There's an old, and entirely fictional, story about committees, which goes something like this: A committee was formed to design a better horse. It ended up producing a camel.

Why? Because committees of almost any sort end up trying to be all things to all people and as a result, achieve either nothing or an entirely unsatisfactory solution.

There is another old joke, this one about management consultants:

"How many consultants does it take to change a light bulb?"

"It depends – 'How large is your budget?'

This week, Bermuda First was launched with the goal of determining how Bermuda will stave off the recession and prosper in the future.

This has much to recommend it. Although we agree with Opposition Leader Kim Swan that the Island is "coming late" to a problem that has been looming for a long time, that does not mean that it's too late.

And it is certainly welcome news to see the leaders of both parties, along with a range of business leaders from both the international and domestic sectors of the economy, on board.

One of the secrets of Bermuda's success over the last four decades has been the fact that business and Government can work together on the Island's economic direction.

Much of that trust and sense of cooperation has been lost in the last few years, so this step is a welcomed one.

And there may be no person better than Don Kramer, a long standing and widely respected insurance leader, to spearhead this initiative.

The areas of concern that he outlined are also correct. The precipitous decline in tourism, threats to tax havens and the likely contraction of the construction industry this year are a dangerous combination for this economy.

The committee is also due to look at high housing costs and immigration issues. In reality it should be looking at the Island's high overall cost structure and the degree to which immigration rules and other forms of bureaucracy impede business growth. It needs also to look hard at education, and the ever growing need for better skills in the workplace.

It should also look at the overall quality of governance and the need for greater transparency in business and politics, as Mr. Swan suggested.

On that note, this newspaper is concerned that the McKinsey study is due to be completed by the end of May, and according to a Government press release, will "ultimately" be made public. In politics-speak, ultimately is another word for never.

Still, to go back to the beginning, the major concerns for the committee are these.

There is a risk that a committee this large and widely drawn will struggle to reach conclusions that are more than platitudes.

It is also important that the McKinsey study, to the extent that it tells the community what it does not already know, does not join the ever-growing pile of overseas consultants' reports that are good only for gathering very expensive dust.

On the other side of the coin, some care should be taken not to "direct" the economy too carefully. Even in these days when free enterprise has become something of a dirty word, economies still thrive when good ideas and businesses are allowed to percolate from the bottom up, not from the top down.

With those caveats, this newspaper welcomes the formation of Bermuda First and the show of unanimity with which it has begun; but that support only comes provided that those involved in this venture recognise that the real work is only just beginning.