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​​​​The Chair was named as "Mathematical Methods in Economics" in 1998 due to the rearrangement of the system of training of analysts and the defining of the nature of their research and practical activity in development and application of the economic and mathematical methods in research of the social development problems.

The establishment and development of the Chair were contributed significantly by such outstanding Russian economists as Academician V. Nemchinov; Nobel laureate Academician L. Kantorovich; Professor V. Novozhilov; Academician N. Fedorenko