Why I prefer the economist to the consultant

While consultants almost always present a rosy picture, the economists tend to be more hardnosed and realistic

In my two decades as a journalist, I have come across two categories of people who are fairly consistent - economists and consultants. You may argue that there is little in common between the two breeds and so little reason to compare them. I disagree.

To start with, often both sets of people tell us what the future holds for us across various sectors of the economy. While consultants almost always present a very rosy picture, the economists tend to be more hardnosed, cynical and realistic. None of them is predicting that India's economy will be growing at 15 per cent in 15 years or that food processing is the next big thing we need to watch out for.

Economists by nature seem to be pessimistic, refuse to look too far into the future and don't assume all kind of bizarre stuff on which they base their hypotheses and conclusions. What an economist tells you will usually happen, for better or for worse.

A consultant's words, on the other hand, often fall in the realm of fantasy. I still recall Mckinsey's study on India under Atal Bihari Vajpayee. If some of those incredible assumptions had indeed come true, it would have been enough to fix most of this country's problems.

Then both are, in a sense, in the business of advice. Consultants make a living by selling hope and are often hired by moneyed people who want to know how they can make even more money. So the consultant has to first convince himself and then others that there is indeed a lot of money out there to be made. Some also tell you how to run your businesses and how to get out of a mess (although the records of Goldman Sachs and others on running their own businesses may make you sceptical).

On the other hand, economists identify problems and offer possible solutions. But they need to convince no one. An economist will often assume the worst; the consultant the best. I prefer the first since there is always scope for improvement and hope. In the latter, you will almost always be let down.

I also find I understand the language of the economists far better than that of consultants. None of the economists I meet ever talk of "moving goalposts" or "blue-sky thinking". Deficits, inflation, growth, poverty - all these are very real and form the lexicon of the economist.

Again, I don't know a single economist who has suggested I meet him for breakfast. Consultants on the other hand seem to love these breakfast meetings at various five-star hotels around the National Capital Region. What on earth is so urgent for us to meet for breakfast? I know it sounds good and oh-so-busy - "I have this breakfast meeting at 8 a.m."

And then, I am yet to meet a consultant who answers calls at the first ring. They are so under pressure to prove they are the busiest men alive that almost without doubt when I call a consultant, he will sharply say, "Am in a meeting, can I call you back?" Some have even asked me if they can get back on such and such day and at such and such time. I often almost bang down the phone as I can pre-empt their answer and I feel like just sending a message instead of calling at all saying, "Can you call me back once that meeting ends?" You can be sure that they will call you soon enough (as consultants need the media as much as the media needs them). Economists, by and large, appear to have very little to do - email, phone calls and SMSes are answered quite promptly. So accessing an economist is always easier than accessing a consultant, especially the high flying one.

Which brings to another strange facet of this flashy, albeit charming breed. Most consultants I know are always flying around the country and overseas like travel was going out of fashion. I used to joke about a close consultant friend that he had enough miles to the moon and back, so frequently did he find himself in aircraft.

I know this piece is not going to do me much good as I need to keep meeting both sets of people with unerring regularity so let me say something in defence of the consultants. If it weren't for them, India's aviation sector would be even more in the doldrums than it is today and for this we must all be grateful. Can you imagine being back in the days of just Indian Airlines and no lobsters on board?