Dr John Llewellyn (Attended 1961-1962)
The Making of an Economist
Published October 2025
John Llewellyn (1961–1962) joined Scots College for his final two years of school, stepping into a community that would help shape his future in profound ways. Dux, Prefect, Fergusson House Captain, and Editor of The Scot, he quickly became a leader among peers, earning the Headmaster’s praise as “a leader of Scots better than any I have seen before.” Decades later, he reflects on the experiences that laid
the foundation for a remarkable global career.
“Scots was a welcoming school,” John recalls. “It developed pupils individually, rather than trying to fit them into a mould.” That approach is pivotal during a time of self-discovery, exposing students to a wide range of activities and helping them uncover their unique aptitudes.
Despite his many roles at Scots, time never felt like a constraint. “Much of my work as Editor of The Scot was done in my own time,” he says. “But it was so enjoyable that I readily found space for it.” He learned early on that when you truly want to do something, time finds a way.
What helped him settle in and lead so effectively? “Most teachers were keen to help students develop. Some were young and enthusiastic; others were experienced and worldly. That made for a good combination.” A strong camaraderie with fellow students sealed the sense of belonging.
Writing came naturally. Public speaking, however, required a gentle nudge. “Being grilled on stage by one of the older teachers was distinctly challenging,” he admits. “But it was a good introduction to the harsher world outside, where you must explain – and justify – your point of view.”
Scots’ emphasis on sport, music, and academics provided a rich tapestry of experiences. “Even if you’re only good at a few, that exposure allows you to take some up later in life.” For him, cricket and music became lifelong passions.
After Scots, he studied at Victoria University of Wellington and then Oxford. Initially unsure of his path, he explored Law, English, Chemistry, and Economics. “I had been well prepared at Scots for the first three,” he notes. “So I took a punt on the fourth, and it paid off.”
Oxford, he says, “radiates scholarship” and can feel intimidating. But he quickly found that his education had prepared him well. At Cambridge, he joined a different community, as an academic among giants of economics. “Joan Robinson, Lord Kahn, Sir James Meade, Lord Kaldor – all had worked with Maynard Keynes, one of the world’s greatest ever economists. It was exciting.”
Career highlights include building one of the world’s first economic models at Cambridge, analysing the effects of the first great increase of oil prices in 1973/74 while working at the OECD in Paris, and forecasting the main likely consequences of Europe establishing the euro as the Global Chief Economist at Lehman Brothers. “I’m pleased to have done what I did, to have enjoyed it, and to have passed on some of my enthusiasm to others, especially younger people.”
He offers a candid warning to students who “aspire to leadership” for its own sake. “Often they just want to boss others around,” he says. “Much more important is to do things you like, that you’re good at, and to work at them. If you succeed, the world will come to you, sometimes even as a leader.”
His secret for staying engaged across such a wide range of fields? “I like what I do; others who share my interests work with me, and all this brings new issues and new challenges. Goodness knows, in economics alone there are plenty!”
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