Posted by Studying in the best universities in the world for economics can lead to careers in various fields like finance, banking, or government.
Economics is the study of human behaviors aimed at finding solutions to help improve livelihood. If you are interested in studying, we have, in this article, a list of the top 100 best universities in the world for Economics.
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Why Study Economics?
Studying Economics offers numerous benefits, including understanding the world’s functions, making better decisions in personal and professional life, gaining transferable skills that employers seek, understanding your buying habits, and complementing other majors.
Economics provides insight into issues like taxation, inflation, and interest rates, influencing our daily lives and preparing individuals for an ever-changing world. It also helps in assessing alternatives and making better choices, which can lead to success in both work and life.
Economics is known for its well-managed job market, with many opportunities for those with an Economics degree. These skills include critical thinking, communication, problem-solving, and analytical skills, which are highly sought after by employers.
Studying Economics also helps you understand your purchasing habits, such as your Willingness to Pay (WTP), which helps you make economically sound decisions.
Economics also complements other majors, such as Accounting, Marketing, and Finance, and expands your vocabulary by understanding terms like scarcity, opportunity cost, and equilibrium.
Criteria for Selecting the Best Universities in the World for Economics
Ranking the Top 100 Best Universities in the World for Economics is a meticulous process that involves the consideration of multiple factors to ensure a comprehensive and accurate evaluation.
The following elements were considered throughout the rating process:
- Academic Reputation
- Faculty Expertise: Assessment of the qualifications, experience, and research contributions of the faculty members within the economics department.
- Resources and Facilities: Evaluation of the resources and facilities available to economics students.
List of the Top 100 Best Universities in the World for Economics
Below is a table showing the top 100 best universities in the world for Economics:
Top 20 Best Universities in the World for Economics
1. Harvard University
- Founded: 1636
- Location: Cambridge, Massachusetts
Harvard University, founded in 1636 in Massachusetts, is the oldest university in the US and is widely regarded as the best and most prestigious university in the world.
The university’s Department of Economics is one of the leading economics departments in the world, offering both undergraduate and graduate programs. Harvard is currently ranked as the number one university in economics and finance.
The undergraduate program in economics at Harvard is a four-year program that provides students with a broad understanding of economics and its applications.
The program offers students the opportunity to work in numerous economics fields such as finance, economic history, behavioral economics, political economy, and more.
2. Massachusetts Institute of Technology
- Founded: 1861
- Location: Cambridge, Massachusetts, United States
Massachusetts Institute of Technology (MIT) is a private research university located in Cambridge, Massachusetts, near Boston. It was established in 1861.
MIT offers a Bachelor of Science degree in Economics in the School of Humanities, Arts, and Social Sciences. This is a four-year undergraduate program that provides fundamental and advanced knowledge in economics. The program is designed to prepare students for the real world by organizing internships, training, and seminars.
The Department of Economics at MIT has won numerous Nobel Prizes over the years, and it plays a leading role in economics education, research work, as well as public service.
The department has a strong focus on microeconomics, macroeconomics, and econometrics, and it is committed to providing students with a rigorous and comprehensive education in economics.
3. Stanford University
- Founded: 1885
- Location: Palo Alto, California
Stanford University is a private research university located in Stanford, California. It was founded in 1885 by Leland and Jane Stanford, in memory of their son, Leland Stanford Jr.
The university has one of the largest campuses in the United States, covering an area of 8,180 acres.
The Department of Economics at Stanford University offers undergraduate and graduate programs that provide students with a comprehensive understanding of the economic aspects of modern society.
The department’s curriculum includes courses in microeconomics, macroeconomics, econometrics, and other related fields.
The undergraduate program aims to familiarize students with techniques for analyzing contemporary economic problems and develop their ability to exercise judgment in evaluating public policy.
4. University of California, Berkeley
- Founded: 1868
- Location: Berkeley, California, United States
The University of California, Berkeley is a public research university located in the midsize city of Berkeley, California. It was founded in 1868 and is known for its excellent academic programs, including economics.
