Department of Economics, University of Oxford

Image:Adam Smith The Muir portrait.jpg pursued graduate studies at Balliol College in 1740{{cite web|url=https://www.adamsmith.org/blog/tax-spending/on-this-day-in-1740|title=On this day in 1740...

|date=7 July 2019|author=Dr. Eamonn Butler|access-date=26 July 2020|publisher=Adam Smith Institute}}]]

Despite the department's relatively recent establishment, Oxford has a long history within Economics.

The 19th century saw an expansion of economics within Oxford, with political economy being offered as an option to Greats students, and the Drummond Chair in Political Economy being established in 1825 at All Souls College, first being held by Nassau William Senior. Other notable 19th century Oxford economists include Arnold Toynbee, Francis Ysidro Edgeworth.{{cite web|url=https://www.economics.ox.ac.uk/about/about-homepage|title=About|access-date=26 July 2020|publisher=Department of Economics, University of Oxford}}{{cite book |last1=Young |first1=Warren|last2=Lee|first2=Frederic S. |date=19 February 1993 |title= Oxford Economics And Oxford Economists |url=https://www.palgrave.com/gp/book/9781349085460|publisher=Palgrave Macmillan UK|isbn=978-0333513620}}

The 20th century saw the first economics programme, a postgraduate Diploma in Economics, in 1904. Economics was later introduced as part of a degree programme as part of the “modern greats” course in 1920, later Philosophy, Politics and Economics. Economist L.L. Price argued that this emphasised Oxford's stance of treating economics “pretty.. but unimportant”.{{cite book |last=Chester |first=Sir Norman |date=1986 |title=Economics, Politics and Social Studies in Oxford, 1900–85 |url=https://www.palgrave.com/gp/book/9781349085460|publisher=Palgrave Macmillan UK|isbn=978-1-349-08546-0}} 20th century Oxford economists include Sir Roy Harrod, Jacob Marschak,{{cite web|url=https://www.nytimes.com/1977/07/28/archives/jacob-marschak-a-key-developer-of-economics-theory-dies-at-79.html|title=Jacob Marschak, A Key Developer Of Economics Theory, Dies at 79|work=The New York Times|author=George Goodman Jr.|date=28 July 1977|access-date=26 July 2020}} Nicholas Stern,{{cite web|url=http://www.lse.ac.uk/granthaminstitute/profile/nicholas-stern/|title=Nicholas Stern: Chair|publisher=LSE Grantham Research Institute|access-date=26 July 2020}} Sir David Hendry,{{cite web|url=https://www.nuffield.ox.ac.uk/people/profiles/david-hendry/|title=Academic Profile: David Hendry|publisher=Nuffield College, Oxford|access-date=26 July 2020}} Stephen Nickell,{{cite web|url=https://www.iza.org/people/fellows/315/stephen-j-nickell|title=Stephen J. Nickell|publisher=IZA Institute of Labour Economics|access-date=26 July 2020}} David Soskice,{{cite web|url=http://www.lse.ac.uk/government/people/academic-staff/david-soskice|title=Professor David Soskice|publisher=London School of Economics|access-date=26 July 2020}} Tim Harford,{{cite web|url=https://www.alumni.ox.ac.uk/content/best-selling-economist-tim-harford|title=Best-selling economist, Tim Harford (Brasenose College, 1992)|publisher=University of Oxford: Oxford Alumni|access-date=26 July 2020}} and Mark Carney.{{cite web|url=https://www.theguardian.com/business/2013/jun/13/mark-carney-bank-governor-city|title=Mark Carney: Bank governor's journey from wilderness to heart of the City|author=Heather Stewart|date=13 June 2013|work=The Guardian|access-date=26 July 2020}}

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| header = Oxford recipients of the Nobel award of Economics

| image1 = Amartya Sen, c2000 (4379246038).jpg

| caption1 = Amartya Sen (1998)

| image2 = Michael Spence - Trento 2013 02.JPG

| caption2 = Michael Spence (2001)

| image3 = Joseph E. Stiglitz 2019.jpg

| caption3 = Joseph Stiglitz (2001)

