The Department of Economics of the University of Allahabad was founded in 1912 under the able leadership of Prof. H.S. Jevons and Prof. C.d. Thompson. It is the oldest University Department of Economics in the country. In the last several decades, the Department had the fortune of having on its faculty, or in its association, stalwarts such as Prof. S.K. Rudra, Mr. B.P. Adarkar, Prof. J.K. Mehta, Mr. Vinod Dubey, Prof. P.C. Jain, Prof. Mahesh Chand, Prof. P.D. Hajela, Prof. S.L. Parmar, Prof. Gautam Mathur , Prof. D.s. Khushwaha and Prof. V.K. Anand. Among the leading economists who have been associated with the Department and the Faculty of Commerce, four (Prof. M.V. Mathur, Prof. J.K. Mehta, Prof. P.D. Hajela and Prof. Gautam Mathur) have also served as Presidents of the Indian Economic Association.
The Department began publishing a journal, the Indian Journal of Economics, as early as 1916, which remains the oldest surviving economics Journal in the country. The IJE remained the official Journal of Indian Economic Association for several decades,. Till this function was handed over to the Indian Economics journal. The Journal, which is managed jointly with the Department of Commerce, has an extensive national and international circulation.
The Department at present has 24 Faculty positions, of which two are Professorship, and seven Readerships. During the last 25 years, only one post of Professor under the planning and Development Unit created by the Planning Commission, Govt. of India has been added.