The Department of Economics at UC Berkeley is home to over 1,400 undergraduate students and offers a broad array of economics courses, ranging from economic history to advanced microeconomics.
The department is also renowned for its faculty members, including Emmanuel Saez and Gabriel Zucman, who have been named 2023 Citation Laureates for their contributions to the field of economics.
UC Berkeley’s economics program is a major part of the social sciences curriculum and is known for producing outstanding graduates in the field of economics.
The program emphasizes both theoretical and empirical approaches to economics and encourages students to participate in research and study abroad programs.
5. Oxford University
- Founded: 1096
- Location: Oxford, England
Oxford University is a globally renowned institution that offers a highly respected economics program. The university was founded in 1096 and is located in Oxford, England. It is one of the oldest and most prestigious universities in the world.
The Department of Economics at Oxford University is one of the largest groups of academic economists in the world and is consistently ranked as the UK’s top economics department.
The department is home to a highly respected international faculty, researchers, and lecturers who are dedicated to training the next generation of economic leaders.
The economics program at Oxford University is designed to allow students to study economics along with one or two other subjects.
6. The London School of Economics and Political Science (LSE)
- Founded: 1895
- Location: Houghton Street, London
The London School of Economics and Political Science (LSE) is a prestigious public research university located in London, United Kingdom.
It is one of the world’s leading institutions for social sciences, including economics, politics, sociology, law, and anthropology. LSE is known for its excellent research framework and is recognized as one of the top schools for developments in economics.
The Department of Economics at LSE is one of the largest in the world and is at the forefront of developments across the spectrum of mainstream economics.
The undergraduate economics curriculum is designed to provide students with a thorough grounding in analytical methods and apply them to a diverse range of problems, including important social issues and policy questions.
7. Yale University
- Founded: 1701
- Location: New Haven, Connecticut, United States
Yale University is a private research university and a member of the Ivy League, a group of America’s most celebrated higher education institutions. It was established in 1701 and is the third oldest school in New Haven, United States.
Yale University’s Department of Economics is a world-class institution for learning and research in economics. The department offers a Ph.D. program that spans a wide spectrum of economics, from dynamic structural models to field experiments.
Yale’s economics faculty embraces a broad range of research and teaching interests, including microeconomics, macroeconomics, econometrics, labor, public finance, industrial organization, international trade and finance, financial economics, environmental economics, economic development, economic history, political economy, and behavioral economics.
Yale University allows undergraduates to follow a liberal arts curriculum system which allows students to think and learn across disciplines before moving fully to their main discipline.
8. Cambridge University
- Founded: 1209
- Location: Cambridge, England
Cambridge University is a world-renowned institution that provides a global perspective on education and research. The Faculty of Economics at Cambridge is one of the longest-standing and leading economics faculties in Europe.
The undergraduate course in Economics at Cambridge aims to give students a broad and solid understanding of economics.
It allows students to study the core of economics in considerable depth, using mathematical and statistical techniques, while also giving them a more comprehensive perspective on economics, incorporating historical, political, and social data.
The course is studied for three years with a main focus on economics basics, which may also include mathematics and statistics, history, sociology, and politics.
9. Bocconi University
- Founded: 1902
- Location: Milan, Italy
Bocconi University is a private university located in Milan, Italy. It was founded in 1902 and is one of the top schools for economics, business, finance, data science, political science, cyber risk, and law.
The university is known for its research excellence and has national and supranational institutions funding its research projects.
The university’s curriculum is designed to provide students with analytical and ethical skills that enable them to contribute to the innovation and development of European business and society.
The Department of Economics at Bocconi University is one of the most prestigious in Europe and offers a wide range of programs in economics, finance, and political science.
10. University of Chicago
- Founded: 1890
- Location: Chicago, Illinois, United States
The University of Chicago is a private research university located in Chicago, Illinois, USA. It was founded in 1890 and is considered one of the world’s foremost economics departments.
