Welcome to Department of Economics

The effective birth of Economics as a separate discipline may be traced to the year 1776, when the Scottish philosopher Adam Smith published An Inquiry in to the nature and causes of the wealth of nations. It was Adam Smith who wrote the first full scale treatise on economics and, by his magisterial influence, founded what later generations were to call the “English school of classical political economy” Known today as classical economics.

In 1968, Sveriges Riksbank (Sweden's central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize. Economics is not a bundle of theories and principles. It is a practical social science. The study of the subject is not undertaken merely for the sake of knowledge. It is done to lay down principles and policies for removing poverty and increasing human welfare.