# New Economic School, Moscow
High-Level Overview
The New Economic School (NES) is not a company in the traditional sense, but rather a private graduate institution of higher learning focused on economics and finance education and research.[1][2] Founded in 1992 in Moscow, NES operates as an educational and research organization with a mission to benefit Russia's private and public sectors through excellence in economics education and research.[1] The institution offers multiple academic programs—including a two-year master's program in economics, professional development programs in finance and data analysis, and a four-year undergraduate program jointly with the Higher School of Economics.[5] Beyond education, NES operates as a research powerhouse, with faculty publishing in top-tier international journals and maintaining research centers including CEFIR (Centre of Economic and Financial Research), which ranks among the top 25 economic think tanks globally.[4]
Origin Story
NES was founded in 1992 by Valery Makarov, director of the Central Economic Mathematical Institute (CEMI), and Gur Ofer, a professor at the Hebrew University of Jerusalem.[3] The initial funding came from the Russian government and Western foundations focused on developing education in Russia.[3] The founding vision was distinctive: to provide Russian students—already well-trained in mathematics and statistics—with access to world-class economics education modeled on the first two years of PhD programs at top US and UK universities.[3] The first cohort in Fall 1992 consisted of graduates and senior students from Moscow's top mathematics and economics departments, with core teaching provided by renowned CEMI mathematicians including Vladimir Danilov and Vladimir Levin.[3] Critical early leadership also came from Penn State professor Barry Ickes, alongside local administrators who shaped the institution's development.[3]
Core Differentiators
- Faculty Excellence: NES's core strength is its resident faculty of approximately 30 economists holding PhDs from world-leading universities including Harvard, MIT, Columbia, NYU, London Business School, and University of Wisconsin-Madison.[2][4]
- Research Standing: NES is ranked the best economics institution in former communist countries by RePEc and appears in SSRN's top 30 economics departments globally.[4] Faculty regularly publish in premier journals including *Econometrica*, *American Economic Review*, and *Quarterly Journal of Economics*.[4]
- Degree Recognition: NES degrees are highly valued both within Russia and internationally, positioning graduates competitively in global labor markets.[1][2]
- Integrated Research Centers: Beyond teaching, NES operates specialized research centers including CEFIR (ranked in top 25 global economic think tanks), the Center for Demographic Studies, and the Center for New Media and Society.[4]
- Curriculum Design: Programs are deliberately structured to combine rigorous mathematical foundations with modern economic theory across microeconomics, macroeconomics, econometrics, behavioral economics, finance, and development economics.[1]
Role in the Broader Educational Landscape
NES occupies a unique position as Russia's premier economics institution bridging post-Soviet education with global academic standards. Founded during Russia's economic transition in the 1990s, NES emerged precisely when the country needed economists trained in market-based theory and Western methodologies.[3] The school represents Russia's integration into the global economic research community—its faculty participate in international conferences and contribute to worldwide peer-reviewed literature, effectively elevating Russia's representation in global economic discourse.[4] By maintaining rigorous international standards while serving Russian institutions, NES influences both domestic policy thinking and the broader post-Soviet educational ecosystem, demonstrating that world-class economics education could flourish outside traditional Western centers.
Quick Take & Future Outlook
NES has established itself as a durable institution with sustained international credibility—a remarkable achievement for a Russian educational organization founded during economic upheaval. The school's trajectory suggests continued strength in research output and graduate placement, particularly as its alumni network matures across Russian and international organizations. The expansion into specialized research centers and professional development programs (including the recent Yandex partnership for data analysis) indicates NES is adapting to evolving market demands while maintaining academic rigor. As Russia's economic landscape continues to evolve, NES's role as a bridge between Russian talent and global economic thought will likely remain strategically important, though geopolitical factors may influence international collaboration and faculty recruitment in ways that shape the institution's future trajectory.