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Nine academics affiliated with Oxford have won the Nobel Memorial Prize in Economic Sciences:{{cite web|url=https://www.ox.ac.uk/about/oxford-people/award-winners|title=Award winners|publisher=University of Oxford|access-date=26 July 2020}}

• Sir John Hicks (1972; MA, Balliol; Drummond Professor of Political Economy){{cite web|url=https://www.nobelprize.org/prizes/economic-sciences/1972/hicks/biographical/|title=John R. Hicks: Biographical|publisher=Nobel Prize organisation|access-date=26 July 2020}}
• Gunnar Myrdal (1974; Fellow of Balliol){{cite web|url=https://www.balliol.ox.ac.uk/about-balliol/remarkable-alumni|title=Remarkable Alumni|publisher=Balliol College, Oxford|access-date=26 July 2020}}
• James Meade (1977; MA, Oriel){{cite web|url=https://www.christs.cam.ac.uk/james-meade-1907-1995|title=James Meade (1907-1995)|publisher=Christ’s College, Cambridge|author=Dr William Peterson|access-date=26 July 2020}}
• Lawrence Klein (1980; Lincoln){{cite web|url=https://www.nytimes.com/2013/10/22/business/economy/lawrence-r-klein-economist-who-forecast-global-trends-dies-at-93.html|title=Lawrence R. Klein, Economic Theorist, Dies at 93|work=The New York Times|author=Glenn Rifkin|date=21 October 2013|access-date=26 July 2020}}
• Robert Solow (1987; George Eastman Visiting Professor; Fellow of Balliol){{cite book |last=Sichel |first=Werner |date=1 January 1989 |title=The State of Economic Science: Views of Six Nobel Laureates |url=https://research.upjohn.org/up_press/199/ |location=Kalamazoo, MI |publisher=Upjohn Press |isbn=9780880995962}}
• Sir James Mirrlees (1996; Edgeworth Professor of Economics; Fellow of Nuffield){{cite web|url=https://www.ft.com/content/9782dc2a-ac5c-11e8-89a1-e5de165fa619|title=James Mirrlees, economist, 1936-2018|publisher=The Financial Times|author=John Kay|date=31 August 2018|access-date=26 July 2020}}
• Amartya Sen (1998; Fellow of Nuffield; Drummond Professor of Political Economy; Fellow of All Souls){{cite web|url=https://www.nobelprize.org/prizes/economic-sciences/1998/sen/facts/|title=Amartya Sen: Facts|publisher=Nobel Prize organisation|access-date=26 July 2020}}
• Michael Spence (2001; Rhodes Scholar; MA, Magdalen){{cite web|url=https://www.stern.nyu.edu/faculty/bio/a-michael-spence/|title=A. Michael Spence|publisher=NYU Stern School of Business|access-date=26 July 2020|archive-date=29 October 2021|archive-url=https://web.archive.org/web/20211029000301/https://www.stern.nyu.edu/faculty/bio/a-michael-spence/|url-status=dead}}
• Joseph Stiglitz (2001; Drummond Professor of Political Economy; Fellow of All Souls, Visiting Fellow of St Catherine's){{cite web|url=https://www.cgdev.org/page/joseph-e-stiglitz|title=Joseph E. Stiglitz|publisher=Center for Global Development|access-date=26 July 2020}}

The department offers three undergraduate courses in economics, but notably no straight economics option:{{cite web|url=https://www.economics.ox.ac.uk/teaching/programmes-homepage#undergraduate|title=The Courses: Undergraduate|publisher=Oxford Department of Economics|access-date=26 July 2020}}

• BA History & Economics, run jointly with the History Faculty
• BA Economics & Management, run jointly with the Saïd Business School
• BA Philosophy, Politics & Economics, run jointly with the Philosophy Faculty, and Politics Department

At graduate level, the department offers six courses:{{cite web|url=https://www.economics.ox.ac.uk/teaching/programmes-homepage#graduate|title=The Courses: Graduate|publisher=Oxford Department of Economics|access-date=26 July 2020}}

