Economics School Ranking (UK)

The 2010 ranking of top economics schools by The Times marked a notable shift in the landscape of economics education in the United Kingdom. Most significantly, Oxford University rose to the first position, surpassing previous leaders such as the London School of Economics (LSE) and Cambridge University. This rise signified a powerful reassertion of Oxford's dominance in economics, which was previously ranked third in 2009. Beyond Oxford’s ascendancy, there were other key movements within the rankings, particularly in Scotland. St Andrews made a dramatic jump into the top 10, moving up from 12th position in 2009 to claim a place among the country's elite economics departments. This surge in rankings demonstrated the growing reputation and strength of Scottish institutions in the economics field.

Moreover, Scottish universities more broadly saw notable improvements in their standings. Glasgow University rose four places to 14th, continuing its ascent in the rankings, while the University of Edinburgh moved up two places to join the top 20, claiming 20th position and marking it as the third-best economics program in Scotland. These developments in the rankings speak to an ongoing evolution in UK higher education, with institutions that were previously seen as second-tier now becoming key players in producing high-quality economic research and fostering future economists.

Oxford’s Rise to the Top

Oxford’s rise to the top spot in the 2010 Times ranking is a testament to its continued excellence in the field of economics. Historically, Oxford’s economics department has been renowned for its intellectual rigor, theoretical depth, and commitment to producing groundbreaking research. For years, it was regarded as one of the top economics schools globally, often competing with institutions like Cambridge and LSE for supremacy. The university’s tutorial system—which allows for small-group or one-on-one teaching—has long been a distinguishing feature of Oxford’s approach to higher education, particularly in the social sciences. This system fosters a deep, personalized engagement with economic theory, providing students with the intellectual freedom and academic support to explore complex ideas and develop critical thinking skills.

Oxford’s focus on classical economic theory, complemented by a growing emphasis on empirical and interdisciplinary research, positions it at the forefront of global economics education. Moreover, Oxford has maintained a strong international reputation for producing leading economists who go on to shape both public policy and economic research. Economists such as Sir James Mirrlees (Nobel Laureate) and John Vickers have contributed to Oxford’s outstanding academic pedigree. In the 2010 rankings, the combination of Oxford’s historical prestige, its research contributions, and its commitment to offering a comprehensive, world-class education allowed it to secure the top position in the UK.

The university’s economics program stands out for its breadth, covering microeconomics, macroeconomics, economic history, development economics, and political economy. The department’s focus on creating a rigorous academic environment ensures that students are well-prepared for future careers, whether in academia, public policy, or private-sector finance.

The London School of Economics (LSE)

While LSE (London School of Economics) has been a consistent leader in global economics education, it was overtaken by Oxford in the 2010 rankings, slipping to second place. LSE is undoubtedly one of the world’s most prestigious economics institutions, and its position at the forefront of research in areas like development economics, macroeconomics, and political economy cannot be overstated. LSE’s emphasis on empirical research and the practical applications of economic theory, particularly in the context of global financial markets and international relations, has solidified its reputation as an institution that not only excels in academic rigor but also addresses contemporary global challenges.

Despite its slip in the rankings, LSE remains a top choice for prospective economics students worldwide. Its location in London—the heart of the UK’s financial district—also presents unparalleled opportunities for networking, internships, and collaborative research with key policymakers, international organizations, and leading financial institutions. Furthermore, LSE has produced an impressive roster of Nobel Laureates, including Amartya Sen, Peter Diamond, and George Akerlof, all of whom have cemented the university’s status as a global leader in economics research.

The Rise of St Andrews and Scotland’s Growing Influence in Economics

One of the most notable developments in the 2010 Times rankings is the rise of St Andrews University, which entered the top 10 for the first time, climbing up from 12th position in 2009. This is a significant achievement for St Andrews, an institution that has long been considered one of Scotland’s leading universities but had not previously broken into the top tier for economics. The economics department at St Andrews has grown in prominence, partly due to its focus on interdisciplinary research and the strong emphasis placed on the quantitative methods and theoretical foundations that underpin modern economics.

St Andrews’ ascent reflects broader trends in the Scottish higher education system, where universities are becoming increasingly competitive in global rankings. St Andrews’ location in the picturesque town on the east coast of Scotland, its smaller student body, and its strong sense of community contribute to an academic environment that fosters both personal and intellectual growth. The university’s commitment to research excellence and the quality of its teaching has resulted in a more significant presence in the economics field.

Other Scottish Universities: Glasgow and Edinburgh

Beyond St Andrews, other Scottish universities also saw notable improvements in their economics rankings in 2010. Glasgow University, for instance, moved up four places to 14th, reflecting the increasing strength of its economics program and the university’s ability to attract high-caliber students and faculty. Glasgow has a long-standing reputation for its contributions to economic research, particularly in the areas of development economics, international trade, and public policy. Glasgow’s strong focus on quantitative analysis and its interdisciplinary approach to economics ensure that it remains one of the UK’s leading institutions for economics education.

Similarly, the University of Edinburgh moved up two places, securing a spot in the top 20, and reaffirming its position as the third-best economics program in Scotland. Edinburgh’s economics department is known for its work in economic theory, behavioral economics, and development economics. The university’s research centers, such as the Edinburgh Institute of Economics, continue to contribute to global economic debates, particularly in the areas of public policy and social welfare.

Implications for the Future of Economics Education

The changes in the 2010 Times ranking underscore a broader trend in the UK’s economics education landscape. Oxford’s rise to the top highlights the growing importance of theoretical depth and interdisciplinary research, while St Andrews’ move into the top 10 signifies the increasing competitiveness of Scottish institutions. Glasgow and Edinburgh’s steady progress further solidifies the prominence of Scottish universities in the field of economics.

As these institutions evolve and adapt to global economic challenges, they continue to refine their programs to produce graduates with the skills and insights necessary to address the increasingly complex economic issues of the 21st century. UK universities, particularly in Scotland, are becoming more competitive on the international stage, and the developments in the 2010 rankings reflect the high quality of economics education that these institutions offer.

In conclusion, the 2010 Times ranking serves as a clear indicator of the ongoing evolution of the UK’s economics landscape. Oxford’s dominance, St Andrews’ rise, and the steady improvements made by Glasgow and Edinburgh reflect a broader shift in global academic power, where institutions with strong research outputs, interdisciplinary approaches, and commitment to student success are increasingly thriving. As the economics field continues to evolve, these universities are well-positioned to remain at the forefront of academic excellence and to shape the next generation of economists and policymakers.

Ranking of Top Economics Schools in the UK (The Top 30 list):

1 Oxford
2 Cambridge
3 London School of Economics
4 University College London
5 Warwick
6 Exeter
7 Durham
8 St Andrews
9 Nottingham
10 Birmingham
11 Bristol
12 Bath
13 East Anglia
14 Glasgow
15 Aston
16 Kent
=16 Surrey
=16 Essex
19 Southampton
20 Leicester
=20 Edinburgh
22 Strathclyde
23 York
24 Loughborough
25 Lancaster
26 Sheffield
27 Royal Holloway
28 Queen Mary, London
29 Sussex
30 Cardiff

Source: Times Good University Guide 2010