Since its inception, the faculty and programs of the Department of Economics have grown in number and stature. As of 2013, the Department of Economics has 42 faculty and two research professors (one Nobel Laureate). Four faculty members are Guggenheim Fellows, six are Fellows of the American Academy of Arts and Sciences, 10 are Fellows of the Econometric Society, and 15 are researchers with the National Bureau of Economic Research. The Department is well-known as a powerhouse in econometric theory and microeconomic theory, and now also boasts top groups in macroeconomics, international economics, and several applied-microeconomic fields.

Over the years, the faculty has been committed to a rigorous analytical approach to both teaching and research. Both the undergraduate and graduate programs were initially designed to provide students with a strong foundation in economic theory and econometrics. This was based on the belief that even students with interests in applied fields or policy areas would benefit from having a deep understanding of the principles and methods that are the basis of modern economic analysis.