In 2018, Institute of Economy of Azerbaijan National Academy of Sciences is 60.
Institute of Economy has made a great contribution to the development of economic science and has a special place in the system of the National Academy of Sciences of Azerbaijan. The enterprise was founded in 1958 by the decision of the Council of Ministers of the Azerbaijan SSR based on the Economic Sector of the Economic and Geographical Sector organized in 1935 in the Azerbaijan branch of the USSR AS.
During its existence (1958-1960), its structure consisted of five departments: Political Economy and Economic Idea, Industrial Economics, Agricultural Economics, Socialist Production, and People’s Economy. In following years (1961-1965, 1966-1970, 1971-1985, 1986-1990), the scientific research work at the institute was aimed at the implementation of important economic problems and state tasks of the same period, determined by the Union and the Republic’s government and state bodies. One of the main features characterizing the level of scientific research carried out at the Institute of Economics in the 70-80s of the 20th century was the inclusion of 23 scientific results of the institute’s staff in this period as the most important achievements of Soviet science in the report of the Presidium of the USSR AS.
Over 60 years of activity, the Institute of Economy has carried out successful and promising research in the field of forming and developing the Azerbaijani economy, rendering essential services for the development of professional cadres and economists. Well-known economist scientists such as Bahman Akhundov, Alisohbet Sumbatzade, Ahmed Mahmudov, Asaf Nadirov and Agasalim Alasgarov worked at the Institute of Economics.
According to the decision of the Presidium of ANAS, it is envisaged to hold national level conference and prepare publications on the occasion of the 60th anniversary of the Institute.