• MSc Economics for Development, jointly offered by the Department of International Development
• MSc Financial Economics, jointly offered by the Saïd Business School
• MSc Economic and Social History, jointly offered by the Faculty of History
• MPhil in Economics and Social History, jointly offered by the Faculty of History
• MPhil Economics
• DPhil Economics

In the 2014 Research Excellence Framework (REF2014), the Department received an overall grade-point average of 3.44 (out of 4) - the third highest of any department in Economics and Econometrics in the UK, behind UCL and the London School of Economics.{{cite web|url=https://www.timeshighereducation.com/sites/default/files/Attachments/2014/12/17/g/o/l/sub-14-01.pdf|title=REF2014: Institutions ranked by subject|date=17 December 2014|publisher=Times Higher Education}}

The department currently houses nine research groups, and is involved with five different research centres:

Research groups:

{{columns-list|colwidth=20em|

• Applied Economics
• Behavioural economics
• Development economics
• Econometrics
• Economic history
• International trade
• Macroeconomics
• Microeconomic theory
• Resources and the environment

}}

Research centres:

• [https://www.csae.ox.ac.uk Centre for the Study of African Economies (CSAE)] — directed by Stefan Dercon
• [https://www.economics.ox.ac.uk/research-centre/oxford-centre-for-the-analysis-of-resource-rich-economies-oxcarre Oxford Centre for the Analysis of Resource-Rich economies (OxCarre)] — directed by Anthony Venables
• [https://www.inet.ox.ac.uk/research/programmes/economic-modelling-emod/ Economic Modelling (EMoD)] at the Institute for New Economic Thinking (INET)
• [https://urbanisation.econ.ox.ac.uk Urbanising in Developing Countries] {{Webarchive|url=https://web.archive.org/web/20200727073806/https://urbanisation.econ.ox.ac.uk/ |date=27 July 2020 }} — directed by Anthony Venables, jointly with the London School of Economics
• International Growth Centre

In the 2021 Complete University Guide, the programme is ranked second nationally, behind the University of Cambridge.{{cite web|url=https://www.thecompleteuniversityguide.co.uk/league-tables/rankings/economics|title=The Complete University Guide 2021|access-date=26 July 2020|publisher=Mayfield University Consultants}}

The Tilburg University Economics Ranking is a worldwide ranking of Economics schools based on research contribution placing Oxford second in Europe, and 11th globally.{{cite web|url=https://econtop.uvt.nl/rankinglist.php|title=Tilburg University Economics Ranking 2015-19|access-date=26 July 2020|publisher=Tilberg University}}

Similarly, the Academic Ranking of World Universities sees Oxford place third in Europe, and 15th globally.{{cite web|url=http://www.shanghairanking.com/Shanghairanking-Subject-Rankings/economics.html|title=ShanghaiRanking's Global Ranking of Academic Subjects 2020 - Economics|access-date=26 July 2020|publisher=Shanghai Ranking|archive-date=1 July 2017|archive-url=https://web.archive.org/web/20170701004154/http://www.shanghairanking.com/Shanghairanking-Subject-Rankings/economics.html|url-status=dead}}

The 2020 Times Higher Education World University Rankings places Oxford first in the UK, and third globally.{{cite web|url=https://www.timeshighereducation.com/world-university-rankings/2020/world-ranking#!/page/0/length/25/locations/GB/subjects/3087/sort_by/rank/sort_order/asc/cols/stats|title=World University Rankings 2020 - Economics & Econometrics|access-date=26 July 2020|publisher=Times Higher Education}}

In the 2020 QS World University Rankings by subject, Oxford is ranked second in Europe, and ninth globally for Economics & Econometrics.{{cite web|url=https://www.topuniversities.com/subject-rankings/2020|title=QS World University Rankings by Subject 2020|access-date=26 July 2020|publisher=QS Quacquarelli Symonds Limited}}

Current faculty includes the Director of Policy Research at the World Bank, Chief Economists at the Department for International Development, and Members of the Monetary Policy Committee, among many other prominent roles.