Kenneth C. Griffin Department of Economics at the University of Chicago prepares students for a future in world-changing research.
The department boasts affiliations with numerous research centers and initiatives including the Becker Friedman Institute for Research in Economics, the Center for the Economics of Human Development, the Development Innovation Lab, and more.
Studying economics at the University of Chicago provides students with a wide range of career opportunities as well as graduate degree options. These graduate degree options include law, business, and medicine.
The department offers Ph.D., MACSS, MAPSS, and undergraduate degrees in economics with world-changing and path-breaking research opportunities.
The University of Chicago Economics Department has been awarded 14 Nobel Memorial Prizes in Economic Sciences, more than any other university, and has been awarded six John Bates Clark Medals.
11. Princeton University
- Founded: 1746
- Location: Princeton, New Jersey
The Department of Economics at Princeton University is one of the most prestigious economics departments in the world. The department is dedicated to inspiring and training the next generation of academics, government, and industry leaders.
The department offers a wide range of courses and research opportunities for undergraduate and graduate students. In a typical year, more than 90% of Princeton’s economics seniors accept job offers following graduation.
The department’s faculty are at the forefront of economics research, consistently developing new tools and methodologies to advance the science of economics and inform policy with evidence-based research.
From pioneering work on game theory to innovations around quasi-experimental methods, all research is rooted in efforts to set new technical standards around the rigor and reliability of economics.
The department also has several research centers that focus on various topics such as development, econometrics, labor, international trade, and more.
12. University of Cambridge
- Founded: 1209
- Location: Cambridge, England
The Faculty of Economics at the University of Cambridge is one of the constituent departments of the university.
The faculty is composed of five research groups, macroeconomics, microeconomic theory, economic history, econometrics, and empirical microeconomics. The faculty offers one undergraduate and six postgraduate programs of studies.
The undergraduate program is a three-year course that provides students with a broad understanding of economics and its applications.
The postgraduate programs include an MPhil in Economic Research, an MPhil in Finance, MPhil in Economic and Social History, an MPhil in Economic Policy, an MPhil in Development Studies, and a Ph.D. in Economics.
The faculty is ranked number 1 in the UK by the Complete University Guide 2024, ranked number 3 in the UK by the Guardian 2023 and the UK University Times 2023, and ranked number 6 in the world according to the Times Higher Education 2023.
13. Columbia University
- Founded: 1754
- Location: New York, New York, United States
The Department of Economics at Columbia University is a highly regarded institution for economics research.
The department offers a graduate program leading to the Ph.D. in Economics, where students earn the MA and the MPhil in the course of earning the Ph.D. degree.
The department has a long and distinguished tradition dating back to the pioneering work of John Bates Clark, Wesley Clair Mitchell, Harold Hotelling, and William Vickrey.
The department provides Columbia University students, faculty, and staff with central computing and communication services, including email, telephone service, web publishing, computer labs and electronic classrooms, course management and student information applications, office and administrative applications, and management of the high-speed campus Ethernet.
14. University of Pennsylvania
- Founded: 1740
- Location: Philadelphia, Pennsylvania, United States
The Department of Economics at the University of Pennsylvania is located in the School of Arts and Sciences and is ranked among the top ten in the United States.
The department’s faculty is research-oriented and committed to the advancement of economic science.
The department offers undergraduate and graduate programs that teach students the methodology and ideas of modern economics, to train the next generation of professional economists for academia, the government, and the private sector.
15. New York University
- Founded: 1831
- Location: New York City
The Department of Economics at New York University is one of the world’s leading economic research departments. The department offers undergraduate, graduate, and doctoral programs in economics.
The undergraduate program offers major and minor degrees in economics, as well as joint majors in mathematics and computer science. The department’s major can be taken in either one of two concentrations: a theory concentration or a policy concentration.
The graduate program offers a master’s degree in quantitative economics, which is ideal for students interested in a research career in economics or the public or private sectors.
The doctoral program is designed to prepare students for careers in research and teaching.
