The department's activity began in 1927. At that time it was called as "Social and Economic Sciences". Starting from 1949, it began to work as an independent department in the name of "Political Economy".
Associate professor KA Pogrebinskaya as the first head of the department has contributed to its formation and development.
In the sixties of the last century, N.Yk.Abdurazzokov, K.S.Saidov, Yu.N.Dunaev, N.U.Usmanov, V.Yushin, K.Y.Yoldoshev, E.A.Alikulov, Kh.Sodikova, B.M.Mirzakhhodjaev, E.N.Khodjaev,sScientists such as Barakaev, N.Abdullaev and A.D.Daurov defended their dissertation works. Later on, Yu.N.Dunayev, KS Saidov, EA Alikulov, LV Krivoruchko also defended their doctoral dissertations.
During the period of the department Dunayev Yu.N., Saidov KS, Alikulov E.A. such leading professors worked as the head of the department.
Since 1991, the department is called "Economic theory". From 1993 to 2007, the department was headed by prof. E.Alikulov.
In 2008-2012 the department was headed by Associate Professor B.H.Turaev. During this period, 2 candidate dissertations and one doctoral dissertation and 2 candidate dissertations were defended.
In 2012-2017, the department was headed by candidate of Technical Sciences, Associate B.M. Bobokulov, 2017-2018 Doctor of Economic Sciences, doc. D.A.Nasimov was the leader.
From September 3, 2018, the department was headed by PhD, Doctor of Economics, Assoc. I.Irgashev.