{{columns-list|colwidth=20em|*Mark Armstrong{{cite web|url=https://www.economics.ox.ac.uk/people/mark-armstrong-2#/-0|title=Mark Armstrong|publisher=Oxford Department of Economics|access-date=14 April 2021}}

• Vincent Crawford{{cite web|url=https://www.economics.ox.ac.uk/people/vincent-crawford-0|title=Vincent Crawford|publisher=Oxford Department of Economics|access-date=7 January 2021}}
• Ian Crawford{{cite web|url=https://www.ifs.org.uk/people/profile/24|title=Ian Crawford|publisher=IFS|access-date=20 July 2020}}
• Stefan Dercon{{cite web|url=https://live.worldbank.org/experts/stefan-dercon|title=Featured Speaker: Stefan Dercon|publisher=World Bank|access-date=26 July 2020}}
• Martin Ellison{{cite web|url=https://voxeu.org/users/martinellison0|title=Martin Ellison|publisher=World Bank|access-date=26 July 2020}}
• Beata Javorcik{{cite web|url=https://www.ebrd.com/who-we-are/senior-management/beata-javorcik|title=Beata Javorcik|publisher=European Bank for Reconstruction and Development|access-date=26 July 2020}}
• Paul Klemperer{{cite web|url=https://voxeu.org/users/paulklemperer0|title=Paul Klemperer|publisher=VoxEU|access-date=26 July 2020}}
• Margaret A. Meyer{{cite web|url=https://www.thebritishacademy.ac.uk/fellows/margaret-meyer-FBA/|title=Dr Margaret Meyer|publisher=The British Academy|access-date=26 July 2020}}
• J. Peter Neary{{cite web|url=https://www.thebritishacademy.ac.uk/fellows/peter-neary-FBA/|title=Professor Peter Neary|publisher=The British Academy|access-date=26 July 2020}}
• Kevin W. S. Roberts{{cite web|url=https://www.thebritishacademy.ac.uk/fellows/kevin-roberts-FBA/|title=Professor Kevin Roberts|publisher=The British Academy|access-date=26 July 2020}}
• Rick van der Ploeg{{cite web|url=https://www.theigc.org/person/rick-van-der-ploeg/|title=Rick van der Ploeg

|publisher=International Growth Centre|access-date=26 July 2020}}

• Anthony Venables CBE{{cite web|url=https://www.theigc.org/person/tony-venables/|title=Tony Venables|publisher=International Growth Centre|access-date=26 July 2020}}
• Sir John Vickers{{cite web|url=https://mitpress.mit.edu/contributors/john-stuart-vickers|title=John Stuart Vickers|publisher=MIT Press|access-date=26 July 2020}}

}}

{{columns-list|colwidth=20em|

• Andrew Graham{{cite web|url=https://www.seh.ox.ac.uk/people/andrew-graham|title=Dr Andrew Graham: Honorary Fellow|publisher=St Edmund Hall, Oxford|access-date=26 July 2020}}
• Sir David Hendry
• John Muellbauer{{cite web|url=https://voxeu.org/users/johnmuellbauer|title=John Muellbauer|publisher=VoxEU|access-date=26 July 2020}}
• Frances Stewart{{cite web|url=https://www.qeh.ox.ac.uk/people/frances-stewart|title=Prof Frances Stewart: Professor Emeritus of Development Economics|publisher=Oxford Department of International Development|access-date=26 July 2020}}
• David Vines{{cite web|url=https://thesydneyinstitute.com.au/blog/tag/david-vines/|title=David Vines|publisher=The Sydney Institute|access-date=26 July 2020}}
• Peyton Young{{cite web|url=http://www.econ2.jhu.edu/pdf/CVs/young_cv.pdf|title=H. Peyton Young|publisher=Johns Hopkins University|access-date=26 July 2020}}

}}

• Faculty of Economics, University of Cambridge
• UCL Department of Economics
• London School of Economics

{{reflist}}

• [https://socsci.web.ox.ac.uk/about-us Social Sciences Division]
• [https://ox.ac.uk University of Oxford]

{{University of Oxford}}

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{{DEFAULTSORT:Department of Economics, University of Oxford}}

Economics

Category:Educational institutions established in 1999

Category:1999 establishments in England