The Institute of Economy has passed very high historically developed and great way and takes special place in the system of National Academy of Sciences of Azerbaijan and gave great recommendations to the development of economic sciences in Azerbaijan. The first in 1935s, the Institute of Economy was created in the sector of Economy and Geography in the branch of SA of Azerbaijan SSR, in 1945s, created in the basis of Economic sector acted in the Azerbaijan AS and in 1958s, on the base of decision by the Soviet of Ministers of the Azerbaijan SSR.
When the Institute began to act (within 1958-1960s) there were 5 departments – “Political economy and economic thought”, “Industrial economy”, “Agricultural economy”, “Accommodation of socialist production” and “The history of economy”.
In the following years (in 1961-1965s, 1966-1970s, 1971-1985s and 1986-1990s), in general amount the scientific research works were done in the institute directed to the carrying out the state assignments and important economic problems of those periods determined by Former Union, governmental and state bodies of the Republic of Azerbaijan.
On October 18, 1991s, the Azerbaijan Republic besides gaining the independence also the transition to a market economy there also was a new stage in the sphere of economic development of the country and economic sciences, including according to the demands of new period there were put new duties in front of Institute of Economy. In the independence period the Institute of Economy NAS of Azerbaijan carried out very progressive and successful scientific research works in the formalization and development of independent national economy, also worked very hard in the preparation of professional national personnel’s and economic scientists.
For long years, in the Council of Dissertation of the Institute of Economy defensed more than 850 Ph.D. and more than D.Sc. of economy and were published more than 1500 monographs and books.
On the base of decision No.23/11, on November 26, 2008s, by the Presidium of NAS of Azerbaijan have created 12 departments in the Institute of Economy NAS of Azerbaijan.
1.Department of «Economic theory and history of economic thought»
2.Department of «Macroeconomic development and economic growth»
3.Department of «Industrial policy and investment problems»
4.Department of «Development problems of services areas»
5.Department of «Demography and problems of reproduction of the labor force»
6.Department of «Agrarian reforms and problems of food safety»
7.Department of «The problems of regulation of entrepreneurship and monopolies»
8.Department of «Globalization and the international economic relations»
9.Department of « The social and economic problems of living standard»
10.Department of «Regional development and the problems of utilization of natural resources»
11.Department of «Finance, monetary - credit policy»
12.Department of «Innovative management and problems of scientific development»
13.Department of «Analytic information and publication»
At the present day, the scientific research works are continued in according departments of the Institute. At the present-day, 185 employees work at the Institute of Economy NAS of Azerbaijan. Two of employees are the Associate Member of NAS of Azerbaijan, 22 of them are D.Sc. and 60 of them are Ph.D of economic.
During 1958 – 1964s, Ph.D. of economy H.T.Huseynov, in 1964 – 1989s, academician A.A.Mahmudov, in 1991-1998s, A.K.Aleskerov the Associate Member of NAS of Azerbaijan, from January, 1999 to 2008s, professor Shahbaz Muradov the Associate Member of NAS of Azerbaijan, from June, 2008 to May, 2014s, D.Sc. of economy, professor I.H. Aliyev. Since May, 2014s, D.Sc.of economy, professor Nazim Muzaffarli (Imanov) is a director of the Institute of Economy.