‘National Policy, Planning, and Implementation Commission’ under the chairmanship of the President to steer the ailing economy.
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