Established in 1966, it is one of the largest structural subdivisions of Lviv University. The history of the formation of the faculty dates back to the end 18 – beg. 19 century. Economic subjects were taught at the Faculty of Law: Department of Natural Law and Political Economy; Department of the Commercial Code (1812); Department of Civil Procedure, Commercial and Bill of Laws (1850). In the 19 – the first half 20 century institutes (institutions) functioned: political economy; commercial and promissory note law; taxation; statistics.

A special contribution to the development of economics and the formation of the foundations of the future Faculty of Economics within the University of Lviv belongs to Prof. Mykhailo Hrushevskyi, who first published a systematic study of the economic history of Ukraine (1905) and Ivan Franko, who published works: “Industrial workers in eastern Galicia and their wages in 1870.” (1881), “On Labor” (1881), “Land ownership in Galicia” (1887 and 1914), “Emigration of Galician peasants” (1892), “Peasant movement in Galicia” (1895), “Grimaylov key in 1800 р. » (1900), “Peasant Strike in Eastern Galicia” (1902), “Public Spies and the Spy Fund in Galicia in 1784-1840.” (1907).
Another step towards the creation of the faculty was the opening of the University Department of Political Economy (1940), which provided teaching of the same subject at all faculties.

In the mid-60’s of 20 century a branch of the Kyiv Institute of National Economy (now the Vadym Hetman Kyiv National Economic University) was opened at the Council of National Economy in Lviv. On the basis of this branch, the Faculty of Economics was established as a structural unit of Lviv University (1966). Then the faculty began training specialists in the following specialties: industry planning; economic planning; Accounting; Economic Cybernetics; mechanized processing of economic information.

Specialists were trained by three departments: industry planning (headed by Prof. Bohdan Yaremchyshyn), finance, accounting and statistics (Prof. Mykhailo Oleksienko) and mathematical methods in economics (Assoc. Prof. Vasyl Obukhanych).

The faculty constantly improved the structure, responding to the needs of the time, opened new specialties, formed new departments, increased pedagogical and scientific level of qualification of teaching staff. In 1969 the Department of Economic Cybernetics was opened (Assoc. Prof. Roman Dombrovsky, and now Prof. Volodymyr Vovk); mechanized processing of economic information (Assoc. Prof. Vasyl Obukhanych), which in 1995 was renamed the Department of Information Systems in Management (Prof. Volodymyr Yurynets). In 1971 the Department of National Economy Planning was established, and on its basis in 1997 – the Department of Enterprise Economics (Prof. Ivan Mikhasyuk). In 1991 the Department of Economic Theory (Prof. Zinoviy Vatamanyuk), Sociology (Prof. Andriy Khoronzhiy) was opened, in 1993 – the Department of Economics of Ukraine (Prof. Stepan Zlupko, and now Prof. Lydia Hryniv). In 1993, through the division of the Department of Finance, Accounting and Statistics, the Department of Accounting and Auditing (Prof. Yevhen Mnykh, and now Prof. Oleksiy Kovalyuk) and the Department of Finance, Statistics and Credit (Prof. Mykhailo Krupka) were established. Department of Finance, Money Circulation and Credit. In 1998, the Department of Statistics (Prof. Semyon Matkovsky) and the Department of Management (Prof. Volodymyr Yatsura) were established; in 2000 – the Department of Banking and Insurance Business (Prof. Serhiy Reverchuk), in 2006 – the Department of Analytical Economics and International Economics (Prof. Stepan Panchyshyn).

Over the years of its existence, the faculty has trained more than 10,000 highly qualified specialists in various economic specialties and has become the largest structural units of Lviv University. Graduates of the faculty became famous scientists, statesmen and politicians, businessmen, entrepreneurs.

A significant contribution to the development of Ukrainian economics was made by the head of the first in our country Department of Economics of Ukraine Prof. Stepan Zlupko. He has published more than 1,000 scientific papers, which are a significant innovative contribution to economics. His works such as “History of Economic Theory”, “Economic Thought of Ukraine”, “Economy of Ukraine”, “Economic History of Ukraine”, “Fundamentals of Ecohomology” and others were highly praised by the scientific community. For outstanding contribution of the scientist to the development of economic science, he was awarded the Distinction and Diploma of the Cabinet of Ministers of Ukraine, the Gold Medal “M. Tuhan-Baranovskyi », became the winner of the State Prize of Ukraine in the field of science and technology, he was awarded the honorary title of Honored Worker of Science and Technology of Ukraine.
The Faculty of Economics is one of the largest structural subdivisions of Lviv University in terms of the number of students. More than 2,000 students study at the faculty, including more than 1,500 full-time students.

Over the 50-year period of the faculty’s activity, more than 30 doctors of sciences, professors and more than 200 candidates of sciences, associate professors have been trained. Now the educational process is provided by 180 full-time teachers, including 18 doctors of sciences, professors and more than 100 candidates of sciences, associate professors. The faculty has postgraduate studies in five economic specialties and doctoral studies in two specialties, which is a guarantee of further qualitative growth of teaching staff and training of young scientists and teachers. Currently, more than 100 people are studying at the graduate school. There is a specialized council for the defense of doctoral and master’s theses.

A number of scientific schools and directions have been formed at the Faculty of Economics, including the Scientific School for the Development of the Agro-Industrial Complex of the Western Region of Ukraine (supervisor – Prof. Ivan Mykhasyuk), the Scientific School for Economic and Mathematical Modeling (Supervisor – Prof. Volodymyr Vovk). Researchers of the faculty perform 12 research topics at the national level. Considerable attention is paid to the preparation of textbooks and methodological literature, strong contacts have been established with leading foreign and domestic higher education institutions.