16. Duke University
- Founded: 1838
- Location: Durham, North Carolina, United States
The Department of Economics at Duke University is one of the top programs in the United States, with a focus on econometrics, micro and macroeconomic theory, and applied economics.
The department has a vibrant faculty of exceptional scholars and teachers, along with superior research facilities.
The department offers a world-class doctoral program in economics, featuring a comprehensive curriculum anchored in the core disciplines of microeconomics, macroeconomics, and econometrics.
The program also includes four distinct master’s programs that offer flexibility, a rigorous curriculum, and the opportunity to explore other departments and schools in one of the nation’s top research universities.
17. Cornell University
- Founded: 1865
- Location: Ithaca, New York, United States
The Department of Economics at Cornell University offers a unique combination of theoretical and analytical rigor and concern for real-world problems.
The department has more than 50 faculty members, 500 majors, and 100 Ph.D. students, and serves over 5,000 students on campus each year.
The department offers an unusually broad range of courses that give students an understanding of the way economies operate and an insight into public issues.
The department’s faculty members are experts in various fields of economics, including applied economics, behavioral economics, economics of education, health economics, labor economics, and more.
18. University of Warwick
- Founded: 1965
- Location: Coventry, England
The Department of Economics at the University of Warwick is one of the leading departments in the UK and Europe.
The department has gained a high reputation for its research activities, and in the last UK Research Assessment Exercise in 2008, it was rated among the top UK economics departments.
The department offers professional training in modern economics and provides a range of undergraduate and postgraduate courses.
The department’s research interests span a wide range of topics, including macroeconomics, microeconomics, econometrics, and finance.
The department has a strong commitment to research excellence and has a vibrant research culture. The department’s faculty members are actively involved in research and have published their work in leading academic journals.
19. University College London
- Founded: 1826
- Location: Gower St, London
The Department of Economics at University College London (UCL) is a research-led community that offers undergraduate, postgraduate taught, and postgraduate research programs.
The department’s curriculum covers contemporary topics such as globalization, the regulation of public utilities, and policy choices in developing countries. The department has a diverse faculty and research students who conduct pioneering research in various fields of economics.
The department’s undergraduate program offers a BSc in Economics, which is a three-year program that provides students with a strong foundation in economic theory and its applications.
The program also offers students the opportunity to specialize in areas such as econometrics, finance, and development economics.
20. Northwestern University
- Founded: 1851
- Location: Evanston, Illinois
The Department of Economics at Northwestern University is a world-class department that is renowned for its outstanding faculty, dedicated to teaching and research, as well as engaged students who take advantage of learning opportunities in and beyond the classroom.
The department offers a popular undergraduate major, a minor, and a renowned Ph.D. program.
The undergraduate major is open to all undergraduates, and the courses range from a popular two-quarter introductory survey, taken by half of all Northwestern students, to more advanced and applied work.
The department’s faculty are widely published in leading academic journals, have been elected as fellows of prestigious professional organizations, and have won awards for the quality of their teaching.
The distinguished faculty includes fellows of the American Economic Association, members of the National Academy of Sciences, and editors of the American Economic Review and other prestigious journals.
FAQs on the Best Universities in the World for Economics
Why is it important to choose the right university for studying economics?
Choosing the right university for studying economics is crucial because it significantly influences one's academic and professional journey. The quality of education, faculty expertise, and university reputation can impact career opportunities and the depth of understanding in the field.
Is there a consideration for global impact in the rankings?
Yes, the global impact is a significant criterion. The rankings assess the international recognition and influence of the universities in economics through factors such as international collaborations, partnerships, and contributions to the global discourse in the field.
How can readers explore further resources related to the universities listed?
The article includes additional resources such as links to university websites.
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Conclusion
In conclusion, the universities listed above are the best in the world for Economics. They offer students a unique opportunity to learn from the best and prepare themselves for a successful career in the field of Economics.
We hope that this list will help you make an informed decision about where to pursue your studies in Economics.
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