Economics is a broad term and can be defined in several ways. Using a combination of several definitions of well-known economists (such as Paul A. Samuelson and N. Gregory Mankiw), economics is perhaps easiest to define as a science that studies different needs of people, intending to produce products that will meet those needs and further dispose of surplus products in the best possible way.

In this article, you will find more about some of the best economics schools in the world.

Top Economics Schools in the World

1. Massachusetts Institute of Technology (MIT)

The Department of Economics at MIT has been one of the best economics schools and one of the most well-known for years. This department has an over a century-year-old tradition of outstanding academic results and opportunities for students to earn valuable knowledge and, of course, a prestigious degree at the end of their studies. Their web presence is also up to date, so there is no possibility of any omissions or delays for the most modern approaches to learning.

The MIT Economics program is a part of MIT’s School of Humanities, Arts, and Social Sciences and represents its most important part. Other than a well-developed educational program that this school offers, it can also boast of many prestigious awards that it has won over the years, including the Nobel Prize, which, you’d agree, represents the crown of someone’s (in this case, an institution’s) hard work and dedication.

2. Harvard University

Studies of economics at Harvard University date back to the 19th century and, to this day, this university provides useful knowledge in the field of economics to its students and leads them further into their career-building futures. The Department of Economics at Harvard University also has a tight connection to other social-based studies and sciences such as law, political science, computer science, psychology, and prides itself on the mutual respect between students and faculty that is ubiquitous.

As one of the top economics schools, the Department of Economics of Harvard University is very clear about its expectations of students. Whether you choose undergraduate or graduate studies, you are expected to devote your time, effort, and work to these studies in order to achieve the best possible results and, later, enjoy the fruits of your labor and a good position in important, even governmental, institutions.

3. Stanford University

Economics as a field of study began to be taught at Stanford University at the end of the 19th century. The Department of Economics was joined with fields of political science and sociology until those departments were later separated. Stanford University is another American university that can boast the Nobel Prize in Economics, and it can also boast of its own research institutes, such as the Stanford Institute of Economic Policy and Research and the Institute for Research in the Social Sciences.

When it comes to its courses and programs, the Department of Economics at Stanford University offers a modern-based education for both its undergraduate and graduate students. These include practical knowledge through various workshops and seminars, as well as help with detailed professional orientation depending on what the students aspire to do, what their plans for the future are, and what job they want to do when they finish their studies.

4. Princeton University

The Department of Economics at Princeton University emphasizes the education and training of future generations of economists. Former students and PhD students work both at the university and in high positions in important institutions – which is, of course, commendable. It is not surprising that Princeton University is among the best economics schools in the world.

Princeton University offers a variety of degrees to those who choose to study economics there, as well as different certificates (such as in Finance) and programs (such as in Political Economy), depending on what the students will decide on taking. Those who want more can try their luck with a form of independent work that this university is offering, or even try their luck at studying abroad or taking an internship.

5. University of California, Berkley (UCB)

The University of California at Berkeley is definitely an excellent economic school with the undeniable knowledge of economics that this university provides. This is definitely evident in how its graduates are able to work as professors in top-notch institutions or even at the World Bank.

Another thing that sets UCB’s Department of Economics apart from others is the pride with which they speak of the openness and acceptance of female students at the beginning of the 20th century, when education, especially university education, was unthinkable for most women.

Alongside the extremely encouraging history of this Department, we can add the study programs it offers, as well as seminars that their students can attend. The website of the Department of Economics at the University of California offers an extremely simple but detailed insight into each of its courses, so don’t hesitate to take a look; you may realize that this University (for more than one, “educational” reason) is just the right choice for you.

6. The London School of Economics and Political Science (LSE)

LSE is one of the best economic schools in the world. Considering that this prestigious British school already contains the term “economics” in its name, it is clear that you cannot go wrong with the choice of studying economics at this school. Although it was already mentioned that some other (American) universities have won the Nobel Prizes in economics, a great injustice would be done to this school if it wasn’t pointed out that, throughout history, students, some of them becoming professors, who attended economics studies at this school won as many as 9 Nobel Prizes!

Although the historical results of this school speak for themselves, the way of approaching the process of learning and economics in modern times should be mentioned, and this school certainly does not lag: LSE offers bachelors, master’s and Ph.D. degrees in economics to, perhaps, some future generations of new Nobel Prize winners.

7. University of Chicago

When we look at the “About” segment on the website of the Kenneth C. Griffin Department of Economics at the University of Chicago, we could realize that we may not be that far from the essence of the definition of economics from the introduction – the University of Chicago sends a message to its visitors and students that economics is all around us: both in the material and in the social sense.

Other than undergraduate and graduate studies in economics, the University of Chicago offers academic career opportunities in the form of employment opportunities at the department. Also, this university offers the opportunity to participate in various projects and attend many conferences and seminars through affiliation with various research centers, such as Becker Friedman Institute for Research in Economics and Center for the Economics of Human Development (CEHD).


I hope this article on the best economics schools in the world was helpful. To know more information on studying abroad, check out the Available Programs for International Students.