Can studying Economics lead to a career in Politics?

What motivated you to study Economics?

Growing up in a farming family in Southern NSW economics and politics was always around the kitchen table. The price of wool, meat, interest rates, inflation and how the economy worked were always part of the conversation.
I didn’t study economics at school, but I was given a copy of “The Worldly Philosophers” by Robert Heilbroner (a wonderful overview of the history of economic thought) and I was hooked. While I also studied law (which I enjoyed) economics applied rigour to hard problems in a way that appealed to me enormously.

How did your time at the University of Sydney shape your career path?

I went on to study postgraduate economics at Oxford on a Rhodes Scholarship before starting at McKinsey. Much of my work at McKinsey and beyond had a strong economics bias. Whether it was game theory applied in business or applying market design inside large bureaucratic organisations, those economic foundations were incredibly powerful.

Of course, in entering politics after a 20-year career in management consulting, I am involved in economics on a daily basis. Whilst my consulting career was less focused on macroeconomics, the economics of inflation are around the kitchen table again after a 30-year break.

What skills or lessons did you learn during your education that have been particularly valuable in your career?

At an intellectual level, the greatest legacy of any University degree is learning to solve hard problems. But we shouldn’t underestimate the benefits of being around super smart, highly motivated people, which can be infectious. Universities provide the environment and it’s enormously important to make the most of it. I found it incredibly exciting and rewarding.

What advice would you give to current Economics students who want to start a career in politics?

We need more people in politics with a strong background in economics. Politics is not for the faint-hearted, but it is also enormously important. While some in politics are (and need to be) there for much of their career, I think we need people who get outside experience first.

This year you were the keynote speaker at The Warren Hogan Memorial Lecture – how did Warren Pat Hogan’s teaching influence your career and/or studies?

Professor Hogan was a mentor to me – I wouldn’t have pursued my career without his input and support. He clearly loved teaching and saw the power of economics to solve real-world problems. He encouraged me to apply for the Rhodes Scholarship and to continue studying economics.

Can you tell us a bit more about your lecture?

The economic principles that people like Warren Hogan taught set Australia up for decades of unprecedented prosperity. We are now facing economic challenges we haven’t seen for decades, with a resurgence of inflation combined with a sluggish economy. The aspirations of many Australians are not what they once were. Now is the time to rediscover those foundational economic principles that delivered our prosperity. Warren Hogan was relentlessly focused on those principles in his teaching in the 1980s when I was his student. The lecture focused on applying the principles he taught, in a contemporary context.

The Hon Angus Taylor MP's reflections highlight the profound impact that a strong foundation in economics can have on both personal and professional growth. As he emphasised during the Warren Hogan Memorial Lecture, revisiting fundamental economic principles is essential for navigating today's challenges.