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Since 1951, Industrial Economics has been a defining part of Nottingham’s academic landscape: shaped by the city’s rich industrial heritage and a commitment to applied, business-facing economics that prepares students for careers in some of the world's leading companies. 

The ÌÇÐÄÔ­´´ gained its Royal Charter in 1948, and in 1951 Industrial Economics emerged as a new sub-department within the Social Administration department, part of the School of Philosophy, Economics and Social Science. The first cohort of Industrial Economics (pictured above) graduated in 1954, and by the following year it had grown into a department in its own right, laying the foundations for what would become a globally respected degree.

Over the next seven decades, Industrial Economics evolved into a launchpad for business leaders, economists and policymakers - known not only for its analytical rigour, but for its applied, industry-facing outlook.

Nottingham was exceptionally well placed to support this emerging specialism. In the 1950s, the city had deep-rooted connections to major industry through its famous lace trade, as well the emerging postwar giants of manufacturing, tobacco and pharmaceuticals: the region's "Big Three" of Raleigh, Players and Boots offered a real-world backdrop for academic research and students learning to navigate competition, strategy and innovation.

Two figures played formative roles in shaping the new department’s identity. Frederick A. Wells, appointed as the department’s first Professor in 1958, played a foundational role in shaping the course. A former hosiery apprentice turned mature student, Wells' academic focus on Nottingham’s famed lace and hosiery industries helped root the course in the economic history of the city itself.

Photograph of a 20th century Nottingham lace mill. Manuscripts and Special Collections, ÌÇÐÄÔ­´´

Don Varley, who joined the university in 1949, was an inspirational teacher who championed student-centred learning and pioneered leadership development through outdoor management courses. He mentored generations of students - both in the classroom and as Warden of Rutland Hall - and helped instil a culture of confidence, creativity and practical thinking. When the Business School moved to the University’s Jubilee campus in 1998, a room was named after him in recognition of his outstanding teaching.

Later, Professor Dennis Lees, who led the department from 1968 to 1982, brought global academic influence and a sharp policy focus. A firm believer in the power of markets and individual decision-making, Lees defended the independence of Industrial Economics at a time when it might have been absorbed. His leadership helped secure its place at the core of what would later become Nottingham University Business School.

Throughout the 1980s, the department’s outward-looking ethos was clear. Lecturers led student study visits to the Soviet Union and Hungary, giving undergraduates rare exposure to planned economies. Students toured factories across sectors such as motor manufacturing, house construction, textiles, and power generation - and even visited collective and state farms, interviewing local managers. These trips, subsidised by the British Council, reflected a culture that encouraged direct engagement with how different systems operated around the world.

Student initiative also shaped department life at home. The Industrial Economics Society, run entirely by undergraduates, organised guest speakers, employer visits and industrial placements - as well as a packed social calendar. Posters from the archives in the 1970s reveal themed discos, a collaboration with the university’s karate club, and the famous “It’s All Over” end-of-exam parties - a reflection of the course’s strong sense of community.

In 1984, Brian Chiplin became Head of the Department of Industrial Economics, Accounting, and Insurance. This change recognised the growing importance of accountancy and insurance within the department. This led to the creation of the Centre for Management Buy-Out research in 1986. To facilitate growing cross disciplinary research in corporate finance the department was involved in the creation of the Institute of Financial Studies (1984). This was also an era when the department was recognised for its expertise on merger and acquisitions, the multidivisional organisation, and divestment. Brian Chiplin, along with Chris O’Brien from the Department of Production Engineering and Production Management, had the foresight to understand the importance of formal management education and in 1987 they created the Institute of Management Studies to deliver Nottingham's first MBA program.

With growing interest in management education and specialisms in human resource management, marketing, strategy, and entrepreneurship emerging as fields within management, it was necessary to create an academic unit that reflected this. In 1991, the School of Management and Finance was created and the department of Industrial Economics became a sub-unit of the School. The School of Management and Finance was renamed Nottingham University Business School (NUBS) in 1998.

After becoming part of the Business School, Industrial Economics continued to focus on applied economics. Peter Swann exemplified this commitment through his teaching and research on innovation, which had practical applications for business and economic policy - work that earned him an OBE in 2005. Department staff also played a key role in the Centre for Private Equity and Management Buyout Research (CMBOR) and, in response to the rise of behavioural economics, the department was instrumental in establishing the Centre for Research in the Behavioural Sciences (CRIBS) in 2007.

Today, expertise in behavioural economics; competition, innovation, and sustainability; and industrial policy informs projects on price discrimination in digital markets; local government, economic growth, and human development; gas price volatility; financing biodiversity; and Chinese economic development.

BSc Industrial Economics remains a unique degree in the UK. The BSc Industrial Economics with Insurance variant continues our long-standing insurance heritage. In the 2000s, behavioural economics was introduced, equipping students with tools to analyse human behaviour and decision-making. In addition, BSc Industrial Economics remains central to understanding key features of the modern economy, including digital markets, the environment, skills, productivity, and industrial policy.

The recent addition of a placement year has proved popular, further cementing BSc Industrial Economics as a degree that produces graduates capable of delivering practical insights.

Industrial Economics continues to educate students for complexity, competition and leadership - mixing foundational skills in economic study with emerging trends in digital enterprise. 

It has produced a global alumni community working at the highest levels of finance, consulting, entrepreneurship, media, sport and government. As we celebrate 75 years, the department remains true to its original mission: equipping students not only to understand the economy, but to shape it.

Thanks to Professor Kevin Amess, as well as the University's Manuscripts and Special Collections team for their assistance on this article. If you have any photos to share from your time studying Industrial Economics, please send them to our alumni inbox.